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Japan's Takaichi wants deeper India-Japan ties in trade and security
The Foreign Ministry in Tokyo announced that the Japanese Prime Minister Sanae Takaichi would visit India from Wednesday to hold talks with Prime Minister Narendra Modi. These discussions will focus on boosting trade and investment, as well as strategic cooperation between 'two Asian partners. Modi visited Tokyo in 2014, where Japan promised to double its investment to $61 billion within the next decade. This visit was a result of 'deepening economic relations. The 16th India-Japan Annual Summit will be held by the two leaders. This is a "mechanism" where the prime ministers from both countries meet alternately. According to a?foreign minister's statement, the?summit is expected to review progress in trade, technology and infrastructure, as well as defence, people-to-people relations, while also addressing global and regional issues. A source in India said that Modi and Takaichi would also attend business meetings with executives from both nations. Around 1,400 Japanese firms operate in India. Nearly half are in manufacturing. According to Indian government statistics, bilateral trade in fiscal 2025/26 reached $27.5 billion, and Japanese investment in India?totaled $3.2 billion from April 2025 until December 2025. Leaders are expected to also discuss?security co-operation and efforts to promote a free and open Indo-Pacific. India and Japan, along with the United States and Australia are part of the Quad Grouping. They have steadily increased their defence and strategic cooperation in recent years. Japan is one of India's biggest investors. It has backed major infrastructure projects, including a high speed?railway corridor between the cities?Mumbai & Ahmedabad. Japanese firms have increased their investments in Indian companies. A recent $1.6 billion deal was made for a 20 percent stake in Yes Bank. (Reporting and editing by Raju Gopikrishnan; Saurabh Sharma)
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Indian shares gain as oil prices drop and RBI measures counter IT drag
Indian benchmarks fell Tuesday, with IT stocks dragging them down on fears that U.S. interest rates may stay high for longer. However, they still posted monthly gains, as lower oil prices and measures to attract foreign investment helped stabilize the rupee. Brent crude traded at $73 per barrel, down from the levels before the Iran conflict. It is down 42% since its peak in April of $126.4. This has eased pressure on India's inflation and current account deficit. The Nifty 50 dropped 0.34% to 23,865.75, and the BSE Sensex slipped 0.33% to 76 478.67. The indexes gained 1.4% and 2.3% respectively for June. The RBI has extended a subventioned?forex-swap facility to lenders for their overseas borrowings, and also allowed them to lend to nonresidents in exchange for foreign currency deposits. "The combination of lower crude prices, rupee stability, and measures to attract foreign inflows have?improved the sentiment and liquidity," said Ajit Banerjee. He added that markets will look better if there are no new risks. Banks, public sector banks, private banks and financials all rose by 6.1%, 6.1% 4,1% and 4.7% respectively. Although oil prices have moderated, U.S. Inflation gauges have risen, fueling expectations that the Federal Reserve may raise rates in 2026. IT index fell by 2.7% on June and 9.6% on Tuesday as rising U.S. prices fuelled expectations that Federal Reserve rates will be raised later in 2026. This has led to a rise in concerns about client spending. Accenture's poor demand forecast and AI disruption concerns also weighed heavily on the sector. In June, ten of the 16 major sectors showed growth. The broad small-caps and the?midcaps both rose by 4% and 0.1% respectively. Metals declined 6.9%, as fears about Mideast supplies eased. IndiGo, among stocks, rose 21.9% in this month's trading, helped by a drop in fuel prices. Eicher Motors?fell by 4.8% on Monday after brokerages pointed out that Royal Enfield could be a loser under Delhi's new policy for electric vehicles.
