Explained: Why are oil sector stocks rising today?
The Nifty Oil & Gas index recorded a gain of 0.90%, with individual stocks showing mixed results.Refiners such as Hindustan Petroleum and Bharat Petroleum Corporation Limited saw increases of 4.16% and 3.27%, respectively.Other notable gainers included Indian Oil Corporation (up 2.89%) and Castrol India (up 2.20%). However, some companies faced declines, notably ONGC, which dropped by 1.70%.The positive sentiment in the oil sector was driven by reduced fears of supply disruptions, which had previously put upward pressure on prices.The situation is closely tied to India's economic outlook, given its reliance on imported crude oil. A sustained drop in oil prices could ease inflationary pressures.Earlier this month, the Reserve Bank of India revised its inflation forecast for 2025 to 3.7% and reduced its key lending rate by 50 basis points, a steeper-than-expected cut. This move by the central bank reflects an optimistic view of the inflation trajectory, contingent on stable oil prices. The reduction in lending rates is also aimed at stimulating economic growth by making borrowing cheaper for businesses and consumers.- EndsMust Watch
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Hindustan Times
43 minutes ago
- Hindustan Times
US trade policy shift: Response to China's resource dominance
In recent years, the dynamics of global trade and economic relationships have undergone significant transformations, particularly in the context of US-China relations. Donald Trump's administration introduced a notable shift in trade policy, reflecting growing concerns over international resource competition. This change marked a departure from past practices, focusing instead on trade as a means to strengthen the American economy in the face of emerging challenges. One of the most pivotal factors in this policy evolution was China's increasing dominance over critical resources, leading to strategic decisions aimed at safeguarding US interests. President Donald Trump's policy shift from aid to trade is significantly driven by China's rapid acquisition of critical resources, although broader economic and strategic objectives also influenced it. FILE PHOTO: U.S. President Donald Trump REUTERS/Evelyn Hockstein/File Photo(REUTERS) Trump's presidency marked a notable pivot in US foreign and economic policy, moving away from providing financial aid to other countries and toward emphasising trade relationships. This America First approach prioritised economic exchanges—such as goods and services—over traditional development assistance, aiming to bolster US economic strength and security. China's growing dominance over critical resources, particularly rare earth minerals, played a key role in shaping this shift. These resources are essential for industries like technology, defence, and manufacturing. For example, China controls a significant portion of global rare earth production, which includes elements vital for a wide range of applications, from smartphones to military equipment. This dominance raised alarms in the US about economic and national security vulnerabilities, as reliance on China for these materials could leave the US at a strategic disadvantage. Trump's administration viewed China's resource control as a threat and responded by leveraging trade as a tool to counter it. The Trump administration's key actions included tariffs on Chinese imports. Trump imposed tariffs on Chinese goods to pressure China into making concessions and to reduce US dependency on Chinese supply chains, including those tied to critical resources. He invoked wartime powers to expand US mineral production, aiming to lessen reliance on China and secure alternative supply chains. The broader trade war with China, which intensified during his presidency, targeted not just trade imbalances but also China's strategic advantages in resource-heavy sectors. These measures were designed to protect US interests by rebuilding domestic manufacturing and reducing vulnerability to China's resource dominance. While China's actions were a major driver, Trump's shift from aid to trade wasn't solely about China. His economic nationalism also focused on reducing trade deficits with multiple countries, not just China. Renegotiating trade deals with allies like Canada and Mexico (e.g., the USMCA). These efforts reflect a comprehensive strategy to prioritise US economic self-reliance and competitiveness, of which countering China was a critical component. The Trump administration's 2025 mineral deal with Ukraine establishes a joint investment fund to tap into the country's $2–15 trillion in critical minerals, like lithium and rare earths, essential for AI, EVs, and defence tech. This agreement, a shift from demanding Ukraine repay $500 billion in US aid, grants the US 50% of future royalties from new mineral licences while supporting Kyiv's economic recovery. In Africa, particularly in the DRC and Rwanda, the US is promoting peace and economic agreements to secure cobalt and coltan, two vital resources for batteries and electronics and aiming to stabilise conflict zones and enable American investment. These deals reflect Trump's transactional approach, prioritising economic leverage over traditional aid, but face hurdles like Ukraine's war-damaged infrastructure and the DRC's ongoing violence, which deter private-sector commitment. The deals aim to counter China's dominance in critical mineral supply chains, reducing US reliance on Beijing for tech and green energy resources while challenging Russia's influence in both regions. In Ukraine, the agreement aligns with Trump's diplomacy to engage Moscow while securing economic benefits, though it risks exploiting Kyiv's resources without firm security guarantees. In Africa, stabilising the DRC could unlock vast mineral wealth, but competition with China's entrenched presence and local corruption complicates execution. Both initiatives signal a broader US strategy to reshape global supply chains and geopolitics, striking a balance between economic self-interest and regional stability; yet, their success hinges on maintaining peace and sustaining investment. Finally, China's rapid takeover of critical resources, particularly rare earth minerals essential for high-tech industries, significantly influenced the shift in US trade policy during the Trump administration. In response to this challenge, Trump implemented trade policies such as tariffs, aimed at levelling the playing field against perceived unfair practices by China, as well as initiatives to boost domestic production and diversify supply chains away from Chinese reliance. This shift was rooted in economic nationalism, prioritising American manufacturing and job creation, while also addressing national security concerns tied to resource dependency. The focus on rare earth minerals highlighted the strategic implications of China's dominance in the global supply of these resources, prompting efforts to reinforce domestic capabilities and establish partnerships with allies. Ultimately, the US approach to China during this period reflected a complex strategy aimed at safeguarding national interests while balancing immediate economic threats and long-term aspirations for a more resilient economy. This article is authored by Pravesh Kumar Gupta, associate fellow (Eurasia), Vivekananda International Foundation, New Delhi.
