Portugal plans $4.6 billion in port investments by 2035
Portugal's government announced on Wednesday an investment plan worth €4 billion ($4.6 billion) to expand and modernise its main ports over the next 10 years, 75 per cent of which will be done by private companies.Infrastructure Minister Miguel Pinto Luz said the investment would be made in six ports, including the port of Sines - the closest deep-water European port to the US coast - where the current terminal is being expanded and a new one will be built.He said port activity in Portugal has "potential to attract new investment given the country's privileged location," with an extensive Atlantic coastline that can be a gateway to the Iberian market and connect to trans-European transport networks.Pinto Luz said 15 new exploration concessions would be launched and, according to a new law, the private operators would enjoy a maximum term of 75 years, instead of the 30 years of current concessions.The government projects these investments will increase cargo movement to 125 million tons annually by 2035, a 50 per cent increase compared to the most recent data from 2023, as well as a 70 per cent rise in container throughput to 6.5 million Twenty-Foot Equivalent Units (TEUs).
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First Post
an hour ago
- First Post
US imports from Russia surge 23% in 2025, India calls out Trump for hypocrisy amid tariff threats
Even as Donald Trump threatens India with tariffs over its oil imports from Russia, fresh data shows the US itself has quietly ramped up trade with Moscow, importing key commodities like uranium, fertilisers, and palladium despite earlier sanctions. read more Even as US President Donald Trump attempts to dictate tariff terms and impose penalties on India for importing oil from Russia, Washington's own trade with Moscow is quietly on the rise, even as it chastises New Delhi over its energy and defence ties. According to a report from The Indian Express, between January and May 2025, American imports from Russia rose by 23 per cent year-on-year to $2.1 billion, driven largely by uranium, palladium, and fertilisers. STORY CONTINUES BELOW THIS AD This surge comes despite earlier heavy US sanctions on Moscow. Following the outbreak of the Ukraine war in 2022, US imports from Russia plummeted from $30 billion in 2021 to just $3 billion by 2024. Crude oil, once the top US import from Russia, valued at over $17 billion in 2021, has virtually disappeared. Yet essential commodities such as fertilisers, uranium, and palladium continue to enter the US in significant volumes. According to data from the US International Trade Commission cited in the report, America imported $806 million worth of Russian fertilisers in the first five months of 2025, a 21 per cent increase from last year and 60 per cent higher than the same period in 2021. Uranium imports surged 28 per cent year-on-year to $596 million, nearly 150 per cent higher than in 2021. Although the US formally banned enriched uranium imports from Russia in 2024, companies are allowed to apply for waivers until 2028, a key reason behind the continuing flow. Palladium, primarily used in catalytic converters to reduce vehicle emissions, also remains a significant import. In 2024, the US imported $878 million worth of the metal from Russia. This growing trade has drawn scrutiny after President Donald Trump threatened steep new tariffs on Indian goods, accusing New Delhi of taking advantage of discounted Russian crude. STORY CONTINUES BELOW THIS AD India hit back sharply. 'The US continues to import uranium, palladium, and fertilisers from Russia even as it criticises us,' the Ministry of External Affairs (MEA) said on Monday. 'India's oil imports are based on economic necessity, not political preference.' The MEA had earlier criticised the US and European nations for what it called blatant hypocrisy. In 2024, the EU traded goods worth €67.5 billion and services worth €17.2 billion with Russia far surpassing India's total trade. European imports of Russian LNG also hit a record 16.5 million tonnes that year, higher than pre-war levels. 'Unlike India, whose trade is driven by national need, many Western countries continue their commerce with Russia by choice,' the MEA said.
Time of India
an hour ago
- Time of India
Why Trump's tariff move isn't likely to shake India's oil ties with Russia
Donald Trump has made a lot of noise about India's oil trade with Russia, calling it profiteering and threatening to 'substantially raise' tariffs on Indian goods. But New Delhi isn't blinking. As reported by TOI, a senior Indian government official put it plainly, 'We will go solely by the interest of our consumers and opt for the best option price-wise. If Russian crude works out cheaper than what we can get from other sources, why should we penalise our consumers?' Productivity Tool Zero to Hero in Microsoft Excel: Complete Excel guide By Metla Sudha Sekhar View Program Finance Introduction to Technical Analysis & Candlestick Theory By Dinesh Nagpal View Program Finance Financial Literacy i e Lets Crack the Billionaire Code By CA Rahul Gupta View Program Digital Marketing Digital Marketing Masterclass by Neil Patel By Neil Patel View Program Finance Technical Analysis Demystified- A Complete Guide to Trading By Kunal Patel View Program Productivity Tool Excel Essentials to Expert: Your Complete Guide By Study at home View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program The Centre has so far not made any move to wean off Indian oil refiners from Russian crude, which comes at a steep discount compared to purchases from west Asia or US. It has not just helped keep domestic pump prices lower, but also benefited European countries, which have been major buyers of diesel and jet fuel from India, sources told TOI. The economic logic is straightforward. Russian oil has been cheaper than what's available from West Asia or the US. India's refiners are not just cutting costs—they're helping stabilise fuel prices at home. And here's the kicker: Europe benefits too, as Indian refiners export refined fuels like diesel and jet fuel, some of which reach European markets. Trump's pressure tactics and the political showmanship Trump's frustration is spilling over into tariff threats. His core accusation? Live Events 'India is not only buying massive amounts of Russian Oil, they are then, for much of the Oil purchased, selling it on the Open Market for big profits. They don't care how many people in Ukraine are being killed by the Russian War Machine .' He followed that with, 'Because of this, I will be substantially raising the Tariff paid by India to the USA.' No actual figures were given. But just last week, he'd already slapped a 25% tariff on Indian goods and floated a possible jump to 100% unless India stops buying