India is 'Maharaja in tariffs', US trade advisor says
Peter Navarro accuses Delhi of running a profiteering scheme while China envoy "firmly opposes" Washington's levies on India
White House senior counselor for trade and manufacturing Peter Navarro speaks to reporters outside of the West Wing of the White House on August 21, 2025. (Photo: Getty Images)
WHITE HOUSE trade adviser Peter Navarro criticised India as being a "Maharaj" in tariffs and claimed it operated a "profiteering scheme" by using discounted Russian crude oil, as a war of words between India and the US continued to escalate.
Navarro's comments came as India’s foreign minister, S Jaishankar, said the US had asked New Delhi to help stabilise global energy markets by buying Russian oil.
India was "cosying up to" Chinese president Xi Jinping, Navarro added.
Meanwhile, China’s ambassador to India, Xu Feihong, said Beijing "firmly opposes" Washington's steep tariffs on Delhi and called for greater co-operation between India and China, BBC reported.
According to the broadcaster, Xu likened the US to a "bully" and blamed Washington for benefiting from free trade.
However, the US was now using tariffs as a "bargaining chip" to demand "exorbitant prices" from other nations, the Chinese diplomat was quoted as saying.
Relations between New Delhi and Washington have become strained after US president Donald Trump doubled tariffs on Indian goods to 50 per cent, including a 25 per cent additional duties for India's purchase of Russian crude oil.
Navarro told reporters in the US, “Prior to Russia's invasion of Ukraine in February 2022, India virtually bought no Russian oil... It was like almost one per cent of their need. The percentage has now gone up to 35 per cent.”
Earlier this week, Navarro wrote in the Financial Times criticising India for its procurement of Russian crude oil.
He dismissed the argument that India needs Russian oil to meet its energy requirement, saying the country acquired cheap Russian oil before making refined products, then sold on at premium prices in Europe, Africa and Asia.
"It is purely profiteering by the Indian refining industry," Navarro said.
"What is the net impact on Americans because of our trade with India? They are Maharaj in tariff. (We have) higher non-tariff barriers, massive trade deficit etc - and that hurts American workers and American business," according to him.
“The money they get from us, they use it to buy Russian oil which then is processed by their refiners,” he added.
"The Russians use the money to build arms and kill Ukrainians and Americans tax-payers have to provide more aid and military hardware to Ukrainians. That's insane.
"India does not want to recognise its role in the bloodshed," Navarro said.
Though the US imposed an additional 25 per cent tariff on India for its energy ties with Russia, it has not initiated similar actions against China, the largest buyer of Russian crude oil.
Defending its purchase of Russian crude oil, India has maintained that its energy procurement is driven by national interest and market dynamics.
India turned to purchasing Russian oil sold at a discount after Western countries imposed sanctions on Moscow and shunned its supplies over its invasion of Ukraine in February 2022.
Consequently, from a 1.7 per cent share in total oil imports in 2019-20, Russia's share increased to 35.1 per cent in 2024-25, and it is now the biggest oil supplier to India.
OpenAI is facing legal challenges in India, with publishers and news outlets accusing it of using their content without permission to train ChatGPT. (Photo: Reuters)
OPENAI, the company behind ChatGPT, will open its first India office in New Delhi later this year as it expands in its second-largest market by user numbers.
The Microsoft-backed firm has been registered as a legal entity in India and has started hiring for a local team, the company said in a statement shared with Reuters on Friday.
India is a key market for ChatGPT, which launched its lowest-priced monthly plan at $4.60 earlier this week. The move aims at reaching nearly one billion internet users in the country.
OpenAI is facing legal challenges in India, with publishers and news outlets accusing it of using their content without permission to train ChatGPT. The company has denied these claims.
"Opening our first office and building a local team is an important first step in our commitment to make advanced AI more accessible across the country and to build AI for India, and with India," OpenAI CEO Sam Altman said in the statement.
Competition in India is intensifying, with Google’s Gemini and AI startup Perplexity offering plans that give many users free access to advanced features.
India has the largest student user base for ChatGPT, and weekly active users have quadrupled in the past year, according to market data shared by OpenAI on Friday.
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PROMINENT Asian businessman Surinder Arora’s company has acquired the Ministry of Justice for £245 million, adding to his portfolio of properties.
The Arora Group bought the Queen Anne’s Mansions (QAM), near Buckingham Palace, from Land Securities.
The current lease expired in December 2028, and the Arora Group was quoted as saying in the Times that it will explore “all potential avenues” for the redevelopment.
“The group will collaborate closely with stakeholders to ensure the redevelopment plan honours the site’s rich history while creating a modern, high-value asset for London. We remain deeply committed to investing in the UK economy – not just through bricks and mortar, but by creating meaningful, long-term jobs.”
