Business
Canada to drop some of its retaliatory tariffs on the US
Canada’s Prime Minister Mark Carney said on Friday that his country will drop some of its billions of dollars in retaliatory tariffs on US goods, though it will keep levies on autos, steel and aluminium.
It comes a day after he and President Donald Trump spoke over the phone for the first time since the two countries missed a self-imposed deadline to reach a trade agreement.
Canada had placed a 25% levy on about C$30bn (£16bn; $21.7bn) worth of US goods on an array of products, including orange juice and washing machines.
The tax hike was in retaliation to US tariffs on Canada, which as of August are valued at 35% on all goods not compliant with the countries’ existing free trade deal.
Carney said Canada will now match the US by ending its tariffs on goods compliant with the US-Mexico-Canada free trade agreement (USMCA). He said that would “re-establish free trade for the vast majority” of goods that move between the two countries.
The decision will go into effect on 1 September, Carney said.
In a statement to the BBC’s US news partner CBS, the White House said it welcomes Canada’s move, adding that it is “long overdue” and that the US looks forward to continuing discussions with its northern neighbour about trade and national security.
Trump later told reporters on Friday that he and Carney will speak again over the phone soon.
Canada is one of many countries tariffed by the US as part of Trump’s global trade strategy, but it is one of only two countries – along with China – that have placed retaliatory levies on American goods in response.
Polling shows the majority of Canadians support retaliatory tariffs on the US.
Carney, who was elected in an April general election, campaigned on an aggressive “elbows up” approach to negotiating with Trump, referencing a popular ice hockey term.
Conservative leader Pierre Poilievre criticised Carney for dropping the counter-tariffs, telling reporters that the prime minister’s “elbows have mysteriously gone missing”.
“It is yet another capitulation and climb down by Mark Carney,” Poilievre said.
Asked by reporters about whether Canada was softening its approach, Carney said it has a better tariff deal with the US than many other countries because of the free trade carve-out.
That puts the actual tariff rate on Canadian goods at about 5.6%, much lower than the average of around 16% for other countries, he said.
“As we work to address outstanding trade issues with the US, it’s important we do everything we can to preserve this unique advantage for Canadian workers and businesses,” he said.
Since returning to the White House in January, Trump has imposed tariffs or raising them on goods from around the world, and threatened to go higher as he works to negotiate trade deals he sees as favourable to the US.
The US ambassador to Canada, Pete Hoekstra, said that Canada was jeopardising trade talks by keeping its counter tariffs in place, telling Canadian outlet Global News last week that “it has pulled the rug out from USMCA”.
Washington is also struggling with rhetoric coming from some Canadian politicians against Trump and the US negotiating team, he said.
“They will attack them personally, not on the policy, but them personally,” Hoekstra said. “Again, that is a Canadian decision. All we do is respond to it.”
Carney said the focus will now turn to accelerating negotiations on autos, steel, aluminium and lumber, and other significant sectors ahead of a scheduled review of the USMCA free trade agreement next year.
The US has placed a 50% tariff on all steel and aluminium imports, except for those from the UK, as well as copper imports, along with tariffs on auto imports.
Canada, for its part, has placed 25% tariffs on American steel, aluminium and autos, which will remain in place for now.
Economists have warned that US tariffs on steel and aluminium are “hugely disruptive” to Canada, as it is a major supplier of both metals to the US. Canadian companies have already reported cutbacks and contract cancellations as a result.
Auto manufacturing could also be vulnerable, given how intertwined all three North American countries are in making cars. Typically a car crosses the borders between the US, Canada and Mexico multiple times as it is assembled and prepared to be sold.
The province of Ontario, the centre of auto industry in Canada, has already reported losing 38,000 jobs in the last three months, the bulk of which were in manufacturing.
Car-sharing firm Zipcar has confirmed it is stopping operations in the UK after launching a consultation late last year.
The move will hit the company’s roughly 650,000 drivers across the country.
On December 1, the US-based company told customers in the UK that it planned to suspend new bookings temporarily at the turn of the year.
