Full Briefing: Speaker Mike Johnson 'Blesses' Rep. Massie; Shuts Door On Epstein Files House Vote
Russian Deputy Foreign Minister Sergey Ryabkov clarified that BRICS nations don't aim to replace the US dollar, but rather seek alternatives for mutual settlements to circumvent US sanctions. He stated BRICS intends to trade in national currencies, with Russia already conducting 90% of payments with partners in local denominations. This counters US President Trump's concerns and threats of tariffs on BRICS countries, who are also developing "BRICS Pay," a decentralized blockchain payment system for cross-border transactions.
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Time of India
28 minutes ago
- Time of India
For Renault India, the time has come to walk the talk
New Delhi: As Managing Director of Renault India , Venkatram Mamillapalle believes the time has come for the French carmaker to walk the talk after a few years of being in the wilderness. Asked if the brand aura has taken a hit in the process, he is candid with his response. 'I will not hesitate in saying that there has been an impact because we were at about 2.8 per cent market share in 2019-20 and less than 1 per cent , marginally at 0.98 percent to be precise,' he told ET Auto. There were many reasons for this setback beginning with the COVID outbreak in 2020 followed by the semiconductor shortage crisis, the Russian-Ukraine war and so on. There were also no investments happening in India because of adverse conditions back home in Europe which had to be addressed as top priority to set things in order. We have to prove ourselves as well. It is not as if everything is readily available and a pipeline is placed from where you get all the investmentsVenkatram Mamillapalle Things are a lot different now and investments finally began coming in from 2023 leading to the launch of the all-new Triber on July 23. 'This is the first vehicle and we have lined up three more in the next two years. We have to prove ourselves as well. It is not as if everything is readily available and a pipeline is placed from where you get all the investments,' cautioned Mamillapalle . In the driver's seat A whole lot of changes have come in too with Renault acquiring Nissan's 51 per cent stake in the manufacturing plant near Chennai which means it is now the solo driver. The company also recently inaugurated its design studio as well as threw open its premium 'R Store' retail outlets in Chennai and Mumbai with more to follow. With investments assured for the new products, Mamillapalle said the parent company has done its bit for the India operations to begin firing on all cylinders. 'They have contributed to their side of the story and it now time for in India to prove that we will deliver. India is a growing market and we should show that we can perform,' he added. We have packed it with a host of features, including safety, and priced it perfectly well. Now it is up to us to reach out to the customer with the right message where we have a good marketing plan in placeVenkatram Mamillapalle The Triber launch marks the beginning of this turnaround story and the next step is to 'see how things go about and how we can manage'. The Renault India MD also made it clear that localisation and utilisation of capacity go side by side. They are not two different line items but come together. Exports, in turn, will depend on the pace of localisation. 'If you do not localise, there is nothing called exports since it is a subset of your localisation. Plant efficiency, similarly, is part of your localisation efforts. So everything kicks off from the point of what you are doing in India and how competitive you are both on the auto components side as well as your manufacturing costs,' explained Mamillapalle. India is the acid test The bottomline, therefore, is this reality: if you are competitive in India, you are competitive across the world and wherever you are, you will make money if you can (make money) in India. 'That is the simple rule of thumb,' he added. These focus areas came into play during the development of the Triber which led to its competitive pricing. 'We have packed it with a host of features, including safety, and priced it perfectly well. Now it is up to us to reach out to the customer with the right message where we have a good marketing plan in place,' said Mamillapalle. The tailwinds in Renault's favour which could give the Triber a boost are the spate of festive occasions beginning with Ganesh Chaturthi, Onam, Dussehra and then Diwali. 'They are all sequenced this year and the Triber will be aligned with them. Remember, we have the wedding season as well which is great news,' he added. Manufacturing engineering will play a key role at the backend where Renault will now be the pivot with the focus being on cost optimisation. As Mamillapalle explained, manufacturing is more related to manpower cost and there are two different aspects here: equipment uptime and manpower utilisation. 'The combination of these two gives you the efficiency and there are a lot of changes happening in the organisation that should help us. We will see the results of this optimisation of processes in the next two to three months,' he said. Yes, you will struggle and face difficult times. But you will also learn in the process and constantly investigate in finding other options. Life follows the same cycles tooVenkatram Mamillapalle New template This is particularly important in the context of Renault taking over from Nissan — which will be officially finalised in a few weeks from now — and putting a different process in place. 'We have to see how efficiently we go forward and check out where we stand after the acquisition exercise is finally completed,' he added. For instance, where the assembly line is intact, there is no point changing it. Likewise, where the press line is a five station, 'you do not change it to four stations' even though it may be expensive. Some automakers have four station presses for the body while others could have five to six, depending upon the complexity of their designed bodies. Eventually, it boils down to the DNA of each company. Where it was the DNA of Nissan that dominated the script till recently, Renault has now stepped into the picture and there will be some kind of optimisation happening. 