US and Indian trade negotiators begin two days of talks Wednesday as they try to reach a deal amid geopolitical turbulence after Washington hit New Delhi with huge tariffs over its purchases of Russian oil.
The gem and jewellery industry hopes an improved tariff rate will turn around export rates to the US – GJEPC – India- Facebook
The 50% levies on most goods was imposed in August, with US officials arguing the imports of discounted Russian crude effectively bankroll Moscow’s war in Ukraine. Deputy US Trade Representative Rick Switzer’s visit comes a week after Prime Minister Narendra Modi embraced Russian President Vladimir Putin in New Delhi.
India’s foreign ministry described Switzer’s meetings as a “familiarisation” trip. India was among the first countries to begin trade talks after President Donald Trump unveiled sweeping tariffs on most US trade partners in April. But it is one of the few major economies still without an agreement, raising risks for jobs, economic growth, and markets.
India is the world’s fastest-growing major economy and recorded a $45.8 billion goods trade deficit with the US in 2024. Large export categories such as smartphones and generic drugs are exempt from Trump’s tariffs, but many labour-intensive industries are not.
That’s a serious blow for a country already struggling to generate well-paid jobs for millions of young graduates, and the turmoil threatens Modi’s ambition to lift the country into high-income status. Exports fell nearly 12% year-on-year in October, driven by a plunge in US-bound shipments.
The Global Trade Research Initiative (GTRI) estimates that labour-heavy sectors- gems and jewellery, textiles and seafood- saw export drops of 37-60% between May and September. Foreign investors have dumped more than $16 billion in Indian equities this year, helping push the rupee to a record low past 90 per dollar.
The International Monetary Fund has also cut India’s 2026-27 growth forecast from 6.4% to 6.2%, assuming “prolonged 50% US tariffs”. Exports could shrink to about $49.6 billion this fiscal year, from $86.5 billion last year, potentially knocking up to 80 basis points off growth, according to the GTRI.
India enthusiastically bought discounted Russian crude after the 2022 invasion of Ukraine as Moscow was hammered with severe sanctions including on its sale of oil. But Trump’s decision to link trade policy to geopolitics upended US-India relations in August, with roughly half of the tariff burden stemming from Washington’s attempt to penalise those purchases.
The US president has repeatedly claimed India either plans to stop, or has already mostly stopped, buying Russian oil- a claim New Delhi has neither confirmed nor denied. But when in the Indian capital, Putin offered to “continue uninterrupted shipments of fuel.” Modi did not comment directly on oil flows.
However, top buyer Reliance Industries said in November it stopped importing Russian oil for its export-focused refinery, while smaller refiners like HPCL-Mittal Energy have said they have stopped entirely.
Analysts at trade intelligence platform Kpler expect a “notable dip” in India’s December-January imports. Whether that decline will sway Washington is unclear.
Negotiating a trade pact is complicated by the need to address Trump’s so-called reciprocal tariffs, though both tracks are linked, officials say.
“These are two separate, parallel negotiations that are going on, but one will feed into another,” Commerce Secretary Rajesh Agrawal told an industry event last week.
Relations have improved since August, with several smaller deals advancing. That includes US approval in November for two arms sales worth nearly $93 million, and New Delhi’s “significant” deal for the US to supply nearly 10 percent of its liquefied petroleum gas (LPG) imports.
Energy commitments have anchored past US trade deals, and experts say the LPG contract may help convince Washington that India is reducing its reliance on Russia.
South African fashion retailer Mr Price will acquire NKD Group, a German-based discount retailer for up to 487 million euros ($567.55 million), it said on Wednesday, marking its first entry to the European market. By 1030 GMT, Mr Price shares were down 13.35%.
A shopper pushes a trolley outside a branch of South African clothing and homeware retailer Mr Price, at the Trade Route Mall, in Lenasia outside Johannesburg, South Africa, February 8, 2023 – REUTERS/Siphiwe Sibeko/File Photo
Mr Price said that NKD, an apparel and homeware retailer with 2,108 stores in seven Central and Eastern European countries, is a strategic fit. Market data indicates that the growth in the value retail market is outpacing that of the overall retail market. In Europe, value retailing accounts for about 22% of the market.
