INDIA'S Indian Oil Corporation (IOC), the nation's biggest oil firm, has tied up imports from the US and taken additional volumes from Saudi Arabia to make up for the bulk of the volumes lost because of sanctions prohibiting buying oil from Iran, top officials said today (17).
Iran supplied more than a tenth of India's oil needs before the reimposition of the US sanctions against the Persian Gulf nation stopped supplies this month.
"We have tied up supplies from alternate sources. No single country can make up for the volumes lost, that's why we are keeping our sourcing diversified. We are fairly diversified in our sourcing and we have robust sourcing in place to make up for all of the Iranian oil," IOC Chairman Sanjiv Singh told reporters in New Delhi.
India bought close to 24 million tonnes of crude oil from Iran in the fiscal ended March 31. Of this, IOC sourced about 9 million tonnes from Iran.
IOC and other Indian refiners stopped importing crude oil from Iran this month following the US' move to end sanction waivers.
To make up for the shortfall, IOC has used optional volumes available from suppliers such as Saudi Arabia. Also, it has for the first time signed term import contracts with two US suppliers, he said, adding in all 4.6 million tonnes of crude oil from the US has been signed up for 2019.
IOC director A K Sharma said the company has an annual contract to buy 5.6 million tonnes of crude oil from Saudi Arabia. On top of this, it has the option to import an additional two million tonnes.
"We have exercised our optional volumes with Saudi Arabia and will be importing two million barrels of additional crude oil from Saudi Arabia in six months period beginning July," he said, adding the optional volumes imported from July to December total to about 1.5-1.6 million tonnes.
From the US, IOC has signed a deal with Norwegian oil company Equinor for buying three million tonnes of crude during the year and an additional 1.6 million tonnes from Algerian national oil company Sonatrach.
Equinor and Sonatrach produce crude oil in the US.
Singh said refiners import crude oil from a wide range of sources and have been lining up alternate supplies for the past months.
"The US was to take a decision on waiver extension in April and Indian refineries had prepared plans for all eventualities. We have alternate sources lined up to make up for any shortfall," he said.
The US president Donald Trump last year withdrew from the 2015 nuclear deal between Iran and world powers and revived a range of sanctions against the Persian Gulf nation. It, however, granted a six-month waiver from sanctions to eight countries China, India, Japan, South Korea, Taiwan, Turkey, Italy, and Greece but with a condition that they would reduce their purchases of Iranian oil.
The waiver began in November 2018 and expired on May 2.
India had agreed to restrict its monthly purchase to 1.25 million tonnes to get the waiver. But since it had made robust purchases in the period prior to November 2018, India's overall crude oil imports from Iran totalled nearly 24 million tonnes in 2018-19 as compared to 22.6 million tonnes bought in the 2017-18.
"We have optional volumes (over and above the term contracts) from a number of suppliers which we can exercise to make up for any shortfall from Iran," Singh said. "We can also go to the spot (or current) market to source crude."
IOC has the option to take 0.7 million tonnes of crude oil from Mexico on top of its committed purchase of 0.7 million tonnes during the year. Similarly, it has optional volumes of 1.5 million tonnes from Kuwait and another 1 million tonnes from the UAE, Sharma said.
"We have all the supplies tied up and I think globally crude will be readily available but it is difficult to say what the impact will be on price," Singh added.
Dr Sudhir Ruparelia emphasised Uganda’s growing real estate, agriculture and tourism sectors.
Lord Dolar Popat called for closer Commonwealth ties between Africa, the UK and India.
Uganda’s ministers outlined regional integration, investment climate and agricultural transformation.
Spiritual leader Sant Trilochan Darshan Das Ji urged ethical entrepreneurship rooted in integrity.
The 15th edition of the UK–Africa Business Summit took place on Friday, 12 September at The Royal Horseguards Hotel & One Whitehall Place, bringing together senior government leaders, entrepreneurs, investors and diaspora stakeholders to strengthen trade and investment ties between the UK and African nations.
