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US, UK, Oz leaders unveil nuclear submarine deal to counter China

The programme will cost up to A$368 billion ($245 billion) over the next three decades, a defence official said on Tuesday, the country's biggest single defence project in history

US, Australia and UK ink submarine deal to counter Chinese aggression

The United States, Australia and the United Kingdom has announced a nuclear-powered submarine deal, a step aimed at countering the Chinese aggressive behavior in the Indo-Pacific region. The announcement was made after the leaders of the three countries attended a summit meeting in San Diego on Monday and asserted that the move is to keep the Indo-Pacific region free and open. With the support and approval of the Congress, beginning in the early 2030s, the United States will sell three Virginia-class submarines to Australia with the potential to sell up to two more if needed, jumpstarting their undersea capability a decade earlier than many predicted, Biden said in San Diego with Australian Prime Minister Anthony Albanese and British Prime Minister Rishi Sunak. This state-of-the-art conventionally armed nuclear-powered submarine will work -- that will combine the UK submarine technology and design with the American technology, he said. Australia's future SSN, which Biden described

No federal bailout for Silicon Valley Bank: US Treasury Secy Janet Yellen

Treasury Secretary Janet Yellen said Sunday that the federal government would not bail out Silicon Valley Bank, but is working to help depositors who are concerned about their money. The Federal Deposit Insurance Corporation insures deposits up to USD 250,000, but many of the companies and wealthy people who used the bank known for its relationships with technology startups and venture capital had more than that amount in their account. There are fears that some workers across the country won't receive their paychecks. Yellen, in an interview with CBS' Face the Nation, provided few details on the government's next steps. But she emphasised that the situation was much different from the financial crisis almost 15 years ago, which led to bank bailouts to protect the industry. We're not going to do that again," she said. "But we are concerned about depositors, and we're focused on trying to meet their needs. Yellen tried to reassure Americans that there will be no domino effect afte

China appoints US-sanctioned general Li Shangfu as new defence minister

The appointment of Li Shangfu as defence minister comes at a time of increasingly strained relations between Beijing and Washington

US toy retailer, ToysRUs enters India for the 2nd time, opens first store

Its online store toyrus.in and it will also sell exclusively on ecommerce platforms, Flipkart and Myntra.

What could go wrong? Oscars team prepares for anything after Smith slap

For the first time, the Academy of Motion Picture Arts and Sciences has created a crisis team to respond to any mishaps

India, US to examine CEO forum recommendations to boost economic ties

India and the US will examine the recommendations of the CEO forum for appropriate action to enhance economic ties between the two countries. Commerce and Industry Minister Piyush Goyal and US Secretary of Commerce Gina Raimondo on Friday chaired the India-US CEO Forum meet. According to a joint statement issued after the India-US commercial dialogue on Friday, both governments would "examine the CEO recommendations for appropriate action to enhance the economic landscape and ties between India and the US". Raimondo was here on a four-day visit to attend the meeting and India-US commercial dialogue. She was accompanied by 10 CEOs of US companies. The last meeting of the forum was held virtually in November 2022. It is a platform for dialogue across key sectoral themes and to identify areas for closer collaboration for mutual benefit of both economies. The forum, comprising CEOs from leading Indian and US-based companies, is co-chaired by N Chandrasekaran, Chairman of Tata Sons and

New dialogues can unlock new era in India-US business ties: USIBC

Welcoming the announcements on the US-India Strategic Trade Dialogue and an agreement on semiconductors, US India Business Council on Friday said such initiatives have the potential to unlock a new era of business-to-business cooperation. During the visit of US Commerce Secretary Gina Raimondo to New Delhi, the two countries announced the start of the US-India Strategic Trade Dialogue and signed an MOU on semiconductors. The dialogue adds momentum to the work being done under the US-India Initiative on Critical and Emerging Technologies (iCET), said USIBC president Atul Keshap. These are moves welcomed by the industry, who have long encouraged both governments to reinvigorate talks around high-technologies and export controls to remove barriers to greater business partnerships in advanced sectors, he said. Addressing the issues around export controls and technology transfers is a critical step to unleashing the ambitions of the private sector. If these dialogues succeed, they can .

India-US goods & services trade doubled since 2014, surpasses $191 bn

Raimondo attended the meeting before leaving for the US on Friday. She had arrived in India on March 7 at the invitation of the Indian government

US applies more sanctions over Iran shadow banking, drone network

The United States on Thursday announced more sanctions against people and firms associated with Iran and with what it said was an illicit banking network used to conceal transactions. The U.S. said it placed the penalties on 39 firms linked to a shadow banking system that helped to obfuscate financial activity between sanctioned Iranian firms and their foreign buyers, namely for petrochemicals produced in Iran. The Treasury Department said the companies from Hong Kong to the United Arab Emirates made up a significant shadow banking' network that gave cover to sanctioned Iranian entities to disguise petrochemical sales with foreign customers. Today's action demonstrates the United States' commitment to enforcing our sanctions and our ability to disrupt Iran's foreign financial networks, which it uses to launder funds, Treasury Deputy Secretary Wally Adeyemo said. Secretary of State Antony Blinken said in a written statement that the U.S. will continue to disrupt attempts to evade

India, US to launch strategic trade dialogue to address export controls

In a significant move, India and the US on Thursday decided to launch a strategic trade dialogue to address export controls, explore ways of enhancing high technology commerce, and facilitate technology transfers. The decision to launch the new framework of dialogue was taken at a meeting between External Affairs Minister S Jaishankar and visiting US Commerce Secretary Gina Raimondo, according to the Ministry of External Affairs (MEA). "The external affairs minister and secretary Raimondo agreed to launch a India-US Strategic Trade Dialogue, led by Foreign Secretary from Ministry of External Affairs of India and Under Secretary, Bureau of Industry and Security in US Department of Commerce," the MEA said. "The Strategic Trade Dialogue will address export controls, explore ways of enhancing high technology commerce, and facilitate technology transfer between the two countries," it said. The MEA said Jaishankar and Raimondo had a productive discussion about the India-US strategic ...

