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Surge in cheap Chinese steel forces India to consider 12% import tax: Report - Surge in cheap Chinese steel forces India to consider 12% import tax: Report BusinessToday
Business Today
·
3m ago
Medial
India is considering implementing a temporary 12% tariff on certain steel imports to protect its domestic industry from an influx of inexpensive shipments, especially from China. This initiative follows a significant increase in steel imports, putting pressure on local manufacturers. The government intends to act swiftly based on recommendations from the Directorate General of Trade Remedies (DGTR), as reported by Reuters. This measure aims to mitigate the impact on the domestic steel sector.
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US tariffs action to make India target for cheap Chinese steel, say industry players
Livemint
·
5m ago
Medial
The US imposition of tariffs on imports from Mexico, Canada, and China could negatively impact India by making it a target for cheap Chinese steel, say experts. As the Indian steel industry undergoes a capacity enhancement phase, the influx of cheap surplus steel may hinder growth and erode margins. Industry leaders express concerns over increased imports, despite India’s potential for improved competitiveness in the US market, urging government intervention to support local steel sector development.
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Nepal, China steel may face duty evasion probe
Economic Times
·
7d ago
Medial
The Directorate of Revenue Intelligence in India might investigate steel imports from Nepal and China to protect the domestic steel industry from potential duty evasion. Despite limited manufacturing capacity, Nepal is now among the top steel exporters to India due to duty-free access. Allegations suggest some Chinese steel may be entering India via Nepal. Quality concerns have prompted calls for stringent adherence to import regulations for steel imports, affecting intermediary traders more than manufacturers.
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ArcelorMittal's India JV seeks duty-free LNG imports, letter shows
Money Control
·
10m ago
Medial
ArcelorMittal's India joint venture, AM/NS India, has requested that the Indian government eliminate the import tax on liquefied natural gas (LNG) for steelmaking purposes. The company believes that removing the tax would help reduce production costs and support decarbonisation goals. Steel production accounts for approximately 8% of global carbon emissions, and using LNG instead of coal as a fuel source can help lower emissions. AM/NS India's proposal, if accepted, would also benefit other steelmakers in the country, such as JSW Steel and Tata Steel.
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Temu ditches Chinese imports model to avoid Trump’s tariffs
Economic Times
·
3m ago
Medial
Temu is shifting from a model based on cheap Chinese imports to focusing on local U.S. merchants to avoid tariffs imposed by the Trump administration. This move to a "local fulfillment" model aims to maintain competitive prices for American consumers while circumventing high import taxes. The strategy aligns with improving service levels and supporting local businesses. This shift reflects broader challenges faced by retailers like Shein and Alibaba with soaring import taxes and tariff changes.
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Tata Steel India operations profit dip 5% amid lower realisations
Money Control
·
1y ago
Medial
Tata Steel India reported a 5% decline in fourth-quarter profit to Rs 8,190.23 crore due to poor pricing of steel products caused by intense competition and cheap imports, primarily from China. Consolidated revenue from India operations also fell by 1.3% to Rs 36,634.8 crore for FY24. Domestic deliveries were up 5% to 5.42 million tons in 4QFY24, with India deliveries accounting for 68% of total deliveries. Tata Steel's overall fourth-quarter profit dropped 64% to Rs 611.48 crore due to lower steel realizations and poor performance in international operations.
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One French company’s lonely struggle to survive fierce competition from China
Livemint
·
1y ago
Medial
French solar-panel company Photowatt is struggling to stay afloat, facing fierce competition from cheap Chinese solar panel imports. The company's orders have plummeted as customers opt for lower-priced Chinese panels. Photowatt's plight serves as a warning to the US and Europe as they consider how to protect their industries from Chinese pressure. China's push to stimulate its manufacturing sector and overcapacity in sectors such as solar panels, electric vehicles, and batteries threatens the green industries of the West. The West fears becoming reliant on China for crucial goods needed for a low-carbon future.
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Deepfake threats are on the rise - new research shows worrying rise in dangerous new scams
Techradar
·
1y ago
Medial
Hackers are increasingly using deepfake videos and emulators to bypass biometric security systems, according to a recent report by iProov. The report reveals a 353% surge in the use of this method by criminals between the first and second halves of 2023. By using cheap AI tools, hackers create convincing face-swaps and deepfake videos, then use emulators to trick biometric authentication systems. The report also highlights a significant increase in collaboration among hackers to improve these techniques.
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Vietnam parliament moves to curb tax breaks favouring ecommerce giants
Economic Times
·
8m ago
Medial
Vietnam's parliament has approved changes to tax laws that will require local operators of foreign e-commerce platforms to pay Value-Added Tax (VAT) and scrap tax exemptions on low-cost imported goods. The amendments will be effective from July 1, 2022, raising the maximum standard VAT rate from 8% to 10%. This move aims to ensure taxes are fully collected from e-commerce firms and addresses concerns about unfair competition from Chinese online retailers. The changes could impact the fast-growing $22 billion e-commerce market in Vietnam, which heavily relies on cheap goods from China.
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DGGI drops Rs 3,000 crore tax demand for FY18 on 18 foreign shipping firms working in India: Report
Money Control
·
11m ago
Medial
The Directorate General of Goods and Services Tax Intelligence (DGGI) has dropped a tax demand of Rs 3,000 crore for the financial year 2017-18 against 18 foreign shipping companies operating in India. The tax demand for subsequent years will remain unchanged. This comes as a relief for companies like Maersk, Orient Overseas Container Line Ltd, and Hapag Lloyd Mediterranean Shipping, who were facing notices for non-payment of goods and services tax (GST) on import of services. The companies gave an undertaking that there was no import of services in 2017-18.
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Chinese cyberattacks on Taiwan government averaged 2.4 million a day in 2024, report says
Economic Times
·
7m ago
Medial
In 2024, Taiwan faced an average of 2.4 million cyberattacks daily, double the previous year's figure, with most attributed to Chinese cyber forces, according to Taiwan's National Security Bureau. These attacks targeted sectors like telecommunications and defense, often coinciding with Chinese military drills. Techniques included DDoS attacks and advanced persistent threats aimed at disrupting operations and stealing confidential information. The report highlights the increasing severity of China's hacking activities against Taiwan.
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