Page 20 - Uk

Commerce ministry to promote trade, investment; priortise 12 countries

The commerce and industry ministry has worked out a detailed plan to promote trade and investment and identified 12 countries including the US and UK for priority action, an official said. The plan was formulated by a task force comprising officials from the department of commerce, department for promotion of industry and internal trade, Indian missions abroad and Invest India. Under the plan, the task force has identified calender of activities for these 12 priority nations -- US, Brazil, Canada, UAE, Saudi Arabia, UK, Germany, Sweden, Japan, Taiwan, South Korea and Russia, said the official who did not wish to be named. The plan was prepared after an in-depth analysis of export-import trends. outbound investments trends and strategic engagements with over 20 countries. As part of the plan, the ministry will organise road shows in different countries, which will encompass investment and trade promotion engagements. Industry and exporters are also encouraged to organise world-leve

Apple infringed essential mobile technology patents, UK court rules

Apple had previously argued that the relevant technology was not used in the UK, according to the judgment

Women-led SMEs to benefit from proposed FTA with India: UK minister

Women-owned and women-led small and medium enterprises (SMEs) are set to benefit from a proposed India-UK free trade agreement (FTA) as part of a "Trade and Gender Equality" chapter which has been provisionally closed at the end of 10 rounds of negotiations, UK Business and Trade Secretary Kemi Badenoch has said. In response to the House of Commons Business and Trade Committee, which scrutinises her department's work, the cabinet minister also revealed last week that short-term ease of business mobility and mutual recognition of professional qualifications were among the topics in discussion as part of the FTA. India and the UK have been negotiating an FTA since January last year to significantly enhance the bilateral trading relationship, worth an estimated GBP 36 billion in 2022, with an 11th round of negotiations scheduled for this month. We have also provisionally closed a Trade and Gender Equality chapter in which we have agreed to undertake cooperation activity, said Badenoch,

SBI Mutual Fund AUM crosses Rs 8 trillion; eyes Rs 10 trillion milestone

SBI Mutual Fund, largest fund house by a wide margin in the 43-player industry, has clocked yet another milestone crossing the Rs 8 lakh crore-mark assets under management, adding Rs 90,000 crore to the asset pile during the first quarter of the fiscal. Given the current run rate in adding AUM (asset under management), the fund house expects to sniff at the Rs 10 lakh crore AUM-mark over the next 12 to 18 months too, a top company official has said. The 43-player mutual fund industry closed May with total assets of Rs 43.2 lakh crore despite a fall in net inflows into open-ended mutual funds, which almost halved to Rs 59,879.31 crore from Rs 1.24 lakh crore in April, when the industry-wide AUM stood at Rs 41.61 lakh crore. "We've added Rs 90,000 crore to our March 2023 AUM, when it was Rs 7.10 lakh crore, taking the total assets under our management to over Rs 8 lakh crore. In fact, we crossed the milestone yesterday," DP Singh, deputy managing director and chief business developmen

Want to see expansion of UNSC permanent seats to include India, Brazil: UK

The UK has called for the expansion of the UN Security Council's permanent seats to include India, Brazil, Germany and Japan as well as African representation, underlining that it is high time the powerful UN body entered the 2020s. Permanent Representative of the United Kingdom to the United Nations and President of the Security Council for the month of July Ambassador Barbara Woodward's comments came as she briefed UN correspondents on the programme of work of the Security Council for the month. On reform of the UN Security Council, we want to see the expansion of the Council's permanent seats to include India, Brazil, Germany and Japan and African representation. It's high time the Council entered the 2020s, Woodward told reporters here on Monday. Woodward referred to remarks by British Foreign Secretary James Cleverly last week in which he announced the UK's ambition to drive forward reform of the multilateral system. Woodward said the UK's presidency of the Security Council in

UK had the hottest June since 1884, unusual heat to become frequent

The UK sweltered through its hottest June since records began in 1884, the country's weather agency said Monday, adding that human-induced climate change means such unusual heat will become more frequent in the next few decades. The average temperature for June in the UK hit 15.8 degrees Celsius (60.4 Fahrenheit) 0.9 C hotter than the joint previous record of 14.9 C in 1940 and 1976, according to the Met Office's provisional figures. Meteorologists say that thanks to climate change, the chance of beating the previous joint record has at least doubled since the 1940s. Alongside natural variability, the background warming of the Earth's atmosphere due to human-induced climate change has driven up the possibility of reaching record high temperatures, said Paul Davies at the Met Office. By the 2050s, the chance of surpassing the previous record of 14.9 C could be as high as around 50 per cent, or every other year. Large areas of the country, from the Orkney Islands in northern Scotla

