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In a notable development in Vietnam's shipping sector, French shipping giant CMA CGM has launched its first fully electric container barge, designed for exclusive use by Nike. The barge will operate on a 180 km route between Binh Duong province and Cai Mep port, Vietnam's primary container gateway, with a solar-powered charging station established at the port to support its operations. This initiative is expected to reduce carbon dioxide emissions by 778 tonnes annually, marking a significant step towards CMA CGM's goal of achieving net-zero emissions by 2050. Meanwhile, Mitsui OSK Lines Ltd has deployed three Argo floats off the coast of Chile to monitor oceanic changes and global climate, contributing to the global Argo Program, which involves over 25 countries and aims to enhance understanding of ocean environments. 
Published: Jun 01 2025, 6 pmeznews.inIndia and Paraguay are exploring new avenues to enhance their economic partnership, focusing on sectors such as digital technology, critical minerals, energy, agriculture, healthcare, and defence. Prime Minister Narendra Modi highlighted these opportunities during talks with Paraguayan President Santiago Pena Palacios in New Delhi. Pena, on a three-day official visit, aims to attract Indian investments, particularly in the automobile, biofuel, and pharmaceutical sectors, while also engaging with Indian business leaders. Modi referenced India's preferential trade agreement with MERCOSUR, suggesting that both nations could collaborate to expand it and improve market access. Additionally, Minister for Electronics and IT Ashwini Vaishnaw discussed potential cooperation in digital infrastructure and railway development, particularly in relation to the bi-oceanic corridor. Pena's itinerary includes a visit to Mumbai, where he will meet more business representatives to further strengthen commercial ties.
Published: Jun 02 2025, 9 pmeznews.inUS Commerce Secretary Howard Lutnick has indicated that a trade deal between India and the United States is imminent, aiming to lower tariffs and address the US trade deficit. Speaking at a US India Strategic Forum event, Lutnick emphasized that while the agreement will not encompass all items, it will facilitate reasonable market access for US businesses in India. He acknowledged India's protectionist tariffs but expressed a willingness to negotiate, suggesting that the US would reciprocate with favorable terms if India reduces its tariffs. The deal is crucial for India to mitigate the impact of US reciprocal tariffs, which were temporarily postponed. New Delhi is seeking greater access for its labor-intensive products and a waiver on steel and aluminum tariffs. A US trade delegation is set to visit India this week to advance negotiations, following discussions between Indian Commerce Minister Piyush Goyal and Lutnick in Washington last month.
Published: Jun 03 2025, 10 ameznews.inZuari Industries, a diversified business conglomerate, has reported a remarkable performance in the sugar sector, defying the downward trend in Uttar Pradesh. The company’s Gobind Sugar Mills in Lakhimpur achieved a record sugarcane crushing of 15.7 lakh tonnes, an 11% increase year-on-year, and produced 1.48 lakh tonnes of sugar with a recovery rate of 10.61%. This season marked the earliest start of crushing operations in the mill's history, significantly enhancing plant utilization. Sugar sales surged by 47% to ₹602 crore, driven by a substantial government allocation of nearly 100,398 tonnes, up 44% from the previous year. Managing Director Athar Shahab attributed the success to proactive farmer engagement and innovative initiatives, including a mobile app for real-time data and a 'Cane Excellence' program aimed at improving yield and recovery rates. The mill also set a new record by crushing 1.09 lakh tonnes of sugarcane in a single day.
Published: Jun 03 2025, 9 ameznews.inKetan Kothari, Director of Augmont Goldtech Private Ltd, has announced the company's collaboration with the Indian government to recycle gold currently idling in households, aiming to reduce the nation's imports of the precious metal. With over 30,000 tonnes of gold stored in homes, Kothari emphasized the potential for innovation to make India self-reliant in gold demand. Augmont is piloting a project allowing retail customers to deposit old gold for digital gold in return, while also facilitating a platform for jewellery manufacturers. The company is leveraging artificial intelligence to assess gold quality and enhance consumer understanding. Kothari noted a projected 10% gold deficit by 2025, driven by rising demand, including ETF purchases. Renisha Chainani, Head of Research, indicated that gold prices are stabilizing above ₹90,000 per 10 grams, with Augmont's extensive B2B and B2C platforms catering to a growing customer base across India.
Published: Jun 03 2025, 9 ameznews.inThe Indian government has reduced the basic import duty on crude edible oils, including palm, sunflower, and soya, from 20% to 10%, effective May 31. This decision is anticipated to lower raw material costs for food companies starting in the second quarter of FY26, potentially improving profit margins for consumer product firms if the price reductions are sustained. Industry experts, including Abneesh Roy from Nuvama Institutional Equities, highlighted that palm oil constitutes a significant portion of raw material costs for many food manufacturers, such as Britannia and Nestle India. The duty cut is expected to provide relief to consumers by stabilizing retail edible oil prices, with corrections anticipated in the coming days. Additionally, the move may benefit other FMCG companies reliant on palm oil derivatives, such as Hindustan Unilever and Godrej Consumer Products, as they navigate rising costs in other commodities.
