India prime minister Narendra Modi on Monday (21) said he had "extremely productive" discussions with Russian president Vladimir Putin and they reviewed the com plete range of India-Russia relations as well as other global subjects during their first ever informal summit in this Black Sea coastal city.
Modi said friendship between India and Russia has stood the test of time and their ties will continue to scale newer heights in the coming years.
The prime minister said said the seeds of the 'strategic partnership' sown by former prime minister Atal Bihari Vajpayee and president Putin have now grown into a "special privileged strategic partnership" which is a "very big achievement" in itself.
"I am grateful to President Putin who invited me for an informal meeting and hence, in the long friendship of ours, this is a new aspect that has been attached to our relationship," Modi said.
"You have added a new aspect of informal summit in the bilateral relationship which I think is a great occasion and creates trust," he said.
"The Monday talks were very intense," Russia's official Tass news agency quoted foreign minister Sergei Lavrov as saying.
"I am confident that the ongoing informal contacts between the leaders of Russia and India will be useful and will help define the further guidelines for our development and strategic partnership," he said.
"There was a discussion of various areas of our specific cooperation at the regional and global level," Lavrov said.
President Putin and prime minister Modi paid special attention to the economic talks, he said.
"We discussed the whole spectrum of our particularly privileged strategic partnership, paid special attention to the economy, noted the steady growth of trade turnover," the minister said.
Ahead of their summit, Kremlin spokesman Dmitry Peskov said Putin will discuss Russia-India military cooperation with Modi, amid US sanctions on Russia.
"It can be supposed that the military-technical cooperation issue will be discussed [at the meeting between Putin and Modi,]" Tass news agency quoted Peskov as saying.
Earlier, official sources said the possible impact of the US sanctions against Russia under the Countering America's Adversaries Through Sanctions Act (CAATSA) on Indo-Russia defence cooperation might also figure during the talks between Modi and Putin.
The CAATSA is a United States federal law that imposed sanctions on Iran, North Korea, and Russia. It includes sanctions against countries that engage in significant transactions with Russia's defence and intelligence sectors.
India is not going to allow its defence engagement with Russia to be dictated by any other country, the sources said, adding New Delhi has been lobbying with the Trump administration on the issue.
India could face US sanctions for purchasing high value military defence items, in particular state-of-the-art S-400 Triumf missile defence system, from Russia under the act.
In his opening remarks, Modi also thanked Russia for playing a major role in helping India get a permanent membership in the Shanghai Cooperation Organisation. India and Pakistan were admitted last year into the organisation.
"We are working together on International North-South Transport Corridor (INSTC) and BRICS," Modi said.
He also congratulated Putin for becoming the president for the fourth time with overwhelming majority.
"Starting from the year 2000 when you took office, our relation has been historic ...," Modi said.
Welcoming Modi to Sochi, Putin said his visit would give a fresh impetus to bilateral ties.
"We are delighted to see you, Mr prime minister, and consider you personally as a big friend of our country. We are very glad to be able to have this meeting," Putin told Modi.
He said Russia and India maintain a high strategic level of partnership, with close cooperation between the two countries' defense ministries.
"Our defense ministries maintain very close contacts and cooperation. It speaks about a very high strategic level of our partnership," Putin said.
He also hailed joint activities of the two countries in the area of foreign politics, in particular within the United Nations, BRICS and the SCO.
"There is no need to explain Russian-Indian relations, since we all know that they have deep roots. However, we have been able to create additional momentum recently. Last year, our trade saw a significant increase, adding another 17 per cent since the beginning of this year," he said.
The Russian foreign minister also said that Moscow and New Delhi will strongly oppose attempts to politicise the work of the Organization for the Prohibition of Chemical Weapons (OPCW).
Russia and India had confirmed they "will strongly oppose attempts to politicise the work of the Organization for the Prohibition of Chemical Weapons," Lavrov said.
THE Financial Conduct Authority (FCA) has secured confiscation orders totalling £305,284 from Raheel Mirza, Cameron Vickers and Opeyemi Solaja for their roles in an investment fraud. The orders cover all their remaining assets.
The confiscation proceedings against a fourth defendant, Reuben Akpojaro, have been adjourned.
The FCA said the money will be returned to investors as soon as possible. Failure to pay could lead to imprisonment.
