Strengthened India-Russia relations demonstrated amidst U.S. strain, as revealed by phone conversation between Modi and Putin
In the realm of global politics, several significant events are unfolding over the coming days as the US and its European allies engage in a series of discussions to explore options for their political leadership.
Meanwhile, the Middle East is witnessing a complex situation in Gaza, where Hamas has reportedly accepted a ceasefire proposal. This agreement, if successful, would include the release of Israeli hostages and Palestinian prisoners, as well as the allowance of aid into the besieged territory. However, the ceasefire could falter over Israel's demand for Hamas to release all 50 hostages.
Israeli Prime Minister Benjamin Netanyahu, who is facing intensifying international isolation and domestic discontent over his country's war in Gaza, has opposed a partial deal, as expressed by his finance minister, a far-right politician. Netanyahu has also lashed out at the leaders of Australia and France over their pledges to recognize a Palestinian state.
In a positive development, India's leader and China's foreign minister have hailed "stable ties" after a meeting, signalling a hopeful step towards rebuilding relations between the Asian neighbours. However, Washington is ramping up pressure on India, with Trump's top trade adviser criticizing India's dependence on Russian energy.
Across the Atlantic, mediation efforts have accelerated for a potential sit-down between Ukraine's President Volodymyr Zelenskyy and Russia's Vladimir Putin. Possible venues include Geneva and Budapest, but a 60-day ceasefire proposal could face challenges due to the US's emphasis on Ukraine's need to demilitarize.
In economic news, the US President Donald Trump has ruled out sending US troops to defend Ukraine from future Russian attacks, but the White House left the door open to air support. Analysts suggest that the easing of tensions could gain momentum from Trump's tariff threats on both India and China.
The tech sector is abuzz with SoftBank's decision to invest $2 billion in Intel, and the three-way agreement between the Tennessee Valley Authority, Kairos, and Google for a 50-megawatt reactor to power Google's data centers in Tennessee and Alabama.
European defense stocks have seen a surge, with shares more than doubling since the start of 2025 amid the threat from Moscow and concerns about Washington's commitment to allies. Soho House is going private in a $2.7 billion deal, while Ozempic is getting cheaper in the US, with Novo Nordisk halving the monthly cost to $499 for patients without health insurance.
Lastly, the leaders of Russia and India have affirmed their close ties despite US demands for India to wean itself off Russian oil. The Brazilian Supreme Court judge prosecuting Bolsonaro has vowed not to retreat from the trial. Germany and France have expressed support for Israel by calling for the immediate, unconditional release of hostages held by Hamas since the conflict began, and have condemned Hamas and emphasized the priority of freeing the hostages.