Australia to buy US made nuclear-powered submarines to modernise its fleet

Australia will purchase U.S.-manufactured, nuclear-powered attack submarines to modernise its fleet, a European official and a person familiar with the matter said Thursday, amid growing concerns about China's influence in the Indo-Pacific region. The purchase agreement for Virginia-class submarines will be announced Monday when President Joe Biden, Australian Prime Minister Anthony Albanese and U.K. Prime Minister Rishi Sunak meet in San Diego for talks on the 18-month-old nuclear partnership known by the acronym AUKUS. The people spoke on the condition of anonymity to discuss the matter ahead of the announcement. The AUKUS agreement, announced in 2021, paved the way for Australia to get access to nuclear-powered submarines, which are stealthier and more capable than conventionally powered boats. We all recognize the imperative of ensuring peace and stability in the Indo-Pacific over the long term, Biden said in September 2021 when the partnership was announced. We need to be able

India, US to sign MoU on semiconductors, says US Commerce Secretary

The two nations will map the semiconductor supply chain together and identify opportunities for joint ventures and technology partnerships, Raimondo added

Mango's sales hit record $2.8 bn sales as Zara's rival expands in US, India

Mango began to increase its presence in India and opened a flagship store in New York in May, one of nine new shops opened in the United States last year and of 119 outlets in all its markets

IPEF will prove to be economically impactful than FTA: US commerce secy

US Commerce Secretary Gina Raimondo on Thursday expressed hope that the Indo-Pacific Economic Framework (IPEF) will prove to be more economically impactful than a free trade agreement (FTA) with India. The IPEF was launched jointly by the US and other partner countries of the Indo-Pacific region on May 23 in Tokyo. The 14 IPEF partners represent 40 per cent of global GDP and 28 per cent of global goods and services trade. The framework is structured around four pillars relating to trade, supply chains, clean economy, and fair economy (issues like tax and anti-corruption). India has opted out of the trade pillar and has decided to join the remaining three subjects pertaining to supply chains, clean economy and fair economy. Raimondo said that a trade agreement with India is at present not on the table and the US Congress has stated that there is no appetite for an FTA. "My hope is that the IPEF...my strong belief is that it will prove to be in many ways more economically impactful t

Mobius bets big on chip stocks as US, China increase investments in sector

Chip stocks have had a great start to 2023 after rising interest rates led to a carnage in 2022. Investor focus has started shifting to the sector's long-term growth prospects and cheaper valuations

US gets warrant to seize Russian company's $25 mn Boeing 737 amid sanctions

A federal court in New York authorised the seizure of a USD 25 million Boeing 737 owned by a Russian energy company, citing US sanctions against Russia in response to its invasion of Ukraine, US authorities said on Wednesday. The aircraft is owned by PJSC Rosneft Oil Co., headquartered in Moscow and led by sanctioned oligarch Igor Ivanovich Sechin. The court found probable cause that the aircraft, which has not been in the US since 2014, could be seized by the US based on violations of the Export Control Reform Act. Today's enforcement action demonstrates there is a price to pay for Russian companies and oligarchs that flagrantly evade sanctions that the United States has imposed in response to the unjustified war against the people of the Ukraine, Breon Peace, the US attorney in Brooklyn, said in a news release. Rosneft Oil did not immediately respond to an email seeking comment. The action is part of a continuing effort to diminish Russian wealth after its invasion of ...

Russia probably does not want military conflict with US, NATO: US intel

The US intelligence community believes that Russia probably does not want a direct military conflict with US and NATO forces, but there is potential for that to occur

You're promoted as 'manager'. Forget about overtime pay

Federal law requires employers to pay time-and-a-half overtime to hourly workers after 40 hours, and to most salaried workers whose salary is below a certain amount, currently about $35,500 a year

January US job openings declines from 11.2 mn in December to 10.8 mn

U.S. employers posted 10.8 million job openings in January, indicating the American job market continues to run too hot for the inflation fighters at the Federal Reserve. Job openings fell from 11.2 million in December but remained high by historical standards, the Labor Department reported Wednesday. Employers also hired more workers in January. But layoffs rose. For 20 straight months, employers have posted at least 10 million openings a level never reached before 2021 in Labor Department data going back to 2000. The number of openings in January exceeded what economists had forecast and translates to about two vacancies for every unemployed American. Still, there some signs the job market is cooling in the Labor Department's monthly Job Openings and Labor Turnover Summary report. Amid high-profile job cuts at many big tech companies such as Google and Amazon, overall layoffs rose in January to 1.7 million, highest since December 2020. And the number of Americans quitting thei