India to slash car import tariffs to 40% in EU trade deal
India plans to cut car import tariffs from the European Union to 40 per cent from as high as 110 per cent as the two sides close in on a free trade pact expected to be announced Tuesday. Prime Minister Narendra Modi’s government has agreed to immediately reduce the tax on a limited number of cars from the 27-nation bloc with an import price above €15,000, with tariffs further lowered to 10 per cent over time.
The proposal covers about 200,000 combustion-engine cars annually, India’s most aggressive move yet to open the automotive sector. Battery electric vehicles will be excluded from duty reductions for the first five years to protect investments by domestic players like Mahindra & Mahindra and Tata Motors. The deal could expand bilateral trade and lift Indian exports of textiles and jewellery, which have been hit by 50 per cent US tariffs since late August.
DisCos reject FG’s free meter directive
Electricity distribution companies have expressed doubt over Power Minister Adebayo Adelabu’s directive that prepaid meters must be free for all categories of customers. DisCo operators, speaking anonymously, said the minister made a political statement without considering input from stakeholders, particularly meter installers and providers.
The operators explained that while meters are procured under the World Bank-funded Distribution Sector Recovery Programme, DisCos are expected to pay for them over 10 years. They questioned who would cover installation costs, noting that meter installers are not DisCo employees. The free meter declaration also threatens the Meter Asset Providers scheme, which allows customers to purchase meters directly and receive refunds through energy credits over time.
Diezani Alison-Madueke’s UK corruption trial begins today
The corruption trial of Diezani Alison-Madueke, Nigeria’s former petroleum minister and the first woman president of OPEC, begins today in London. The 65-year-old faces five counts of accepting bribes and one count of conspiracy to commit bribery related to her tenure as minister between 2010 and 2015.
Alison-Madueke is accused of accepting financial advantages from individuals linked to two energy groups, including the use of London properties, furniture, chauffeur-driven cars, a private jet flight, £100,000 in cash, school fees for her son, and products from Harrods and Louis Vuitton. She has been on bail since her arrest in London in October 2015 and denies all charges. The trial is expected to last 10 to 12 weeks.
Gold surges past $5,000 in record-breaking rally
Gold surged to a record high above $5,000 per ounce on Monday, extending its historic rally as investors sought safe-haven assets amid rising geopolitical tensions. Spot gold climbed 1.67 per cent to $5,072 per ounce, up about 18 per cent this year following a 64 per cent gain in 2025.
The surge follows escalating friction between the United States and NATO over Greenland, a weaker US dollar, and sustained central bank buying. China’s central bank extended its gold-buying spree to a 14th month in December. Goldman Sachs recently lifted its December 2026 forecast to $5,400 per ounce, citing hedges against global macro and policy risks that have become sticky. Silver also rallied, jumping 3 per cent to $106.10 per ounce.
S&P upgrades Congo’s credit outlook ahead of debut eurobond
S&P Global Ratings upgraded the outlook on the Democratic Republic of Congo’s B- sovereign credit rating to positive from stable as the country prepares its first-ever eurobond offering. The copper and cobalt-rich nation announced plans to issue a debut $750 million eurobond in April, aiming to leverage its fairly low debt levels and positive assessment from the International Monetary Fund.
Finance Minister Doudou Fwamba Likunde said the upgrade will boost investor confidence ahead of the country’s international debt market debut. The move comes after the IMF issued a cautiously optimistic assessment of Congo’s economy, though it warned of risks including commodity price fluctuations and conflict with Rwanda-backed rebels in the east that exerts pressure on public finances.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
