logo
Indian auto delegation yet to leave for China for talks to expedite supply of rare earth magnets

Indian auto delegation yet to leave for China for talks to expedite supply of rare earth magnets

Time of India21 hours ago

Synopsis
Indian auto industry representatives are facing delays in their trip to China to secure rare earth magnet imports, crucial for automotive manufacturing. The delegation awaits formal approval from the Chinese commerce ministry despite holding visas.

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Asian markets show optimism: Stocks steady as US-Canada trade talks progress; eye on US jobs data due this week
Asian markets show optimism: Stocks steady as US-Canada trade talks progress; eye on US jobs data due this week

Time of India

time33 minutes ago

  • Time of India

Asian markets show optimism: Stocks steady as US-Canada trade talks progress; eye on US jobs data due this week

AI-generated image Asian equity markets showed strength on Monday, buoyed by optimism over US-Canada trade negotiations and sustained demand in the global technology sector. However, gains were tempered by concerns around upcoming US employment data, which weighed on the dollar. Japan's Nikkei led the region with a 1.6 per cent gain, supported by strong performances in tech and export-oriented stocks. South Korea's benchmark index also rose 0.8 per cent, following a positive lead from Wall Street. Chinese markets were mixed. The blue-chip CSI300 index edged up 0.2 per cent, helped by improved June data in manufacturing and services, while broader Asian sentiment remained cautious. The MSCI Asia-Pacific ex-Japan index dipped 0.2 per cent. The market gains came amid encouraging signals from North America, where Canada on Sunday agreed to drop its proposed digital services tax in a bid to move forward trade negotiations with the US. Talks, originally slated to wrap up by July 9 under President Donald Trump 's directive, have now been extended to July 21, with a potential finalisation by Labor Day (September 1). This is a significant turning point as Trump had announced suspension of trade talkswith Canada just days ago. Read more: US-Canada trade talks resume as PM Carney revokes tax on US tech firms Tech stocks continued to drive momentum globally, with Nasdaq futures up 0.4 per cent and S&P 500 e-minis rising 0.3 per cent. Heavyweights such as Nvidia, Alphabet, and Amazon remained in focus. Still, investor attention remains fixed on key US macroeconomic data and fiscal policy developments. A Senate vote on major tax and spending legislation remains uncertain ahead of Trump's July 4 deadline. The Congressional Budget Office's projection of a $3.3 trillion increase in national debt is also dampening global appetite for US Treasuries. The US jobs report- due early this week due to Friday's holiday- forecasts 110,000 new jobs in June, with unemployment possibly ticking up to 4.3 per cent. A weaker labour market could increase expectations of Federal Reserve rate cuts later this year, currently pricing in a cumulative 63 basis points reduction. The dollar slipped to 97.146 on the dollar index, with the euro climbing to $1.1727, its highest since September 2021. Sterling also hovered near multi-year highs at $1.3722. James Reilly of Capital Economics noted the greenback's recent slide marked its sharpest sustained decline since the move to free-floating exchange rates in 1973. Meanwhile, gold traded at $3,279 an ounce- below its April peak- and oil prices continued to drop, with Brent crude at $67.50 and US crude at $65.09 amid ongoing concerns over OPEC+ supply levels. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now

Reliance Power bids for global tenders to build 1,500 MW gas plant
Reliance Power bids for global tenders to build 1,500 MW gas plant

