Sony Interactive Entertainment is reportedly considering a significant delay for the PlayStation 6, pushing its debut to 2028 or even 2029, according to people familiar with the company’s plans cited in a Bloomberg report. The shift stems from ongoing shortages of high-bandwidth memory (HBM) components, skyrocketing prices driven by artificial intelligence demand and a strategy to extend the PlayStation 5’s lifecycle.
PS5_Pro
A seven-year gap from the PS5’s November 2020 launch would traditionally point to a late 2027 release, aligning with patterns from PS4 (2013) to PS5. However, supply chain woes and strong PS5 sales—bolstered by the PS5 Pro’s November 2025 debut—have prompted Sony to reassess.
Bloomberg Report Details the Delay Factors Bloomberg’s sources indicate Sony executives are wary of launching an expensive next-gen console too soon. HBM memory, crucial for PS6’s targeted performance, faces deficits as AI data centers gobble up supply from manufacturers like Samsung and Micron. Prices have surged, potentially inflating the PS6’s retail cost beyond $700–$800, deterring mass adoption in a market still digesting PS5 Pro units priced at $699.
“Sony is now considering pushing back the debut of its next PlayStation console to 2028 or even 2029,” the report states, marking a departure from earlier optimism. This aligns with analyst David Gibson’s January 2026 forecast from Macquarie, who pegged a “high likelihood” of post-2028 launch, citing Sony’s focus on PS5 longevity.
Sony has remained silent, but President Hiroki Totoki hinted at extended cycles during a February 2026 earnings call, noting PS5 sales exceeding 75 million units and robust software revenue.
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Earlier 2027 Rumors Now in Doubt 2025 leaks fueled 2027 hype. In October, insider “Moores Law Is Dead” claimed PS6 production ramps mid-2027, with a Q4 launch. Reddit discussions and leakers like KeplerL2 echoed this, citing documents showing manufacturing timelines. However, recent X posts and analyst updates dismiss 2027 as unrealistic amid component crises.
Expected PS6 Features Amid Uncertainty Rumors persist on hardware. PS6 is tipped for AMD’s UDNA GPU architecture, Zen 5 CPU, 32GB GDDR7 RAM and ray-tracing prowess rivaling PCs. A dockable handheld variant—echoing PS Vita—surfaced in August 2025 leaks, potentially launching alongside. Pricing speculation: $599 base, per some insiders, half an expected next-gen Xbox.
Sony’s strategy emphasizes backward compatibility, PSSR upscaling (like PS5 Pro) and AI-driven features for 8K/120fps gaming.
Market and Competition Implications A 2028–2029 window gives PS5 more runway, with titles like GTA VI (2026) and potential exclusives sustaining demand. It also syncs with Nintendo’s Switch 2 (mid-2026) and Microsoft’s Xbox next-gen (2028?), per Bloomberg.
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Critics argue delay risks losing ground to PC gaming and cloud services, but proponents see wisdom in avoiding a pricey launch during economic uncertainty.
Sony’s Broader Console Strategy Sony’s pivot reflects industry shifts. PS5 Pro’s success—over 5 million units sold by February 2026—proves mid-gen refreshes extend lifecycles. Handheld rumors suggest diversification, countering Steam Deck and ROG Ally.
Fan reactions on X and Reddit mix frustration and acceptance: “PS6 in 2029? PS5 Pro holds me over,” one user posted.
As rumors evolve, expect clarity at Sony’s February 26, 2026, investor day or Tokyo Game Show. For now, PS6’s horizon stretches further, prioritizing viability over speed.
New Delhi: The government is finalising a road map to create “champion” central public sector enterprises (CPSEs) that would help India realise its goal to emerge as a developed nation by 2047 through sustained economic growth and technological advancements, senior officials said.
The road map, prepared by the Niti Aayog in close coordination with the finance ministry, would outline steps to bolster their financial muscle, technological prowess, corporate governance, talent pool and overall operational efficiency, the officials told ET. The details would be released soon, they said.