“After meeting the NKD team, it was evident that this was the right business to pursue,” said the group’s Chief Executive Officer Mark Blair. “Like us, they are value-retailers at heart and have a very clear understanding of who their customer is and how to best serve them,” he added.
The acquisition of NKD, which is from funds managed by TDR Capital LLP, includes the purchase of all NKD shares and income from shareholder loans. The deal will be settled using a mix of existing cash reserves and debt facilities, Mr Price said in a statement.
The transaction is subject to regulatory approvals, including clearance from the European Commission and the South African Reserve Bank. It is expected to close by the second quarter of 2026, Wednesday’s statement said.
Once completed, Mr Price’s annual revenue would increase to approximately 53 billion rand ($3.12 billion) from 40.9 billion rand, while the number of its stores would reach more than 5,000, up from around 3,100, and it would have more than 40,000 employees.
Private equity firm CVC Capital Partners is seeking a sale of FineToday Holdings, the Japanese personal-care company behind the Tsubaki shampoo brand, after shelving plans to list it in Tokyo, said four sources with knowledge of the matter.
The Tsubaki shampoo brand retails in numerous Asian countries – The Beauty Room- Facebook
FineToday, which counts China as its second-biggest market, postponed its Tokyo Stock Exchange initial public offering (IPO) in October, citing market conditions, according to a company statement. FineToday was expected to debut with a market capitalisation of about 169 billion yen ($1.08 billion) in the postponed IPO. The company had previously targeted roughly 219 billion yen in a 2024 attempt to go public.
Both valuation outcomes fell short of CVC’s internal expectations, two of the sources said. One of the sources said CVC is now seeking a valuation of over $2 billion, or around 14–15 times earnings before interest, taxes, depreciation and amortisation (EBITDA), for FineToday.
Interest has emerged from global buyout firms and at least one Chinese strategic investor, one of the sources added, but declined to name any of the interested parties. All the sources declined to be identified as the information is confidential.
CVC and FineToday declined to comment on Wednesday. The planned sale comes amid renewed strains in Japan–China relations. FineToday noted in its latest preliminary offering document that sales in China and Hong Kong were hit by a consumer backlash against Japanese brands after Japan released treated water from the Fukushima nuclear plant in 2023, and warned that it remains exposed to any future geopolitical tensions.
FineToday was created in 2021 after Shiseido Co carved out its personal-care unit and sold it to CVC in a 160 billion yen deal. The Tokyo-based company manufactures and markets haircare, skincare and deodorant products under brands including Tsubaki, Fino, Senka, Uno, Ag Deo24 and Kuyura, according to its official website and IPO filing.
About half of its sales come from overseas markets, with China a key market. In the six months ended June 30, 2025, 35.9% of revenue came from China and Hong Kong, while Japan contributed 44.3%, the filing showed.
FineToday posted 107.3 billion yen ($688.66 million) revenue in 2024 and 56.6 billion yen in the first half of 2025, with an adjusted EBITDA margin improving to 21.0% from 15.5% a year earlier, according to the filing.
Chanel will stage its next cruise show in Biarritz on April 28, 2026, the Paris based fashion house revealed on Wednesday.
Chanel – Courtesy
The brand will present what will be its Cruise 2026/27 collection with a runway show in Biarritz, an historic seaside resort on France’s Atlantic coast.
“Biarritz plays a fundamental role in the history of Chanel,” commented Bruno Pavlovsky, president of Chanel Fashion, in a release.
“We are delighted that Matthieu Blazy has chosen this destination, so dear to the house, to present his first vision of the Cruise collection,” he added.
The news comes just one week after Chanel’s creative director Blazy staged a highly acclaimed Métiers d’Art show in a disused New York subway station in lower Manhattan.
In 1915, buoyed by the success of her boutique in Deauville, Gabrielle Chanel set up her first couture house in the Villa de Larralde, an elegant neo feudal mansion in Biarritz. It comprised a boutique and an atelier of some 60 petites mains, or skilled artisans, where she presented her collections.
The free-spirited and sporty atmosphere of this iconic seaside resort in south-western France helped forge her vision of fashion and design, making Biarritz an essential chapter in the construction of her style, the house noted.
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