Among the properties Arora owns are the Luton Hoo Hotel, Golf and Spa, the Fairmont Windsor Park and the Radisson Blu Hotel at Heathrow.
His company also has interests in commercial properties across London, from Kensington Square to Gatwick and Heathrow. Recently, the group submitted plans for a lower-cost alternative to Heathrow Airport’s proposed third runway, working with US engineering firm Bechtel.
Queen Anne’s Mansions
Chief executive officer at Landsec, Mark Allan, said, “This sale provides strong evidence of the continuing recovery in the central London investment market and allows us to crystallise a full value for this off-strategy asset much sooner than we had envisaged.”
Arora is the founder and executive chairman of the Arora Group, one of the UK’s leading hotel operators and property businesses.
Born in Punjab, India, he moved to London in 1972 and began working as a waiter at the Renaissance London Heathrow Hotel, which he would later go on to own.
Since its creation in 1999, the Arora Group has expanded through project management, from planning to delivery and long-term operation.
Today, the Group owns and operates 13 hotels across the UK, and several hotels at Heathrow Airport such as Sofitel and Hilton Garden Inn. It also leases five additional hotels. Alongside hotels, the Group manages a strong property and construction business.
The group is also building a new hotel at Dublin Airport, marking its first project outside the UK. Diversification has included acquisitions in the retail sector, such as County Mall in Crawley and the Peacocks Shopping Centre in Woking. In central London, the group purchased a three-acre freehold site in South Kensington, formerly occupied by Heythrop College, with redevelopment plans under consideration.
Arora is married to Sunita, and together they have three children – Sapna, Sonia and Sanjay. The Asian tycoon now works closely with his son, Sanjay, the chief operating officer, who leads new developments.
The group remains family-run and continues to expand across hospitality, retail, and property, maintaining a focus on long-term growth. Revenues at Arora Holdings rose to £304m producing an operating profit of £44.9m for the year ending March 2023.
The Arora family was ranked 14th in the Asian Rich List 2025 published by Eastern Eye with an estimated wealth of £1.4 billion.
THE government is preparing to take control of Liberty Steel’s South Yorkshire factories if their owner, businessman Sanjeev Gupta, fails to secure a last-minute rescue deal.
The move could save around 1,500 jobs at Speciality Steel UK, which includes steelworks in Rotherham and Stocksbridge.
At a High Court hearing on Wednesday (20), it was revealed that the government’s official receiver is ready to step in as administrator if the company goes into compulsory liquidation. Speciality Steel is facing closure after struggling for years under mounting debts and a lack of funding.
The court heard that the company has only £650,000 in its bank account but needs around £4 million each month just to pay wages. Lawyers representing creditors are pushing for the company to be wound up so its assets can be sold to repay debts. Creditors include major banks, suppliers, and Walsall Borough Council.
Sanjeev Gupta, the head of the GFG Alliance, is trying to avoid a government takeover. His lawyers asked the court to delay any decision, saying he is close to finalising a £75m funding deal with US investment giant BlackRock.
The plan would involve a “pre-pack” administration, allowing Gupta to buy back the company through a management buyout. The process is being advised by restructuring firm Begbies Traynor.
Gupta’s team argued that this commercial solution, backed by private investment, would protect jobs, keep the steelworks running, and come at no cost to UK taxpayers.
A spokesperson for Liberty Steel said, “We continue to believe our commercial solution, backed by major private capital, provides the best outcome for the business, its employees and all stakeholders concerned, without cost to UK taxpayers or unnecessary uncertainty.”
Judge Sally Barber said she could not make an immediate decision and needed more information about the next steps. She warned against acting “on a completely blind basis” and adjourned the case to give time to consider all options.
The Department for Business and Trade confirmed in a letter to creditors that the Government is ready to act.
“The official receiver is prepared, should SSUK enter into compulsory liquidation, to take control of SSUK’s affairs,” the letter said.
The government stressed that no final decision had been made to take the company into state ownership. Any such move would require ministerial approval. However, officials confirmed they had already been contacted by third parties interested in restarting steel production at the sites.
This would be the second government intervention in the UK steel industry this year. In April, ministers took control of British Steel’s plant in Scunthorpe, which was losing £250m annually. Last year, the government also gave Tata Steel a £500m support package to develop a greener electric arc furnace in Wales.
Liberty Steel’s Rotherham site hosts the UK’s largest electric arc furnace, which uses recycled scrap metal. The plant has not produced steel for about a year due to cash shortages, but workers have continued to be paid.
The problems began after the collapse of Greensill Capital in 2021, which had provided billions in loans to Gupta’s businesses. Investigations by the Serious Fraud Office into the GFG Alliance over suspected fraud and money laundering have also made fundraising more difficult.