Time of India
2 hours ago
- Time of India
Trump's trip to Scotland as his new golf course opens blurs politics and the family's business
EDINBURGH: Lashed by cold winds and overlooking choppy, steel-gray North Sea waters, the breathtaking sand dunes of Scotland's northeastern coast rank among Donald Trump 's favorite spots on earth. "At some point, maybe in my very old age, I'll go there and do the most beautiful thing you've ever seen," Trump said in 2023, during his New York civil fraud trial, talking about his plans for future developments on his property in Balmedie, Aberdeenshire. Explore courses from Top Institutes in Please select course: Select a Course Category Cybersecurity Leadership MBA CXO MCA Project Management Design Thinking Others Data Science Degree PGDM Artificial Intelligence Data Analytics Operations Management Technology Management Product Management Healthcare Data Science others Digital Marketing Finance Public Policy healthcare Skills you'll gain: Duration: 10 Months MIT xPRO CERT-MIT xPRO PGC in Cybersecurity Starts on undefined Get Details At 79 and back in the White House , Trump is making at least part of that pledge a reality, landing in Scotland on Friday as his family's business prepares for the Aug. 13 opening of a new golf course bearing his name. Trump will be in Scotland until Tuesday, and plans to talk trade with British Prime Minister Keir Starmer and European Commission President Ursula von der Leyen. The Aberdeen area is already home to another of his courses, Trump International Scotland , and the Republican president is also visiting a Trump course near Turnberry, around 200 miles (320 kilometers) away on Scotland's southwest coast. Trump said upon arrival on Friday evening that his son is "gonna cut a ribbon" for the new course during his trip. Eric Trump also went with his father to break ground on the project back in 2023. Live Events Using a presidential overseas trip - with its sprawling entourage of advisers, White House and support staffers, Secret Service agents and reporters - to help show off Trump-brand golf destinations demonstrates how the president has become increasingly comfortable intermingling his governing pursuits with promoting his family's business interests. The White House has brushed off questions about potential conflicts of interest, arguing that Trump's business success before he entered politics was a key to his appeal with voters. White House spokesperson Taylor Rogers called the Scotland swing a "working trip." But she added Trump "has built the best and most beautiful world-class golf courses anywhere in the world, which is why they continue to be used for prestigious tournaments and by the most elite players in the sport." Trump family's new golf course has tee times for sale Trump went to Scotland to play his Turnberry course during his first term in 2018 while en route to a meeting in Finland with Russian President Vladimir Putin. But this trip comes as the new golf course is already actively selling tee times. "We're at a point where the Trump administration is so intertwined with the Trump business that he doesn't seem to see much of a difference," said Jordan Libowitz, vice president for the ethics watchdog organization Citizens for Responsibility and Ethics in Washington. "It's as if the White House were almost an arm of the Trump Organization." During his first term, the Trump Organization signed an ethics pact barring deals with foreign companies. An ethics frameworks for Trump's second term allows them. Trump's assets are in a trust run by his children, who are also handling day-to-day operations of the Trump Organization while he's in the White House. The company has inked many recent, lucrative foreign agreements involving golf courses, including plans to build luxury developments in Qatar and Vietnam, even as the administration negotiates tariff rates for those countries and around the globe. Trump's first Aberdeen course sparked legal battles Trump's existing Aberdeenshire course, meanwhile, has a history nearly as rocky as the area's cliffs. It has struggled to turn a profit and was found by Scottish conservation authorities to have partially destroyed nearby sand dunes. Trump's company also was ordered to cover the Scottish government's legal costs after the course unsuccessfully sued over the construction of a nearby wind farm, arguing in part that it hurt golfers' views. And the development was part of the massive civil case, which accused Trump of inflating his wealth to secure loans and make business deals. Trump's company's initial plans for his first Aberdeen-area course called for a luxury hotel and nearby housing. His company received permission to build 500 houses, but Trump suggested he'd be allowed to build five times as many and borrowed against their values without actually building any homes, the lawsuit alleged. Judge Arthur