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The Economic Times (India)

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Tata Steel shares dip over 2% as UK project may face 6-8 month delay amid electricity access issues

Shares of Tata Steel fell 2% to Rs 202 on the BSE on Monday amid reports that it may have to push back the commissioning timeline of its 1.25-billion-pound low-carbon steel project in the UK by six to eight months due to delays in obtaining access to the required electricity infrastructure.The company is building a 3.2 million-tonne electric arc furnace (EAF) at Port Talbot as part of its decarbonisation strategy. The project, which involves an investment of 1.25 billion pounds, is intended to replace the site's blast furnace operations of similar capacity that have now been shut down.Before the latest setback, Tata Steel had been targeting the start of operations by late 2027 or early 2028. However, delays linked to the power connection process have created uncertainty around that timeline, a news report by PTI stated. Koushik Chatterjee, Executive Director and Chief Financial Officer of Tata Steel, said the company has been working with the Electricity System Operator (ESO) and National Grid on the new electrical infrastructure. However, National Grid has formally informed Tata Steel that its connectivity project is running behind schedule.According to Chatterjee, National Grid has flagged potential delays compared with the originally planned date for the high-voltage power connection. He said Tata Steel is engaging with all stakeholders, including the UK government, to minimise the impact and establish revised timelines, the report added. The company said major demolition work at the Port Talbot site has already been completed, while fabrication and delivery of equipment continue to progress. Access to higher-capacity electricity remains a critical requirement for the transition to electric arc furnace-based steelmaking.The project has secured 500 million pounds of support from the UK government and is expected to cut site-level carbon dioxide emissions by 90%, equivalent to around 5 million tonnes annually. Separately, the Port Talbot project site witnessed a fire incident on June 3. Tata Steel UK said on Thursday that all personnel were safely evacuated and accounted for, with no injuries reported. Chatterjee said Tata Steel is continuing discussions with National Grid and the UK government to address the issue and explore ways to reduce the delay."We are working with the UK government, the National Grid and ESO, which is the electricity supplier, to see if we can mitigate it, but somewhere between six months to eight months will certainly be there, maybe higher, after we have built the plant," he said while responding to a question on potential delays in commissioning the facility.He added that the company is evaluating options to shorten the delay but acknowledged that some slippage in timelines now appears unavoidable. "We are actively working to see if we can reduce it further, but there will be some imminent delays," Chatterjee said, without providing additional details.In May 2024, Tata Steel signed a connection offer agreement with the Electricity System Operator. Under the arrangement, National Grid is responsible for building the electrical infrastructure required to power the 3.2 million-tonne electric arc furnace by the end of 2027.According to information shared by Tata Steel, the National Energy System Operator (NESO) is a public body that oversees the connection process, including the connection contract with Tata Steel UK, and manages electricity grid operations across the UK.National Grid Electricity Transmission (NGET), meanwhile, is the private company responsible for constructing, owning and maintaining the connection infrastructure.Tata Steel Group is among the world's leading steelmakers, with an annual crude steel production capacity of 35 million tonnes. The company also ranks among the most geographically diversified steel producers globally.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

DMK rules out alliance with Congress

Pudukkottai (Tamil Nadu): Ruling out any future patch-up with the Congress, senior DMK leader R S Bharathi on Sunday launched a scathing attack on the national party, comparing its exit from the alliance to "adultery" and said that the Dravidian major will never welcome back defectors."We are not there in an alliance where Congress is present. I am clarifying that," Bharathi said.Addressing reporters here, Bharathi also issued a fierce electoral challenge to rivals, daring them to win a single mayor seat in the upcoming local body polls, and demanded the elections be held as early as January."In local body elections, people vote only for meritorious candidates. I challenge them: let elections be conducted in six months, say in January. If you can win even a single Mayor post, I will accept your strength. Are Annamalai and others ready to accept this challenge?" Bharathi asked.Also read | The safe keepers: Inside India's booming locker economyAsked about Congress leader Manickam Tagore's critical remarks regarding the DMK's performance and alliance dynamics, Bharathi advised Tagore to self-reflect on his own victory first.Using sharp analogies to describe the split, the senior DMK leader stated that while some separations happen by mutual consent, this breakdown was akin to a partner engaging in a "clandestine relationship"."No one lives with a wife who runs away. There is no longer any political ties or relationship with them. Even if the DMK leadership decides otherwise, the grassroots party cadres will never accept Congress back into the fold," Bharathi said.He added that despite the current political landscape, the DMK remains ideologically uncompromised and firmly ruled out ever aligning with the BJP in the future.Taking a swipe at politicians frequently switching allegiances, Bharathi noted that the "Aya Ram Gaya Ram" culture, which historically plagued northern states like Haryana, is now showing its face in Tamil Nadu.Also read | Indian tourists go viral for all wrong reasons. Here's how not to become the next horror storyTargeting former AIADMK leaders and other politicians defecting to the BJP and newly formed parties, Bharathi said, "People who shift from one party to another for positions will not last long. If the government falls in six months, they will all come running back to square one".Downplaying the recent electoral gains of actor-turned-politician Vijay's TVK, Bharathi characterised the victory a "jackpot lottery ticket" rather than an endorsement of ideology. He noted that TVK only secured a 35 per cent vote share, meaning 65 per cent of the electorate voted against them."People voted simply looking at a face and due to social media campaigns on Instagram. Voters don't even know who their local MLAs or ministers are," Bharathi claimed, drawing a parallel to how a single issue like onion prices once changed a government in Delhi. He predicted that just like Archimedes' principle, "the faster a ball goes up, the faster it will come down," predicting a similar trajectory for TVK.