The idea is to create a vibrant, and not intrusive, CPSE ecosystem that would supplement the government’s efforts to catapult India into an even higher growth orbit and play a larger strategic role when required, they added.
These “champion CPSEs” would have greater flexibility in their investment and other corporate decisions, in tapping opportunities abroad that align with the country’s strategic goals and hiring talent from the private sector.
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They would be pushed by the government to leverage enablers of the fourth industrial revolution-including the deployment of AI, Internet of Things, Digital Twins and 3D printing-for operational excellence and strategic power, the officials said. “They will essentially be modern CPSEs for a developed India in every sense,” said one of the officials. The initiative, led by Niti Aayog member Rajiv Gauba, is part of broader government efforts to create future-ready CPSEs, he said. Gauba held a meeting last week for this purpose. “Just like the recent budget announcement on creating MSME champions through targeted government interventions, this is being planned for CPSEs,” he added.
In August last year, ET reported that the Department of Public Enterprises had shortlisted about a dozen entities for systemic and technical reforms. These include Indian Rare Earths, Bharat Electronics, Mazagon Dock Shipbuilders, Nuclear Power Corporation of India, REC and Central Warehousing Corporation.
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The country had 475 CPSEs as of March 2025, of which 291 were operational, according to the latest public enterprises survey.
As the 2026 tax filing season progresses, millions of Americans are anxiously checking for their federal income tax refunds. The Internal Revenue Service opened the season on January 26, 2026, accepting 2025 returns, and early data shows average refunds up 10.9% from last year.
Where’s My Tax Refund 2026?
As of mid-February 2026, the IRS has processed millions of returns, issuing over $16.9 billion in refunds with an average of $2,290 per taxpayer—higher than the $2,065 seen at a similar point in 2025. While most refunds arrive within 21 days of e-file acceptance, timing varies based on filing method, credits claimed and any review needs.
Standard Refund Timeline The IRS issues most refunds in fewer than 21 days for e-filed returns with direct deposit. Paper returns take six weeks or longer. Direct deposit remains the fastest and most secure option, especially since the IRS phased out paper refund checks starting September 30, 2025, per Executive Order 14247. Taxpayers without bank details face temporary refund freezes until updated via IRS Online Account or by requesting a paper check (with 30 days to respond, or six weeks for automatic issuance).
For e-filed returns accepted early in the season, the IRS provides approximate deposit dates:
Returns accepted January 26, 2026: Expected February 6, 2026.
February 2 acceptance: February 13.
February 9: February 20.
February 16: February 27.
February 23: March 6.
March 2: March 13.
These dates assume no issues and direct deposit. Some financial institutions add processing time, and weekends/holidays can delay funds. Refunds may appear earlier than projected.
Special Rules for EITC and ACTC Claimants Taxpayers claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) face mandatory delays under the Protecting Americans from Tax Hikes (PATH) Act. The IRS holds these refunds until mid-February for review to prevent fraud. Most early filers who e-file and choose direct deposit can expect funds by March 2, 2026. Where’s My Refund? will show personalized projected dates for most by February 21, 2026.
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How to Track Your Refund Use the IRS’s free Where’s My Refund? tool on IRS.gov or the IRS2Go app. Enter your Social Security number, filing status and exact refund amount from your return. Status updates daily (overnight, unavailable 4–5 a.m. ET). It shows:
Return Received: IRS processing your return.
Refund Approved: Refund approved, with expected issue date.
Refund Sent: Funds issued to your bank or mailed.
Status appears about 24 hours after e-file acceptance for current-year returns, 3–4 days for prior-year e-files, or four weeks for paper returns. If no update appears or the refund seems delayed, verify details match your return.
Why Refunds May Be Delayed Common reasons include:
Identity verification or errors requiring extra review.
Missing or invalid direct deposit info (frozen until updated).
Average refunds rose in 2026 partly due to provisions in the One Big Beautiful Bill Act (OBBB), providing retroactive relief estimated at $91 billion, including $60 billion in refunds. This boosted early amounts.