The business, which had 71 UK employees at the end of 2024, launched a formal consultation with staff as a result.
On Friday, in a fresh email to customers, the business said it “can now confirm that Zipcar will cease operating in the UK”.
The company added: “In accordance with clause 7.5 of the member terms, please take this as your written notice that we will formally close your account in 30 days’ time.
“It’s not possible to make any new bookings with Zipcar UK at this time, but your account will remain open until February 16.”
It added that customers will be entitled to a pro-rated refund for any remaining periods on current plans or subscriptions, from the start of 2026.
Zipcar said this will be done automatically and will not require any action from users.
Accounts showed that the van and car hire firm saw losses deepen to £5.7 million in 2024 after a decrease in customer trips.
New Delhi: Good news for investors and market watchers! Even though February 1 falls on a Sunday this year, the Indian stock markets will remain open for trading on Budget Day. Both the BSE and NSE announced on January 16 that trading will take place as per normal market hours on February 1 for Budget 2026. This special arrangement ensures that investors can react to Budget announcements in real time, without waiting for the next trading session.
The NSE clarified the special trading arrangement in a circular, stating, “On account of the presentation of the Union Budget, members are requested to note that Exchange shall be conducting live trading session on February 01, 2026, as per the standard market timings (9:15 am-3:30 pm),” said NSE in a circular.
Union Budget 2026 to be presented on February 1 at 11 am
The Union Budget for 2026 will be presented at 11 am on Sunday, February 1, the Lok Sabha Speaker confirmed on January 12. In recent years, February 1 has become the fixed date for the annual Budget presentation, a trend that continued with the 2025 Budget as well. The upcoming Budget will also be a significant milestone for Finance Minister Nirmala Sitharaman, as it will be her ninth consecutive Union Budget, placing her among finance ministers with the longest uninterrupted Budget tenures.
Trading details for Budget Day explained
While most core market segments will remain open during regular trading hours on Budget Day, some services will stay shut. The BSE has clarified that the T+0 settlement session and the auction session meant for settlement defaults will not be operational. At the same time, the NSE confirmed that trading in capital markets and derivatives will continue as usual.
Stock market holiday list remains the same
The stock market holiday calendar for 2026 remains unchanged, with Indian exchanges observing 16 public holidays apart from weekends. The next scheduled market closure this month will be on January 26. In the first half of the year, markets will remain shut on key occasions such as Holi (March 3), Ram Navami (March 26), Mahavir Jayanti (March 31) and Good Friday (April 3). Trading will also be suspended on Ambedkar Jayanti (April 14), Maharashtra Day (May 1) and Bakri Id (May 28).
In the second half of the year, markets will close on Muharram (June 26), Ganesh Chaturthi (September 14), Gandhi Jayanti (October 2), Dussehra (October 20), Diwali Balipratipada (November 10) and Guru Nanak Jayanti (November 24). Christmas, on December 25, will be the final market holiday of 2026.
Last Updated:
Reliance Industries Q3 FY26 Financial Results | Earnings remained resilient during the December quarter despite pressure in upstream oil & gas exploration and production business.
Reliance Industries Q3 Results.
Reliance Industries Ltd reported a resilient performance in the fiscal third quarter, with consolidated revenue rising 10 percent from a year earlier to Rs 2.94 lakh crore, led by growth in its digital services, oil-to-chemicals (O2C) and retail businesses.
Net profit (pre minority) for the fiscal third quarter rose 1.6 percent from a year earlier to Rs 22,290 crore, while profit before tax increased 3.7 percent to Rs 29,697 crore.
Consolidated EBITDA rose 6.1 percent to Rs 50,932 crore, supported by earnings growth in the digital services and O2C segments, helping offset weakness in the upstream oil and gas business.
“Reliance’s consolidated performance in 3Q FY26 reflects consistent financial delivery and operational resilience across businesses,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries Ltd, in a statement on Friday.
The O2C business benefited from a sharp increase in transportation fuel cracks, which rose 62-106 percent from a year earlier during the third quarter. This improvement was partly offset by lower downstream chemical margins and higher feedstock freight rates. Overall, O2C EBITDA rose 15 percent from a year earlier to Rs 16,507 crore, helped by higher volumes and a continued ramp-up in fuel retail operations.
