Mumbai-Ahmedabad Bullet train: Indian Railways completes work on undersea tunnel, to introduce next-gen trains
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Tunnelling work between Ghansoli and Shilphata in Maharashtra, the first section of the 21-km undersea Bullet train project , has been completed, the Railway Ministry said on Monday.It also said that the Japanese government has agreed to introduce E10 Shinkansen trains in the 508-km Mumbai-Ahmedabad Bullet train project."The bullet train project has achieved a major milestone of opening the first section of the 21 km undersea tunnel between BKC and Thane. The bullet train project recently achieved a major milestone by completing 310 km of viaduct construction," a press note from the ministry said.It added, "Track laying, construction of overhead electrical wires, stations, and bridges is going on at a rapid pace. The construction work in Maharashtra has also picked up pace. In parallel, the progress on procurement of systems for operations and control is also going on well."According to the government, the Japanese Shinkansen is currently running E5 trains, with E10 slated to be the next generation."In the spirit of strategic partnership between Japan and India, the Japanese government has agreed to introduce E10 Shinkansen trains in the Mumbai-Ahmedabad Bullet train project. It is noteworthy that E10 will be introduced simultaneously in India and Japan," the Railways said.According to officials, the entire 508-km corridor is being developed with Japanese Shinkansen technology The ministry said that work on 15 river bridges is finished, and work on four is in the advanced stages of construction.Out of 12 stations, five are completed and three more are now reaching completion, it said."The station at BKC is an engineering marvel. The station will be located 32.5 m below ground and the foundation is designed to support the construction of a 95 m high building above ground," the Ministry said."The success of the Mumbai-Ahmedabad High-Speed Rail (MAHSR) project is laying the foundation for future bullet train corridors in India. Future corridors are also under active consideration," it added. PTI
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Business Standard
20 minutes ago
- Business Standard
Japanese PM Ishiba's coalition loses majority in upper house election
The loss is another blow to Ishiba's coalition, making it a minority in both houses following its October defeat in the lower house election AP Tokyo Japanese Prime Minister Shigeru Ishiba 's ruling coalition failed Monday to secure a majority in the 248-seat upper house in a crucial parliamentary election, NHK public television said. Ishiba's Liberal Democratic Party and its junior coalition partner Komeito needed to win 50 seats on top of the 75 seats they already have to reach the goal. With two more seats to be decided, the coalition had only 46 seats. The loss is another blow to Ishiba's coalition, making it a minority in both houses following its October defeat in the lower house election, and worsening Japan's political instability. It was the first time the LDP has lost a majority in both houses of parliament since the party's foundation in 1955. Despite the loss, Ishiba expressed determination to stay on to tackle challenges such as U.S. tariff threats, but he could face calls from within his party to step down or find another coalition partner. I will fulfill my responsibility as head of the No. 1 party and work for the country, he said. Vote counts Ishiba had set the bar low, wanting a simple majority of 125 seats, which means his LDP and its Buddhist-backed junior coalition partner Komeito needed to win 50 to add to the 75 seats they already have. Exit poll results released seconds after the ballots closed Sunday night mostly showed a major setback for Ishiba's coalition. Ishiba vows to stay on The LDP alone won 38 seats, better than most exit poll projections of 32, and still the No. 1 party in the parliament, known as the Diet. It's a tough situation. I take it humbly and sincerely, Ishiba told a live interview with NHK. He said the poor showing was because his government's measures to combat price increase have yet to reach many people. The poor performance in the election will not immediately trigger a change of government because the upper house lacks the power to file a no-confidence motion against a leader, but it will certainly deepen uncertainty over his fate and Japan's political stability. Ishiba could face calls from within the LDP party to step down or find another coalition partner. Economic worries Soaring prices, lagging incomes and burdensome social security payments are the top issues for frustrated, cash-strapped voters. Stricter measures targeting foreign residents and visitors also emerged as a key issue, with a surging right-wing populist party leading the campaign. Sunday's vote comes after Ishiba's coalition lost a majority in the October lower house election, stung by past corruption scandals, and his unpopular government has since been forced into making concessions to the opposition to get legislation through parliament. It has been unable to quickly deliver effective measures to mitigate rising prices, including Japan's traditional staple of rice, and dwindling wages. Trade talks with Washington US President Donald Trump has added to the pressure, complaining about a lack of progress in trade negotiations and the lack of sales of U.S. autos and American-grown rice to Japan despite a shortfall in domestic