Between June 2016 and January 2020, the defendants cold-called individuals and persuaded them to invest in a shell company.
They claimed to trade client money in binary options, but the funds were used to fund their lifestyles.
In 2023, the four were convicted and sentenced to a combined 24 and a half years.
Steve Smart, executive director, Enforcement and Market Oversight at the FCA, said: “We are committed to fighting financial crime, including denying criminals their ill-gotten gains. We’ve already successfully prosecuted these individuals for their part in a scam that conned 120 people out of their money. We’re now seeking to recover as much as we can for victims.”
PETER GLOVER, a long-standing member of the Day Lewis Group, died on 10 May 2025. He was with the company for 37 years, having joined in June 1987 as a pharmacist.
He held several roles, including Group Superintendent Pharmacist, and most recently worked in a Professional Services Advisory role. He was part of the senior management team for decades.
JC Patel, Co-Founder of Day Lewis Group, said: “Peter was much loved and well-known across the pharmacy industry. His contributions to the field were significant and his legacy will be remembered by all who had the privilege of working with him. He leaves behind a lasting impact on Day Lewis and the wider pharmacy community.”
The company extended condolences to his family and friends.
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Rachel Reeves welcomed the figures, saying they 'show the strength and potential of the UK economy,' while adding that 'there is more to do'. (Photo: Getty Images)
THE UK economy grew more than expected in the first quarter of the year, according to official data published on Thursday. The figures cover the period before business tax increases and US President Donald Trump's new tariffs came into effect.
Gross domestic product rose by 0.7 per cent from January to March, following a small increase in the final quarter of last year, the Office for National Statistics (ONS) said.
Economists had forecast a rise of 0.6 per cent.
The data comes as a boost for prime minister Keir Starmer and the Labour government, which has faced slow growth since taking office in July.
UK chancellor Rachel Reeves welcomed the figures, saying they "show the strength and potential of the UK economy," while adding that "there is more to do".
However, analysts warned that the growth may not continue.
Thursday's data is from before the business tax hike announced in the Labour government’s first budget last October, which came into effect in April.
It also predates the baseline 10 per cent tariff that Trump imposed on the UK and other countries last month.
"This might be as good as it gets for the year," said Paul Dales, chief UK economist at Capital Economics.
‘Short lived’
The growth is "set to be short lived as tariffs take effect”, said Yael Selfin, chief economist at KPMG UK.
She said that despite the UK-US trade agreement announced last week, “tariffs on UK exports to the US remain significantly higher than what they were prior to April”.
Under the agreement, tariffs were cut on British cars and removed on steel and aluminium. In return, the UK agreed to open markets to US beef and other agricultural products.
But the 10 per cent baseline tariff remains.
Selfin added that "the indirect impact of trade tensions between the US and the EU will further constrain demand for UK exports".
ONS director of economic statistics Liz McKeown said, "The economy grew strongly in the first quarter of the year, largely driven by services, though production also grew significantly, after a period of decline."
Analysts said production growth may be due to manufacturers rushing to complete exports ahead of the US tariff changes.
Separate trade data released on Thursday showed UK goods exports to the US rose for the fourth straight month in March.
"This pattern of increasing exports could be a sign of changing trader behaviour ahead of tariff introduction," the ONS said.
"Any residual support for manufacturing from front-running will fade from here on, pointing to activity remaining weak for the foreseeable future," said economists at Pantheon Macroeconomics.
The ONS said monthly GDP grew by 0.2 per cent in March, after rising 0.5 per cent in February.
The data follows the Bank of England’s decision last week to cut its key interest rate by a quarter point to 4.25 per cent, as US tariffs begin to affect growth prospects.
The Bank raised its forecast for UK GDP growth in 2025 to 1 per cent, from an earlier estimate of 0.75 per cent, but lowered its projection for 2026 to 1.25 per cent, down from 1.5 per cent.
Earlier this week, data showed UK unemployment in the first quarter had reached its highest level since 2021.
(With inputs from agencies)
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The company currently manufactures its popular Range Rovers in Solihull, West Midlands
JAGUAR LAND ROVER's chief executive has left open the possibility of building cars in the US as questions remain about the newly announced UK-US trade agreement, reported the Telegraph.
