Business
India-Russia ties: Moscow signals readiness to fix trade deficit; energy, defence and new payment architecture on agenda – The Times of India
Russia on Tuesday said it is ready to address India’s concerns over the widening trade deficit and proposed building a framework to shield bilateral commerce from pressure by third countries. Kremlin spokesperson Dmitry Peskov, speaking ahead of President Vladimir Putin’s visit to New Delhi, said Moscow is also working to stabilise crude supplies after a brief dip linked to Western sanctions, according to PTI.Peskov told reporters during a video-streamed news conference that Friday’s summit between Putin and Prime Minister Narendra Modi will focus on strengthening trade, energy cooperation, small modular nuclear reactors and additional defence projects. Putin is scheduled to arrive on Thursday for the annual meeting.Russia signals efforts to ease trade deficitPeskov acknowledged India’s concern over the large trade gap and said Russia is keen to increase its imports from India. “There is a real imbalance in our trade. We know our Indian friends are concerned about that. We are jointly looking at the possibilities of increasing imports from India. We want to buy more from India,” he said.India’s purchases of Russian goods and services amount to around $ 65 billion, while Russia’s imports from India are around $ 5 billion.He also said Moscow is taking steps to ensure crude supplies remain stable despite the impact of Western restrictions. India’s purchase of Russian oil, he said, may dip only for a “very brief period.”Push for alternative payment systems and sanctions-proof tradePeskov urged the creation of an “architecture” to insulate India-Russia trade from geopolitical pressure. “We should create an architecture of our relationship that must be free of any influence coming from any third country,” he said. He stressed that bilateral trade must be protected from external pressure and that Russia rejects the use of the dollar-denominated global payment system as a “political tool.”He indicated that settlement through national currencies may feature in the Modi-Putin talks. “We understand the pressure on India,” he said, referring to the US.The visit comes at a tense moment in India-US ties, with Washington imposing a 50% tariff on Indian goods and an additional 25% levy linked to New Delhi’s procurement of Russian crude.Defence, nuclear cooperation and technology sharingPeskov highlighted joint production of the BrahMos missile system as a model for high-technology collaboration and said discussions may cover potential supplies of Su-57 fighter jets and additional S-400 air defence systems. He also said cooperation in small and medium nuclear reactors is expected to be part of the talks. Russia has experience producing these systems and is prepared to share the technology with India.On China, Peskov said Russia’s “limitless” partnership with Beijing does not diminish its willingness to deepen ties with India. “We are ready to go as far as India is ready,” he said, adding that Moscow respects India-China relations and hopes both sides resolve their issues to preserve global stability.Ukraine conflict, counter-terrorism and Afghanistan tiesPeskov welcomed recent US mediation efforts in the Ukraine conflict, calling them “very effective” and expressing hope for progress. He said the Russia-Ukraine war will be an important part of the Modi-Putin agenda. “Russia is open for peaceful negotiation; we have to reach our goals. We appreciate the position of India,” he said.He added that Russia is ready to work with India “to combat terrorism,” and said Moscow is strengthening its engagement with Afghanistan. “We’ll continue to develop our relationship with Afghanistan,” he noted.On overall ties, Peskov said Russia is proud to stand “shoulder-to-shoulder” with India during its period of historic growth.
Tesco Pet Insurance, who provided the cover, says “the cost of claims is one of a number of factors that can affect the price of a policy at renewal” and also noted Tilly’s age had been reflected in the quote. It says the couple had a more comprehensive policy, which typically costs more than basic levels of cover, and that alternative options were presented to Fawcett and Neild.
The UK must not “cut ourselves off” from trade opportunities in China despite security and business risks, the head of the Confederation for British Industry has warned.
CBI chief Rain Newton-Smith highlighted that British businesses see increased trade with Chinese firms as an opportunity to drive growth.
Her remarks came as business leaders were questioned by MPs on Parliament’s Business and Trade Select Committee regarding the UK’s economic relationship with China.
Last December, Prime Minister Sir Keir Starmer admitted China poses security threats to the UK but urged for greater business ties.
Ms Newton-Smith, chief executive of one of the UK’s largest business groups, was positive about the Government’s engagement with China.
“You can’t have a growth strategy without a strategy for China,” she said.
“China has the biggest contribution to global growth, is the third largest trading partner, and the world’s largest consumer market.
“The UK is second largest exporter of trade and services.
“We are mindful as all businesses are of security risks but it is really important that we have a strategy towards China.
“This Government has increased the economic engagement with China and including business within this does help us as a country.”
She added: “If we think about the future economy, there is a huge market in China and I think we mustn’t cut ourselves off from some of the opportunities there, even if in some areas there are difficult conversations and negotiations that need to be had.”
Peter Burnett, chief executive of the China-Britain Business Council, told the committee: “There are risks associated with technology advancement, AI, industrial development that they need to assess.
“Increasingly you will find them saying that they need to engage more in China to understand those risks and to develop some of the technologies along some of those risks themselves.”
Business
Trump says he’d be disappointed if Fed pick doesn’t cut rates; Warsh vows to be ‘independent actor’ – The Times of India
US President Donald Trump on Tuesday said he would be disappointed if his nominee for Federal Reserve chair, Kevin Warsh, does not cut interest rates right away after taking office if confirmed by the Senate. Trump, during an interview with CNBC’s “Squawk Box,” also said “we have to find out” about the construction costs of the new Federal Reserve building.Warsh, a former Federal Reserve official and financier, is currently facing Senate confirmation hearings where he has stressed his independence from political pressure.“The president never once asked me to commit to any particular interest rate decision, and nor would I agree to it if he had,” Kevin Warsh said under questioning by the Senate Banking Committee, as quoted by LA Times. “I will be an independent actor if confirmed as chair of the Federal Reserve.”Warsh told lawmakers that fighting inflation would be one of his main priorities if confirmed.“Congress tasked the Fed with the mission to ensure price stability, without excuse or equivocation, argument or anguish,” Warsh said. “Inflation is a choice, and the Fed must take responsibility for it.”The comments come as investors closely watch his confirmation hearing, with inflation remaining at 3.3% annually and global tensions, including the war in Iran pushing up gas prices, adding pressure on the economy. Higher inflation typically leads the Federal Reserve to keep interest rates steady or raise them rather than cut them, as rate changes affect mortgages, auto loans, and business borrowing.Democrats on the Senate Banking Committee accused Warsh of shifting his stance on interest rates over time, supporting higher rates under Democratic presidents and lower rates during Trump’s presidency.Warsh, if confirmed, would take over at a time when inflation pressures make it difficult for the Federal Reserve to cut rates, even as Trump continues to push for lower borrowing costs. Trump has repeatedly urged rate cuts and has long clashed with current Fed chair Jerome Powell over monetary policy. Powell has also been the subject of a Department of Justice criminal probe after refusing Trump’s requests for faster rate cuts. Trump told CNBC that he does not plan to pressure the Justice Department to end that probe.
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