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Saturday, August 2, 2025

India will continue to buy Russian oil, government sources say

 India will keep purchasing oil from Russia despite U.S. President Donald Trump's threats of penalties, two Indian government sources said, not wishing to be identified due to the sensitivity of the matter.

"These are long-term oil contracts," one of the sources said. "It is not so simple to just stop buying overnight."

Trump last month indicated in a Truth Social post that India would face additional penalties for purchases of Russian arms and oil. On Friday, Trump told reporters that he had heard that India would no longer be buying oil from Russia.

The New York Times on Saturday quoted two unnamed senior Indian officials as saying there had been no change in Indian government policy, with one official saying the government had "not given any direction to oil companies" to cut back imports from Russia.

Reuters reported this week that Indian state refiners stopped buying Russian oil in the past week after discounts narrowed in July.

"On our energy sourcing requirements ... we look at what is there available in the markets, what is there on offer, and also what is the prevailing global situation or circumstances," India's foreign ministry spokesperson Randhir Jaiswal told reporters during a regular briefing on Friday.

Jaiswal added that India has a "steady and time-tested partnership" with Russia, and that New Delhi's relations with various countries stand on their own merit and should not be seen from the prism of a third country.

The White House in Washington did not immediately respond to requests for comment.

Indian refiners are pulling back from Russian crude as discounts shrink to their lowest since 2022, when Western sanctions were first imposed on Moscow, due to lower Russian exports and steady demand, sources said earlier this week.

The country's state refiners - Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd - have not sought Russian crude in the past week or so, four sources familiar with the refiners' purchase plans told Reuters.

On July 14, Trump threatened 100% tariffs on countries that buy Russian oil unless Moscow reaches a major peace deal with Ukraine. Russia is the top supplier to India, responsible for about 35% of India's overall supplies.

Russia continued to be the top oil supplier to India during the first six months of 2025, accounting for about 35% of India's overall supplies, followed by Iraq, Saudi Arabia and the United Arab Emirates.

India, the world's third-largest oil importer and consumer, received about 1.75 million barrels per day of Russian oil in January-June this year, up 1% from a year ago, according to data provided to Reuters by sources.

Nayara Energy, a major buyer of Russian oil, was recently sanctioned by the European Union as the refinery is majority-owned by Russian entities, including oil major Rosneft.

Last month, Reuters reported that Nayara's chief executive had resigned after the imposition of EU sanctions and company veteran Sergey Denisov had been appointed as CEO.

Three vessels laden with oil products from Nayara Energy have yet to discharge their cargoes, hindered by the new EU sanctions on the Russia-backed refiner, Reuters reported late last month.

https://www.aol.com/news/india-buy-russian-oil-despite-084147997.html

Azerbaijan to export 1.2 billion cubic metres of gas to Syria through Turkey annually, says SOCAR

 Turkey on Saturday turned on a supply of natural gas from Azerbaijan to Syria, whose infrastructure was ravaged by civil war, with annual deliveries expected to reach up to two billion cubic metres.

Syria's Islamist authorities, who toppled Bashar al-Assad in December, are seeking to rebuild the battered country where power cuts can last for more than 20 hours a day.

Speaking at a ceremony attended by Syria's energy minister, Azerbaijan's economy minister and the head of Qatar's development fund, Turkish Energy Minister Alparslan Bayraktar said the initiative would help normalise Syria.

"In the initial phase, up to two billion cubic metres of natural gas per year could be exported to Syria," Bayraktar said at the ceremony in the southern province of Kilis near the Syrian border.

Damascus has said the gas would be used to generate electricity.

"The gas will help activate a power plant with a capacity of around 1,200 megawatts, meeting the electricity needs of approximately five million households," Bayraktar said.

"We will transport natural gas to Aleppo and from Aleppo to Homs. This will enable the power plants there to be put into operation in the near future," he added.

