Page 11 - International News

India set to become 3rd largest economy by 2028, says Gita Gopinath

Union Minister Ashwini Vaishnaw on Wednesday asserted that India will definitely become the world's third-largest economy over the next few years, with economist Gita Gopinath saying it can happen by 2028 or even earlier. Speaking in a World Economic Forum Annual Meeting session here, Vaishnaw said the only matter of concern is what will happen with the mountains of debt in the rich world and what could be the impact on India. Gopinath said the challenge for India is not becoming the third-largest economy; the challenge is raising per capita income to higher levels. Vaishnaw said what is working really well is that in the last decade, there has been a transformational change in our country, and it's a very well thought-through, well-defined and a very focused execution. He said it's built on four pillars -- the pillar of public investment in physical, digital and social infrastructure, the pillar of making sure that the entire society grows with the growth of the country, that is .

India 'stopped' buying oil from Russia, claims US Treasury Secretary

US Treasury Secretary Scott Bessent has claimed that India has "stopped" buying oil from Russia after US President Donald Trump imposed a 25 per cent tariff on countries purchasing oil from Moscow. Trump has imposed 50 per cent tariffs on India, including 25 per cent for its purchases of Russian oil. Speaking with Fox Business, Bessent said, "India started buying Russian oil after the (Ukraine) conflict began, but President Trump put a 25 per cent tariff on them, and India has geared down and has stopped buying Russian oil." India had described the US action as "unfair, unjustified and unreasonable" while maintaining that its energy policy is guided by its own national interest. A bill introduced by Senator Lindsey Graham has proposed a 500 per cent tariff on secondary purchase and reselling of Russian oil. The proposal has near-unanimous backing in the Senate Foreign Relations Committee. While speaking on the bill, Bessent said that it is a proposal that Senator Graham has in fro

Staff cuts, red tape may derail India FTA gains, warns UK Parliament panel

Billions of pounds of tariff savings from Britain's free trade agreement with India could be jeopardised by deep cuts to UK export support staff helping firms use the deal in practice, an influential Parliament panel cautioned in a report on Wednesday. The House of Commons Business and Trade Committee, with a remit to scrutinise the country's trade deals, released its analysis as the government tables the India-UK Comprehensive Economic and Trade Agreement (CETA) in Parliament for ratification. It finds that initial duty savings for UK exporters to India could total400 million pounds a year, potentially rising up to3.2 billion pounds after 10 years as export volumes increase. "This is the biggest free trade deal since Brexit with the potential to deliver billions in tariff savings for UK exporters, boosting growth and creating new jobs," said committee chair Liam Byrne. "But Parliament is being asked to ratify a deal promising billions in tariff savings while the government is ...

Japan bond yields hit new highs as investors fret over fiscal policy risks

Investors are on guard for moves in Japan spilling over into global markets amid the prospect of continued volatility in Tokyo trading ahead of the snap poll Takaichi is scheduled for February 8

Netflix makes all-cash $82.7 billion bid for Warner Bros, blocks Paramount

The new all-cash bid - at $27.75 a share - has unanimous support from the HBO owner's board, according to a Tuesday regulatory filing

Valentino Garavani, leading Italian fashion designer, dies at 93

Valentino one of Italys leading fashion designers died on Monday at his Roman residence his foundation announced. He was 93 years old

Blast at eatery in Afghanistan kills 7; several including women injured

An explosion at a restaurant in downtown Kabul on Monday killed at least seven people and wounded about a dozen more, according to police and an Italian charity running a surgical unit in the city. The cause of the blast was not immediately clear. The explosion occurred in a Chinese restaurant in the Shahr-e-Naw district of the Afghan capital, according to Kabul police command spokesman Khalid Zadran. He said the restaurant was jointly owned by an Afghan man, a Chinese national and his wife. The restaurant was popular with Chinese Muslims, Zadran said, adding that one Chinese national and six Afghans were killed and several others were wounded. The blast occurred near the restaurant's kitchen, the police spokesman said, and the cause was under investigation. The Italian charity EMERGENCY said its surgical centre in Kabul, which is located near the site of the explosion, had received 20 people from the blast, including seven who were already dead. It noted the number of casualties

Export surge helps China hit 2025 growth goal despite weak consumption

Nominal economic growth, which is unadjusted for price changes, was 4 per cent in 2025, the slowest since 1976 excluding the pandemic year of 2020

At Davos, global elite drop lofty rhetoric as deference to Trump prevails

But this year, with the world seized by geopolitical turmoil, and the United States ruled by a president who is hostile to multilateral cooperation

Kremlin claims Putin received Trump's invite to join Gaza 'Board of Peace'

Prime Minister Narendra Modi and his Pakistani counterpart Shehbaz Sharif have also received invitations to join the Peace Board

