Top Turkish officials to visit Pakistan Wednesday, source says
Turkey has strong ties with Pakistan and expressed solidarity with it during its military conflict with India in May, angering India.
During the visit, Foreign Minister Hakan Fidan will express Turkey's desire to deepen ties in every field and offer Ankara's support in taking steps toward regional peace, the source said.
Fidan will stress the countries "need to strengthen their cooperation in the defence industry," the source said.
Ankara also has cordial ties with India, but after its support for Pakistan, small Indian grocery shops and major online fashion retailers boycotted Turkish products, while New Delhi also cancelled Turkey-based aviation service provider Celebi (CLEBI.IS), opens new tab clearance over "national security" reasons.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
3 hours ago
- Reuters
Rupee likely to open slightly higher, tracking Asia; Trump tariff impact muted
MUMBAI, July 10 (Reuters) - The Indian rupee is likely to open marginally higher on Thursday, supported by the uptick in Asian peers and muted reaction to U.S. President Donald Trump's latest tariff announcements. The 1-month non-deliverable forward indicated the rupee will open at 85.60-85.62 compared with 85.6725 in the previous session. The rupee has fluctuated between 85.30 and just below 86 over the past week, testing both sides of its recent range. In recent sessions, the rupee has been "choppy within a well-defined range," a currency trader at a private bank said. "The consensus trade right now—both among corporates and interbank—is to buy USD/INR near 85.20–85.40 and sell near 85.90–86.10," the trader said. "It makes sense when you consider that there have been no major trigger points." Investors largely shrugged off U.S. President Donald Trump's latest tariff salvo. Having already announced a 50% tariff on copper imports, Trump said the levies would take effect from August 1. Further, he threatened a punitive 50% tariff on Brazil's exports to the United States, while issuing tariff notices to seven smaller trading partners. Asian currencies and shares rose, indicating waning market sensitivity to Trump's tariff moves. The dollar index inched lower. Meanwhile, minutes of the Federal Reserve's June meeting showed narrow support for rate cut later this month. Most participants at the Fed's meeting did anticipate rate cuts would be appropriate later this year, with any price shock from tariffs expected to be "temporary or modest". MUFG Bank noted that, looking ahead, the market's attention may shift toward the Fed's policy path, which will be key to shaping the dollar's trajectory. KEY INDICATORS: ** One-month non-deliverable rupee forward at 85.70; onshore one-month forward premium at 8.75 paise ** Dollar index down at 97.35 ** Brent crude futures at $70.2 per barrel ** Ten-year U.S. note yield at 4.33% ** As per NSDL data, foreign investors bought a net $33.2mln worth of Indian shares on July 8 ** NSDL data shows foreign investors bought a net $138.2mln worth of Indian bonds on July 8
Reuters
4 hours ago
- Reuters
Indian shares set for higher open on trade, earnings optimism
July 10 (Reuters) - India's stock benchmarks are poised to open higher on Thursday, supported by expectations of a trade deal with the United States and optimism over June-quarter corporate earnings. The Gift Nifty futures were trading at 25,558.5 points, as of 7:35 a.m. IST, indicating that the Nifty 50 (.NSEI), opens new tab will open above Wednesday's close of 25,476.1. Asian markets inched higher at the open, chiming with overnight gains on Wall Street after U.S. President Donald Trump issued final tariff notices to seven minor trading partners. Investors await further developments as the Trump administration moves closer to a deal with its largest trading partner, the European Union. Earlier this week, the U.S. President also indicated that a deal with India was near. Both the Nifty and Sensex indexes have remained stable so far this week. "It appears that markets are in wait-and-watch mode, seeking clarity from U.S. trade tariff developments and the start of the corporate earnings season, the key near-term directional triggers," said Rajesh Bhosale, analyst at Angel One. As investors await an India-U.S. trade deal, focus is shifting to domestic earnings and structural growth drivers such as a likely rebound in urban demand and rising infrastructure-led spending, two analysts said. Tata Consultancy Services ( opens new tab, India's top information technology company, is scheduled to report its June-quarter results after market hours on Thursday. ** Ambuja Cements ( opens new tab says its subsidiary ACC ( opens new tab commissions a grinding unit in Jharkhand with a capacity of 1.5 million tons per annum, increasing the total installed cement capacity to 104.45 MTPA ** Emcure Pharmaceuticals ( opens new tab says U.S. drug regulator concludes pre-approval inspection at its oncology manufacturing facility in Gujarat with zero observations ** IDBI Bank ( opens new tab will be in focus after Reuters reported that the Indian government will complete its stake sale in the lender by October, citing government sources. ** Enviro Infra Engineers ( opens new tab, in a joint venture, receives an order worth 3.95 billion rupees from Maharashtra Industrial Development Corporation
BBC News
9 hours ago
- BBC News
India and China strive to reset ties but with caution