A first phase of the Qatari scheme to fund gas supplies for power generation in Syria rolled out in March via Jordan and provided 400 megawatts of electricity per day.

https://uk.finance.yahoo.com/news/turkey-starts-supplying-azerbaijani-gas-102046821.html

Fire near Zaporizhzhia nuclear plant brought under control, says Russian management

 A fire that broke out near the Zaporizhzhia Nuclear Power Plant after Ukrainian shelling has been brought under control, the Russian-installed administration of the Russia-held plant in Ukraine said on Saturday.


Russian forces seized the Zaporizhzhia plant in the first weeks of Russia’s February 2022 invasion of Ukraine. Both sides have accused each other of firing or taking other actions that could trigger a nuclear accident.

The plant’s administration said on Telegram that a civilian had been killed in the shelling, but that no plant employees or members of the emergency services had been injured.


Reuters could not independently verify the Russian report.

The station, Europe’s biggest nuclear power plant, is not operating but still requires power to keep its nuclear fuel cool.

The plant’s Russia-installed management said radiation levels remained within normal levels and the situation was under control.

https://english.alarabiya.net/News/world/2025/08/02/fire-near-zaporizhzhia-nuclear-plant-brought-under-control-says-russian-management

Berkshire takes $3.8 billion Kraft Heinz writedown, operating profit falls

 Warren Buffett's Berkshire Hathaway on Saturday took a $3.76 billion writedown on its stake in Kraft Heinz, an acknowledgment the decade-old investment hasn't worked out, and reported lower quarterly operating profit as insurance underwriting premiums declined.

Berkshire also reported a 59% decline in quarterly net income, reflecting the writedown as well as lower investment gains from its common stock holdings.

Second-quarter operating income fell 4% $11.16 billion, or about $7,760 per Class A share, from $11.6 billion a year earlier. Net income fell to $12.37 billion from $30.35 billion.

Cash totaled a near-record $344.1 billion. Berkshire sold more stock than it bought for an 11th straight quarter. It also conducted no stock buybacks, and through mid-July had conducted none since May 2024.

The $3.76 billion after-tax writedown for Berkshire's 27.4% stake in Kraft Heinz, equal to $5 billion before taxes, followed the struggling food company's May announcement it would consider strategic alternatives, which could include a breakup.

Buffett's company had been carrying Kraft Heinz on its books at above-market value but said economic and other uncertainties, as well as its longer-term plans to remain an investor, made the gap "other-than-temporary," necessitating a writedown.

The writedown is Berkshire's second for Kraft Heinz, following a $3 billion writedown in 2019. Buffett acknowledged at the time that Berkshire overpaid in the 2015 merger creating the food company.

Shares of Berkshire have fallen more than 12%, and lagged the Standard & Poor's 500 by about 22 percentage points, since Buffett announced on May 3 he would step down as chief executive at the end of the year, with Vice Chairman Greg Abel replacing him.

https://finance.yahoo.com/news/berkshire-takes-kraft-heinz-writedown-122007987.html

Hamas says it won't disarm unless independent Palestinian state established'

 Hamas said on Saturday that it would not lay down arms unless an independent Palestinian state is established.

In a statement, the Palestinian militant faction said its "armed resistance ... cannot be relinquished except through the full restoration of our national rights, foremost among them the establishment of an independent, fully sovereign Palestinian state with Jerusalem as its capital."

Indirect negotiations between Hamas and Israel aimed at securing a 60-day ceasefire in the Gaza war and deal for the release of hostages ended last week in deadlock.

https://www.yahoo.com/news/articles/hamas-says-wont-disarm-unless-135236771.html

How Pakistan shot down India's cutting-edge fighter using Chinese gear

 Just after midnight on May 7, the screen in the Pakistan Air Force's operations room lit up in red with the positions of dozens of active enemy planes across the border in India.

Air Chief Mshl. Zaheer Sidhu had been sleeping on a mattress just off that room for days in anticipation of an Indian assault.

New Delhi had blamed Islamabad for backing militants who carried out an attack the previous month in Indian Kashmir, which killed 26 civilians. Despite Islamabad denying any involvement, India had vowed a response, which came in the early hours of May 7 with air strikes on Pakistan.