Citibank alone is reportedly owed £233m by Speciality Steel. The creditors claim that allowing Gupta to retain control would write off most debts, and they prefer a government-led liquidation process that could offer a better chance to recover funds.
Judge Barber has referred the case to a different court, which is expected to make a final decision in the coming days, reports said.
Tesco has increased the price of its meal deal, sparking shopper anger.
Clubcard members now pay £3.85 (up from £3.60), while non-members pay £4.25 (up from £4).
Premium meal deals also rise, costing up to £6 without a Clubcard.
Some shoppers threaten a boycott, while others argue the deal still offers value.
Tesco raises meal deal prices
Tesco has announced a price hike on its popular meal deals, prompting criticism from shoppers and even boycott threats.
From this week, the standard meal deal — which includes a main such as a sandwich or salad, a snack, and a drink — will cost £3.85 for Clubcard holders (up from £3.60), and £4.25 for non-Clubcard holders (up from £4).
The supermarket’s premium meal deal, which includes higher-end options, has also gone up from £5 to £5.50 for Clubcard holders, and from £5.50 to £6 for those without.
Shopper reactions divided
The price rise has sparked a wave of frustration online, with some customers claiming the deal no longer offers value.
On Reddit, one shopper wrote: “I will be boycotting the meal deal from [Tesco] when this hike occurs.” Another added: “That’s it, I’m legit done buying these now.”
A reader responding to Manchester Evening News said: “Everything that once was a deal no longer is.”
However, not all shoppers share the outrage. Marlene Whitehead commented: “That’s still good value.” While Peter Collins argued: “It’s actually still very good value compared to buying the items separately eg., Costa coffee on its own would be roughly £2.60.”
Do Tesco meal deals still save money?
Despite the increase, Tesco insists its meal deal remains competitive. Popular choices — such as a Tesco Chicken Club sandwich, an Egg Protein Pot, and a 500ml Coca-Cola — cost £6.50 if bought individually.
That means Clubcard members still save £2.65, while non-members save £2.25.
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Looking ahead, Chaudry said: 'Our core strategy is centred on gyms, fitness, and wellness. Through our premium health club brand M Club and our affordable fitness chain igym, we will continue expanding across the UK.'
WATERWORLD Aqua Park has been sold to European leisure operator the Looping Group in a multi-million pound deal.
The sale takes M Investment Group’s net assets beyond £110 million, with overall shareholder value now exceeding £170 million.
Mo Chaudry, chairman of M Investment Group, said: “Waterworld has been a huge part of my life and business journey and I am proud of everything we have achieved as a Team. I am now handing over the baton to Looping, a world-class operator with the vision and expertise to take Waterworld even further ensuring the resort has an exciting future.”
He said Waterworld had been “an incredible success story and a big part of my life for over 26 years. But the time is right to hand over the baton to Looping, a world-class operator with the scale and expertise to take the attraction to the next level. This sale also enables M Investment Group to sharpen our focus on our core strengths in fitness, wellness, and international leisure opportunities.”
Chaudry confirmed that the details of the deal remain confidential but added: “As a result, M Investment Group’s net assets now exceed £110 million, and our overall business worth has grown to more than £170 million. It’s a major milestone in our journey.”
He said staff jobs at Waterworld are secure. “They have a proven track record of running successful leisure destinations across Europe, and they’ve made a clear commitment to investing in the park and supporting the local community. Staff jobs are secure, and the park’s loyal visitors can expect even more exciting developments ahead.”
Looking ahead, Chaudry said: “Our core strategy is centred on gyms, fitness, and wellness. Through our premium health club brand M Club and our affordable fitness chain igym, we will continue expanding across the UK. At the same time, our fitness solutions provider Pulse Global Group is targeting strong international growth in the Middle and Far East regions with outstanding long-term potential.”
He said Waterworld had played a key role in his business journey. “Waterworld has been more than just a business — it’s been a passion. It taught me valuable lessons in entrepreneurship, resilience, and vision. It’s been a place where millions of families have created memories, and I’m proud to have played a part in that.”
Chaudry confirmed he will not remain involved in its operations. “Waterworld will now be fully operated by Looping. I’ll remain a passionate supporter but my focus as Chairman of M Investment Group will be on driving our next phase of growth.”
Looping Group operates more than 20 leisure destinations across Europe. Laurent Bruloy, Executive Chairman and co-founder of the group, said: “We are delighted to welcome Waterworld into the Looping family. It is a truly iconic attraction, and we look forward to building on its reputation for excellence while supporting the regional community.”
Chaudry said he is now focused on the future. “I’m excited about the opportunity to make a lasting impact on health and wellbeing, both in the UK and internationally. With the combined strength of M Club, igym, and Pulse Global Group, we are well positioned in the fast-growing fitness and wellness sector whilst continuing to build a world-class family investment group.”