UK trade minister Huddleston to unveil green partnerships on Kolkata visit

Britain's international trade minister Nigel Huddleston has said that he want to use his first official trip to Kolkata to show the UK's eagerness to work with India and Bangladesh on shared challenges like climate change, using collective expertise to deepen trading relationship, spark economic growth and create jobs. Huddleston arrived in Kolkata on Monday on a two-day visit to the metropolis. In Kolkata, he will unveil a package of partnerships on electric mobility and green construction at a joint session with the government of West Bengal, the UK government said. The Department for Business and Trade (DBT) said Huddleston is on a three-day visit to South Asia, which covers Kolkata and also Dhaka in Bangladesh, focused on unlocking more opportunities for British companies to grow trade and two-way business flows. It added that while the UK continues to negotiate a free trade agreement (FTA) with India, which has completed 10 rounds of negotiations, the ministerial visit forms pa

UK international trade minister to unveil new initiatives in Kolkata

UK Minister for international trade, Nigel Huddleston arrived in the city on Monday on a two-day visit to the metropolis to unveil new initiatives in electric mobility and green construction in West Bengal. The UK minister will launch a center to enhance opportunities in the electric vehicle segment by partnering Indian businesses with academic institutions and industries of that country, a statement by the British Deputy High Commission here said. He will also visit a waste processing company in Kolkata using green technology to recycle construction waste into high quality reusable sand, it said. The UK is aiming to negotiate a trade deal with India with the target to double it by 2030, the statement said. India is its 12th largest trading partner accounting 2.1 per cent of its total trade. UK's bilateral trade with India surged to GBP (British pound sterling) 36 billion in 2022, up 11.2 billion GBP or 45 per cent from 24.8 GBP in 2021. The bilateral trade supports half a millio

PM Rishi Sunak speaks of 'sting' of racism growing up in Britain

I haven't experienced that in cricket, but of course I've experienced racism growing up, says Sunak.

UK-based firm plans to set up semiconductor fabrication unit in Odisha

A UK-based company is planning to set up a semiconductor fabrication unit in Odisha's Ganjam district with an investment of Rs 30,000 crore in the first phase, officials said. The SRAM & MRAM Technologies and Projects India Pvt Limited, the Indian unit of UK-based SRAM & MRAM Group, had signed a memorandum of understanding (MoU) with the state government on March 26 to set up the semiconductor unit in the state. After visiting some sites near Chhatrapur in the district, its Indian company officials headed by its chairman Guruji Kumaran Swami held a meeting with the district administration at Chhatrapur on Thursday. Ganjam Collector Dibya Jyoti Parida has assured the investors all facilities for setting up the unit. "We have visited some sites, including the industrial park of Tata and some private lands for the establishment of the proposed semiconductor unit. A technical team of the company will visit the district to finalise the site," said Debadutt Singhdeo, project ...

UK court rules that plan to send asylum seekers to Rwanda is unlawful

But the judges said that a policy of deporting asylum seekers to another country was not in itself illegal

India trade talks discussing business travel, not broader immigration: UK

Britain will discuss temporary business visas as part of Free Trade Agreement talks with India but any deal will not contain broader immigration commitments, trade minister Kemi Badenoch said

Want to strike truly ambitious trade deal with India: UK PM Rishi Sunak

British Prime Minister Rishi Sunak on Wednesday evening reiterated his commitment to a truly ambitious free trade agreement (FTA) with India as he hosted a special reception to celebrate India Global Forum's UK-India Week 2023 in the garden of 10 Downing Street here. The 43-year-old British Indian leader interacted with business leaders and celebrities, including boxing champion Mary Kom, musicians Shankar Mahadevan and Zakir Hussain, and Bollywood actor Sonam Kapoor, as part of what he dubbed as the start of an Indian summer for the UK. Prime Minister (Narendra) Modiji and I agree there's huge potential here. We're making great progress together on the 2030 roadmap and we want to strike a truly ambitious trade deal that benefits both our nations, bringing tremendous opportunities to businesses and consumers, both in India and here at home, said Sunak, who was joined at the garden party by wife Akshata Murty and mother-in-law Sudha Murty. It's not just UK-India Week, but a whole ...

