Prime Minister Modi and President Trump met at the G7 Summit, directing officials to finalize a balanced and commercially meaningful trade agreement. Discussions also covered progress under the India-US COMPACT initiative, spanning defense, technology, energy, and trade. Both leaders reaffirmed their commitment to strengthening the Comprehensive Global Strategic Partnership.
An LNG tanker, the Mraikh, is approaching the Strait of Hormuz after loading cargo in Qatar, signaling a potential increase in shipping activity following a US-Iran interim peace agreement. This development could ease Pakistan’s gas shortage and restore global LNG supplies, which were restricted by the waterway’s closure.
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Oil prices dropped significantly as the US and Iran reached an interim agreement to end the war, reopen the Strait of Hormuz, and lift sanctions on Tehran’s oil. This deal, aiming to restore pre-war conditions, could resolve a major energy supply disruption and potentially lead to a global oil surplus by 2027.
Canadian Pension Plan Investment Board is injecting up to ₹7,000 crore into CtrlS Datacenters, acquiring an 8.2% stake for ₹4,000 crore. This significant investment fuels India’s booming digital infrastructure, driven by escalating demand for cloud, hyperscale, and AI-ready data centers. A joint venture will also develop new hyperscale campuses across the nation.
India and the UK’s free trade agreement, along with a social security deal, will commence on July 15. This pact eliminates tariffs on 99% of Indian exports, benefiting sectors like textiles and engineering. Discussions resolved steel trade concerns, ensuring balanced market access for exporters. Indian consumers will see reduced duties on Scotch, automobiles, and cosmetics.
Markets had broadly expected the US Federal Reserve to keep its benchmark interest rate unchanged, extending the pause that has been in place throughout the year.
India has secured protection for 85% of its steel exports to the UK under the upcoming free trade agreement, with the remaining shipments covered by country-specific quotas and other access schemes. This agreement resolves a key sticking point ahead of the Comprehensive Economic and Trade Agreement’s operationalization on July 15.
Oil and gas firms are urged by PNGRB to boost worker compensation beyond legal mandates for accident victims and their families. While some companies have improved their voluntary payouts, others lag. The regulator is also pushing for enhanced safety culture and training to prevent incidents, aiming for zero accidents in the sector.