Tips to Get Your Refund Faster
E-file and choose direct deposit.
File accurately to avoid corrections.
Use IRS Free File or trusted software for early submission.
Check status regularly via Where’s My Refund? or call 800-829-1954 (automated) if needed.
Update bank info promptly if notified via CP53E notice.
The filing deadline is April 15, 2026. Refunds unclaimed after three years are forfeited, so file promptly if owed money.
As February 2026 advances, early filers are seeing deposits now, while others await mid-to-late February or March arrivals. Track progress online for the most accurate timeline—your refund could be just days away.
Princeton University is lowering expectations for its endowment’s returns because its private-capital investments have disappointed. Yale trimmed its portfolio of leveraged buyouts for the first time in a decade. Harvard says cashing out of some private-market investments early is now part of a long-term strategy.
The Miami Dolphins are releasing veteran edge rusher Bradley Chubb, a move first reported Monday that ends his four-year tenure with the franchise and clears significant salary cap space ahead of the 2026 league year.
Bradley Chubb
The decision, confirmed by multiple sources including NFL Network’s Tom Pelissero and ESPN, comes as no surprise given Chubb’s looming $31.2 million cap hit for 2026 following a contract restructure last offseason. An immediate release saves the Dolphins approximately $7.3 million against the cap in 2026 while incurring about $23.9 million in dead money, per league salary cap figures. Designating the transaction as post-June 1 would increase savings to around $20.2 million this year, spreading the dead cap hit across 2026 and 2027.
Chubb, 29, becomes a free agent entering his age-30 season after recording 22 sacks in three active years with Miami. The Dolphins acquired him from the Denver Broncos midway through the 2022 season in a blockbuster trade that sent multiple draft picks to Denver. He signed a lucrative extension shortly after, but injuries and cap constraints limited his long-term impact in South Florida.
In 2025, Chubb bounced back strongly from a torn ACL that sidelined him for the entire 2024 campaign. He started all 17 games, leading the team with 8.5 sacks, 20 quarterback hits, 47 tackles, two forced fumbles and one fumble recovery. His performance earned praise as a relentless pressure generator on the defensive front, and he served as a team captain and vocal leader in the locker room.
Overall with Miami, Chubb amassed 22 sacks, showcasing the disruptive ability that made him a two-time Pro Bowler earlier in his career. He totaled 48 sacks across 90 career games (89 starts) between Denver (2018-22) and Miami, along with 112 quarterback hits, 303 tackles, 15 forced fumbles and one interception.
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The release reflects broader roster and financial challenges for the Dolphins as they navigate the offseason. Miami entered the period over the projected 2026 salary cap, and parting ways with high-priced veterans has become a priority. The move follows speculation about other key players’ futures, including quarterback Tua Tagovailoa, whose status remains uncertain after a challenging 2025 season.
Chubb’s departure opens opportunities for younger or more cost-effective pass rushers to step up. Miami’s defensive line, once bolstered by Chubb’s presence opposite talents like Jaelan Phillips, now faces a rebuild in the edge department. Analysts point to the need for draft investments or free-agent additions to maintain pressure on opposing quarterbacks.
For Chubb, the open market presents fresh possibilities. Coming off a solid 8.5-sack season and with a proven track record as a high-motor edge defender, he should attract interest from teams seeking veteran production. Potential landing spots include squads with cap flexibility and needs at outside linebacker or defensive end, though his age and recent injury history may influence contract terms toward shorter deals or incentive-laden structures.
The timing of the release—early in the offseason cycle—signals Miami’s intent to reshape the roster aggressively. Front-office decisions will focus on balancing cap relief with competitive viability, especially after a 2025 campaign that fell short of expectations despite flashes of potential.
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Chubb’s time in Miami began with high hopes following the 2022 trade. He delivered in spurts, including a standout 2023 season with 11 sacks and a league-leading six forced fumbles, but the ACL tear in 2024 disrupted momentum. His 2025 return demonstrated resilience, earning him recognition as a “media good guy” and consistent voice through ups and downs.