Published: Jun 02 2025, 8 pmeznews.inIndia's Steel Minister, HD Kumaraswamy, has reaffirmed the government's commitment to safeguarding domestic steel producers from import pressures, particularly in light of recent US tariff hikes. Following the US's decision to double tariffs on steel and aluminium to 50%, Kumaraswamy noted that while India's direct exports to the US are minimal—accounting for only 0.1% of total production—the indirect effects could lead to increased competition and price pressures in other markets. The Indian steel industry has seen a 14.8% rise in imports, prompting the imposition of a provisional safeguard duty of 12% on certain flat steel products. With robust domestic demand projected to rise further due to government infrastructure initiatives, the minister emphasized ongoing monitoring of the situation and potential adjustments to safeguard measures. Additionally, India and the US are working towards enhancing bilateral trade ties, aiming to double trade to $500 billion by 2030.
Published: Jun 02 2025, 8 pmeznews.inIndia's new guidelines for the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI) have drawn interest from European automakers like Mercedes-Benz and Skoda-Volkswagen, as well as South Korea's Hyundai and Kia. Companies willing to invest at least ₹4,150 crore (approximately $500 million) in local manufacturing can import up to 8,000 electric vehicles annually at a reduced duty of 15%. However, Tesla, led by billionaire Elon Musk, has shown no interest in the scheme, focusing instead on establishing showrooms without committing to manufacturing or charging infrastructure. Minister of Heavy Industries HD Kumaraswamy confirmed that Tesla's participation in stakeholder discussions has been minimal. The SPMEPCI requires applicants to achieve a minimum domestic value addition of 25% within three years and allows for the import of fully built electric vehicles at reduced duties, with a cap on the total duty foregone.
Published: Jun 02 2025, 8 pmeznews.inIndia is set to launch a new electric vehicle (EV) policy aimed at attracting global automakers to establish local manufacturing, although Tesla Inc. is unlikely to participate due to its preference for selling imported cars through dealerships. The policy, announced by Heavy Industries Minister HD Kumaraswamy, will allow reduced import duties of 15% on electric cars priced over $35,000, provided manufacturers invest approximately $500 million in local plants within three years. However, the initiative faces skepticism, with analysts suggesting it may be a "non-starter" without major players like Tesla and BYD. Stringent conditions, including revenue targets and penalties for non-compliance, further complicate the appeal of the policy. Applications for the program are expected to open soon, with a deadline set for March 15, 2026. The government aims to boost manufacturing in India's growing EV market, despite resistance from established domestic automakers.
Published: Jun 02 2025, 9 pmeznews.inChina dominates the global market for rare earth magnets, controlling over 90% of processing capacity essential for various sectors, including automobiles and clean energy. In response to potential disruptions from Chinese export restrictions, a delegation of Indian automakers and Commerce Ministry officials plans to visit China soon to expedite licensing for rare earth magnet imports. The delegation is currently awaiting appointment dates from Chinese authorities, with hopes for swift visa processing following the Dragon Festival. Concerns are mounting within the Indian auto industry, as limited inventories could jeopardize electric vehicle production. Industry sources suggest that if imports remain restricted, some manufacturers may consider establishing operations in China, undermining India's 'Make in India' initiative. To mitigate reliance on China, the industry advocates for local mining and production of heavy rare earth magnets, alongside exploring alternative import sources from countries like Vietnam, Brazil, and Russia.
Published: Jun 02 2025, 7 pmeznews.inIn a significant boost for the horticulture sector, the first parcel train transporting freshly-plucked cherries from the Kashmir Valley arrived in Mumbai on Sunday, completing a 2,000 km journey in approximately 30 hours. The train, which departed from Shri Mata Vaishno Devi Katra station with a consignment of 10 to 12 tonnes of cherries, aims to enhance horticulture exports from the region, which generates annual revenues of ₹150 to ₹175 crore. Bashir Ahmad Bashir, Chairman of the All Kashmir Valley Fruit Growers cum Dealers Union, confirmed the timely arrival at Bandra Terminus. With Mumbai serving as the primary market for Kashmir's cherry exports, the Indian Railways' initiative addresses long-standing logistical challenges faced by farmers, who previously suffered losses due to spoilage during transport. The region, responsible for 95% of India's cherry production, cultivates the fruit on around 2,800 hectares, yielding between 12,000 and 14,000 tonnes annually.
Published: Jun 02 2025, 7 pm
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