One of the most anticipated interventions came from Dr Sudhir Ruparelia, Uganda’s richest businessman with an estimated fortune of $1.6 billion. Speaking of his family’s deep commitment to Uganda, Ruparelia said: “We’ve created thousands of jobs, benefiting millions of Ugandans. The real estate sector remains vibrant and agriculture presents countless opportunities. Hospitality and tourism are thriving – let’s seize the moment.”
Lord Dolar Popat, Member of the House of Lords and former UK Prime Minister’s Envoy to Africa, addressed Africa’s pivotal role amid shifting global trade realities. He urged closer Commonwealth ties, emphasising collaboration between Africa, the UK and India to strengthen trade resilience.
The summit also hosted influential voices from government and diplomacy:
Rt Hon Rebecca Kadaga, Uganda’s First Deputy Prime Minister and Minister for East African Community Affairs, set out East Africa’s integration agenda, focusing on accelerating AfCFTA adoption, removing non-tariff barriers and coordinating infrastructure to position the region as a competitive investment market.
Uganda featured prominently throughout the summit. Col Edith Nakalema highlighted the enabling investment climate under President Yoweri Kaguta Museveni, particularly through technology-driven efficiency in SHIPU’s operations to safeguard investors against cyber fraud.
UK–Africa business summit 2025
Dr Hillary Musoke Kisanja, Senior Presidential Advisor on Agribusiness and Value-Addition Development, unveiled Uganda’s roadmap to transform agriculture into a high-value, climate-resilient driver of growth.
HE Nimisha Madhvani, Uganda’s High Commissioner to the UK, joined other diplomats in a flagship session on trade, resilience and diplomacy, where participants examined how Africa can redefine its partnerships with the UK in an era of shifting alliances.
The Ugandan delegation also included Ruth Nankabirwa, Minister of Energy and Mineral Development; Gen David Muhoozi, Minister of State for Internal Affairs; Lt Gen Joseph Musanyufu, Permanent Secretary of the Internal Affairs Ministry; and Maj Gen Apollo Kasiita-Gowa, Director of Citizenship and Immigration Control.
UK–Africa business summit 2025
Faith and ethical entrepreneurship
Spiritual leader Sant Trilochan Darshan Das Ji, head of Das Dharam-Sachkhand Nanak Dham, graced the summit as Honorary Chief Guest. He urged delegates to embrace ethical entrepreneurship and align economic ambition with values of integrity and social good.
Spiritual leader Sant Trilochan Darshan Das Ji, head of Das Dharam-Sachkhand Nanak Dham, graced the summit as Honorary Chief Guest
A platform for resilience
Summit founder and chairman Willy Mutenza acknowledged the challenges posed by renewed US tariffs and shifting geopolitical alignments, but stressed Africa’s resilience, pointing to expanding markets, a youthful population and growing infrastructure as long-term opportunities for investors.
Prof Augustus Nuwagaba, Deputy Governor of the Bank of Uganda, reinforced this vision with a presentation on Uganda’s sustained economic growth trajectory.
UK–Africa business summit 2025
Innovation and Africa’s future
The summit concluded with a high-level panel on digital trade, e-mobility, AI and climate-resilient investment. Industry leaders highlighted Africa’s emerging innovation-led growth model, from Kenya’s fintech ecosystems to Uganda’s science-based industrial strategy. The session underscored the importance of digital sovereignty, blended finance and ESG-aligned investment to unlock inclusive economic growth.
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Donald Trump and Narendra Modi shake hands as they attend a joint press conference at the White House on February 13, 2025.
INDIA and the United States will hold trade discussions in New Delhi on Tuesday, officials and Indian media reports said, as the two countries look to resolve a tariff dispute.
India currently faces high US tariffs on most of its exports and has not yet been able to reach a trade deal that would ease the pressure.
Trump has sought to increase pressure on Moscow over the war in Ukraine. The move has added to tensions between Washington and New Delhi.
Both governments, however, have said they remain committed to talks.
Commerce ministry official Rajesh Agarwal said on Monday that officials would meet in person on Tuesday for discussions, The Indian Express reported.
According to broadcaster NDTV, Brendan Lynch, assistant trade representative for South and Central Asia, will be part of the US delegation. The report said the discussions would be a “precursor” to a later full round of negotiations.
