Worrying cracks hiding behind MG Motor's own ‘house of Windsor'

'It was the best of times, it was the worst of times' – reads the opening line of A Tale of Two Cities by Charles Dickens. The beginning of the famous 1859 novel perhaps best describes an automobile manufacturer in the country – Morris Garages India (now JSW MG Motor India). It is the best of times for the company, which has a vintage British lineage and a Chinese patronage through SAIC Motor Corporation, is smiling through the lanes of India's

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Time of India

13 minutes ago

• Time of India

Tata Motors working with govt, looking alternate sources for magnets: Chandrasekaran

Mumbai: Tata Motors is working with the government and is also taking steps to procure magnets from alternate sources in the wake of China restricting exports of rare earth elements , company Chairman N Chandrasekaran told its shareholders on Friday. Responding to queries from shareholders on the impact of China's move to restrict exports of rare earth elements and shortage of magnets, he said, "As of now, this is not a concern, but this is something that we are watching very carefully." "As of now, we are okay. We are not facing are able to source the magnets that we need, and also we have plans for having the right level of inventory. We are working with the government. Also, we are working on sourcing from alternate sources," Chandrasekaran noted. China's restrictions on the export of rare earth elements and related magnets are affecting the domestic auto and white goods sectors. The automobile industry had sought government support in expediting approvals from the Chinese government for importing rare earth magnets used in various applications, including passenger cars. Live Events To another query on the impact of the ongoing Iran-Israel war on the company's business, he said, "It is very difficult to answer what will be a war kind of situation look like." However, he said Tata Motors group's three firms -- commercial vehicle, passenger vehicles and JLR -- have a very strong platform. "They will be able to tide over any of these geopolitical issues in the short term but are completely ready and poised for excellent growth and leverage the opportunity that this industry has to offer," Chandrsekaran asserted. Earlier in opening address, he said that going forward, volatility will continue to mark economic cycles -- from widespread geopolitical conflicts, military escalations, the redrawing of supply chains and tariff regimes, to AI and energy transition. Nowhere are all these disruptions visible more than in the automotive sector . "Given the enormous amount of work we have done over the past few years -- from simplifying the businesses to making big strategic bets to strengthening our financial position -- our businesses are structured to not just handle this environment, but to thrive," he asserted. Responding to a query on passenger vehicle business expansion in international markets, he said, "This is something that we are always in discussions but we are waiting for the right geopolitical environment to be able to launch but we are getting prepared." To another query on the completion of demerger of Tata Motors' commercial and passenger vehicle verticals into separate entities, Chandrasekaran said, "We think the demerger will happen in the last quarter of this year. "First, the PV company will list and then the CV company will list a couple of months later. It will happen, in our estimate, sometime around October-November-December quarter." Economic Times WhatsApp channel )

First Post

16 minutes ago

• First Post

Trump creates tariff firewall against China, its companies turn attention to Brazil

China's energy strategy faces disruption as Israel's strikes on Iran threaten key oil supply routes. With US trade tensions rising, Chinese firms are pivoting to Brazil while Beijing accelerates its push for energy self-sufficiency. Analysts warn the conflict could weaken China's regional influence and diplomatic ambitions. read more China's decades-long push to secure energy dominance through partnerships with Iran is facing a major test as the Israel-Iran war threatens to choke Beijing's oil supply lines and disrupt its regional ambitions. The fallout, combined with escalating trade tensions with Washington, is prompting a reorientation of Chinese corporate interests toward markets like Brazil, according to a report by the Financial Times. Chinese President Xi Jinping this week urged restraint from all sides in the escalating Middle East conflict, while also criticising US interference in China's trade with Iran. Yet, concerns in Beijing are mounting as Israel continues to target Iranian oil and nuclear facilities. Analysts say this not only jeopardises China's access to cheap Iranian crude but also threatens its broader diplomatic and energy strategy in the region. STORY CONTINUES BELOW THIS AD 'If this situation continues to escalate, then they lose quite a bit, both in terms of their energy security and Iran as a strategic card that China holds,' said Gedaliah Afterman of Israel's Abba Eban Institute, speaking to FT. Iran has become a vital energy partner for China, particularly since US-led sanctions intensified in 2018. China buys the bulk of Iran's oil exports—reaching as much as 1.6 million barrels a day at its peak in 2024—and supplies Tehran with essential goods, including electronics, vehicles, and even nuclear equipment. But Iranian shipments to China dropped to 740,000 barrels a day by April, driven by fears of further sanctions and intensifying regional instability. The risk of an Iranian blockade of the Strait of Hormuz—through which billions of dollars in Gulf oil flows to China adds to Beijing's anxiety. While some Chinese analysts say OPEC+ producers may fill the gap in a worst-case scenario, any broader disruption would drive up prices and hit China's energy security. China's reliance on Gulf suppliers is significant. Besides Iran, Saudi Arabia is its largest oil provider outside Russia. In natural gas, over a quarter of China's LNG imports last year came from Qatar and the UAE. Even with long-term contracts, Chinese importers may be forced to turn to the spot market at higher costs if the regional crisis widens. STORY CONTINUES BELOW THIS AD The FT report also highlights that President Xi's broader strategy of energy self-sufficiency may now accelerate. China is already the world's top user of oil, but under Xi, it has embarked on a massive renewable push. Solar and wind now make up 56% of total electricity power plant capacity, up from a third ten years ago. 'This crisis will only make Beijing double down,' said Neil Beveridge of Bernstein Research. 'If it wasn't happening fast enough before, it will be happening even faster now.' At the same time, the US-China rivalry continues to simmer. Former President Donald Trump has moved to harden trade restrictions on Beijing, creating what analysts describe as a 'tariff firewall.' Facing mounting pressure, many Chinese firms are increasingly eyeing Brazil as an alternative trade partner and investment destination, particularly in sectors like agriculture, green energy, and critical minerals. Beijing's broader diplomatic ambitions in the Middle East have also taken a hit. China's influence surged with its mediation of the 2023 Saudi-Iran deal and its 25-year cooperation pact with Tehran. But analysts were quoted by FT as highlighting its role as a neutral broker has been diminished by the latest conflict and its cautious response. STORY CONTINUES BELOW THIS AD 'The demise or the collapse of the Iranian system or the Iranian power as we knew it is not good news for China,' Yun Sun of the Stimson Center told FT. 'That indirectly means that American influence has expanded.' Experts echoed that for Beijing, the Israel-Iran war is a stark reminder of the vulnerability in its foreign energy bets and the geopolitical limits of its global aspirations.