As Chubb prepares for his next chapter, the Dolphins turn attention to free agency and the draft. The franchise’s new leadership faces tough calls on inherited contracts, with Chubb’s exit marking an early but pivotal step toward financial flexibility.
This transaction underscores the NFL’s harsh salary cap realities, where even productive veterans can become casualties when numbers don’t align. Chubb leaves Miami with contributions that included leadership and sacks, but the cap-driven parting allows both sides to move forward.
Social media platform X, formerly known as Twitter, faced a widespread outage Monday morning, Feb. 16, 2026, disrupting access for tens of thousands of users worldwide on Presidents’ Day in the United States.
Is Twitter Down? AFP
Reports of problems surged shortly after 8 a.m. ET, with users unable to load feeds, refresh timelines, log in or access the service on both the mobile app and desktop website. Downdetector, which aggregates user-submitted outage reports, recorded a sharp spike from near-baseline levels to more than 40,000 complaints by around 8:45 a.m. ET. Peak figures reached as high as 42,000 to 43,000 in some tracking periods, according to multiple news outlets monitoring the situation.
The issues appeared most pronounced in the United States, with high concentrations of reports from major cities including New York, Los Angeles, Chicago, Atlanta, Minneapolis and Dallas-Fort Worth. Complaints also emerged from the United Kingdom, India, Nigeria, Canada, Australia and other regions, pointing to a global disruption rather than a localized problem.
Downdetector breakdowns showed that approximately 53% of reports involved the mobile app, 21% concerned timeline or feed loading failures, and 17% related to website accessibility. Common user experiences included blank home screens, error messages, frozen interfaces and inability to post or view content.
The outage began around 8:02 a.m. to 8:15 a.m. ET and lasted roughly an hour to 90 minutes for most affected users. By midmorning, around 9:30 a.m. to 10 a.m. ET, reports had dropped significantly to baseline levels — often under 1,000 — and many users confirmed the platform was loading normally again. Some lingering issues persisted into the early afternoon in certain areas, but the bulk of the disruption had resolved.
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X’s official status page on its developer platform showed no acknowledged incidents during the peak of the outage, and the company had not issued a public statement or explanation as of late Monday. Elon Musk, who owns X, did not comment on the matter via the platform itself.
The cause remained unclear. Technical experts and outage trackers speculated on potential server-side failures, network routing problems or configuration issues, but no official root cause was disclosed. This marked the third reported major outage for X in 2026, following incidents in January that also drew thousands of user complaints.
The timing coincided with Presidents’ Day, a U.S. federal holiday, which may have amplified visibility as more people turned to social media during time off. The platform’s role as a real-time news and discussion hub made the downtime particularly disruptive for users relying on it for updates, breaking news and community engagement.
Users took to alternative platforms — including Reddit, Instagram and Facebook — to vent frustrations and share screenshots of error messages. Memes and jokes circulated about the irony of a service once synonymous with constant connectivity going dark unexpectedly. Some posts referenced past outages under Musk’s ownership, highlighting recurring stability concerns since the 2022 rebranding and ownership change.
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“X down again? This is becoming a weekly thing,” one user posted on a rival site during the peak. Others expressed relief when service returned, with comments like “Doomscrolling can resume” gaining traction.
The incident underscores ongoing challenges for X in maintaining reliable infrastructure amid rapid changes to features, moderation policies and technical architecture. Musk has previously described the platform as undergoing aggressive optimizations and cost-cutting measures, which some analysts link to intermittent reliability issues.
Despite the outage, X’s core functionality recovered without apparent long-term data loss or security breaches reported. User accounts, posts and direct messages appeared intact once access was restored.
As of Monday afternoon, X was operating normally for the majority of users. Downdetector and similar trackers showed return to typical background complaint levels, indicating the event was temporary.
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The outage serves as a reminder of the fragility of even major digital platforms in an era of heavy reliance on social media for communication, information and commerce. For many, a brief inability to access X highlighted how integrated the service has become in daily routines.
