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.
BRITISH premium motorcycle maker Triumph Motorcycles expects its sales to grow by 20 per cent in India in 2020-21.
In October, the two wheeler maker will launch the pre-owned vehicles programme in the country.
In order to overcome the slowdown in the premium motorcycle segment due to the pandemic, the company plans to launch new products with aggressive pricing, an official statement said.
Triumph is the largest UK-owned motorcycle manufacturer, established in 1983 by John Bloor after the original company Triumph Engineering went into receivership.
"We were lower by around 10 per cent (in sales) than the previous year in FY20. This year, we are expecting a growth of 15-20 per cent in our retail sales," Triumph India business head Shoeb Farooq said.
"Even in a de-growing industry, we should be able to do much better than the industry. We all know there is stress in the industry right now. The focus from our side is to continuously give reason for customers to come to our showroom and buy our products."
In 2019-20, the company sold 800 units in the country.
Farooq said that due to the recent efforts of the company sales recovered since June.
According to him, the overall two-wheeler industry saw a 25-30 per cent decline in the past three months and the de-growth in the premium space was 50 per cent .
"We are cautiously optimistic. The positives for us have been the traction on our new product launches, for example the new Tiger 900 which we launched recently is right now on booking and availability is a concern over there. Similarly, Street RRR is also on booking right now," he said.
"Finally, we are going to launch the Triumph approved programme in India. Our dealers are going to repurchase and sell these Triumph motorcycles."
Initially, it will be launched with three dealerships in Mumbai, Pune and Bengaluru in India.
Trump’s administration has been working on trade deals ahead of an August 1 deadline, when duties on most US imports are scheduled to rise again. (Photo: Getty Images)
THE US is very close to finalising a trade agreement with India, while a deal with the European Union is also possible, president Donald Trump said in an interview aired on Real America's Voice on Wednesday. However, he said it was too soon to tell if an agreement could be reached with Canada.
Trump’s administration has been working on trade deals ahead of an August 1 deadline, when duties on most US imports are scheduled to rise again. The push is part of efforts to secure what Trump considers better trade terms and reduce the large US trade deficit.
"We're very close to India, and ... we could possibly make a deal with (the) EU," Trump said when asked about upcoming trade agreements.
Trump’s comments came as EU trade chief Maros Sefcovic travelled to Washington on Wednesday for discussions on tariffs. An Indian trade delegation also arrived in Washington on Monday for fresh negotiations.
"(The) European Union has been brutal, and now they're being very nice. They want to make a deal, and it'll be a lot different than the deal that we've had for years," Trump said.
On Canada, which has said it is preparing countermeasures if talks do not lead to an agreement, Trump said: "Too soon to say."
His remarks echoed the view of Canadian prime minister Mark Carney, who said earlier on Wednesday that a deal that works for Canadian workers was not yet on the table.
Trump also said he would probably impose a blanket 10 per cent or 15 per cent tariff on smaller countries.
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The Canary Wharf business district including global financial institutions in London.
BRITAIN's unemployment rate rose slightly to 4.7 per cent in the three months to the end of May, according to official data released on Thursday. This marks the highest level since June 2021, as businesses faced the impact of a UK tax increase and new US tariffs.
The figure is up from 4.6 per cent recorded in the February to April period, the Office for National Statistics (ONS) said in a statement.
The data covers the initial period following the Labour government’s first budget last October, which included a rise in business tax. It also includes the start of a 10 per cent baseline tariff imposed by US president Donald Trump in April on goods from the UK and other countries.
The ONS also reported a slowdown in average wage growth, which has reinforced expectations that the Bank of England may lower its key interest rate next month.
This comes despite separate official figures on Wednesday showing that inflation in the UK rose to an 18-month high in June.
“Slowing activity in the labour market, coupled with pay pressures easing, will likely prompt the Bank of England to lower interest rates next month,” said Yael Selfin, chief economist at KPMG UK.
“With domestic activity remaining sluggish, the... (BoE) will likely want to provide support via looser policy to prevent a more significant deterioration in the labour market,” Selfin added.
Earlier data showed that the UK economy contracted unexpectedly for a second consecutive month in May, increasing pressure on prime minister Keir Starmer and his government.
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FILE PHOTO: Passengers gather in front of the ticket counter of Air India airlines in Delhi, India, June 13, 2025. REUTERS/Bhawika Chhabra.
AIR INDIA said on Tuesday (15) it would partially restore its international flight schedule that was scaled back following the crash involving its flight last month that killed 260 people.
As part of the restoration, Air India will start a thrice-weekly service between Ahmedabad and London Heathrow from August 1 to September 30, replacing the currently operating five-times-a-week flights between Ahmedabad and London Gatwick.
A Boeing 787 Dreamliner bound for London from the Indian city of Ahmedabad began to lose thrust and crashed shortly after takeoff on June 12. All but one of the 242 people on board and 19 others on the ground were killed.
Air India reduced some of its international flights following the crash as part of a "safety pause" that the carrier said allowed it to perform additional precautionary checks on its Boeing 787 aircraft.
The partial service resumption will see some flights being restored from August 1, with full restoration planned from October 1, 2025, Air India said.
The airline has reinstated two weekly flights on the Delhi-London (Heathrow) route that were previously cancelled, with all 24 weekly flights on this route now operating from Wednesday (16) onwards.
The Bengaluru-London (Heathrow) service remains reduced from seven flights per week to six flights per week and will be further reduced to four flights per week from August 1. The Amritsar-Birmingham route continues to operate at a reduced frequency of twice weekly instead of three times weekly until August 31, after which normal three-times-weekly service will resume from September 1. The Delhi-Birmingham route remains reduced from three flights per week to two flights per week, a statement said.