stocks of the grain. A 25% tariff due to take effect Aug. 1 has been another blow for Ishiba. Ishiba resisted any compromise before the election, but the prospect for a breakthrough after the election is just as unclear because the minority government would have difficulty forming a consensus with the opposition. Populism gains traction Frustrated voters were rapidly turning to emerging populist parties. The eight main opposition groups, however, were too fractured to forge a common platform as a united front and gain voter support as a viable alternative. The emerging populist party Sanseito stands out with the toughest anti-foreigner stance, with its Japanese First platform that proposes a new agency to handle policies related to foreigners. The party's populist platform also includes anti-vaccine, anti-globalism and favors traditional gender roles. Conservative to centrist opposition groups, including the main opposition Constitutional Democratic Party of Japan, or CDPJ, the DPP, and Sanseito have gained significant ground at the Liberal Democrats' expense. The CDPJ was projected to win up to 26 seats, while the DPP could quadruple to 17 seats from four, exit poll results showed. Sanseito was expected to surge to 16 from just one. None of the opposition parties said that they were open to cooperating with the governing coalition. CDPJ leader Yoshihiko Noda told NHK that his priority is to form an alliance among the opposition. The spread of xenophobic rhetoric in the election campaign and on social media has triggered protests by human rights activists and alarmed foreign residents. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Economic Times
20 minutes ago
- Economic Times
Asian shares, yen weather Japan uncertainty as earnings loom
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Time of India
32 minutes ago
- Time of India
Asian shares, yen weather Japan uncertainty as earnings loom
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel SYDNEY: Asian shares and the yen held their ground on Monday as Japanese elections proved bad for the government but no worse than already priced in, while Wall Street futures braced for earnings from the first of the tech were also hoping for some progress in trade talks ahead of President Donald Trump's August 1 tariff deadline, with U.S. Commerce Secretary Howard Lutnick still confident a deal could be reached with the European were reports Trump and Chinese leader Xi Jinping were closer to arranging a meeting, though likely not until October at the Japan, the ruling coalition lost control of the upper house in an election on Sunday, further weakening Prime Minister Shigeru Ishiba's grip on power as a tariff deadline expressed his intention to stay in the position, which along with a market holiday, limited the reaction and the yen was 0.4% firmer at 148.29 to the dollar."Ishiba will try to govern with support from some within the opposition, but this likely means a looser fiscal policy and is not good news for bond yields," said Rodrigo Catril, a senior FX strategist at NAB."History also suggests that domestic political uncertainty tends to keep the BOJ on the side-lines, so the prospect of rate hikes is now set to be delayed for a little bit longer."The Bank of Japan still has a bias to raise rates further but markets are pricing little chance of a move until the end of the Nikkei was shut, futures traded up at 39,875 and just above the cash close of 39, broadest index of Asia-Pacific shares outside Japan was flat, while South Korean stocks added 0.4%.MEGA CAPS KICK OFFS&P 500 futures and Nasdaq futures both edged up 0.1%, and are already at record highs in anticipation of more solid earnings reports.A host of companies reporting this week include Alphabet and Tesla, along with also expect upbeat news for defence groups RTX , Lockheed Martin and General Dynamics. Ramped up government spending across the globe has seen the S&P 500 aerospace and defence sector rise 30% this bond markets, U.S. Treasury futures held steady having dipped late last week after Federal Reserve Governor Christopher Waller repeated his call for a rate cut this of his colleagues, including Chair Jerome Powell, have argued a pause is warranted to judge the true inflationary impact of tariffs and markets imply almost no chance of a move in July. A September cut is put at 61%, rising to 80% for reticence on rates has drawn the ire of Trump who threatened to fire the Fed chief, before backing down. The spectre of a potential political appointee who would seek to ease policy sharply has investors on European Central Bank meets this week and is expected to hold its rates steady at 2.0% following a string of cuts."The press conference will likely keep highlighting uncertainty and need to wait for tariff negotiations to conclude before deciding the next step," said analysts at TD Securities in a note. "Similarly, its 'meeting-by-meeting' language would be retained in the release."The euro was unchanged at $1.1630 in early trading, having dipped 0.5% last week and away from its recent near-four-year top of $1.1830. The dollar index was a fraction lower at commodity markets, gold was little changed at $3,348 an ounce with all the recent action in platinum which last week hit its highest since August 2014. Oil prices were caught between the prospect of increased supply from OPEC+ and the risk European Union sanctions against Russia for its war in Ukraine could curb its edged up 0.1% to $69.36 a barrel, while U.S. crude added 0.1% to $67.39 per barrel.