Sidhu ordered Pakistan's prized Chinese-made J-10C jets to scramble. A senior Pakistani Air Force (PAF) official, who was present in the operations room, said Sidhu instructed his staff to target Rafales, a French-made fighter that is the jewel of India's fleet and had never been downed in battle.

"He wanted Rafales," said the official.

The hour-long fight, which took place in darkness, involved some 110 aircraft, experts estimate, making it the world's largest air battle in decades.

The J-10s shot down at least one Rafale, Reuters reported in May, citing U.S. officials. Its downing surprised many in the military community and raised questions about the effectiveness of Western military hardware against untested Chinese alternatives.

Shares of Dassault, which makes the Rafale, dipped after reports the fighter had been shot down. Indonesia, which has outstanding Rafale orders, has said it is now considering purchasing J-10s – a major boost to China’s efforts to sell the aircraft overseas.

But Reuters interviews with two Indian officials and three of their Pakistani counterparts found that the performance of the Rafale wasn't the key problem: Central to its downing was an Indian intelligence failure concerning the range of the China-made PL-15 missile fired by the J-10 fighter. China and Pakistan are the only countries to operate both J-10s, known as Vigorous Dragons, and PL-15s.


The faulty intelligence gave the Rafale pilots a false sense of confidence they were out of Pakistani firing distance, which they believed was only around 150 km, the Indian officials said, referring to the widely cited range of PL-15's export variant.

"We ambushed them," the PAF official said, adding that Islamabad conducted an electronic warfare assault on Delhi's systems in an attempt to confuse Indian pilots. Indian officials dispute the effectiveness of those efforts.

"The Indians were not expecting to be shot at," said Justin Bronk, air warfare expert at London's Royal United Services Institute (RUSI) think-tank. "And the PL-15 is clearly very capable at long range."

The PL-15 that hit the Rafale was fired from around 200km (124.27 mi) away, according to Pakistani officials, and even farther according to Indian officials. That would make it among the longest-range air-to-air strikes recorded.

India's defense and foreign ministries did not return requests for comment about the intelligence mistakes. Delhi hasn't acknowledged a Rafale being shot down, but France's air chief told reporters in June that he had seen evidence of the loss of that fighter and two other aircraft flown by India, including a Russian-made Sukhoi. A top Dassault executive also told French lawmakers that month that India had lost a Rafale in operations, though he didn't have specific details.

Pakistan's military referred to past comments by a spokesperson who said that its professional preparedness and resolve was more important than the weaponry it had deployed. China's defense ministry did not respond to Reuters' questions. Dassault and UAC, the manufacturer of the Sukhoi, also did not return requests for comment.

"SITUATIONAL AWARENESS"

Reuters spoke to eight Pakistani and two Indian officials to piece together an account of the aerial battle, which marked the start of four days of fighting between the two nuclear-armed neighbors that caused alarm in Washington. The officials all spoke on condition of anonymity to discuss national security matters.

Not only did Islamabad have the element of surprise with its missiles' range, the Pakistani and Indian officials said, but it managed to more efficiently connect its military hardware to surveillance on the ground and in the air, providing it with a clearer picture of the battlefield. Such networks, known as "kill chains," have become a crucial element of modern warfare.

Four Pakistani officials said they created a "kill chain," or a multi-domain operation, by linking air, land and space sensors. The network included a Pakistani-developed system, Data Link 17, which connected Chinese military hardware with other equipment, including a Swedish-made surveillance plane, two Pakistani officials said.

The system allowed the J-10s flying closer to India to obtain radar feeds from the surveillance plane cruising further away, meaning the Chinese-made fighters could turn their radars off and fly undetected, according to experts. Pakistan's military did not respond to requests for comment on this point.

Delhi is trying to set up a similar network, the Indian officials said, adding that their process was more complicated because the country sourced aircraft from a wide range of exporters.

Retired U.K. Air Mshl. Greg Bagwell, now a fellow at RUSI, said the episode didn’t conclusively prove the superiority of either Chinese or Western air assets but it showed the importance of having the right information and using it.