No injuries, financial impacts or broader internet disruptions were associated with the event. Monitoring sites continue to track for any residual or recurring problems.
Ferguson is listed as an active director for threeother businesses registered with Companies House: Ginger and Moss, set up as a lifestyle brand to sell tea, jewellery and housewares, a “motion picture production activities” business called Coat, and Librasol, classified under “artistic creation” on the official register for private companies.
As Americans observe Presidents’ Day on Feb. 16, 2026 — officially Washington’s Birthday — the legacy of George Washington endures as the nation’s foundational figure. Known as the Father of His Country, Washington led the Continental Army to victory in the Revolutionary War, presided over the Constitutional Convention and served as the first president of the United States from 1789 to 1797.
George Washington
Born Feb. 22, 1732, in Westmoreland County, Virginia, Washington rose from a modest planter’s son to become an iconic symbol of leadership, integrity and self-sacrifice. While myths like the cherry tree confession and wooden teeth persist, historical records reveal a more nuanced man: a self-educated surveyor, fearless commander, innovative farmer and reluctant politician who set enduring precedents for the presidency.
Here are 10 key things to know about George Washington, drawn from primary sources, Mount Vernon records and scholarly accounts.
He was largely self-educated. Washington’s formal schooling ended around age 15 after his father’s death in 1743 left limited resources for further education. Unlike his half-brothers who studied abroad, he pursued knowledge independently through reading, correspondence and practical experience. He studied military tactics, agriculture and governance throughout his life, building expertise that served him as a soldier, farmer and president.
His birthday shifted due to calendar changes. Washington was born Feb. 11, 1731, under the old Julian calendar used in colonial Virginia. The 1752 adoption of the Gregorian calendar added 11 days and adjusted the new year start, moving his recognized birthday to Feb. 22, 1732. He preferred the original date, but Feb. 22 became the standard celebration.
He had no biological children. Washington married widow Martha Custis in 1759, raising her two children from her previous marriage and later her grandchildren. He fathered no children of his own, possibly due to infertility from smallpox or other illnesses. Despite this, he treated his stepfamily as his own and arranged for the eventual freedom of enslaved people in his will.
He was an accomplished surveyor and entrepreneur. At 16, Washington began his career surveying land in Virginia’s frontier, earning income and gaining knowledge of western territories. He later became a successful farmer at Mount Vernon, experimenting with crops, introducing mule breeding to the United States and operating one of the nation’s largest whiskey distilleries by the 1790s.
He was fearless in battle and survived close calls. Washington displayed remarkable courage during the French and Indian War and the Revolution. At the 1755 Battle of Monongahela, bullets tore through his coat and horses were shot from under him, yet he emerged unscathed. He led daring retreats and bold maneuvers that preserved the Continental Army, including crossing the Delaware River for the 1776 Trenton victory.
He owned enslaved people but freed them in his will. Washington inherited his first enslaved people at age 11 and owned hundreds over his lifetime. At Mount Vernon, enslaved labor supported his plantation. Influenced by Revolutionary ideals and personal reflections, he arranged in his will for all enslaved people he owned to be freed upon Martha’s death, one of the few Founding Fathers to take such action.
His false teeth were not wooden. A persistent myth claims Washington’s dentures were made of wood. In reality, they were crafted from materials including human teeth (purchased from enslaved people and others), ivory, bone and metal. Severe dental problems plagued him; by his inauguration, he had only one natural tooth left.
He was unanimously elected president — twice. In 1789 and 1796, Washington received every electoral vote cast, the only president to achieve unanimous election. He never actively campaigned and accepted the role reluctantly, viewing it as a duty rather than ambition. His two terms established the two-term tradition, later codified in the 22nd Amendment.
He was an excellent dancer and athlete. Standing about 6 feet 2 inches tall — exceptional for his era — Washington was athletic, excelling in horsemanship, wrestling and other sports. Contemporaries praised his grace on the dance floor, where he enjoyed minuets and other dances, often partnering with women at social events with Martha’s approval.