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Trump's Freedom Trucks celebrate the US 250th Anniversary with a 'gift of God' message
In the six "Freedom Trucks," which will travel across the nation to celebrate America’s 250th anniversary, an AI-generated George Washington welcomes visitors. He says: "Thy Rights are a Gift from God," under a ceiling that reads "In God We trust." The "Freedom 250", a fleet of mobile museums, have been parked from Washington State, on the west coast, to North Carolina, on the east coast, in anticipation of the Independence Day holiday. The trucks are part of what supporters call a 'year-long patriotic salute' to the American Revolution and nation it spawned. Freedom 250's spokesperson Rachel Reisner stated that the organization is "sparking a unifying motion across all 50 States which celebrates the American Spirit and showcases America at its best." The trucks have also sparked some criticism. Local media in Massachusetts reported in June that residents in one town had objected against a Freedom Truck visit and it was cancelled. The critics say that the Freedom Trucks and other celebrations present an overly-religious version of American History and gloss over issues such as slavery and racism. Democrats claim that private donations and taxpayer money for Freedom 250 and the trucks are not accountable. The Institute of Museum and Library Services (an independent federal agency) provided a grant of $14 million for six trucks, which was paired with $10 million by Freedom 250. On March 3, a group of U.S. Senate Democrats wrote to Interior Secretary Doug Burgum to ask why government funds were being directed to "a privately owned entity that is not accountable to the American people," and whether these funds are mixed with private funds, "potentially from foreign sources." According to Senate staff, they haven't yet received a reply. House of Representatives Democrats are investigating whether funds appropriated by Congress to fund "America 250" celebrations have been diverted instead to the White House Freedom 250 celebration. At a House of Representatives hearing, Democratic Representative Jared Huffman, of California, said that the soaring achievements of our secular, enlightenment based founding are obscured by a gauzy Christian nationalism fiction. He was speaking about Freedom 250 sponsored events, such as the truck museum. Republicans challenged Democratic characterisations during congressional hearings. Bruce Westerman of Arkansas reminded Democrats of a preamble to the Declaration of Independence that states: "We believe these truths are self-evident. That all men are equal, and that they are endowed with certain unalienable rights by their Creator." In May Public Employees for Environmental Responsibility filed a lawsuit against the U.S. Interior Department refused to answer a Freedom of Information Act Request for documents about Freedom 250 funding and activity. The group is also investigating reports that federal workers are being used to promote private entities, funds are being used to push a political agenda and Trump's access is being sold. Aaron Lloyd, senior counsel at PEER, said that all the decisions about what events to attend, how much money to spend, and where money goes are in a "black box". "I want to see the documents from the government that show where money was spent." The White House didn't directly respond to questions regarding the role of religion within the truck exhibitions or 250th anniversary celebrations. In an email statement, Davis Ingle stated that "2026 will see a renewed patriotism" and "national pride." A "JUBILEE of PRAYER" On May 17, a Freedom Truck with its side painted in the iconic painting "Washington Crossing the Delaware" was parked only blocks from the U.S. Capitol. It served as the anchor for a "Rededicate 250 : A National Jubilee of Prayer Praise and Thanksgiving." The White House website features a Freedom 250 page entitled "America Prays." The site encourages visitors to spend an hour per week in prayer for the U.S. The site lists "pray.com", as a participant organization. The social network for religious organizations says that it collects data about its users, which it could share with other firms. Freedom Trucks was developed by Hillsdale College - a private Christian liberal arts school - and PragerU - a non-university that creates "edutainment", or content, promoting Judeo-Christian principles. PragerU created a video that?explores the ways in which elections can be robbed, showcasing mail-in ballots as a suspect, echoing Trump's widely debunked claims since he lost to Democrat Joe Biden in 2020. "Pride Month: Why do we do this?" Another video. The June celebrations of LGBTQ communities were questioned. PragerU has not responded to requests for comment regarding financial arrangements that it obtained from Freedom 250. A RELIGION INFLUED BIRTHDAY CELEBRATION? Some historians question the relevance of religious presentations to the celebration of the 250th anniversary by the Trump White House. Kate Carte is a Southern Methodist University professor of history who specializes in early American history. She noted that, during the American Revolution both Protestant "British" loyalists in the American colonies and the opposing "patriots", believed they were following their religious values. Carte said in a phone interview last week that "the conflict between Britain's colonies and Britain really had nothing to do with the religion." She added that America's founding fathers were "very aware" that religion can be divisive and decided to avoid establishing a central religion. A study conducted by the Pew Research Center in 2023-2024 found that 62% of U.S. adult citizens identify themselves as Christians. The evangelical Protestants make up 23% of this group. This is more than any single faction. Around 29% of American adult are "religiously non-affiliated". Atheists, agnostics, and 19% of Americans who say they are "nothing" in particular make up this group. The semiquincentennial of the United States is not just about religion. The Trump administration is embroiled in court cases for its attempts to remove interpretive material from national parks, including exhibits on slavery and climate changes. People who remember the 1976 U.S. Bicentennial remember it as a more peaceful celebration. Alan Spears is the senior director of Cultural Resources at the National Parks Conservation Association. He said that 50 years ago the U.S. did not engage in public discussions about the contributions made by its African American and indigenous people. Spears added that "the 1980s changed this," adding that the country has moved away from portraying its history as "guys riding horses with swords." (Reporting and editing by David Gregorio; Richard Cowan)
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Romania detonates Russian fragments of drones near the Ukraine border
The Romanian defence ministry announced on Tuesday that it had safely detonated fragments of a 'drone found in the village of Rachelu in the south-east, near to?the border with Ukraine. These debris were linked to an April attack by Russia on Ukrainian port infrastructure. EU and NATO member Romania which shares a border of 650 km (400 miles) with Ukraine said that Russian drones had breached their airspace 29 different times since Moscow began attacking Ukrainian ports on the other side of the Danube River after its full-scale invasion 2022. 15 of these incursions occurred in this year alone. Two people were injured in late May when a drone crashed into an apartment building. This was the first time that a heavily populated area within a NATO nation had been struck and caused injury during Russia's conflict in Ukraine. The Romanian Defence Ministry announced on Thursday that a local resident reported the drone fragments. These contained explosives, and had to be detonated. Romania has asked NATO allies to provide additional anti-drone capability to Romania. This includes low-altitude radars and interceptor drones. In a statement earlier this month, the?defence ministry announced that it had integrated a U.S. developed Merops interceptor drone system into its national air defences. Romania will also be boosting its air defence through the EU's SAFE rearmament Initiative. (Reporting and editing by Ros Russell.)
