Business
‘India & China are ancient civilisations’: Russia slams Trump tariffs; warns threat won’t work – The Times of India
Russia slammed US tariff threats against India and China, calling them “ancient civilisations” and claiming that threat to them “won’t work,” and that both the nations are unlikely to bow down to ultimatums.Speaking on Russia’s main Channel 1 TV programme “The Great Game,” Foreign minister Sergei Lavrov said, “Both China and India are ancient civilisations. And talking to them like ‘either you stop doing what I don’t like or I’ll impose tariffs on you’ won’t work. And the ongoing contacts between Beijing and Washington, between New Delhi and Washington, show that the American side understands it, too.”The comments came against the backdrop of escalating US criticism of India for continuing to import oil from Moscow despite the ongoing Russia-Ukraine war.The Donald Trump administration recently hiked tariffs on Indian goods from 25% on August 7 to 50% by August 27, directly citing New Delhi’s oil purchases from Moscow.Lavrov pointed out that US trade threats have forced countries like India and China to look for “new markets, new sources of energy supplies” and pay higher costs.“Besides the fact that this undermines the economic well-being of those countries, it at least creates very serious difficulties for them, forcing them to seek new markets, new sources of energy supplies, (and) forcing them to pay higher prices,” he said.“But beyond this, and perhaps even more importantly than this, there is a moral and political opposition to this approach,” he added.
Trump: Close ties but tough measures
During his recent state visit to Britain, Trump struck a contradictory tone, stressing his personal ties with Prime Minister Narendra Modi even as he defended sanctions on India.“When I found out that the European nations were buying oil from Russia, I am very close to India and to the PM of India, I wished him a happy birthday the other day, we have a very good relationship, but I sanctioned them (India),” he said.“If the price of oil comes down, Putin will have no choice but to drop out of that war,” he added. He further argued that India’s continued energy trade with Moscow was “not playing fair with the US.”White House trade adviser Peter Navarro echoed this hard line, branding India the “maharaja of tariffs” and accusing Indian refiners of “profiteering” by working closely with Russian suppliers after the invasion. “Indian refiners were in bed with Russian refiners immediately after the invasion. They make money off us via unfair trade and many workers get screwed. They use that money to buy Russian oil, and Russians use that to buy weapons,” Navarro alleged.
Lavrov dismisses Russia sanctions
Lavrov, however, dismissed concerns over new rounds of sanctions, saying Russia had already adapted to such measures. “Frankly speaking, I don’t see any problem with the new sanctions imposed on Russia. An enormous amount of sanctions, unprecedented for that period, were imposed during President Donald Trump’s first term,” Lavrov said.Reflecting on the broader trajectory of US policy, he added, “We have started to draw conclusions from the situation when the West imposed these sanctions. Later, during President Joe Biden’s term, sanctions were used as a replacement for any diplomatic effort. There was no search for a compromise.”Despite tensions, India and the US have been in talks for an interim trade deal over the past few months. But with tariffs rising and geopolitical pressures mounting, both New Delhi and Beijing continue to assert their independent paths, reinforced by Moscow’s backing.
MUMBAI: Navi Mumbai International Airport (NMIA) opens to commercial operations on Thursday after years of missed deadlines, opening a second gateway for air travel in the Mumbai region. The day will see four airlines operating about 30 domestic flights at India’s newest greenfield airport. The first scheduled arrival will be an IndiGo flight from Bengaluru, touching down at 8 am, while the first departure will also be operated by IndiGo, a morning service from Navi Mumbai to Hyderabad, scheduled to take off at 8.40 am. The terminal building will open to departure passengers around 6.40 am, said an NMIA spokesperson.“On Day One, domestic services will be operated by IndiGo, Air India Express, Akasa Air and Star Air connecting NMIA to nine destinations across India. The airport will handle 15 scheduled departures on the first day,” said an NMIA spokesperson.“During the initial phase, NMIA will operate between 8 am and 8 pm, with up to 24 scheduled daily departures to 13 destinations and the capability to manage up to 10 aircraft movements per hour. From Feb 2026, operations are planned to progressively scale up to round-the-clock services,” the spokesperson added. “Passenger services from day one will be supported by Digi Yatra-enabled contactless processing at designated touchpoints, along with trained terminal staff across kerbside, check-in, security and boarding areas,” the spokesperson said. Conventional check-in counters too will be available for passengers not opting for Digiyatra. Retail and food and beverage offerings have been curated with a focus on affordability and local preferences, the airport said.In its initial phase, NMIA opens with terminal 1 and one operational runway; the terminal building has a capacity to handle 20 million passengers annually, but it is expected to touch that number before mid-2026. The terminal building can accommodate about 2-3 million passengers beyond its declared capacity. The new airport is 45-50 km from North Mumbai, 35-40 km from South Mumbai and 35-45 km from the eastern suburbs.