Engoron found Trump liable last year and ordered his company to pay $355 million in fines - a judgment that has grown with interest to more than $510 million as Trump appeals. Golfers-in-chief Family financial interests aside, Trump isn't the first sitting U.S. president to golf in Scotland. That was Dwight D. Eisenhower, who played in Turnberry in 1959. George W. Bush visited the famed course at Gleneagles in 2005 but didn't play. Many historians trace golf back to Scotland in the Middle Ages. Among the earliest known references to game was a Scottish Parliament resolution in 1457 that tried to ban it, along with soccer, because of fears both were distracting men from practicing archery - then considered vital to national defense. The first U.S. president to golf regularly was William Howard Taft, who served from 1909 to 1913 and ignored warnings from his predecessor, Teddy Roosevelt, that playing too much would make it seem like he wasn't working hard enough. Woodrow Wilson played nearly every day but Sundays, and even had the Secret Service paint his golf balls red so he could practice in the snow, said Mike Trostel, director of the World Golf Hall of Fame . Warren G. Harding trained his dog Laddie Boy to fetch golf balls while he practiced. Lyndon B. Johnson's swing was sometimes described as looking like a man trying to kill a rattlesnake. Bill Clinton, who liked to joke that he was the only president whose game improved while in office, restored a putting green on the White House's South Lawn. It was originally installed by Eisenhower, who was such an avid user that he left cleat marks in the wooden floors of the Oval Office by the door leading out to it. Bush stopped golfing after the start of the Iraq war in 2003 because of the optics. Barack Obama had a golf simulator installed in the White House that Trump upgraded during his first term, Trostel said. John F. Kennedy largely hid his love of the game as president, but he played on Harvard 's golf team and nearly made a hole-in-one at California's renowned Cypress Point Golf Club just before the 1960 Democratic National Convention. "I'd say, between President Trump and President John F. Kennedy, those are two of the most skilled golfers we've had in the White House," Trostel said. Trump, Trostel said, has a handicap index - how many strokes above par a golfer is likely to score - of a very strong 2.5, though he's not posted an official round with the U.S. Golf Association since 2021. That's better than Joe Biden's handicap of 6.7, which also might be outdated, and Obama, who once described his own handicap as an "honest 13." The White House described Trump as a championship-level golfer but said he plays with no handicap.
United News of India
2 hours ago
- United News of India
US to review, reduce number of its troops in Europe
Washington, July 26 (UNI) The United States is reviewing the positions of its troops on a global scale, the presence of US forces in the European region will decrease, Estonian Defense Minister Hanno Pevkur said. On Friday, during a visit to Washington, Pevkur, with counterparts from Latvia and Lithuania, met with US Secretary of Defense Pete Hegseth to discuss cooperation aimed at enhancing transatlantic ties, the ERR broadcaster reported. "As for the position of the US troops on a global scale, it is now under review... This process is being carried out in cooperation with the Supreme Commander of Forces in Europe and NATO headquarters. It is possible that more precise figures will be announced in the autumn," Pevkur told the ERR. The focus of the United States' attention is now shifting to the Indo-Pacific region, the military presence of its troops in Europe will decrease, however, Hegseth "could not answer exactly to what extent," Pevkur also said. In early July, the Euractiv portal reported that European NATO members started preparing for a possible reduction in the number of US troops on the continent. These countries are convinced that US President Donald Trump will reduce the number of forces there, now amounting to about 80,000 people, and redirect them to Asia and the Middle East, the news portal added. Since his return to office in January, US President Donald Trump has been pushing the idea of greater military spending by US partners, including the members of NATO. The June 24-25 NATO summit in The Hague raised the target threshold for defense spending by alliance members to 5% of GDP, which countries are expected to reach by 2035. In recent years, Russia has been flagging up NATO's unprecedented activity near its western borders. NATO is expanding its initiatives and calling it "containing Russian aggression." Moscow has repeatedly expressed concern about the buildup of alliance forces in Europe. The Kremlin noted that the Russia did not threaten anyone, but would not ignore actions potentially dangerous to its interests. UNI SPUTNIK AAB