Time of India

time37 minutes ago

  • Time of India

Reliance Power bids for global tenders to build 1,500 MW gas plant

Anil Ambani 's Reliance Power Ltd is planning to set up a 1,500-MW gas-based power project overseas and is actively participating in several international tenders for its development, according to sources. Sources said, Reliance Power has submitted competitive bids for gas-based power projects in Kuwait, UAE, and Malaysia as part of its selective global expansion strategy. The company has recently secured two mega power projects in Bhutan - a 500-MW solar project and a 770-MW hydropower project. Based on the outcome of the ongoing international bids, Reliance Power plans to relocate two 750 MW modules of world-class equipment currently in its possession in India. The proposed project is expected to create significant value in Reliance Power's balance sheet, as the company aims to realise up to Rs 2,000 crore through the monetisation of these assets. When contacted, a Reliance Power spokesperson confirmed the company's participation in global tenders. Originally, the company had imported three modules of 750 MW world class equipment from General Electric, USA, for a gas-based combined cycle power project, out of which one module was exported to Bangladesh for an LNG based power project in partnership with Japan's JERA. Now, Reliance Power intends to deploy the remaining two modules for a similar project at an overseas location. The demand for gas-based power - widely regarded as a clean energy source - is significantly high in countries such as Kuwait, the UAE, and Malaysia. However, global suppliers like GE typically require 3 to 5 years to deliver equipment for gas or LNG-based power plants. In contrast, Reliance Power has 1,500 MW of equipment readily available, enabling it to execute such projects in the shortest possible timeframe. Reliance Power is actively focusing on renewable and clean energy. The company has a strong development pipeline, including 2.5 GWp of utility-scale solar projects and more than 2.5 GWh of Battery Energy Storage Systems (BESS). This positions Reliance Power as the largest private sector player in the integrated solar + BESS segment in India. Reliance Power has also entered into a joint venture with the Bhutan Government's Druk Holding & Investments (DHI) for the development of a 500 -MW solar project and a 770-MW hydropower project in Bhutan. This marks the largest foreign direct investment by an Indian private company in Bhutan's renewable energy sector.

Bangladesh settles $384 million payment to Adani Power amid financial struggles
Bangladesh settles $384 million payment to Adani Power amid financial struggles

Time of India

time37 minutes ago

  • Time of India

Bangladesh settles $384 million payment to Adani Power amid financial struggles

Bangladesh paid $384 million to Adani Power in June, significantly reducing its outstanding dues under a power supply agreement with the Indian firm, according to sources. In June (till June 27), Bangladesh has paid $384 million of the committed $437 million to be paid during the month, two sources aware of the matter said. This would clear Bangladesh's "admitted" claims till March 31. With this, Adani's "claimed" dues, while still substantial, will come down to around $500 million (assuming Bangladesh meets its month-end commitment), they said. Bangladesh has struggled to meet its payment obligations under the 2017 deal, as rising import costs following the Russia-Ukraine conflict in 2022 and domestic political turmoil - which led to the ouster of prime minister Sheikh Hasina - strained the country's finances. As a result, Adani had halved supply last year and full supplies were resumed in March 2025 after the country's monthly payments started covering some of the dues. With the latest payments, Bangladesh has paid nearly $1.5 billion of the roughly $2 billion total billed amount. Adani has reportedly agreed to waive late payment surcharge (LPS) for January-June period, amounting to about $20 million, if Bangladesh keeps its payment commitment. Sources said both parties are engaged in discussion to resolve some issues related to coal cost and plant capacity calculations. These are the key reasons behind the difference between "claimed" and "admitted" dues. When contacted, an Adani Power spokesperson confirmed the payments but didn't share details on "claimed" and "agreed" dues stating these discussions are private. The 2017 power supply deal between Adani Power and Bangladesh had come in for scrutiny after the ouster of the Sheikh Hasina-led government last year. Interim government, led by Nobel Peace prize laureate Muhammad Yunus, called for the formation of a high-level committee, comprising energy and legal experts, to re-examine the power purchase agreement (PPA). Under the 2017 deal, Adani Power's Godda power plant in Jharkhand was to supply 100 per cent of the electricity generated from burning coal, to Bangladesh for a period of 25 years. After payment defaults, Adani had cut supplies by half in November 2024. It restored full electricity supply, which is around 1,600 MW, in March after the country reduced liabilities. Bangladesh stepped up repayments from July last year, clearing monthly dues. This came after the country suffered from increased power shortages in rural areas. Bangladesh has been struggling to generate sufficient dollar revenues to cover the cost of essential imports such as electricity, coal, and oil. Its foreign currency reserves declined amid months of student-led protests and political unrest, which culminated in the ousting of the Sheikh Hasina government in August 2024. The interim government that succeeded her sought an additional $3 billion loan from the International Monetary Fund (IMF) on top of the existing $4.7 billion bailout package. Adani's power deal with Bangladesh was one of the many under Sheikh Hasina, which the current interim government has called opaque. Besides Adani Power, other Indian state-owned firms also sell power to Bangladesh, including NTPC and PTC India Ltd.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store