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WORLD

UK Approved GlaxoSmithKline Drug

The United Kingdom’s regulators allowed a GlaxoSmithKline (GSK) drug called Sotrovimab to treat people having severe Covid-19 symptoms, and the firm claimed that it is effective against the new Omicron variant. The drug was noticed to be safe and effective at decreasing hospitalisation and death of people with severe Covid-19 infections,” the Medicines and Healthcare products Regulatory Agency (MHRA) stated.


Pre-clinical data showed that the drug “holds activity against new Omicron variant. The drug has confirmed ongoing activity against all tested variants of concern and defined by the World Health Organization (WHO),” GSK said in a statement. A single dose of the drug was found to decrease the risk of hospitalisation and death by 79 per cent in high-risk adults with significant Covid-19 infection, according to the MHRA.

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AUTOWORLD

Volvo to Slash 800 US Jobs as Q1 Income Falls by $500 Million on Weak Truck Demand

Dhruva Kulkarni

Volvo AB’s income fell in the first quarter as uncertainty over US tariffs hit truck demand in North America.

Operating income dropped to 13.3 billion kronor ($1.4 billion) from 18.2 billion kronor a year earlier. The company also cut its full-year forecast for North America’s heavy-duty truck market to 275,000 units, down from around 300,000.

European truck makers are feeling the pressure from weaker demand and tighter pricing, which are squeezing profits. For Volvo, the lack of clarity on US trade policy is expected to further strain freight activity and equipment sales in the coming months.

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In response, Volvo plans to lay off up to 800 workers across three US facilities. The company, which manufactures all its North American trucks locally, also said it would seek compensation from customers to offset rising production costs caused by the new tariffs.

Meanwhile, Volkswagen’s truck division Traton SE, which owns Scania and MAN, warned of lower profits this quarter due to falling deliveries and sales.

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WORLD

India, Saudi Arabia Set to Sign Six Pacts; Modi to Discuss Hajj Quota with Crown Prince

Dhruva Kulkarni

India and Saudi Arabia are expected to sign at least six memoranda of understanding (MoUs) today during Prime Minister Narendra Modi’s visit to Jeddah.

According to sources, additional agreements were still being finalised late Monday, with more than a dozen MoUs under discussion.

Modi will also hold a key meeting with Crown Prince and Prime Minister Mohammed bin Salman Al Saud, where he will likely discuss issues related to Hajj, including the quota for Indian pilgrims.

The expected agreements span multiple sectors such as space, energy, health, science and research, culture, and advanced technology. Officials have indicated that efforts are underway to conclude MoUs in trade, investment, and defence.

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Modi’s arrival on Tuesday marks the first visit by an Indian prime minister to Jeddah in 40 years. The city is historically significant for India-Saudi Arabia ties, serving as a major port for trade and as the entry point for pilgrims heading to Mecca for Umrah and Hajj.

Indian Ambassador to Saudi Arabia, Suhel Ajaz Khan, highlighted the importance of Hajj coordination between the two nations, noting that the Government of India prioritises smooth pilgrimage arrangements.

India’s Hajj quota for 2025 has increased to 1,75,025 from 1,36,020 in 2014. While arrangements for 1,22,518 pilgrims have been finalised, around 42,000 may miss the pilgrimage this year due to delays by some Haj Group Operators.

During the visit, Modi and the Crown Prince will also co-chair the second Strategic Partnership Council meeting, a forum created in 2019 to boost bilateral cooperation. On 23rd April, Modi will visit a factory that employs Indian workers.

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WORLD

China Halts US LNG Imports as Trade War Escalates

Dhruva Kulkarni

China stopped importing US liquefied natural gas (LNG) in March, marking a complete halt after sharp declines in the previous two months. 

Official customs data shows US LNG deliveries to China plunged 70% in the first quarter of 2025, the steepest drop since the last major trade war when shipments paused for over a year.

Rising tensions between the world’s largest LNG buyer and seller have again disrupted trade. China has imposed a 125% tariff on all US goods, prompting a shift in supply to countries like Indonesia and Qatar.

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March saw a 24.5% drop in overall LNG imports — the biggest monthly decline since November 2022. Imports have now been falling for five straight months. Meanwhile, pipeline gas from Russia slightly increased, though total volumes remain lower than seaborne deliveries.

China is leaning more on coal and renewables to reduce reliance on volatile spot markets. According to BloombergNEF analyst Daniela Li, LNG imports could fall by up to 12% this year if tariffs stay above 100% through the next six months. Overall, gas consumption is expected to see only minimal growth in 2025.

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WORLD

Indonesia to Boost US Imports, Cut Orders from Other Nations

Dhruva Kulkarni

Indonesia will raise imports of U.S. food and commodities while reducing purchases from its current trading partners, Chief Economic Minister Airlangga Hartarto announced during his visit to Washington.

Airlangga is in Washington to discuss a 32% tariff on Indonesian exports, which has been paused for 90 days. Indonesia has proposed increasing its U.S. imports by up to $19 billion, including $10 billion in energy, to address the trade surplus and avoid the tariffs.

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The country plans to purchase agricultural products such as wheat, soybeans, and soybean meal from the U.S., along with increasing capital goods imports. Indonesia will also focus on critical minerals and streamline U.S. horticultural product import procedures.

Additionally, Indonesia will simplify permit and incentive processes for American companies. After discussions with the U.S. Trade Representative and Secretary of Commerce, both sides agreed to complete negotiations within 60 days.

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ECONOMYWORLD

Japan’s Export Growth Cools as Trump Tariffs Take Effect

Dhruva Kulkarni

Japan’s export growth cooled in March as Donald Trump’s tariff campaign began to impact trade flows, starting with steep levies on steel and aluminium.

Exports by value rose 3.9% from a year earlier, driven by cars and chip-making machinery, but missed the expected 4.4% rise. Imports increased 2%, led by medical goods, below the 3.1% forecast.

Despite the slower export pace, Japan maintained a trade surplus of ¥544.1 billion ($3.8 billion), supporting the economy as domestic consumption remains weak under inflationary pressure. However, the outlook is clouded by escalating US trade measures and retaliatory actions from other countries.

Japan’s trade surplus with the US rose for a third month to ¥847 billion. However, concerns are growing that Japanese companies may cut shipments to the US, especially after reports of Jaguar and Audi halting exports. A 25% US tariff on steel and aluminium took effect in March, followed by a similar duty on cars in early April.

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Formal talks between Japan’s trade chief Ryosei Akazawa and US counterpart Scott Bessent began this week, with Japan still seeking tariff relief. Trump briefly joined the discussions, having paused a 24% tariff plan for three months. Still, Japan faces a 10% baseline levy.

Japan’s exports to the US rose just 3.1% in March, down sharply from 10.5% in February. Shipments to China fell 4.8%, and to Europe dropped 1.1%. Japan, unlike others, has chosen not to retaliate.

Analysts warn that Japanese car exports to the US could fall further in April. The yen averaged 149.55 to the dollar in March, slightly weaker than a year ago. While currency issues were expected to come up in trade talks, Akazawa said they weren’t discussed — despite Trump’s past criticism of Japan’s weaker yen boosting exports.

The export slowdown reflects business caution amid global uncertainty — a troubling sign for an economy heavily reliant on external demand. Japan saw modest growth in late 2024, but with weak consumer spending and fragile global markets, economists expect a sharper slowdown in early 2025.

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