Russian oil. Trump's new deadline is August 7. If Russia doesn't agree to a ceasefire in Ukraine, he's hinted at secondary sanctions on countries that continue trading energy with Moscow. That includes India, China, and Brazil. But these threats are running into hard economic and political realities. Why Russian oil imports still makes sense for India After the West sanctioned Moscow in 2022, Russia started offering deep discounts on its oil. That's when India stepped in. It now buys around 1.7 million barrels a day of Russian crude, according to Bloomberg data. India isn't just stockpiling it. In the first half of this year, it exported 1.4 million barrels a day of refined fuels. About 40% of that was diesel or gasoil, and 30% was petrol and blending components. Refiners blend multiple sources of crude before producing fuels, so it's not always clear which exports came from Russian barrels. But the volume speaks for itself. And the trade hasn't slowed down. Over the weekend, at least four tankers delivered millions of barrels of Russian crude to Indian ports. India pushes back: No apologies, no shift in strategy India's Ministry of External Affairs had a sharp response. 'The targeting of India is unjustified and unreasonable,' it said. 'Like any major economy, India will take all necessary measures to safeguard its national interests and economic security.' It also pointed out that the US and EU themselves continue to trade with Russia, even when there's no national compulsion. India's position has been consistent. The decision to buy Russian oil was triggered when traditional suppliers diverted their barrels to Europe. It was the US, in fact, that nudged India to continue those purchases—albeit within the G7's price cap. Energy Minister Hardeep Singh Puri told CNBC in July that the Russian crude trade helped global prices stay in check, saying India was advised by Washington to keep buying—'but within the price cap.' NSA Doval heads to Moscow National Security Adviser Ajit Doval is heading to Moscow this week. The visit is expected to offer clarity on how India plans to navigate what officials call a 'geo-economic trilemma': cheap energy, political pressure, and long-term security interests. India has not made any move to scale back Russian imports. If anything, officials are eyeing additional discounts in light of Trump's bluster. Even business circles in Delhi are calling out the former US president's rhetoric. A statement from trade research body GTRI summed it up, 'India's oil trade with Russia has taken place with full transparency and broad understanding with the US… Trump's decision to raise tariffs on India citing oil trade is not only unjustified—it ignores market realities, misrepresents trade data, and undermines a key strategic partnership in the Indo-Pacific.' The BRICS factor and Dollar alternatives This isn't just about oil. Trump has also slammed India's involvement in BRICS and the bloc's discussions around alternatives to the US dollar. He's claimed India has the 'most strenuous and obnoxious non-monetary trade barriers' and is using tariffs as leverage to open up Indian markets to US agriculture and dairy—an area where India has refused to budge. One official noted that despite discussions, India would not allow imports of genetically modified American corn and soybean. Nor would it revise its stand on farm and dairy tariffs, which Trump has repeatedly criticised. India's energy alternatives, but only if needed If forced to diversify, India could boost imports from Iraq, Saudi Arabia, the UAE, and the US. In fact, last week saw India's largest refiner suddenly snap up several million barrels from the US and UAE—moves widely interpreted as precautionary, not strategic shifts. India had, during trade talks, shown interest in ramping up imports of American gas, fertiliser, and defence equipment to improve the trade balance. But there are limits. Modi has refused to open up sensitive sectors like dairy, even as the US pushes hard. Trump and Modi were once seen as political allies. That relationship has cooled. The current standoff is the latest in a string of Trump-led escalations over oil, trade barriers, and foreign policy. From threatening to block access to US markets over India-Pakistan tensions, to taking credit for peace deals India denies happened, Trump's combative posture has worn thin in Delhi. His latest push threatening penalties on anyone still paying for Russian oil reflects growing frustration with Putin's unwillingness to compromise. Trump's nuclear submarine move last week, reportedly in response to Dmitry Medvedev's rhetoric, only adds to the volatility. But India, for now, isn't shifting course. As one Indian official summed it up, 'We are guided by what's best for Indian consumers, not what's best for Washington politics.' And that might be the line that defines this whole saga.
The Hindu
an hour ago
- The Hindu
China's Baidu to deploy robotaxis on rideshare app Lyft
Chinese internet giant Baidu plans to launch its robotaxis on rideshare app Lyft in Germany and Britain in 2026, pending regulatory approval, the two companies said on Monday. Last month, Baidu announced a similar agreement with Uber in Asia and the Middle East as it seeks to take pole position in the competitive autonomous driving field both at home and abroad. Lyft and Baidu said Monday that "in the following years" the fleet of Apollo Go driverless cars will be expanded to thousands of vehicles across Europe. They did not specify which other countries the cars would be deployed in, and it was not clear how long it might take to gain regulatory approval for the initial deployment. Driverless taxis are already on some roads with limited capacity in the United States and China, most notably in the central city of Wuhan, where a fleet of over 500 can be hailed by app in designated areas. Their reach is spreading, with Shanghai's financial district Pudong recently announcing a batch of permits for multiple companies to operate robotaxis. China's tech companies and automakers have poured billions of dollars into self-driving technology in recent years, with intelligent driving the new battleground in the country's cutthroat domestic car market. Baidu is not alone among Chinese companies in searching to expand its foothold abroad. Its rival WeRide is also active in the Gulf region, and in January announced it had been picked to lead a small pilot project in Switzerland. another Chinese company, said in May that it had signed a deal to launch its self-driving taxis on Uber in "a key market in the Middle East later this year". San Francisco-based Lyft in April said it had agreed to buy German taxi app Freenow, planting a flag in the European market. The acquisition marked Lyft's "most significant expansion outside North America", the group said.