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Police Complaints Authority urge alcohol tests on night-duty personnel in Bengaluru

KSPCA member highlights allegations that some personnel have been visiting eateries, consuming food without payment, engaging in arguments with hotel owners, and, in some cases, assaulting members of the public

The Times of India

스포츠

Former NFL scout sparks outrage with claim amid Russini-Vrabel scandal

Severe allegations have surfaced regarding female journalists and NFL coaches. A former NFL scout suggests ten current female reporters have engaged/are engaging in relationships with NFL coaches, executives, agents, or players. This follows the Dianna Russini and Mike Vrabel’s Sedona cheating scandal. Crissy Froyd, a journalist, was fired from USA TODAY after commenting on Dianna Russini’s resignation from The Athletic. She believes some reporters trade relationships for stories. And they are corrupting the industry she has known since she was 15.

The Times of India

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India engaged with US over Section 301 probe linked to forced labour concerns

The Union government is engaging with the US concerning a Section 301 investigation into forced labor and industrial capacity. The US Trade Representative has identified India among countries with inadequate measures against goods made with forced labor, proposing potential tariffs. This occurs amidst ongoing bilateral trade deal discussions.

The Times of India

Is Mojtaba Khamenei alive? Rubio says Iran supreme leader 'increasingly engaging'

In a surprising announcement, US Secretary of State Marco Rubio revealed that Iran's Supreme Leader Ayatollah Mojtaba Khamenei is not only alive but also taking a more hands-on approach in governance. This update comes after the February 28, 2026, attack in Tehran, which claimed the life of his father, former leader Ali Khamenei, among others.

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Iran Threatens "New Fronts" In War As Peace Talk Cliffhanger Continues

Iran has said it needs the release of $12 billion in frozen assets before engaging in substantive talks.

The Economic Times (India)

India’s policy on Myanmar will be pragmatic, says official

Criticism aimed at Indian policymakers for engaging Myanmar’s President U Min Aung Hlaing will not deter Delhi from forging ties with the military-backed regime, he says

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RBI mulls cross-border CBDC transactions

Mumbai: The Reserve Bank will explore the use of CBDC in cross-border transactions besides expanding the digital rupee to more direct benefit transfer schemes and domestic retail space during the current fiscal year. During 2025-26, the central bank launched multiple Central Bank Digital Currency (CBDC) pilots under direct benefit transfer (DBT) schemes of the Centre and state governments, leveraging the programmability capability of CBDCs, said the RBI's annual report for 2025-26. On cross-border payments, the RBI signed memorandum of understanding (MoU) on digital asset collaboration with the Monetary Authority of Singapore (MAS) in 2025-26. Also, bilateral discussions with MAS and the Central Bank of the UAE (CBUAE) were held for operationalising a cross-border CBDC pilot. The Reserve Bank also joined multilateral BIS-Innovation Hub-led initiatives, which are focused on enhancing cross-border payments through CBDCs. The Reserve Bank plans to expand the CBDC pilot to cover new use cases under DBT schemes and the domestic retail space, while exploring additional pilots on tokenisation of financial assets and widening participant coverage. On cross-border payments, the RBI intends to operationalise bilateral CBDC pilots with select use cases and deepen engagement in multilateral projects. "Exploring a bilateral/multilateral crossborder CBDC pilot with select use cases and engaging in multilateral projects on cross-border payments on technical and governance standards" is one of the RBI's agenda for FY27. Providing a framework for testing of innovative products/services leveraging CBDC under the CBDC and Asset Tokenisation (CAT) sandbox is also on the RBI's to-do list during the current fiscal year. The value of bank notes in circulation in digital form CBDC-R stood at Rs 771.66 crore as on March 31, 2026, as compared to Rs 1,016.46 crore as on March 31, 2025.

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Policy address: Kerala to be positioned as India’s most emotionally engaging tourist destination

The government will also ensure that Kerala’s cultural heritage and artistic traditions are integrated into the tourism sector