The Jio-bp fuel retailing business maintained its growth momentum, with fuel volumes rising 24 percent, supported by strong growth in gasoline and high-speed diesel sales. The retail network expanded further, with Jio-bp operating 2,125 outlets at the end of December, a 14 percent increase from a year earlier.
“Robust growth in O2C business was led by significantly higher fuel margins with favorable demand-supply dynamics, along with operational flexibility. I am happy to highlight the strong growth in our fuel retailing business, with continuing expansion of the Jio-bp network,” Ambani added.
The digital services business delivered strong growth, with revenue rising 12.7 percent to Rs 43,683 crore. EBITDA from the segment grew 16.4 percent YoY to Rs 19,303 crore, aided by accelerated subscriber additions and a 170-basis-point expansion in margins.
Reliance Jio’s subscriber base increased to 515.3 million, with its 5G user base crossing 250 million during the quarter. Total home connects crossed 25 million, while JioAirFiber became the first fixed wireless access service globally to surpass 10 million subscribers, ending the quarter with 11.5 million users. Average revenue per user (ARPU) rose 5.1 percent from a year earlier to Rs 213.7.
“This quarter, Jio expanded its subscriber base further, through attractive propositions enabled by its comprehensive, indigenous technology stack tailored for Indian markets. The business delivered a robust financial performance with 16.4% growth in EBITDA,” said Ambani.
JioStar continued to report strong operational performance, maintaining leadership across key platforms and genres.
In contrast, the oil and gas business weighed on overall performance, affected by lower production from the KGD6 block due to natural decline in the reservoir and weaker price realisations, along with higher operating costs related to periodic maintenance activity. EBITDA declined 13 percent from a year earlier to Rs 4,857 crore. Revenue from the segment fell 8.4 percent to Rs 5,833 crore.
The retail business posted revenue of Rs 97,605 crore, an increase of 8.1 percent from a year earlier. Growth, however, was impacted by the distribution of festive demand between the September and December quarters, the demerger of Reliance Consumer Products Ltd, and GST rate rationalisation. Despite these, retail EBITDA rose to Rs 6,915 crore. During the quarter, Reliance Retail operated 19,979 stores, with a total operational area of 78.1 million sq ft, while hyper-local delivery operations saw a near fivefold jump in average daily orders.
“Our Retail business also had an eventful quarter, strengthening its portfolio with the onboarding of fresh new brands and product ranges. The demerger of consumer products business came into effect this quarter. With a broad and diverse product basket ranging from classic Indian brands to new age labels, the consumer products vertical is progressing on its accelerated growth trajectory with a focused organizational structure,” said Ambani.
During the quarter, capital expenditure stood at Rs 33,826 crore, which was fully covered by cash profits of Rs 41,303 crore. Net debt declined sequentially to Rs 1.17 lakh crore as of December 31, reflecting balance sheet stability.
Disclaimer:Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
Click here to add News18 as your preferred news source on Google.
January 16, 2026, 19:28 IST
Read More
Former USDS Leaders Launch Tech Reform Project to Fix What DOGE Broke
UK GDP expected to grow 1.4% in 2026: Goldman Sachs Research
Zipcar to end UK operations affecting 650,000 drivers
-
Politics1 week agoUK says provided assistance in US-led tanker seizure
-
Entertainment1 week agoDoes new US food pyramid put too much steak on your plate?
-
Entertainment1 week agoWhy did Nick Reiner’s lawyer Alan Jackson withdraw from case?
-
Sports6 days agoClock is ticking for Frank at Spurs, with dwindling evidence he deserves extra time
-
Business1 week agoTrump moves to ban home purchases by institutional investors
-
Sports1 week agoPGA of America CEO steps down after one year to take care of mother and mother-in-law
-
Tech4 days agoNew Proposed Legislation Would Let Self-Driving Cars Operate in New York State
-
Sports7 days ago
Commanders go young, promote David Blough to be offensive coordinator