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Polish grid asks utilities to increase capacity during heatwave
The Polish grid operator, PSE, has asked power producers to meet their 'capacity obligations' on Tuesday evening in order to increase generation reserves. This is because the country is currently experiencing a heatwave with low wind farm production. This call is a redressal measure that the grid can take when the surplus of?generation capacity above projected demand falls below?the safe level. The PSE call is scheduled for Tuesday, from 6 pm to 9 pm local time (0400 GMT to 700 GMT). Maciej Wapinski, spokesperson for the PSE, said that "the surplus projected of 600 megawatts is not enough to meet demand." Although Poland's abundant?solar? capacity doubles the power demand at weekends, it can be difficult to supply the system on hot weekday evenings. Solar output is reduced and the?demand for electricity remains high due to air conditioning use. Low wind output makes the problem worse.
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Barclays purchases a long-term lease for 750 million pounds sterling on its Canary Wharf headquarters
Barclays bought a 999 year?lease of its global headquarters at?Canary Wharf, London? for PS750 million ($992.8?million), committing their long-term future in the recovering financial district. The British bank stated that the deal would give it control over the building well beyond the expiration of its current lease with landlord Canary Wharf Group, in 2039. It also said that the transaction should have a neutral effect on its capital ratio and its earnings. East London's financial district has?improved since the post-pandemic slump that caused HSBC to choose to leave. The lettings market has recovered over the last couple of years. Spanish bank BBVA, fintech company Zopa and Wall Street investment bank JPMorgan have all taken space. Barclays CEO?C.S. said: "One Churchill Place is our global headquarters and home for over two decades." Venkatakrishnan. This acquisition provides us with a?long-term guarantee, greater flexibility in our London footprint and confirms our confidence that London is one of the?world's leading global financial centers.
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Maguire: 'Roi-Hormuz is half-open, but tanker prices are recovering in hope:
Oil tankers behave as if the Strait of Hormuz was reopening, even though the waterway is only partially navigable. The signals are clear, from ship tracking data to the freight rates: Owners and charterers have moved early to position their vessels for a possible return to Gulf exports. The gap between expectations and reality is still wide. This leaves the global oil transportation system on a fragile "middle ground" between crisis and recovery. Signs of Recovery Real-time vessel movement is the most obvious?evidence? of adjustment. The number of tanker transits in Hormuz has begun to increase. During the conflict they were reduced to a fraction of their normal levels. The flow of vessels through the strait was around 90-110 per day before the war started on 28 February. However, the number of vessels dropped by over 90% during the peak disruption. Recent data show that traffic is picking up again. On some days, dozens of ships are crossing the channel, but levels are still well below pre-crisis standards and subject to sudden reversals. This stop-start recovery highlights a crucial point: The system is still not functioning normally. Shipowners are testing the system in real-time to see if it's safe and commercially viable. On the Road Again Ballast movements - empty ships heading to the Gulf - provide a much clearer indication of future expectations. These signals are very strong. The data from ship tracking shows that more empty tankers are entering the Gulf. This includes LNG carriers connected to Qatar, which have resumed voyages in Hormuz - for the first time since the conflict began. Exports of laden goods are also still constrained. Cargo volumes are still half what they were pre-conflict, reflecting operational limitations and persistent security risks. This divergence can be critical. This divergence shows that the fleet has committed ships ahead of actual demand -- in anticipation of cargoes following. This positioning effort is compounded with one of the biggest shipping backlogs ever recorded. The Gulf is still clogged with hundreds of vessels, creating a bottleneck which could take several weeks to unwind. The result is a fleet which is actively reshaping itself as congestion eases and access improves. RATE MOVEMENTS The freight rates reinforce this picture in an extremely dramatic way. According to LSEG, earnings for Very Large Crude Carriers (VLCCs) on key Middle East routes fell to their lowest level since the beginning of the conflict as vessels accumulated before the recovery of actual moveable cargoes. The daily rate for a VLCC to China from the Middle East is currently around $287,000. This was down from over $500,000 just before the peace agreement was announced. The rates for smaller tankers, on the other hand, have increased as the Arabian