Adrian Mardell said that while there are no immediate plans to shift manufacturing across the Atlantic, he couldn't dismiss the idea completely given the ongoing trade uncertainties.
"We had and currently have no cause to build cars in the US at this time, but we cannot discount that it could be the case at some point," Mardell was quoted as saying.
His comments will worry government officials who are rushing to finalise practical aspects of the trade deal announced last week by prime minister Sir Keir Starmer and US president Donald Trump.
The agreement has reduced tariffs from a potential 27.5 per cent down to 10 per cent for the first 100,000 vehicles exported from the UK to the US. This has already prompted JLR to restart US shipments after previously pausing them.
JLR, owned by India's Tata Motors, currently manufactures its popular Range Rovers in Solihull, West Midlands, while producing models like the Land Rover Discovery and Defender elsewhere in Europe.
North America represents a crucial market for the luxury carmaker, with 129,000 vehicles sold there in the year ending March — roughly a third of its worldwide sales. Most of these sales occurred in the US.
However, car manufacturers are still awaiting key details about how the agreement will work in practice. Bentley's chief executive Frank-Steffen Walliser expressed concerns at a Financial Times conference about the current uncertainty.
"The worst thing that can happen to a running business is the announcement of lower tariff," Walliser explained. "It means all your customers say 'I won't buy a car now', especially our customers, our clients don't need a car at the moment."
He added that the lack of clarity was seriously affecting business: "It is super hard on the business at the moment, nobody's moving."
One major question remains about how the tariff-free quota of 100,000 vehicles will be divided among different car companies.
"Is the 100,000 for Bentley? I can live with that," Walliser remarked. "But I assume our colleagues from JLR would also like to have a chunk."
Bentley, which sells around 4,000 cars annually in the Americas with the US being its largest market, has so far avoided price increases by shipping vehicles to America before tariffs were imposed. However, Walliser warned this strategy was becoming unsustainable as stock levels decreased.
"Don't get me wrong, I'm not complaining," he said about the trade deal. "But it is not operational."
Despite these concerns, Starmer has defended the agreement, insisting it "delivers for British business and British workers protecting thousands of British jobs in key sectors including car manufacturing and steel."
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Trade unionists in front of Arcelor Mittal headquarters in Saint Denis in France on May 13, 2025. (Photo by DANIEL PERRON/Hans Lucas/AFP via Getty Images)
UNIONS in France fighting to save 600 jobs at ArcelorMittal operations in the country called for the government to take control of them, along the lines of what has happened to British Steel.
CGT union chief Sophie Binet promised hundreds of workers demonstrating outside ArcelorMittal's offices of its French subsidiary in France that she would press the issue with president Emmanuel Macron.
"I will deliver to him the CGT proposals to nationalise" the group's French operations, she told the protesting workers.
ArcelorMittal announced plans last month to cut 600 jobs across the seven sites it has in France, from a total workforce in the country of around 7,100 people. It is in the process of negotiating the job reductions with unions.
The group -- the second-biggest steelmaker in the world, formed from a merger of India's Mittal Steel with European company Arcelor -- has warned of industry "uncertainty" after the US imposed 25-per cent tariffs on steel and aluminium imports.
Yet the group in April posted a quarterly group net profit of $805 million (£633m). To shave costs, it is shifting some support jobs from Europe to India, and last year it suspended a $2 billion (£1.57bn) decarbonisation investment in France.
French unions believe Macron's government can follow the lead of its British counterpart, which last month passed a law allowing it to take control of ailing British Steel.
Italy last year also ousted ArcelorMittal as owner of its debt-ridden ex-Ilva plant, accusing the company of failing to prop up the operation after buying control in 2018.
"The Italians have done it, the British have done it... so why aren't we French able to also do it?" asked a regional CGT head, Gaetan Lecocq.
But a junior French minister for business, Veronique Louwagie, told parliament that "nationalisation is not a response in itself to the difficulties faced by the European steel industry".
She also said, however, that the government expected the company "to give what its mid-term strategy in France is".
A lawmaker with the hard-left France Unbowed party, Aurelie Trouve, has put forward a bill for the nationalisation of ArcelorMittal in France.
Trouve said the company "has clearly been organising the offshoring of production for years, and now we are faced with an emergency".