Philippines finds new gas reserve in waters near South China Sea

Philippine President Ferdinand Marcos Jr. announced the discovery of a new natural gas deposit near an existing gas field in waters facing the disputed South China Sea, which could shield his country from a potential power crisis. The discovery of the gas reservoir northwest off Palawan province was significant and could eventually supply power to more than 5.7 million households annually, Marcos said Monday. The undersea reservoir is estimated to contain about 98 billion cubic feet (2.7 billion cubic metres) of gas. Initial tests showed 60 million cubic feet (1.6 million cubic metres) of gas could be extracted each day from the well, Marcos said without providing other details including when commercial production could start. This helps Malampaya's contribution and strengthens our domestic gas supply for many years to come, Marcos said. Aside from the natural gas, the discovery also includes condensate, which is a high-value liquid fuel. The new gas deposit, called Malampaya East

Japan PM Takaichi dissolves parliament, calls snap election on Feb 8

The February 8 vote will decide all 465 seats in the lower house of parliament and will mark Takaichi's first nationwide electoral test since she assumed office in October

Uganda's Yoweri Museveni wins 7th term as Opposition rejects poll results

Ugandan President Yoweri Museveni won his seventh term with 71.65 per cent of votes, according to official results Saturday, in an election marred by internet shutdown and fraud claims by his youthful challenger, who rejected the outcome and called for peaceful protests. The musician-turned-politician best known as Bobi Wine took 24.72 per cent of the vote, the final results showed. Wine, whose real name is Kyagulanyi Ssentamu, has condemned what he described as an unfair electoral process and alleged abductions of his polling agents. He said he had rejected the fake results and urged Ugandans to peacefully protest until the rightful results are announced. Wine said he had to escape to avoid arrest by security forces who stormed his house Friday night. His party said earlier he was forcefully taken away in an army helicopter but police denied it. Police spokesperson Kituuma Rusoke said Wine was not under arrest and was free to leave his house, but there was controlled access for .

Indonesian regional aircraft carrying 11 passengers goes missing, search on

A regional passenger aircraft carrying 11 people lost contact with ground control Saturday while approaching a mountainous region between Indonesia's main island of Java and Sulawesi island, officials said. A search and rescue operation is underway. The turboprop ATR 42-500 operated by the Indonesia Air Transport was on the way from Yogyakarta to the capital city of South Sulawesi when it vanished from radar, said Endah Purnama Sari, a spokesperson for the Transportation Ministry. The plane was last tracked at 01:17 pm in the Leang-Leang area of Maros, a mountainous district of South Sulawesi province. Multiple search and rescue teams, supported by air force helicopters, drones and ground units have been deployed, Sari said in a statement. Hopes for locating the wreckage grew after hikers on Mount Bulusaraung reported finding scattered debris, a logo consistent with Indonesia Air Transport markings, and small fires still burning at the scene. The sightings were reported to authori

Trump to levy 10% tariffs on European allies amid push to acquire Greenland

Trump argued that the United States had long subsidised Denmark and other European countries by not imposing tariffs and said it was now time for Denmark to "give back"

Japanese Foreign Minister Toshimitsu Motegi takes a ride on Delhi Metro

The statement highlighted that the Japan International Cooperation Agency (JICA) has extended financial support to the Delhi Metro project since Phase 1

'Hands off Greenland' protests erupt in Denmark against Trump's threats

Trump has repeatedly said Greenland is vital to US national security because of its strategic Arctic location and mineral resources, and has not ruled out the use of force to acquire it

India in touch with Iran over consular access for 16 detained sailors

In a statement, the mission said it was informed in mid-December about the detention of the vessel by Iranian authorities, with 16 Indian crew members on board

China cuts US debt holdings to 17-year low, shifts reserves to gold

China has reduced its US Treasury holdings to a 17-year low as part of the continued diversification of its forex reserves towards gold and overseas equity investments amid unsettling ties with Washington. China's holdings of US treasuries fell to USD 682.6 billion in November last year, down from USD 688.7 billion in October, the lowest since 2008, according to data released by the US Department of the Treasury on Thursday. Beijing's move to trim its US holdings came as the foreign ownership of the US debt hit a record high, with Japan and the UK scaling up their holdings, according to the data. Japan's holdings rose by USD 2.6 billion to USD 1.2 trillion, while the UK's pool rose by USD 10.6 billion to USD 888.5 billion. China holds the world's largest forex reserves totalling USD 3.3579 trillion at the end of December 2025, according to the official media reports here. Observers say the reduction of US holdings by China is part of its continued efforts to adjust its strategic .

As more Chinese youth live alone, new app bluntly asks: 'Are you dead?'

Today, China has over 100 million households with only one person, according to an annual report from the National Bureau of Statistics of China in 2024