Gulf has a high concentration of vessels. Fuel tanker rates from Nigeria to Netherlands, for example, have increased from $63,000 per day at the end of June to more than $112,000 today. The fleet managers also sent refined product tankers to the Middle East, anticipating that regional refineries would need to clear their inventories accumulated during the conflict in order for them restart production. In essence, the market is pricing a volatile mixture of limited supply, increased risk, and anticipated access. The partial reopening of the Gulf is starting to change global trade patterns, which were drastically altered by the disruption. Oil flows around Cape of Good Hope and other longer routes were required due to the severe restrictions on Hormuz traffic. This led to a significant increase in shipping distances, costs, and time. Shipping analyst reports say that these diversions have pushed up the ton-miles demand, a key indicator of shipping activity. Distances for some trades almost tripled as vessels avoided chokepoints. Early signs indicate that these patterns from the crisis era may begin to unravel as Gulf exports gradually resume. As of now, however, alternate routes are still being used, reflecting the persistent uncertainty about access through Hormuz. A CONFIDENCE PLAY The tanker market faces a constraint that is not purely physical. It's psychological and financial. The security situation remains fluid as vessels are still subject to route control, regulatory ambiguity, and elevated war-risk costs. Operators are evaluating not only whether they will be able to transit the Strait but also whether they will do so predictably, safely and profitably. This caution is the reason why the'recovery of flows' is lagged behind the recovery of fleet positioning - and why the system is so unstable. The tanker fleet is betting. The tanker fleet has made its bet. The Strait of Hormuz is not a reopened corridor until ballast flows are converted into sustained cargo movement and transit numbers stabilise. Oil?markets may be pricing in a return to 'normality. Tanker fleets are still dealing with the possibility that normalcy hasn't yet arrived. The opinions expressed are those of Gavin Maguire a columnist at. This column is great! Check out Open Interest, your new essential source for global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
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AfD leader vows restore German-Russian relations as she seeks chancellery
Alice Weidel, leader of the far right Alternative for Germany (AfD), said that Germany should stop a boycott against Russian oil and gas in order to boost its flagging economy. She was describing the ambitions of her party to become the next national government. Weidel stated that the AfD could win two important federal state elections in the next few months. He described them as a milestone to securing a?post? of German chancellor by the time the 2020 national elections are due. The success of Made in Germany was due to the cheap energy that Russia provided. Weidel stated that we need to get it back. "The loss has put us years behind." The loss of hundreds of thousands of jobs has been devastating. "It has made us dependent upon the United States who sells us electricity at much higher prices." SEES ELECTIONS as 'DECISIVE MOLESTONES Before sanctions were imposed in 2022 over Moscow's invasion into Ukraine, Russia provided more than a quarter of Germany's crude imports and?more than half its natural gas. Germany is also struggling to recover from the shock of the shut down of the important undersea Nord Stream Pipeline, which was crippled in September 2022 by explosions. After a sharp rise in energy prices, the country's industrial sector is still in a rut. Volkswagen, the car giant, is also considering a job cut of up to 100,000. Weidel's remarks?highlight potential fragility in the Western alliance that supports Ukraine. Germany's government supports Ukraine but the public is divided. Weidel made the remarks ahead of September elections in two key eastern German states, Saxony-Anhalt and Mecklenburg-Vorpommern, where ?the AfD is dominating polls. If the AfD wins control, regional governments will challenge Berlin's immigration policy, which they claim is too generous. They would also reject the financial burden placed on local governments. This would be a major shift in the committee style of government that is based on the "consensus" model. It could also give the AfD the opportunity to gain national power. "Saxony-Anhalt and Mecklenburg-Vorpommern are decisive milestones," Weidel said. "If we win in Saxony-Anhalt, then Mecklenburg-Vorpommern will probably follow. "I can see AfD at the chancellery by the next election or afterward." A victory of the far-right party, Saxony-Anhalt, would be a blow for mainstream parties, such as the Christian Democrats of Chancellor Friedrich Merz, who have refused to cooperate with the AfD. Voters could be influenced by the lower energy costs in Russia and by the possibility of a cheaper alternative. Germany's relationship to Russia is more important in the East, where the Soviet Union