Business
Logistics IPO: Yatayat Corporation files Sebi papers to raise funds; growth surge puts road freight firm in focus – The Times of India
Logistics and transportation services provider Yatayat Corporation India Ltd has filed draft papers with markets regulator Sebi to raise funds through an initial public offering, as the road freight segment continues to see strong demand, PTI reported.According to the draft red herring prospectus (DRHP), the proposed IPO will comprise a fresh issue of up to 77 lakh equity shares along with an offer for sale (OFS) of up to 56 lakh equity shares by a promoter, taking the total offer size to as many as 1.33 crore shares.The company said proceeds from the fresh issue will be used primarily to meet working capital requirements and for general corporate purposes.Yatayat Corporation operates in the road logistics space, with a focus on Full Truck Load (FTL) transportation, offering point-to-point freight movement across major logistics corridors in the country. Its operations are supported by a network of 34 branches and one warehouse spread across 12 states.The company services a diversified client base spanning agriculture and agri-inputs, building materials and construction, chemicals and allied industries, energy and power, engineering and industrial manufacturing, IT and technology solutions, metals and mining, textiles and apparel, as well as other industrial and consumer segments.On the financial front, Yatayat Corporation reported revenue from operations of Rs 448.13 crore in FY25, up from Rs 348.34 crore in FY24. Profit after tax rose to Rs 30 crore in FY25, compared with Rs 15 crore in the previous financial year.Unistone Capital has been appointed as the sole book-running lead manager to the issue, the draft papers showed.
WH Smith is to claw back around £1.5 million in overpaid bonuses from former bosses following an accounting blunder at the retail firm’s US arm.
The travel retail specialist confirmed last week it is being investigated by the UK’s financial watchdog after it overstated profits for its North American business by as much as £50 million due to issues with its audit process.
Carl Cowling resigned as WH Smith’s chief executive last month after a report by Deloitte confirmed the accounting problems.
The company said on Wednesday in its annual report that annual bonus payments for Mr Cowling and former finance chief Robert Moorhead have been recalculated for 2023 and 2024.
It has also recalculated the payment of long-term share bonuses from a 2021 scheme for executives.
WH Smith said it overpaid Mr Cowling £516,000 in cash and 60,182 deferred shares worth £374,933 based on the latest closing price for the firm.
It overpaid Mr Moorhead by £372,000 in cash and £272,493 worth of shares.
It said it would now seek to “claw back” both of these payments from the former bosses.
WH Smith also confirmed that it did not pay annual or long-term bonuses to Mr Cowling for the past financial year.
As a result, his total pay deal tumbled to £724,000 for the year to August 2025, from £2.71 million for the same period a year earlier.
The retailer told investors last week that it had kickstarted a remediation plan, which aims to strengthen its governance and controls, ensure processes are aligned across the group, and enact cultural change involving training and monitoring.
Its board is currently searching for a permanent group chief executive.
WH Smith is now focused solely on its 1,300 shops in global travel locations, including at airports and train stations, after selling its high street chain of about 480 shops to Hobbycraft owner Modella Capital in June.
As part of the deal, the WH Smith name is disappearing from British high streets and being replaced by brand TGJones.
The slimmed-down business reported a pre-tax profit of £108 million for the year to the end of August, excluding what it deems one-off costs.
Navi Mumbai airport opens today with 30 domestic flights – The Times of India
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