“The winner in this was the side that had the best situational awareness,” said Bagwell.

CHANGE IN TACTICS

After India in the early hours of May 7 struck targets in Pakistan that it called terrorist infrastructure, Sidhu ordered his squadrons to switch from defense to attack.

Five PAF officials said India had deployed some 70 planes, which was more than they had expected and provided Islamabad's PL-15s with a target-rich environment. India has not said how many planes were used.

The May 7 battle marked the first big air contest of the modern era in which weaponry is used to strike targets beyond visual range, said Bagwell, noting both India and Pakistan's planes remained well within their airspaces across the duration of the fight.

Five Pakistani officials said an electronic assault on Indian sensors and communications systems reduced the situational awareness of the Rafale's pilots.

The two Indian officials said the Rafales were not blinded during the skirmishes and that Indian satellites were not jammed. But they acknowledged that Pakistan appeared to have disrupted the Sukhoi, whose systems Delhi is now upgrading.

Other Indian security officials have deflected questions away from the Rafale, a centerpiece of India's military modernization, to the orders given to the air force.

India's defense attaché in Jakarta told a university seminar that Delhi had lost some aircraft "only because of the constraint given by the political leadership to not attack (Pakistan's) military establishments and their air defenses."

India’s chief of defense staff Gen. Anil Chauhan previously told Reuters that Delhi quickly "rectified tactics" after the initial losses.

After the May 7 air battle, India began targeting Pakistani military infrastructure and asserting its strength in the skies. Its Indian-made BrahMos supersonic cruise missile repeatedly sliced through Pakistan's air defenses, according to officials on both sides.

On May 10, India said it struck at least nine air bases and radar sites in Pakistan. It also hit a surveillance plane parked in a hangar in southern Pakistan, according to Indian and Pakistani officials. A ceasefire was agreed later that day, after U.S. officials held talks with both sides.

‘LIVE INPUTS’

In the aftermath of the episode, India's deputy army chief Lt. Gen. Rahul Singh accused Pakistan of receiving “live inputs” from China during the battles, implying radar and satellite feeds. He did not provide evidence and Islamabad denies the allegation.

When asked at a July briefing about Beijing's military partnership with Pakistan, Chinese Foreign Ministry spokesperson Mao Ning told reporters the work was "part of the normal cooperation between the two countries and does not target any third party."

Beijing's air chief Lt. Gen. Wang Gang visited Pakistan in July to discuss how Islamabad had used Chinese equipment to put together the "kill chain” for the Rafale, two PAF officials said.

China did not respond when asked about that interaction. The Pakistani military said in a statement in July that Wang had expressed "keen interest in learning from PAF’s battle-proven experience in Multi Domain Operations."

https://www.yahoo.com/news/articles/pakistan-shot-down-indias-cutting-100610649.html

'Trump tariffs hit Buffett's Berkshire consumer goods businesses'

 Warren Buffett's Berkshire Hathaway said on Saturday that its consumer goods businesses took a hit from U.S. President Donald Trump's trade policy, which raised tariffs on imported goods.

The conglomerate's consumer products group, which includes companies such as Fruit of the Loom, Jazwares and Brooks Sports, posted a 5.1% revenue decline in the second quarter from a year earlier to $189 million, due to lower volumes, tariffs and business restructurings.

Berkshire said tariffs produced delays in orders and shipments.

Still, the company said shoemaker Brooks' revenue increased 18.4% in the second quarter, as unit sales increased.

Buffett's conglomerate is closely watched by investors as its vast array of businesses in different sectors is seen as a microcosm of the broader U.S. economy.

In May, during Berkshire's annual meeting, Buffett strongly defended free trade, saying tariffs should not be a "weapon", adding: "Balanced trade is good for the world."

On Saturday, the conglomerate said its second-quarter operating income fell 4% to $11.16 billion, or about $7,760 per Class A share, from $11.6 billion a year earlier.

https://finance.yahoo.com/news/trump-tariffs-hit-buffetts-berkshire-131818362.html