ruled until the fall the Berlin Wall over 35 years ago. There are many who have a positive view of Russia, but a negative one towards Germany's protector and military force, the United States. "WE WILL NOT TAKE EVERYTHING OFF ITS HEAD" Weidel made his comments about Russia after a senior AfD legislator Markus Frohnmaier visited Russia earlier in the month. He met Alexei Miller the?head? of Russian energy giant Gazprom and called for a reopening the Nord Stream pipeline. Frohnmaier rebuffed critics of his trip and said he understood U.S. Investors were examining reopening Nord Stream to Germany. This could mean Germany paying a fee for Russian gas. He said: "We must be very careful that in Germany we do not miss the opportunity to return to the Russian market." Mr Miller stated that it would be three months before the gas supply was resumed. Roderich Käsewetter is a Christian Democrat member of the Merz parliament who said that AfD’s pro-Russian position was distorting?the German public debate. Kiesewetter stated that the AfD is using the romanticisation of Russia, especially with an eye towards the upcoming elections in eastern Germany. Weidel denied that her party is extremist. This was classified by Germany’s spy agency in the past year. She said, "The way that we view ourselves and how our political opponents judge us are very different." "People describe us as far-right. We are in fact a party of the average person. "We will not change everything if we are elected." (Reporting by John O'Donnell, Editing by Andrew Heavens).
UK's delayed defense plan puts emphasis on drones; critics claim it is short on cash
The UK will announce its long-delayed Defense Investment Plan on Tuesday. It will prioritize PS5 billion in investment into drones, with a particular focus on autonomous systems. This is to modernise its depleted military and to build it up at a time of rising threats.
The blueprint was subject to last-minute debate after the former defence minister?John Healey quit earlier this month. He accused Prime Minister Keir starmer of not being able to raise the funds needed to ensure the safety of the country.
However, just hours before it was to be released in its entirety, critics said that the package wasn't large enough to prepare Britain for war, especially since military officials had warned that Russia may attack a NATO nation as early as 2030.
General Richard Barrons said that while the plan was a step forward, Britain would still be exposed.
He told BBC Radio that the money currently available to the UK is not enough to adequately defend it.
PLAN TECHNOLOGY FOCUSED FOR MODERN WARFARE
Local media reported PS15 billion as a result of the plan. However, no date was given to indicate when the defence budget would reach the target of 3%, which is up from 2.6% in 2027/8.
Barrons stated that the deficit would mean some equipment would not be purchased or delayed and corners would also be cut in spending on infrastructure maintenance, logistics, and training.
Starmer's plan will be to attack drones, unmanned ships, and autonomous fighter jets.
The government announced on Sunday that it will scrap plans to replace the ageing destroyers in favor of procuring at least six combat ships to act as control hubs for systems without crew.
The United States criticised Britain in March for its inability to send a ship to the Middle East and respond quickly to a drone attack on the Royal Navy's airbase in Cyprus.
Starmer is expected to make the investment plan his?last policy announcement', after he announced earlier in June that he was quitting. Andy Burnham is expected to replace him in July. He may wish to revisit the investment plan.
DRONE WARFARE
Dan Jarvis is Britain's new Defence Minister. A former British Army Major, Jarvis said that unmanned?systems defined modern warfare. The DIP, which he helped to reshape over the past few weeks, would ensure soldiers received the technology they need?faster.
Ukraine uses 200,000 drones per month in its war against Russia. Innovations happen in weeks and not the years it took to develop the huge platforms that were the main feature of British Security during the post-Cold War period.
Companies say that the nine-month delay before releasing the plan stymied investments in an industry which should be on a growth trajectory. It has also led to private criticism abroad about whether Britain is willing or able?to boost defence spending.
Starmer will be attending the NATO summit from 7 to 8 July in Ankara, alongside U.S. president Donald Trump and other leaders from?alliance member countries. This is at a moment when Europe?is trying to come to terms? with the U.S. pivoting away from protecting it.
The UK manager for the U.S. drone manufacturer Anduril told me that it was now possible to build a factory here in Britain. He was more interested in seeing how quickly contracts started to flow.
Rich Drake, from Anduril, told BBC Radio that "the details of what the actual numbers are between each programme and when they want to spend it...these details now really matter." (Reporting and editing by William Maclean, Alex Richardson and Sarah Young)
(source: Reuters)