After years of border tensions, India and China appear to be gradually moving towards resetting ties - but larger challenges and suspicions visit of two senior Indian officials to China late last month was seen as a sign of a thaw in bilateral June, Indian National Security Adviser Ajit Doval and Defence Minister Rajnath Singh also made separate visits as part of the Shanghai Cooperation Organisation (SCO) meetings. The SCO is a 10-member Eurasian security grouping that also includes China, Russia, Iran and Pakistan. Singh's visit was the first by a senior Indian official to China in five the heart of India-China tensions is an ill-defined, 3,440km (2,100-mile)-long disputed border. Rivers, lakes and snow-caps along the frontier mean the line often shifts, bringing soldiers face to face at many points, sometimes sparking skirmishes. The crisis escalated in June 2020 when the two forces clashed in the Galwan valley in Ladakh in what was the first fatal confrontation between them since 1975. At least 20 Indian and four Chinese soldiers died. Stand-offs between the militaries have since taken place in several geopolitical uncertainty and ground realities appear to have nudged the two sides to find common ground on several issues. Late last year, they reached an agreement on the main friction points in Ladakh. In January, Delhi and Beijing agreed to restore direct flights and relax visa curbs that were imposed after the 2020 clash. The same month, Indian pilgrims were allowed to visit a sacred mountain, the Kailash, and a holy lake in the Tibet Autonomous Region after a gap of six experts point out there are other hurdles. For India, China is the second-largest trading partner with bilateral trade reaching more than $127bn (£93.4bn) last year. It relies heavily on Chinese imports, particularly rare earth minerals. Peace in border areas, therefore, is essential to boost economic ties. With its increasing focus on Taiwan, Beijing also wants peace in its Himalayan border with India - for now. But at a strategic level, China suspects that Western nations are using India to counterbalance its rise and growing influence. So, in addition to solving the border dispute, Beijing would want improvements in other areas as well, as it hopes to counter Delh's increasing dependence on the US and its allies for security. This includes more Chinese exports; increasing investments in India, and the removal of visa restrictions for Chinese engineers and workers. (India had banned dozens of Chinese apps and imposed restrictions on Chinese investments in the aftermath of the 2020 clash, citing security concerns). Fast-changing geopolitics - particularly in the US since President Trump assumed a second term in power - has also compelled Delhi to reach out to China, experts say. "India thought it would be a very close strategic ally [of the US] but they were not getting the support they were expecting from Washington," Professor Christopher Clary of University of Albany in New York tells the BBC. During recent border tensions with arch-rival Pakistan in May, Delhi also witnessed the growing military co-operation between Beijing and Islamabad. Pakistan used Chinese made fighter jets, air defence systems and air-to-air missiles in the four-day the aftermath of the conflict, Trump repeatedly asserted that he had mediated between the two sides for a embarrassed Delhi which insists that it directly spoke with Pakistani officials to stop the fighting, and vehemently denies any third-party later, Trump also hosted Pakistani army chief Asim Munir for lunch at the White House, much to the dismay of Delhi. At the same time, the US and India are also engaged in frantic talks to reach a trade agreement. Trump has already threatened to impose reciprocal tariffs on several countries, including India, if a deal is not reached by 1 August .Is the 'big, beautiful' India-US trade deal in trouble?"Given President Trump's statements about the mediation between India and Pakistan and about the trade talks, there's a feeling in Delhi that this is the time to reach out to countries like China," Clary says. Strategic experts argue that Washington views Delhi as a bulwark against an increasingly assertive China. But given the US president's unpredictability, there are now doubts in Delhi about how far the US will go to support India in any future conflict with Quadrilateral Security Dialogue – known as the Quad – involving the US, Japan, Australia and India has taken a back seat during the Trump administration's second term. "In recent years, China has also significantly increased its influence in other multilateral organisations like the SCO and the Brics grouping of emerging economies," says Phunchok Stobdan, a former senior Indian India is taking a pragmatic approach, he says. "At the same time, it does not want to be seen yielding too much to the Chinese demands for domestic reasons," he adds. And it's not just the US - India is also keenly watching how its long-time ally and major weapons supplier Russia leaned towards Beijing due to the war with sanctions in response to Russia's invasion of Ukraine has increased Moscow's reliance on China for energy exports. Moscow also depends on Beijing for critical imports and investments, all of which has made Delhi wary of the Kremlin's position in any future confrontation with China. China is also using its industrial might to squeeze many nations that depend on its imports - and countries like India feel the restrictions might impact their economic growth."China has lately been utilising trade as a weapon against India, suspending crucial exports such as rare earth magnets and fertilisers. These actions could affect India's manufacturing and agricultural sectors," Mr Stobdan earth magnets are especially crucial for automobile, home appliance and clean energy sectors. China imposed restrictions on its imports starting from April, requiring companies to obtain permits. An Indian automobile industry association has warned that production could be severely impacted if the restrictions are not eased soon. Following these apprehensions, the Indian government said it was holding talks with China is keen on boosting business, it hasn't shown any signs of compromise on its other territorial disputes with recent years, it has increasingly asserted its claim over the entire north-eastern Indian state of Arunachal Pradesh, which Beijing calls Southern asserts that Arunachal Pradesh is an integral part of the country and points out that people of the state regularly vote in elections to choose their state government and there's no room for any compromise."If China and India would not abandon the concept of sovereignty, then they will continue to fight forever. If they can reach a deal on Southern Tibet [or Arunachal Pradesh], then the two countries would have eternal peace," Prof Shen Dingli from the Fudan University in Shanghai tells the now, both Delhi and Beijing are aware that their territorial dispute cannot be solved in the near seem willing to strike a working relationship that's mutually beneficial, and would want to avoid tensions altogether, rather than relying on any global power bloc for BBC News India on Instagram, YouTube, Twitter and Facebook.