'I would say the players or the actors have not entered the scene yet. The acquisition process has to finish. Then you will see the actors demonstrating what needs to be done,' said Mamillapalle. Until that happens, there will be no real performers on the stage. Once they come in (and this is a solo actor, Renault, as the custodian of the Chennai plant), they do their analysis and game theory as part of the systemic engineering exercise. Once the suggestions are 'implemented at hyperspeed', optimisation of capacity 'on an overall basis' follows in due course. Also Read: Govt waits for global OEMs to make electric cars in India Clean fuel options As for the choice of fuels in the future, it is now getting quite clear that India will let its automakers adopt a host of clean options beyond electric alone. This would typically mean hybrids, CNG, hydrogen, ethanol, LPG and so on. 'Well, someone can operate a hydrogen train but you cannot say that I want hydrogen on trains, trucks, cars and bicycles. So we need to take a decision for which the policymakers, OEMs etc have to come aligned and then execute the plan,' said Mamillapalle. As for the present crisis in India's EV arena involving rare earth magnets, it is no secret that one country, China, holds the maximum resources in electric and their 'reluctance to supply' should ideally push other countries to create their own resources. Also Read: Renault plans to boost India production with more SUVs, exports Reluctant to redundant According to the Renault India MD, this will then see dependency vanish over a period of time. 'So the country which is holding the resources and is reluctant to share them will become redundant over over a period of time. They will then be ready to sell those same products in the market at half the price,' he continued. In his view, this 'reluctance in supplies' would be a good thing since dependent countries would learn to become self-reliant eventually. Sure, there will be huge challenges to be overcome in the interim period when production will be badly hit and revenue suffers too. This scene is actually playing out in India where some top two-wheeler companied have stated that their production will come to a grinding halt in the coming weeks. 'Yes, you will struggle and face difficult times. But you will also learn in the process and constantly investigate in finding other options. Life follows the same cycles too,' reasoned Mamillapalle.
News18
28 minutes ago
- News18
President receives PM Modi at Malr airport, breaking protocol in grand welcome gesture
President receives PM Modi at Malr airport, breaking protocol in grand welcome gesture Last Updated: July 25, 2025, 17:03 IST Breaking News Videos President receives PM Modi at Malr airport, breaking protocol in grand welcome gesture Trump, Epstein & The Files That Won't Go Away: Denial, Lawsuit, And Fallout PM Modi In UK: Modi Hails Historic India-UK FTA Deal Trump, Epstein & The Files That Won't Go Away: Denial, Lawsuit, And Fallout PM Modi In UK: Modi Hails Historic India-UK FTA Deal Trump, Epstein & The Files That Won't Go Away: Denial, Lawsuit, And Fallout PM Modi In UK: Modi Hails Historic India-UK FTA Deal More Videos homevideos President receives PM Modi at Malr airport, breaking protocol in grand welcome gesture CNN name, logo and all associated elements ® and © 2024 Cable News Network LP, LLLP. A Time Warner Company. All rights reserved. CNN and the CNN logo are registered marks of Cable News Network, LP LLLP, displayed with permission. Use of the CNN name and/or logo on or as part of does not derogate from the intellectual property rights of Cable News Network in respect of them. © Copyright Network18 Media and Investments Ltd 2024. All rights reserved.
Fibre2Fashion
29 minutes ago
- Fibre2Fashion
Drewry WCI slides 3% as pre-tariff rush fades
The Drewry World Container Index (WCI)—a composite measure of container freight rates—declined for the sixth consecutive week, falling by 3.22 per cent to $2,517 per 40-foot equivalent unit (FEU) on July 24, down from $2,602 per FEU the previous week. This ongoing downturn follows an earlier period of volatility triggered by higher US tariffs announced in April this year. The market's reaction to the tariffs was delayed by about a month, with rates beginning to climb in May and surging through the first week of June. However, this trend has since reversed, with rates falling consistently since mid-June, indicating that the tariffs' initial market impact was not sustained. Drewry World Container Index fell 3.22 per cent to $2,517/FEU on July 24, marking its sixth straight weekly decline. Transpacific rates dropped sharply, with Shanghaiâ€'New York down 7 per cent. As pre-tariff shipping demand fades, rates are expected to continue falling. Drewry warns of further weakness in H2 2025, amid uncertainty over President Trump's tariffs and potential US penalties on Chinese vessels. Transpacific spot rates declined this week, with Shanghai–Los Angeles rates down 5 per cent ($2,675/FEU) and Shanghai–New York down 7 per cent ($4,210/FEU). With the temporary suspension of higher US tariffs on Chinese products set to end in mid-August, shipping lines are cutting services across the Pacific by cancelling more sailings. As the rush to ship cargo before the tariff increase is now over, Drewry expects spot rates on this trade lane to continue falling next week. Rates from Shanghai to Rotterdam dipped 1 per cent to $3,286 per 40-foot container, while Shanghai to Genoa fell 2 per cent to $3,376. Rotterdam to Shanghai remained steady at $495, and New York to Rotterdam was also stable at $875. However, rates from Rotterdam to New York increased by 2 per cent to $2,033 per 40-foot container. Drewry's Container Forecaster expects the supply-demand balance to weaken again in the second half of 2025, which will cause spot rates to decline. The volatility and timing of these rate changes will depend on President Trump's future tariff decisions and capacity shifts related to the possible introduction of US penalties on Chinese ships, which remain uncertain. Fibre2Fashion News Desk (KUL)