He set critical precedents by stepping down. After two terms, Washington voluntarily retired in 1797, rejecting calls for a third term or monarchy-like power. His Farewell Address warned against political parties, foreign entanglements and sectionalism. By peacefully transferring power, he reinforced republican principles and democratic governance.
Washington died Dec. 14, 1799, at Mount Vernon from a throat infection, after insisting no revival attempts be made if he appeared dead — reflecting his fear of being buried alive. His estate freed the enslaved people he owned the following year.
On this Presidents’ Day, Washington’s example of selfless service, resilience and restraint remains relevant. As the only president with a state named in his honor and his image on the dollar bill and quarter, he embodies enduring American values amid ongoing national reflection.
| Revenue of $238.86M (-16.04% Y/Y) misses by $2.54M
International Petroleum Corporation (IPCO:CA) Analyst/Investor Day February 10, 2026 9:00 AM EST
Company Participants
William Lundin – CEO, President & Director Nicki Duncan – Chief Operating Officer Christopher Hogue – Senior Vice President of Canada Christophe Nerguararian – Chief Financial Officer Rebecca Gordon – Senior Vice President of Corporate Planning & Investor Relations Curtis White
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Conference Call Participants
Laique Ahmad Amir Arif – ATB Cormark Capital Markets Inc., Research Division
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Presentation
William Lundin CEO, President & Director
Okay. So welcome, everybody, to IPC’s Capital Markets Day presentation for 2026. I would like to say thanks to everyone joining in person here in London today for the event and those tuning in on the web. We have a lot of material to get through today and an exciting outlook for the company. But before going into the agenda and the materials within the presentation, we’d like to show a little video edit that was recently put together, just demonstrating the importance of energy and what’s taking place at Blackrod as well. So a little 5-minute edit we’ll put up.
[Presentation]
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William Lundin CEO, President & Director
Fantastic. Okay. So with that, motivational video that got put forward. I will then now go into the overall presentation. So starting with the agenda here in traditional format, I will begin with the overall introduction as well as the overview and strategy for the company. And I’ll pass it to Nicki and Chris, who will go into the operational assets as well as at the corporate level.
And then Christophe will touch on the financial overview, specifically for 2026. Following that, Rebecca Gordon will expand on the reserves evaluation for the year. I will conclude with a summary slide and we’ll take some Q&A.
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So jumping right into it, to touch on the 2025 highlights after this slide, majority of
An artist’s impression of the Southport Business Park site (Image: Local Democracy Reporting Service)
A Merseyside town is set for a ‘major’ economic boost, after plans were revealed for the transformation of a disused and vacant piece of land. Southport Business Park has long been vacant, but a family business from the seaside town, is aiming to deliver ‘incredible plans’ which will create new job opportunities, apprenticeships and economic growth, according to Sefton Council.
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With support from the local authority’s Business and Regeneration team, EFT Group Ltd are set to relocate to the disused Southport Business Park, with the council granting a 999-year lease on plots F, G and H. The council said the next stage of the project involves ‘stringent planning processes’, which have already begun.
EFT Group specialises in life safety, security and construction services and has grown significantly in recent years. The company has committed to staying in Southport, where it employs a large local workforce and supports school-based apprenticeship schemes.
The council said Southport Business Park has remained undeveloped for more than a decade, due to ‘challenging ground conditions’ and the absence of government funding. Recently Cllr Marion Atkinson, leader of Sefton Council, joined company directors Adam Watts and Stewart Meechan for the official unveiling of the new EFT Global headquarters.
She said: “This move represents yet another major step forward for Southport’s economic future and I must commend our Business, Regeneration and Planning officers for working alongside EFT Group to help them get to this vitally important stage.
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“Not only will we retain a thriving local business but we’ll also bring new life to a site that has been underused for far too long.
“EFT Group’s investment will create high-quality jobs and opportunities for residents while demonstrating our commitment to supporting homegrown businesses.
“By encouraging businesses to invest locally, provide apprenticeships and create meaningful employment, we doing everything we can to secure the long term economic recovery and improvement of Southport and Sefton.