Air India has also temporarily suspended the Amritsar-London (Gatwick) route, which normally operates three times weekly, and the Goa (Mopa)-London (Gatwick) route, also a three-times-weekly service. Both suspensions will continue until September 30.
As part of the partial resumption, it also reduced flights to some destinations in Europe and North America. These include reductions in the frequency of Delhi-to-Paris flights to seven times a week from 12, effective August 1.
Flights on the Delhi-Milan route have been reduced to three times a week from four earlier.
The frequency of flights from Mumbai and Delhi to New York JFK has been cut to six times a week from seven earlier, the airline said.
(with inputs from Reuters)
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he Port Talbot EAF will produce up to 3 million tonnes of steel per year using UK-sourced scrap.
TATA STEEL UK has started construction of a new Electric Arc Furnace (EAF) at its Port Talbot site in South Wales. Tata Group chairman Natarajan Chandrasekaran marked the groundbreaking ceremony on July 14, joined by Tata Steel CEO and managing director TV Narendran and Tata Steel UK CEO Rajesh Nair.
The EAF project is part of Tata Steel UK’s £1.25 billion plan to transition to low-carbon steelmaking, backed by £500 million from the UK government. The furnace is expected to be commissioned by the end of 2027 and aims to reduce carbon emissions at Port Talbot by about 90 per cent, or 5 million tonnes of CO₂ annually. The project is expected to support 5,000 jobs.
“This is an important day for Tata Group, Tata Steel and for the UK,” said Mr Chandrasekaran. “Today’s groundbreaking marks not just the beginning of a new Electric Arc Furnace, but a new era for sustainable manufacturing in Britain. At Port Talbot, we are building the foundations of a cleaner, greener future, supporting jobs, driving innovation, and demonstrating our commitment to responsible industry leadership.”
Business secretary Jonathan Reynolds said: “This is our Industrial Strategy in action and is great news for Welsh steelmaking backing this crucial Welsh industry, which will give certainty to local communities and thousands of local jobs for years to come.”
Wales Secretary Jo Stevens said: “The UK Government acted decisively to ensure that steelmaking in Port Talbot will continue for generations to come, backing Tata Steel with £500 million to secure its future in the town.”
The Port Talbot EAF will produce up to 3 million tonnes of steel per year using UK-sourced scrap. Construction is being led by Sir Robert McAlpine, with support from regional contractors and technology providers including Tenova, ABB, and Clecim.
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Starmer and Reeves during a visit to Horiba Mira in Nuneaton in Nuneaton. (Photo: Getty Images)
PLANS by Labour to overhaul the tax rules for non-domiciled residents in the UK could cost the public purse up to £4 billion and result in the loss of thousands of private sector jobs, according to a new analysis.
A report by the Centre for Economics and Business Research (CEBR), shared with The Times, suggested that scrapping the current non-dom regime could lead to a sharp drop in tax revenues if even a fraction of those affected decide to leave the country.
The thinktank estimates that if a quarter of non-doms - roughly 10,000 individuals - moved abroad, tax receipts could fall by £4.6bn over the next five years. That figure could rise to nearly £8bn if half of them departed.
The CEBR’s model, based on the approach used by the Office for Budget Responsibility (OBR), also predicted that such a shift could cause the UK to lose between 3,100 and 6,300 jobs, depending on how many wealthy residents choose to relocate.
This potential tax shortfall poses a serious challenge for chancellor Rachel Reeves, who currently has £9.9bn in fiscal headroom. Experts warn that this cushion could be halved or even wiped out by the autumn due to other financial pressures, such as changes to welfare payments and weaker-than-expected economic growth.
Although Labour has stood by its commitment to end the non-dom tax regime, Reeves is now believed to be considering a partial rethink. Specifically, she may drop plans to apply inheritance tax to non-doms' worldwide assets, following concerns that the proposal could accelerate the departure of wealthy individuals.
“We’re continuing to work with stakeholders to ensure the new system remains competitive on the international stage,” a Treasury spokesperson said, noting the importance of attracting global talent and investment.
Some high-profile figures have already indicated they might leave, including steel magnate Lakshmi Mittal.
Lakshmi Mittal
According to Companies House filings, more than 4,400 directors have stepped down from UK-based firms in the past year, with April departures up 75 per cent compared to the same month in 2024. Most of those exits were from finance, insurance, and property - sectors with high numbers of non-doms.
According to the report, the policy change is triggering an exodus of top earners. The centuries-old non-dom system allowed wealthy foreign residents to shield overseas income from UK taxes for a flat annual fee starting at £30,000. In its place, the government introduced a stricter residence-based scheme.
Now, anyone living in Britain for more than four years must pay income and capital gains tax on global income, with inheritance tax at 40 per cent also looming if they stay longer.
Sam Miley of the CEBR warned that even small economic shifts could have wider implications. “Our findings show the changes would negatively affect the economy, albeit modestly,” he was quoted as saying. “At a time of limited fiscal space, even marginal losses matter.”
Andrew Barclay, who runs the entrepreneur-led group Land of Opportunity, which commissioned the report, said: “It’s increasingly clear that abolishing non-dom status could do real harm to the economy and public finances. There’s still time to stop the outflow.”
A recent Oxford Economics survey of tax advisers found that 60 per cent expect over 40 per cent of their non-dom clients to leave the UK within two years of the changes taking effect.
While the exact number of departures remains unclear, the list of wealthy individuals who have already moved abroad includes billionaire Anne Beaufour, investor Max Gottschalk, and boxing promoter Eddie Hearn, among others.
Meanwhile, Labour faces growing pressure to strike a balance between tax fairness and maintaining the UK’s status as a global hub for wealth and investment.