The Print

31 minutes ago

• The Print

Beijing hosts 1st Pakistan-China-Bangladesh trilateral, says ‘not directed at any third party'

According to official statements from both the Pakistani and Chinese foreign ministries, the three countries committed to deepening ties through 'mutual trust and good-neighborly principles'. A working group will be established to implement cooperation projects and follow up on the agreements reached. The high-level meeting was co-chaired by Chinese Vice Foreign Minister Sun Weidong, Acting Foreign Secretary of Bangladesh Ruhul Alam Siddique, and Pakistan's Foreign Secretary Amna Baloch, who participated virtually. New Delhi: Beijing Wednesday hosted the first ever trilateral meeting between Bangladesh, China and Pakistan in Kunming city in the Chinese province of Yunnan. In a statement issued later, the Chinese foreign ministry said, in an apparent reference to India, the 'three sides emphasized that China-Bangladesh-Pakistan cooperation adheres to true multilateralism and open regionalism, not directed at any third party'. Details of the agreements reached are still unclear at this point. The discussions focused on strengthening trilateral collaboration across a range of sectors, including trade and investment, agriculture, digital economy, marine sciences, environmental protection, education, green infrastructure, and people-to-people exchanges. 'The Foreign Secretary expressed Pakistan's desire for a deeper engagement between China and South Asian countries. Expressing satisfaction at the upward trajectory of bilateral ties, the Foreign Secretary conveyed Pakistan's readiness to work with China and Bangladesh to enhance ties in trade and investment, agriculture, digital economy,' said the readout issued by the Pakistan foreign ministry. China's role as convenor of this trilateral format also signals Beijing's intent to reshape regional order through alternative multilateral formats to counterbalance India's influence in the region and advance its Belt and Road Initiative (BRI) and regional influence with more flexible, cooperative frameworks. 'Sun Weidong stated that the Chinese government is committed to building a community with a shared future with neighboring countries. Bangladesh and Pakistan are both good neighbors, good friends, and good partners of China, and important partners in high quality Belt and Road cooperation. As significant members of the Global South and key countries in the region, all three countries face the mission of national revitalization and modernization, and all require a peaceful and stable environment. Cooperation among China, Pakistan and Bangladesh aligns with the common interests of the three peoples, and can contribute to regional peace, stability, development and prosperity,' the Chinese foreign ministry said. The meeting comes amid a significant realignment in South Asian geopolitics. Bangladesh and Pakistan resumed high-level engagements in April, after a 15-year diplomatic freeze. The two countries held a Foreign Office Consultation (FOC) earlier this year. A Bangladeshi military delegation also made a rare visit to Pakistan in January, meeting with Pakistan Army Chief General Asim Munir, while Bangladesh's Navy participated in a Pakistani-led maritime exercise off the coast of Karachi in February. These moves come as Dhaka's interim administration, led by Muhammad Yunus, takes a more open stance towards Pakistan, in contrast with the historically tense ties under former Prime Minister Sheikh Hasina. Yunus has criticized India for harbouring Hasina and has formally requested her extradition—a request to which India has yet to formally respond. Meanwhile, Bangladesh's Foreign Secretary Jashim Uddin in April met with his Pakistani counterpart and raised long-standing grievances, including a demand for a formal apology from Pakistan for the 1971 war atrocities during Bangladesh's independence struggle. In a broader diplomatic context, Sun also held bilateral meetings on the sidelines of the trilateral meeting in Kunming, including with Afghanistan's Acting Deputy Prime Minister Haji Mawlawi Abdul Salam Hanafi. (Edited by Amrtansh Arora) Also Read: New Delhi-Dhaka must reimagine ties as 'strategic necessity for collective growth'—Bangladesh envoy