“Businesses recognise what an incredible platform this part of the Liverpool City Region can be for their own growth and for us it helps keep amazing talent in our borough, supports our care experienced young people into work and ultimately builds a stronger future for everyone in Sefton.”
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Jordan Duggan, co-director of EFT Group, added: “As a local family company, we are proud of our roots in Southport.
“This development reflects our commitment to the area and our belief in its future, with this investment EFT Group is firmly bedding our roots into Southport for the next 50 years, creating a lasting base for our business, our employees and the next generation of workers across Sefton.
“We look forward to continuing to work with stakeholders, the local authority and the community as this exciting project progresses.”
The proposal will now be debated at a future meeting of Sefton Council’s independent Planning Committee.
New Delhi: India’s chief negotiator for trade talks with the US, Darpan Jain, will lead a delegation to Washington next week to finalise the legal agreement for the India-US trade deal, which is likely to be signed in March, commerce secretary Rajesh Agrawal said Monday. The visit is likely to start on February 23.
Earlier this month, India and the US released a joint statement to announce that a framework for an interim trade agreement has been finalised. “The joint statement lays down the contours of the deal. Now, the contours of the deal have to be translated into a legal agreement, which will be signed between the two sides,” Agrawal said.
The two sides are engaged in finalising that legal agreement, and virtual talks are going on.
“Next week, chief negotiator Darpan Jain will be leading a delegation to the US to finalise the legal (pact) to work towards the legal agreement. That work will carry on next week in Washington and, if need be, thereafter in March and July,” Agrawal said.
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There is an effort to close and sign the deal in March, he said “but I have not put a deadline on it because legal agreement finalisation also has certain intricacies, which both sides will have to resolve.” While Washington has already eliminated the 25% punitive tariffs on India for buying Russian crude, it is yet to issue an executive order to implement the reduction in reciprocal tariffs on Indian goods to 18% from 25%. “I am told they are processing it. It should be done fast. Our expectation is that it should be done this week, but in case it is not done, the team is there next week, and we can pursue and see why it is taking time,” Agrawal said. He explained that the agreement is that 18%will be done in the interim pact, and the remaining tariff lines, wherever reciprocal tariffs are expected to go down to zero, that would be done after the legal agreement is signed.
“And from our side also, any reduction in tariff, any market access, preferential market access will be extended only after the legal agreement is signed,” he said.
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On India getting concessional duty access for garments made using American yarn and cotton under its bilateral trade agreement with the US, like the benefit currently extended to Bangladesh under a US trade deal, the secretary said that India imports around $200-250 million of US cotton on average. “And the variety being imported, I presume, is the same variety which we get the preferential market access,” he added.
An official said that India is a net importer of cotton and it needs more of it as it eyes higher exports of textiles to the EU and US.
Agri, digital trade Trade agreements with the US and the EU have opened up an opportunity of $400 billion for India’s agriculture sector, an official said.
At present, India’s agricultural exports to the US are 2.8 billion, while imports are $1.5 billion. Overall, India’s imports of agri goods are worth $35 billion, while exports are valued at $51-52 billion, and the figures are increasing.
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On the US including references to agriculture and digital trade in their fact sheet, which are not there in the joint statement, the official said: “Pulses weren’t there in the joint statement. So, in the factsheet it was innocuous.” Officials said that the two sides haven’t discussed digital taxes, ecommerce moratorium or equalisation levy in the negotiations in the first tranche of the trade deal.
“On barriers to digital trade, it is for both sides to identify in the BTA. Digital taxes we haven’t even discussed,” said an official.
India’s non-marine agricultural exports to the US are worth $2.8 billion and imports $1.5 billion.
On India buying DDGS (Dried Distillers Grain with Solubles) from the US, the official said: “We haven’t agreed to any GM. Anything coming into the country has to go through bio security. There are TRQ (Tariff Rate Quota) wherever we’ve opened up in agriculture”, adding that the EU and the US are $400 bn agriculture economies.
