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The Dollar Business Bureau Prime Minister Narendra Modi on Monday thanked Russian President Vladimir Putin and Petroleum major Rosneft, for their support and commitments to the Indian energy sector. He was referring to the $12.9 billion deal by Rosneft to acquire debt-ridden Indian refiner Essar Oil, which the two leaders helped to seal and has strengthened ties between the biggest producer and the third largest consumer of oil in the world. Modi, however, said that the status of the energy sector in India is highly uneven, while interacting with the CEOs and experts from oil and gas industry from across the world, in a meeting held in New Delhi.  The Prime Minister sees scope for further reforms in India’s oil and gas sector and ...

The Dollar Business Bureau  With Prime Minister Narendra Modi’s visit to China for the BRICS Summit, media reports hint that there could be a bilateral meeting between PM Modi and China’s Premier Xi Jinping. The world media awaits with anticipation at this possible meeting between the two leaders, as it comes after the tense 73-day standoff at the Doklam region.  The Summit which began today at the Chinese port city of Xiamen had the unveiling of the Xiamen Declaration signed by its member countries, Brazil, Russia, India, China and South Africa. The Declaration amongst other things calls for energizing the practical cooperation between the member countries. It states enhancing communication and coordination in improving global economic governance to foster a more just and ...

The Dollar Business Bureau India and Pakistan's admission as full members to the Shanghai Cooperation Organisation (SCO) will be formalised at the political and security grouping's summit in Kazakhstan next week, China announced today, while hoping that they would "strictly follow" its charter. Chinese Foreign Ministry spokesperson Hua Chunying hoped that the admission of India and Pakistan as full members would help improve their bilateral relations. "Hope India and Pakistan strictly follow the charter of the SCO and the idea of good neighbourliness, uphold the SCO spirit, improve their relations and inject new impetus to the development of the SCO," Hua told a media briefing here. She confirmed that the lengthy process of their admission into the group, which took years ...

The Dollar Business Bureau  After completing his engagements in Germany, Prime Minister Narendra Modi arrived in Madrid, the capital of Spain, on the second leg of his four-nation, 6-day tour focussed at enhancing bilateral economic cooperation with these four nations and to invite more investments into India.  “Landed in Spain, marking the start of a very important visit aimed at improving economic and cultural relations with Spain,” Modi tweeted just after landing in Spain.  Modi will be the first Indian Prime Minister to visit Spain in around 30 years. The last one was in 1988 by the then Prime Minister Rajiv Gandhi. “Hola Espana! Prime Minister Modi arrives in Madrid, first visit by an Indian Prime Minister in nearly three decades, is received by ...

The Dollar Business Bureau Prime Minister Modi is on his 6 day tour of 4 nations. On Thursday he is likely to meet President Vladimir Putin seeking to rejuvenate the friendship that India shared with Moscow sometime back. Both the leaders are actively looking to revive the slagging trade between the two countries and resolve the differences over their recent change in global alliances when they meet ahead of a summit in St Petersburg on Thursday. India was a close ally of Russia during the Cold War and Russia was India's largest trading partner, largest arms supplier, providing everything and anything to do with India's defence needs. The relationship underwent a transformation with the collapse of the USSR and India favouring the West to ...

The Dollar Business Bureau As India and Russia gear up for a summit on June 1 between Prime Minister Narendra Modi and Russian President Vladimir Putin, the two sides on Wednesday agreed to take forward joint projects in various sectors such as nuclear energy and collaborative projects in other countries. Both sides reviewed the progress on implementation of several key joint initiatives in economic areas at the India-Russia Inter-Governmental Commission on Trade, Economic and Cultural Cooperation (IRIGC-TEC) meeting, a forum for addressing key issues related to bilateral ties. During the meet, there was convergence of interests and views on a range of issues, according to a statement by the Ministry of External Affairs (MEA). The meeting was co-chaired by Indian External Affairs Minister Sushma Swaraj and Russia’s ...

The Dollar Business Bureau The Narendra Modi chaired cabinet has been officially informed of a MoU (Memorandum of Understanding) signed between India and Russia for co-operation in the field of science and technology, according to news from the Indian Press Information Bureau. The agreement was one among the nineteen announced and sixteen formally signed during Russian President Vladimir Putin’s visit to India, around the sidelines of the BRICS conference in Goa in October 2016. The agreements were officially announced under the banner of the 17th India-Russia Annual Summit that saw deals ranging from energy to smart cities. Signed by Mikhail Kotyukov, Head of the Federal Agency for scientific organisations (FASO), and Pankaj Saran, Ambassador of India to Russian Federation, the agreement enables the ...

PTI  President Barack Obama has warned that the US will retaliate against Russia for launching cyber attacks during the presidential election after the White House accused senior-most Russian officials of direct involvement in hacking. The outgoing US president said he was waiting for a final report he has ordered into a range of Russian hacking attacks that may have swayed last month's tight election in which Republican candidate Donald Trump defeated Democrat Hillary Clinton. "I think there is no doubt that when any foreign government tries to impact the integrity of our elections. That we need to take action and we will," Obama told the National Public Radio in an interview. "At a time and a place of our own choosing. ...