Very optimistic about FTA with India, says UK Investment Minister

An India-UK free trade agreement (FTA) is really important for both nations and it is for businesses on both sides to help drive that agenda, UK Minister for Investment Lord Dominic Johnson said in London on Tuesday. Addressing a UK-India Infrastructure Summit hosted by the City of London Corporation as part of the India Global Forum UK-India Week, Johnson said he is very optimistic about an FTA even as he declined to put a timeframe to it. India and the UK recently concluded their tenth round of FTA negotiations and an 11th round is set to begin in the next few weeks towards a comprehensive agreement expected to significantly enhance the bilateral trading relationship worth an estimated 34 billion pounds in 2022. I'm very optimistic about a free trade deal with India, said Johnson. It is hugely important for India if it wants to get the capital flows it needs to take itself to the next step, which is to become a global hyperpower economically. And it's very good for the UK if we'r

British PM Sunak's ex-deputy Raab calls for UK to up its game on India ties

One of British Prime Minister Rishi Sunak's close allies and former deputy prime minister, Dominic Raab, on Saturday called on the British Indian leader to up the government's game to reap the full dividends of a closer partnership with India. Dominic Raab, who led Sunak's leadership campaign and served as his Foreign Secretary before being forced to resign amid bullying allegations, wrote in The Daily Telegraph' that more can be achieved within the bilateral relationship with the UK's first Prime Minister of Indian heritage now in charge at Downing Street. He pointed to India's particular comparative advantage in tech against the backdrop of Prime Minister Narendra Modi's high-profile visit to the US this week during which mega deals were struck. With the UK's historic ties to India, and our first UK Prime Minister of Indian heritage, are we doing enough to maximise the rewards from this critical relationship, questions Raab. With Rishi Sunak as Prime Minister, Britain remains ...

Zambia reaches deal with China, other nations to rework $6.3 bn in loans

Zambia and its government creditors, including China, have reached a deal to restructure USD 6.3 billion in loans, the French government announced Thursday on the sidelines of a global finance summit in Paris. The agreement covers loans from countries including France, the UK, South Africa, Israel and India as well as China Zambia's biggest creditor at USD 4.1 billion of the total. The deal, announced by officials who spoke anonymously in accordance with the French government's customary practices, may provide a roadmap for how lenient China may be with other nations in debt distress. The International Monetary Fund approved the deal, meaning it's going to allow Zambia to receive more financing from the institution, they said. A discussion between French President Emmanuel Macron, Chinese Prime Minister Li Qiang, Zambian President Hakainde Hichilema to praise the conclusion of year-long negotiations is to take place during a dinner of heads of state and government at the Elysee ..

UK will be 'OK': Sunak as rate hike exposes Conservative party's tensions

Sunak has repeatedly said voters should judge him on bringing inflation down - a pledge which sits awkwardly with his team's implied criticism of the Bank of England

VFS Global with Radisson Hotel in India to operate UK application centres

VFS Global on Thursday said it has entered into a strategic partnership with Radisson Hotel Group in India to operate UK Premium Application Centres from the hotel chain's properties. The UK visa customers can now book appointments at any of the premium application centres located at Radisson Blu Hotel Amritsar, Radisson RED Chandigarh Mohali, Park Plaza Ludhiana, and Radisson Noida for submitting their applications and enrolling biometrics this summer season, the company said in a statement. This partnership will provide customers residing in and around Punjab and Noida with four new location options, in addition to the visa application centres located in Chandigarh, Jalandhar, and New Delhi. "The partnership with Radisson Hotel Group provides additional and conveniently located touchpoints to our customers. "UK visa customers will continue to enjoy the same comfort, convenience, and best-in-class services at these locations that they do at our Visa Application Centres, as well as

TCS signs $1.1 bn contract with UK's pension scheme Nest for 10 years

The contract, to help Nest transform its administration services, if extended to the entirety of its 18-year tenure would be worth 1.5 billion pounds, TCS said in a statement

UK inflation steady at 8.7% against forecasts, BoE set to raise rates

Consumer price inflation across the UK was unchanged at 8.7 per cent in the year to May against expectations for a modest decline, official figures showed on Wednesday, a development that is set to see the Bank of England raise the cost of borrowing again. The Office for National Statistics said rising prices for flights, recreational and cultural goods and services, and second-hand cars boosted the inflation rate, while gas prices at the pump provided the biggest downward pressure. After last month's fall, annual inflation was little changed in May and remains at a historically high level," the agency's chief economist Grant Fitzner said. Financial markets think news of the unchanged rate will mean the Bank of England will increase its benchmark interest rate on Thursday from the current 15-year high of 4.5 per cent. Like other central banks, the bank has aggressively raised borrowing rates over the past 18 months or so after inflation spiked sharply, first because of bottlenecks