Pramod Thomas is a senior correspondent with Asian Media Group since 2020, bringing 19 years of journalism experience across business, politics, sports, communities, and international relations. His career spans both traditional and digital media platforms, with eight years specifically focused on digital journalism. This blend of experience positions him well to navigate the evolving media landscape and deliver content across various formats. He has worked with national and international media organisations, giving him a broad perspective on global news trends and reporting standards.
TATA STEEL UK and JCB have signed a Memorandum of Understanding to supply low-carbon 'green' steel, marking a significant step towards sustainable manufacturing in the UK.
The partnership will see Tata Steel supply green steel from its Port Talbot site to JCB once its transformation plans are completed.
This deal represents the first supply agreement since Tata Steel's £1.25 billion joint investment with the UK government to transition to low-CO2 steel production in South Wales, a statement said.
The agreement centres on a new electric arc furnace with a capacity of three million tonnes per year. The facility will be built at the Port Talbot site.The project is expected to cut CO2 emissions at the site by 90 per cent. Also, it could reduce the UK's overall carbon emissions by 1.5 per cent.
The electric arc furnace will use UK-sourced scrap metal, removing the need to import iron ore and coal from other countries. This approach supports domestic steel production.
Anil Jhanji, chief commercial officer of Tata Steel UK, said the project meets customer needs for green steel. Wayne Asprey from JCB described the agreement as a step towards reducing supply chain carbon emissions.
The £1.25 billion investment, which includes a £500 million government grant, represents the largest capital expenditure in UK steel production in decades, signalling a strong commitment to sustainable industrial development. The project is set to begin in summer 2025, with 75 per cent of raw materials to be sourced within the UK, up from the current 10 per cent.
Jhanji stressed the importance of the partnership: "Our transition plans are driven by customers like JCB who need green steel to meet their decarbonisation goals. This collaboration represents an important step in the UK's transition to a circular economy."
Wayne Asprey, JCB's group purchasing director, said, "This agreement marks an essential next step in our journey towards supply chain decarbonisation. We are fully supportive of Tata Steel UK's investment proposals."
JCB has been a pioneer in industrial decarbonisation, launching its Road to Zero programme in 2010 and developing innovative solutions like the first electric mini-digger in 2018 and hydrogen-powered machinery in 2021.
When Mounjaro was launched in Britain, Lilly set a list price 'significantly below' that in its other three European markets to avoid delays in NHS availability. (Photo: Reuters)
ELI LILLY said on Thursday it will increase the UK list price of its weight-loss drug Mounjaro by up to 170 per cent. The price change comes as the White House urges drugmakers to raise prices in Europe to enable price cuts in the United States.
The new price, which also applies to Lilly's type 2 diabetes medicine sold under the same name, will take effect in September. A month's supply of the highest dose will rise from £122 to £330, the company said.
The increase will apply to those paying for Mounjaro privately but will not affect patients receiving it through the National Health Service (NHS), which has a separate pricing agreement, a Lilly spokesperson said.
When Mounjaro was launched in Britain, Lilly set a list price “significantly below” that in its other three European markets to avoid delays in NHS availability. “We are now aligning the list price more consistently,” the company said.
The change comes as drugmakers adjust to policy shifts in the United States, their largest market, where president Donald Trump is seeking lower domestic drug prices while encouraging increases overseas.
Last week, Lilly CEO David Ricks told investors that price parity between the US and Europe was desirable over time, but said European governments “are not signing up to pay more for drugs.”
The US pays more for prescription drugs than any other country, often nearly three times more than other developed nations. Trump says he wants to narrow this gap to prevent Americans from being “ripped off.”
Reuters reported last week that the Trump administration has been in talks with drugmakers about ways to equalise prices across markets.
A list price is the amount set by a drug manufacturer before any discounts or rebates.
Lilly said it is working with private UK healthcare providers, including online pharmacies, which can set their own prices, to maintain access to the medicines.
Lilly launched Mounjaro in the UK in February 2023, while rival Novo Nordisk’s Wegovy became available in the country in September 2023.
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The Canary Wharf business district including global financial institutions in London. (Photo: Getty Images)
UK's economy grew more than expected in the second quarter, though at a slower pace than the first three months of 2025, as US tariffs and a higher UK business tax weighed on activity, official data showed on Thursday.
Gross domestic product rose 0.3 per cent in April-June, the Office for National Statistics (ONS) said, above analyst forecasts of 0.1 per cent growth. This followed a 0.7 per cent rise in the first quarter.
“Today’s economic figures are positive with a strong start to the year and continued growth in the second quarter,” said finance minister Rachel Reeves.
“But there is more to do to deliver an economy that works for working people,” she added, after a challenging first year in power for the Labour government.
The ONS said growth in construction and services in the second quarter helped offset a fall in production.
“Growth was led by services, with computer programming, health and vehicle leasing growing,” said Liz McKeown, ONS director of economic statistics.
Data released on Wednesday showed UK unemployment at a four-year high of 4.7 per cent in the second quarter.
The slowdown comes after the government raised the UK business tax from April, when US President Donald Trump’s 10 per cent baseline tariff on most goods also took effect.
Citing risks from US tariffs, the Bank of England last week cut its key interest rate by a quarter point to 4 per cent.
“The weak global economy will remain a drag on UK GDP growth for a while yet,” said Ruth Gregory, deputy chief UK economist at Capital Economics.
“The full drag on business investment from April’s tax rises has yet to be felt. And the ongoing speculation about further tax rises in the (UK) autumn budget will probably keep consumers in a cautious mood,” she added.