The talks come a week after Trump said discussions would continue between the two sides to address trade barriers.
“I feel certain that there will be no difficulty in coming to a successful conclusion for both of our Great Countries!,” Trump posted on Truth Social last week, without providing details.
Indian prime minister Narendra Modi responded by calling India and the United States “close friends and natural partners” and said teams from both sides were working to conclude discussions “at the earliest”.
(With inputs from agencies)
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At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. (Photo: Getty Images)
INDIAN-AMERICAN entrepreneur Baiju Bhatt, co-founder of the commission-free trading platform Robinhood, has been named among the 10 youngest billionaires in the United States in the 2025 Forbes 400 list.
At 40, Bhatt is the only person of Indian origin in this group, which includes figures such as Meta’s Mark Zuckerberg. Forbes estimates his net worth at around USD 6–7 billion (£4.4–5.1 billion), primarily from his roughly 6 per cent ownership in Robinhood.
Bhatt was born in 1984 in Poquoson, Virginia, to immigrant parents from Gujarat, India. His father, an aerospace engineer, worked at NASA. He grew up in a household where English was a second language and money was limited. He later attended Stanford University, where he studied physics and earned a master’s degree in mathematics.
In 2013, Bhatt co-founded Robinhood with Vlad Tenev, a fellow Stanford graduate. The platform introduced commission-free stock trading to retail investors in the United States and later expanded into retirement accounts and high-yield savings products. The company gained widespread attention during the Covid-19 pandemic, when trading activity surged around so-called meme stocks.
Robinhood went public in 2021 at the height of the retail investing boom. Bhatt served as co-CEO with Tenev until 2020, when he moved into the role of chief creative officer. In 2024, he stepped down from his executive position but continues to serve on Robinhood’s board of directors while retaining his 6 per cent stake.
Robinhood’s stock has seen significant gains over the past year, rising by about 400 per cent. The increase has been linked to a boost in cryptocurrency-related sales, new products such as individual retirement accounts and high-yield savings, and a strong performance in 2024, when the company reported USD 3 billion (£2.2 billion) in revenue.
Bhatt’s recognition in the Forbes 400 list underscores the continuing influence of technology entrepreneurs in the American financial sector. His career reflects the trajectory of several Indian-origin leaders in the United States, who have made a mark in technology and finance in recent years.
Forbes’ annual ranking of the 400 wealthiest Americans is based on estimates of net worth, which include publicly disclosed stakes in companies, real estate holdings, and other assets. Bhatt joins the ranks of young billionaires who have built fortunes through technology-driven ventures.
In addition to his role with Robinhood, Bhatt has been noted for his early life influences. Growing up in Virginia, he was exposed to science and technology through his father’s aerospace career. His academic path at Stanford provided the foundation to pursue entrepreneurial opportunities in financial technology.
Robinhood, under the leadership of Bhatt and Tenev, has changed how millions of Americans approach investing by lowering barriers to entry. While Bhatt is no longer in an executive role, his continued stake in the company keeps him closely tied to its growth and future direction.
Bhatt’s inclusion in the 2025 Forbes 400 as one of the youngest billionaires highlights his role in shaping retail investing and signals the growing presence of Indian-origin entrepreneurs in the US technology and finance industries.
(With agency inputs)
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The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)
UK's ECONOMY showed no growth in July, according to official data released on Friday, adding to a difficult week for prime minister Keir Starmer’s government.
The Office for National Statistics (ONS) said gross domestic product was flat in July, following a 0.4 per cent rise in June.
The government has faced two major setbacks this week. Deputy prime minister Angela Rayner resigned over failing to pay a property tax, and on Thursday, Starmer dismissed Peter Mandelson as ambassador to Washington after new disclosures about his ties with sex offender Jeffrey Epstein.
While the July GDP figure matched market expectations, limiting the effect on the pound, the government admitted challenges in lifting growth.
"We know there's more to do to boost growth, because, whilst our economy isn't broken, it does feel stuck," a Treasury spokesperson said, as Labour prepared for its budget announcement in late November.
The data showed a 1.3 per cent fall in production, offsetting gains in services and construction.
