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The government plans to raise as much as 3.25 trillion rupees in the next five years by reducing its stakes in some large state-owned firms to 40%.

The BJP will revive a plan to build secured camps to resettle scores of Hindus in the Muslim-dominated Kashmir Valley, senior leader Ram Madhav said.

Turkey began taking delivery of an advanced Russian missile defence system on Friday, a move expected to trigger U.S. sanctions against a NATO ally and drive a wedge into the heart of the Western military alliance.

British police on Friday said they had opened an investigation into a leak of confidential memos that led to the resignation of the British ambassador to Washington.

The U.S. Federal Trade Commission approved a roughly $5 billion settlement with Facebook Inc this week over its investigation into the social media company's handling of user data, a source familiar with the situation said on Friday.

India's second-biggest software services firm, Infosys Ltd, raised its revenue forecast for the year on Friday, betting on upbeat client demand for its new-age digital services such as cloud, data and analytics.

All three major indexes posted record closing highs on Friday as firm expectations for an interest-rate cut from the Federal Reserve continued to propel shares while investors awaited next week's kickoff of the corporate earnings season.


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Friday’s talks were more about understanding each other’s positions in various disputes, they said.

In a short statement issued late on Friday, the Indian government said the countries agreed to continue their discussions for “addressing mutual trade concerns”.

The two sides resumed talks after U.S. President Donald Trump and Prime Minister Narendra Modi met on the sidelines of the G20 summit in June and agreed to seek to deepen the two countries’ relationship.

Trump said at that summit that there would be a “very big trade deal” with India, though he set no timeline, and has only this week used Twitter to attack what he calls high Indian tariffs on American goods as “no longer acceptable”.

TIT-FOR-TAT MOVES

The U.S. sought the rollback of Indian tariffs imposed on some agricultural products, such as almonds, when the two sides met on Friday, said one of the Indian government sources.

Those tariffs were imposed in response to the Trump administration’s decision to remove trade privileges from Indian products under the Generalized System of Preferences. India has asked for those privileges, effectively zero tariffs on a range of Indian products entering the United States, to be reinstated.

India did not commit to any changes to foreign investment rules for foreign e-commerce firms such as Walmart’s Flipkart and Amazon, one of the Indian sources said. The rules have forced the two American companies to rework their business strategies for India.

Walmart told the U.S. government privately in January that India’s new investment rules for e-commerce were regressive and had the potential to hurt trade ties, Reuters reported on Thursday.

One concern now among Indian policymakers is that the Trump administration may push for a free trade agreement with India that could dent India’s competitiveness, lead to a flurry of imports and hurt Modi’s “Make in India” plan.

In a recent meeting, Foreign Minister Subrahmanyam Jaishankar told trade ministry officials that “Trump is clearly preparing for a larger game, a larger opening”, according to one of the officials aware of the discussions.


Reporting by Neha Dasgupta; Editing by Martin Howell and Frances Kerry | July 12, 2019