Page 13 - European Union

FTAs may give India a share in $875 bn imports to EU, UK from China: BCG

India's proposed free trade agreement (FTAs) with the European Union could unlock access to a USD 875 billion market and bring tariff parity with ASEAN peers as the country navigates a critical juncture in the evolving global trade landscape, Boston Consulting Group (BCG), India-head Rahul Jain said. Last month, India and the UK inked a landmark FTA that will cut tariffs on British whisky, cars and an array of items, besides boosting bilateral trade by around USD 34 billion annually. The FTA is expected to benefit 99 per cent Indian exports from tariff. "The global trade environment is undergoing a structural transformation where geopolitics and economic nationalism are becoming as important as cost-efficiency and comparative advantage. Trade today is increasingly influenced by preferential access for partner nations, punitive tariffs and sanctions for adversaries and incentives that are rewiring supply chains to boost domestic production in strategic sectors," he told PTI. The ...

July cooler than last 2 yrs, but extreme weather impacts seen: Scientists

The world experienced its third-warmest July on record this year, the European Union agency that tracks global warming said Thursday, with temperatures easing slightly for the month as compared with the record high two years ago. Despite the slightly lower global average temperature, scientists said extreme heat and deadly flooding persisted in July. Two years after the hottest July on record, the recent streak of global temperature records is over for now. But this doesn't mean climate change has stopped, said Carlo Buontempo, director of the Copernicus Climate Change Service. We continued to witness the effects of a warming world. The EU monitoring agency said new temperature records and more climate extremes are to be expected unless greenhouse gas concentrations in the atmosphere are brought down. On July 25, Turkey recorded its highest-ever temperature of 50.5 degrees Celsius as it battled wildfires. While not as hot as July 2023 or July 2024, the hottest and second-hottest o

Nayara seeks India's help to ship fuel as EU sanctions disrupt operations

Nayara Energy has asked the Indian government for help with fuel shipping and payments after EU sanctions disrupted its operations and made it hard to find vessels and banking support

Stakes for India and the US are very high, need a win-win trade deal

Even the 27 collective countries of the European Union - despite having a much larger market than the United States

Nayara seeks Indian bank as EU sanctions disrupt payments for crude oil

Nayara Energy, partly owned by Russia's Rosneft, is struggling to access banking services after EU sanctions and is in talks with Indian lenders like UCO Bank

Nayara exports first fuel cargo after EU sanctions, tanker heads to Oman

A second vessel, the Sard, is currently at the western Indian port of Vadinar used by Nayara, set to lift about 43,000 tons of diesel

Russia oil import: India's August pipeline strong despite US, EU heat

Private-sector refiners account for around half the imports in Aug

How Brazil, US, and EU tackled ethanol blends before India's E20 push

India's move to widespread E20 ethanol-blended petrol follows the footsteps of Brazil, the US, and Europe - offering key lessons in consumer acceptance, industry policy, and vehicle readiness

India's Nayara Energy ships out first gasoline exports since sanctions

Oil tanker Tempest Dream, carrying about 43,000 metric tons of gasoline, sailed out on August 4, according to the sources and shipping data

Tankers deliver barrels of Russian crude to India despite US, EU pressure

India's appetite for discounted Russian crude, and its position as the single largest buyer of Moscow's seaborne oil, has long been a pain point for the US and Western allies

Nayara Energy's pump supplies steady amid EU, US sanctions trouble

Only casualty for now is the export of fuels by the refiner

Indian oil refiners scramble for crude amid US, EU crackdown on Russia

A major buyer of Russian oil, India is now finding itself blindsided by a more aggressive approach to the Kremlin from both Washington and Brussels

India's imports of Russian oil under spotlight after Trump tariffs

From just 0.2 per cent before the Russia-Ukraine war to now accounting for 35-40 per cent of total crude imports, India's reliance on Russian oil has surged -- drawing fresh scrutiny with US President Donald Trump announcing a penalty on top of a 25 per cent tariff, or tax, on all goods going to the US. India historically bought most of its oil from the Middle East, including Iraq and Saudi Arabia. However, things changed when Russia invaded Ukraine in February 2022. India, the world's third-largest crude importer after China and the US, began snapping up Russian oil that was available at a discount after some in the West shunned it as a means to punish Moscow for its invasion of Ukraine. From a market share of just 0.2 per cent in India's import basket before the start of the Russia-Ukraine conflict, Russia overtook Iraq and Saudi Arabia to become India's No.1 supplier, with a share as high as 40 per cent at one point of time. This month, Russia supplied 36 per cent of all crude o

Microsoft restores services to Nayara Energy after abrupt EU-linked block

Microsoft resumed digital services for Nayara Energy following EU sanctions-related disruption, after the company moved court over an abrupt suspension without notice

Indian shipowners urge Nayara to end vessel charters after EU sanctions

Indian firms seek charter exits with Nayara amid EU sanctions; company files Delhi HC plea against Microsoft for suspending digital access citing compliance

Nayara taps Indian IT firm Rediff.com after Microsoft suspends service

Nayara, a major buyer of Russian oil that is 49 per cent owned by Russian oil major Rosneft, has struggled with disruptions since coming under European Union sanctions this month

US-EU trade deal wards off escalation, to raise costs for firms, consumers

President Donald Trump and European Commission President Ursula von der Leyen have announced a sweeping trade deal that imposes 15% tariffs on most European goods, warding off Trump's threat of a 30% rate if no deal had been reached by August 1. The tariffs, or import taxes, paid when Americans buy European products could raise prices for US consumers and dent profits for European companies and their partners who bring goods into the country. Here are some things to know about the trade deal between the United States and the European Union: What's in the agreement? Trump and von der Leyen's announcement, made during Trump's visit to one of his golf courses in Scotland, leaves many details to be filled in. The headline figure is a 15% tariff rate on the vast majority of European goods brought into the US, including cars, computer chips and pharmaceuticals. It's lower than the 20% Trump initially proposed, and lower than his threats of 50% and then 30%. Von der Leyen said the two s

Nayara Energy moves Delhi HC against Microsoft for suspending key services

Nayara Energy has filed a case against Microsoft in Delhi High Court over the sudden suspension of licensed services, including email and Teams, following EU sanctions on its Russian-linked ownership

Explained: What is the new 15% US-EU tariff deal and what does it cover?

Donald Trump and EU chief von der Leyen agree to 15 per cent tariffs on most EU goods, avoiding a 30 per cent hike; deal includes zero tariffs on select items, major energy buys, but key gaps remain

Donald Trump, EU's Von Der Leyen cite conflicting details on trade deal

The European Union said it would accept a 15 per cent tariff on nearly all its exports to the US. Trump told reporters that the bloc also agreed to open up its countries to trade at zero tariff