ET NEWS

Russian oil and energy resources continue to flow to India as Moscow sees potential for LNG exports, Russia's First Deputy Prime Minister Denis Manturo said on Wednesday. "We continue to ship fuel, including crude oil and oil products, thermal and coking coal. We see potential for exporting Russian LNG," Manturov said, co-chairing the 26th session of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific-Technological and Cultural Cooperation (IRIGC-TEC). From the Indian side, the commission was co-chaired by External Affairs Minister S Jaishankar, who arrived here on Tuesday on a three-day visit. "We expect to expand comprehensive cooperation in the peaceful nuclear sector, including on the basis of the successful experience of the Kudankulam NPP construction project," the Russian leader said. Manturov noted that trade between Russia and India in national currencies has exceeded 90 per cent. "An equally important task, especially in the current realities, is to ensure seamless mutual settlements. We have already managed to transfer more than 90 per cent of payments between Russia and India to national currencies," Manturov said. India and Russia will continue to develop cooperation in the banking sector to further strengthen interbank cooperation and interaction in the insurance sector, he added. After the meeting, Jaishankar in a social media post said, "We had detailed discussions on our cooperation in a wide-ranging arena including trade & economic sector, agriculture, energy, industries, skilling, mobility, education and culture." "As we prepare for the Annual Leaders Summit, confident that the outcomes of the IRIGC-TEC meeting today will further drive the time-tested India-Russia partnership," he added. Jaishankar and Manturov signed the protocol of the IRIGC-TEC sessions; details of which would be released later by the governments in New Delhi and Moscow. Earlier, Jaishankar laid wreaths at the Tomb of Unknown Soldier at the Kremlin Wall to pay homage to Soviet people who died in World War II. He also met with experts of top Russian think-tanks to explain recent developments in India's foreign policy. Before leaving for home on Thursday, he will meet his Russian counterpart Sergei Lavrov to discuss current issues amid the global turmoil and Trump administration's sanctions on India. Lavrov and Jaishankar will also set the agenda for President Vladimir Putin and Prime Minister Narendra Modi's meeting on the sidelines of the Shanghai Cooperation Summit in China from August 31 to September 1. The relations between New Delhi and Washington are on a downturn after US President Donald Trump doubled tariffs on Indian goods to a whopping 50 per cent, including a 25 per cent additional duties for India's purchase of Russian crude oil that will come into effect from August 27.

Pakistan authorities on Wednesday extended its airspace ban for Indian aircraft till September 23. The Pakistan Airports Authority has issued a fresh NOTAM (notice to airmen) announcing the one-month extension of the restriction on Indian aircraft in Pakistan's airspace. "All aircraft operated by Indian airlines will not be allowed to use Pakistani airspace. The ban also remains in place for military and civilian aircraft that are Indian-owned or leased," the authority said. The ban was initially imposed on April 23 for one month in the wake of tension between the two countries following the Pahalgam terrorist attack. The move barred Indian carriers and aircraft from flying over Pakistani territory. Days later, on April 30, India responded with a reciprocal airspace closure for Pakistani aircraft and airlines. The tit-for-tat restrictions were first extended on May 23.

Big investors, fearful of September's typical seasonal declines, exited profitable stock positions on Tuesday, according to investors and trading company research, a sign the selloff in tech may be driven by a broad aversion to risk. The tech-heavy Nasdaq and broad S&P 500 stock index sold off sharply on Tuesday, driven by tech stocks that have rallied hard for much of the year. Nvidia sank 3.5%, the biggest drop in nearly four months. "This week's tech sell-off looks less like panic and more like a broad reshuffling of risk," said Bruno Schneller, managing director at investor Erlen Capital Management. "We've seen crypto, high-beta tech and the AI beneficiaries all come under pressure at the same time, which suggests investors are cutting exposure across multiple risk assets rather than reacting to a single headline." A momentum shift was taking place, noted two other hedge fund investors, declining to be named because they were not authorised to speak publicly. Hedge funds and asset managers were selling their winners, they said. This theme played out earlier on Wednesday in Korean technology stocks and China biotech-related equities, one of the sources said. This week's market moves could be a sign of things to come in the weeks ahead. BUYING EVAPORATES September 3 has historically notched highs for the benchmark S&P 500 index since 1928, after which stocks have fallen most years, said Scott Rubner, head of equity and equity derivatives strategy at Citadel Securities in a note on Tuesday. Stock buying routinely evaporates in September as retail buyers slow their purchases and companies buying back their own stock stop in mid-September for regulatory reasons, Rubner said. "After a summer of strong positioning and relentless upside, September historically brings a shift," he added. Currently, systematic traders such as hedge funds and trend followers have bought all the stock they had planned to and further appetite to push equities higher has petered out, Citadel Securities said. "The final week of August often coincides with low volumes due to vacations, and barbeques contributing to upward drift in stocks, especially in low-volume environments," said Rubner. Plus, larger asset managers will begin to reassess or rebalance their portfolios ahead of the quarter's end in September. "Mostly, we've run out of catalysts to buy more. Valuations are high. What can you point at to justify any higher?" said hedge fund BLKBRD's owner and founder Dan Izzo.

Following the Lok Sabha passing the Promotion and Regulation of Online Gaming Bill, 2025, on Wednesday, Union Minister Ashwini Vaishnaw said online money gaming has become a bigger issue than drugs, adding that many youngsters have died by suicide after losing their savings in such games.He, however, said the goal is to promote eSports, social gamin and make India a global game-development hub. In an exclusive interview with ET Now, Vaishnaw said that there are three segments to the bill, including e-sports, online social gaming and online money gaming. "This bill aims to promote the first two segments wherein an authority will be created. There will be more schemes, employment and the creator economy grows," said the minister. The third segment is where the harmful effect is visible in the society, wherein middle class families are losing their entire life's savings, Vaishnaw added. "That kind of harmful impact is what this bill tries to protect form. Even the World Health Organisation has given a clear gaming disorder which causes severe psychological issues in people who play online money games," he said. Vaishnaw said that online money games are addictive and there is no way to predict algorithms. "There are many games where people win small amounts initially and later lose everything. The terms and conditions are such that once you give authorisation to deduct money from your credit card or or an account, it continues without checks. He also highlighted that such games have cross-border issues, where the money goes outside the country. "There is also a money laundering angle in this, which causes significant harm to the society." Promotion and Regulation of Online Gaming BillThe Lok Sabha on Wednesday passed the Promotion and Regulation of Online Gaming Bill, 2025, aimed at establishing a legal framework for the fast-growing industry and introducing safeguards for players.The legislation, introduced earlier in the day by Union Electronics and IT Minister Ashwini Vaishnaw amid Opposition protests, was cleared a day after the Cabinet approved it.The Bill imposes a blanket ban on online games involving monetary stakes, citing addiction, financial losses and related suicides among youth as key concerns.It prohibits all forms of online betting and gambling, including fantasy sports, card games such as poker and rummy, and online lotteries. It also bans advertisements promoting such games and bars banks and financial institutions from processing or facilitating related transactions.Under the law, an “online money game” is defined as one played by a user after depositing money with the expectation of monetary gain.The government has clarified that esports and social games will remain permissible, with subscription-based access allowed but without the promise of financial returns.Offering or facilitating such games will be punishable with imprisonment of up to three years and/or a fine of up to ₹1 crore, once the Bill clears both Houses of Parliament.