"The stagnation in real GDP in July shows that the economy is still struggling to gain decent momentum in the face of the drag from previous hikes in taxes and possible further tax rises to come in the budget," said Paul Dales, chief UK economist at Capital Economics.
Chancellor Rachel Reeves said last week that she would maintain a "tight grip" on public spending, setting November 26 for her budget speech.
The UK economy has faced weak growth since Reeves raised taxes and reduced public spending after Labour’s election win in July last year.
Separate ONS data on Friday showed exports of goods to the United States rose in July but stayed below levels seen before US president Donald Trump’s tariff measures.
Exports to the US increased by £800 million after London and Washington reached a trade deal that eased some tariffs, particularly on UK-made vehicles.
Trump will visit the UK next week for a state visit that includes talks with Starmer and a banquet hosted by King Charles.
(With inputs from agencies)
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India’s $283 billion IT industry, which contributes more than 7 per cent to the country’s GDP, has for over three decades provided services to major clients including Apple, American Express, Cisco, Citigroup, FedEx and Home Depot.
INDIA’s IT sector is facing uncertainty as US lawmakers consider a 25 per cent tax on companies using foreign outsourcing services.
Analysts and lawyers said the proposal has led to customers delaying or re-negotiating contracts, raising concerns in India, the world’s largest outsourcing hub.
They said the bill is unlikely to pass in its current form but could trigger long-term changes in how American firms purchase IT services. Companies heavily dependent on outsourcing are expected to resist the move, setting up lobbying and possible legal battles.
India’s $283 billion IT industry, which contributes more than 7 per cent to the country’s GDP, has for over three decades provided services to major clients including Apple, American Express, Cisco, Citigroup, FedEx and Home Depot. The industry has also faced criticism abroad over jobs shifting to India.
Last week, Republican Senator Bernie Moreno introduced the HIRE Act, which proposes taxing companies that hire foreign workers instead of Americans. The bill also aims to prevent firms from claiming outsourcing expenses as tax-deductible, with the revenue directed toward US workforce development.
The proposal comes at a difficult time for Indian IT, which is already seeing weak revenue growth in its key US market as clients cut non-essential spending due to inflation and tariff concerns.
“The HIRE Act proposes sweeping changes that could alter the economics of outsourcing and significantly increase the tax liability associated with international service contracts,” said Jignesh Thakkar, EY India’s compliance head.
In some cases, combined federal, state and local taxes could raise the levy on outsourced payments to as much as 60 per cent, Thakkar added.
“While its partisan proposal may seem initially attractive, it’s ultimately an artificial cost which makes organisations less competitive and profitable globally,” said Arun Prabhu, partner at Cyril Amarchand Mangaldas.
The idea has been gaining traction. This month, White House trade adviser Peter Navarro reposted a call from far-right activist Jack Posobiec for tariffs on services as well as goods.
“When political noise turns into regulatory risk, clients quickly insert contingencies, reopen pricing and demand delivery flexibility,” said Saurabh Gupta, President of HFS Research. “Clients will simply take longer to sign, longer to renew, and longer to commit transformation dollars,” Gupta said.
Backlash expected
Industry watchers said US firms are likely to push back strongly against the bill and challenge it legally if it is enacted.
“A bill like this would probably face a lot of backlash from US companies that rely heavily on outsourcing, who would likely bring litigation to challenge various aspects of the bill, if it were ever to be passed into law,” said Sophie Alcorn, CEO of Alcorn Immigration Law.
Analysts noted that sweeping restrictions are unlikely due to the difficulties of enforcement. “More likely is a diluted version, with narrower provisions or delayed enforcement,” said HFS Research CEO Phil Fersht.
The bill could also affect US firms’ global capability centres (GCCs), which have developed from offshore back offices to high-value hubs for research, finance and operations.
“It will be hard to pull back from existing work, but new set-ups and expansion may get impacted,” said Yugal Joshi, partner at Everest Group.
The proposed tax will affect the cost advantage that drives GCC location decisions, said Bharath Reddy, partner at CAM.
“However, the lack of availability of appropriate human capital in the US will continue as a problem, and which can be addressed in the near future only through outsourcing,” he added.