Skip to content
Search

Latest Stories

Iran and India agree to speed up major port project

Tehran and Delhi have agreed to accelerate the development of an important Iranian port, India's foreign minister said during a visit to the sanctions-hit Islamic republic on Monday (25).

Chabahar port -- being jointly developed by India, Iran and Afghanistan -- is on the Indian Ocean about 100 kilometres (62 miles) west of the Pakistan border.


But development has stalled, despite waivers to sanctions that the United States began reimposing last year after withdrawing from a landmark 2015 nuclear deal with Iran.

"Just concluded a very productive #IndiaIran Joint Commission Meeting," Indian Foreign Minister Subrahmanyam Jaishankar tweeted.

"Reviewed the entire gamut of our cooperation. Agreed on accelerating our Chabahar project," he added as he wound up a two-day visit to the Iranian capital.

Washington withdrew from the nuclear accord and reimposed sanctions on Tehran as part of a campaign of "maximum pressure" aimed at reducing its arch-enemy's regional role and missile programme.

The rare exemptions from the sanctions are due mainly to the pivotal role of the port, and a planned railway line, in breaking landlocked Afghanistan's dependence on Pakistan for trade.

Iran's President Hassan Rouhani said Monday in a joint news conference with Jaishankar that the project would boost trade in the region.

"Completing the Chabahar-Zahedan railway and connecting it to Iran's national railway can elevate the position of Chabahar port, revolutionise regional commerce and help transport goods on a cheaper and shorter route," he said.

Rouhani said maintaining regional security was an important topic for Iran and India.

"In the current situation where America stands against nations with unilateral sanctions, we have to try to continue bilateral cooperation.

"This situation certainly will not last, and America will be forced to stop its maximum pressure against Iran sooner or later," he said, without elaborating.

India stopped buying Iranian oil after the US abolished waivers for some countries in May, in a move meant to wipe out the Islamic republic's main source of revenue.

Despite tensions in their relationship, Iran and India have sought to move forward and develop partnerships.

More For You

Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Asda suffers nearly £600m loss as debt and IT costs surge

Asda co-ownerMohsin Issa. (Photo: Asda)

Asda suffers nearly £600m loss as debt and IT costs surge

ASDA, one of Britain’s largest supermarkets, has reported a pre-tax loss of £599 million for 2024, swinging sharply from a £180 million profit the previous year.

The loss comes despite total sales rising by over £1 billion to £26.8bn, as the retailer faces mounting debt costs, falling sales, and spiralling spending on a major IT overhaul, the Telegraph reported.

Keep ReadingShow less
Mounjaro

Mounjaro, or tirzepatide, is part of a new class of weight-loss medications, with trials showing patients losing an average of 20 per cent of their body weight after 72 weeks.

Reuters

Lilly to sell Mounjaro pens in India as Wegovy enters market

ELI LILLY said on Thursday that it has received approval from India's drug regulator to launch pre-filled injector pens of its weight-loss drug, Mounjaro.

The move gives the company more options to compete with Novo Nordisk, which recently launched its weight-loss drug Wegovy in the country.

Keep ReadingShow less
Grant Thornton's Anuj Chande urges UK firms to tap booming India

Anuj Chande

Grant Thornton's Anuj Chande urges UK firms to tap booming India

INDIAN companies are well placed to support the UK’s economic growth, Eastern Eye has been told by Anuj Chande, partner and head of the South Asia Business Group at Grant Thornton.

He was speaking after the publication of Grant Thornton’s India Meets Britain Tracker 2025: The latest trends in Indian investment in the UK, which was released last week. While companies in India need little encouragement to enter the UK market, the reverse is not true.

Keep ReadingShow less
India-US trade talks collapse over tariff disputes

FILE PHOTO: US president Donald Trump and Indian prime minister Narendra Modi shake hands as they attend a joint press conference at the White House in Washington, D.C., U.S., February 13, 2025. REUTERS/Kevin Lamarque.

India-US trade talks collapse over tariff disputes

TRADE talks between India and the US have hit a roadblock over disagreements on import duties for auto components, steel and farm goods, Indian officials with direct knowledge said, dashing hopes of reaching a deal ahead of president Donald Trump's July 9 deadline to impose reciprocal tariffs.

The deadlock marks a sharp shift from earlier optimism, following Trump's claim that New Delhi had proposed a "no tariffs" agreement for American goods, and officials from both sides suggesting India could be among the first countries to strike a deal on the new US tariffs.

Keep ReadingShow less