India a good option for UK businesses exploring alternative to China: UKIBC

India is an attractive proposition for UK businesses looking for alternatives to China, in view of the prevailing sentiments globally, the UK-India Business Council (UKIBC) has said.

In an interview to PTI, UKIBC’s first Indian Group CEO Jayant Krishna said he expects to see growth in UK-India trade as both countries come out of the crisis, asserting that UK businesses are very keen to support India’s ‘Aatmanirbhar Bharat’ mission.

The bilateral trade between the two countries stood at $15.5 billion in 2019-20 as against $16.87 billion in the previous fiscal.

“UK and India have started looking at opportunities emanating from the business sentiments worldwide to explore manufacturing supply chain possibilities as alternatives to China,” Krishna said.


He observed that UK industries have long investments in India across sectors and the country is an increasingly attractive proposition for businesses looking to explore alternate destinations for their global supply chain.

“Moreover, UK businesses are and will look to India as an incremental base for manufacturing and research and development,” the UKIBC Group CEO said.

He said there are great complementarities between India’s

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Saudi Aramco’s profit falls 73%; sticks with dividend despite debt surge

Saudi Arabia’s state-controlled oil giant pressed ahead with a plan to pay $75 billion in dividends this year despite crashing profit and a surge in debt, as the kingdom battles a widening budget deficit.

said net income for the three months ending in June fell to 24.6 billion riyals ($6.6 billion), down 73 per cent from a year earlier, after crude prices collapsed. Aramco will pay a dividend of $18.75 billion for the quarter, most of it to the government, which owns around 98 per cent of the company’s stock.

Aramco’s performance and demand for energy will probably improve over the rest of the year as nations ease coronavirus lockdowns, according to Chief Executive Officer Amin Nasser.

“We are seeing a partial recovery in the energy market as countries around the world take steps to ease restrictions and reboot their economies,” he said.

ALSO READ: Saudi Arabia turns off oil tap for Pakistan over deferred payments

The results cap a turbulent period for the world’s biggest oil exporter. Prices briefly turned negative in the US in April as the virus battered the global economy and Aramco slashed hundreds

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Belarus Leader Set For Overwhelming Election Win After Historic Challenge

Belarusian President Alexander Lukashenko was set for an overwhelming victory in a presidential election on Sunday, an official exit poll said, after a political newcomer mounted a historic challenge to the strongman leader.

The exit poll for state television gave Lukashenko 79.7 percent of the vote, with main challenger Svetlana Tikhanovskaya coming second with 6.8 percent.

The opposition had said it expected the results to be rigged and some were already calling for protests on Sunday night.

The atmosphere in the capital Minsk was tense, with police and special forces on the streets and a Soviet-era protest song blasting from car radios and flats.

Huge queues had formed outside polling stations in the capital Minsk and other cities before voting ended at 8:00 pm local time (1700 GMT), after Tikhanovskaya urged her supporters to vote late to give authorities less chance to falsify the election.

Lukashenko, shown here at a military parade in May, has warned of outside threats and raised the spectre of violent mobs
 POOL / Sergei GAPON

Central Election Commission chief Lidia Yermoshina, who had denounced the queues as an “organised provocation”, said most polling stations had closed as planned but that voting would be extended at

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