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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. (Photo: Reuters)
INDIA expects trade discussions with the United States to continue despite Washington raising tariffs on its exports to 50 per cent over New Delhi’s purchase of sanctioned Russian oil, two lawmakers said on Monday, citing a briefing to a parliamentary panel on foreign affairs.
Last week, US president Donald Trump imposed an additional 25 per cent tariff on Indian goods because of India’s continued purchase of Russian oil. This brought the total duty on Indian exports to 50 per cent, among the highest for any American trading partner.
“Our relations with the US are multi-dimensional, and should not be seen only through the prism of trade,” one lawmaker said, quoting the foreign secretary’s briefing to the panel.
Panel chair Shashi Tharoor, an opposition Congress party leader, said trade talks would proceed as planned.
“As of now, there is no change in the existing plans for the sixth round,” Tharoor said, referring to a scheduled visit of a US trade delegation to New Delhi from August 25.
Earlier, junior finance minister Pankaj Chaudhary told lawmakers that about 55 per cent of India’s merchandise exports to the United States would be covered by the new tariff. His estimate included the initial 25 per cent levy, he said in a written reply to a lawmaker.
“The Department of Commerce is engaged with all stakeholders” for their assessment of the situation, Chaudhary said.
Goods trade between the United States and India was worth about $87 billion in the last fiscal year, according to Indian government estimates.
The panel also discussed reported remarks by Pakistani army chief Field Marshal Asim Munir on nuclear threats in South Asia during a visit to the United States.
“Nuclear blackmail will not work with India, and no party, or representative disagrees with this view,” Tharoor said, adding that the external affairs ministry had condemned the comments.
(With inputs from Reuters)
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Balaji has been Group chief financial officer of Tata Motors since November 2017 and a non-executive director on JLR’s board since December 2017.
JAGUAR LAND ROVER (JLR) has appointed PB Balaji as chief executive officer (CEO), effective November 2025. He will succeed Adrian Mardell, who is retiring after three years as CEO and 35 years with the company.
N Chandrasekaran, chairman of Jaguar Land Rover PLC, Tata Motors and Tata Sons, said: “I would like to thank Adrian for the stellar turnaround of JLR and for delivering record results. I am delighted to appoint Balaji as the incoming CEO of the company. The search for a suitable candidate to lead JLR has been undertaken by the Board for the past few months and after careful consideration it was decided to appoint Balaji. He has been associated with the Company for the past many years and is familiar with the Company, its strategy and has been working with the JLR leadership team. This move will ensure that we continue to accelerate our journey to Reimagine JLR.”
Mardell said: “These three years have been a great privilege. Together with the incredible JLR workforce, we have cemented JLR’s position in the automotive industry during a time of incredible change. I would like to thank everyone in JLR and the extended Tata Group, and wish Balaji every success in his new role.”
Balaji said: “It is my privilege to lead this incredible company. Over the past 8 years I have grown to know and love this company and its redoubtable global brands. I look forward to working with the team to take it to even greater heights. I thank Adrian for his immense contributions and wish him well for his next innings.”
Balaji has been Group chief financial officer of Tata Motors since November 2017 and a non-executive director on JLR’s board since December 2017. He has 32 years of experience in automotive and consumer goods industries and has worked in Mumbai, London, Singapore and Switzerland.
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Thursday’s rate reduction marked the BoE’s fifth cut since it began a rate-trimming cycle in August 2024. (Photo: Getty Images)
THE BANK OF ENGLAND on Thursday reduced its key interest rate by 0.25 percentage points to 4 per cent, the lowest level in two and a half years, as it looked to support the UK economy amid continued concerns over US tariffs.
The central bank also forecast that the British economy would grow by 1.25 per cent this year, a slight improvement from its earlier estimate of 1 per cent.
"The direct impact of US tariffs is milder than feared but more general tariff-related uncertainty still weighs on sentiment," the BoE said in a statement.
In May, London and Washington reached an agreement to cut tariffs of more than 10 per cent imposed by US president Donald Trump on certain UK-made products imported by the US, especially vehicles.
Thursday’s rate reduction marked the BoE’s fifth cut since it began a rate-trimming cycle in August 2024.
"Interest rates are still on a downward path, but any future rate cuts will need to be made gradually and carefully," said BoE governor Andrew Bailey.
The BoE’s primary objective is to maintain the UK’s annual inflation rate at 2.0 per cent. However, the most recent data showed inflation had risen to an 18-month high in June.
The Consumer Prices Index climbed to 3.6 per cent, with motor fuel and food prices remaining elevated.
Weak economy
Official data showed the UK economy contracted for a second consecutive month in May, and unemployment reached a near four-year high of 4.7 per cent.
The contraction has been attributed in part to prime minister Keir Starmer’s Labour government raising UK business taxes from April. That same month, the country became subject to Trump’s 10 per cent baseline tariff on most goods.
Finance minister Rachel Reeves welcomed the BoE’s decision.
"This fifth interest rate cut since the election (win by Labour in July 2024) is welcome news, helping bring down the cost of mortgages and loans for families and businesses," she said in a statement.
Last week, the US Federal Reserve held interest rates steady, resisting political pressure from Trump to lower borrowing costs to stimulate the US economy.
Asked about tariffs, Fed chair Jerome Powell said at a press conference, "We're still a ways away from seeing where things settle down."
The European Central Bank is expected to keep interest rates unchanged at its next meeting, as eurozone inflation remains close to its two per cent target. However, economists have noted this could change depending on the impact of Trump’s tariffs on the euro area.