Category: 3. Business

Good morning. The prime minister’s office has confirmed that Narendra Modi will not be travelling to Malaysia for the Asean summit, but will attend it virtually instead. This puts paid to expectations of a meeting with Donald Trump.

No matter what the domestic media’s speculations about an impending trade deal are, significant differences remain in the relationship. The readout of the Deepavali call between the two leaders is telling — Modi posted about standing united against terrorism, but Trump said they talked about the “world of trade” and cutting imports of Russian oil. His pressure has started working: Reliance, one of the largest buyers, yesterday said it would “recalibrate” in line with government policy.

Will Trump’s pressure bring Russia to the table, and what will happen to oil prices in the meantime? We have an explainer.

Big deal

Emirates NBD is all set to buy a 60 per cent stake in RBL Bank for $3bn, in the largest cross-border acquisition in India’s financial sector. According to the details of the agreement announced over the weekend, Emirates NBD will acquire at least a 51 per cent stake through a preferential issue. The Reserve Bank of India looks likely to give the deal its blessing, considering the regulator had approved Emirates NBD’s application to set up a wholly owned subsidiary earlier this year. 

The Dubai-based bank will also make an open offer for 26 per cent of the stake from RBL’s public shareholders, as mandated by market regulations, with the price per share set at Rs280. The stock is now trading at Rs318 after news of the takeover sent the share price surging earlier in the week. RBL, which is currently 13th in size in India in terms of market capitalisation, is hoping to get into the top five slots — not an easy task. 

The more significant part of this announcement, though, is what the RBI is signalling. If approved, this would be the second instance this year of the central bank allowing majority foreign investment in an Indian bank, after Japan’s Sumitomo Mitsui Banking Corporation bought 20 per cent of Yes Bank in May. Previously, the RBI also allowed some investments by Singapore’s DBS and Canada’s Fairfax in Indian banks. Though India allows up to 74 per cent foreign investment in private banks, the shareholding of any single foreign investor is usually capped at 15 per cent. 

The central bank seems to be more comfortable opening up the sector on a case-by-case basis, rather than a regulatory overhaul. This is both good and bad. Deals go through greater scrutiny because they are assessed on individual merit, and the risk of opening the sector to foreign investments is controlled. But this approach also fosters an environment of policy uncertainty, which might deter credible, big investors from entering India. 

The entry of foreign capital will make the banking space more competitive, especially for the established large private banks. It also helps deepen the financial sector, brings in stricter governance norms, gives customers more choice and buoys the growing fintech sector in the country, as it builds on the banking network. What’s not to like?

Do you think the RBI should change its policy on foreign investment in banks? Hit reply or email me at indiabrief@ft.com

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2. The tweeting turmoil that led to the exit of Sumaiya Balbale, Sequoia’s COO.

3. The US imposed sanctions on Russia’s Rosneft and Lukoil, after Moscow launched fresh strikes across Ukraine.   

4. Intel shares jumped on improved revenue as turnaround shows progress, while Tesla’s profits dropped more than a quarter despite record car sales.

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China’s grouse

China has filed a complaint with the World Trade Organization over India’s production-linked incentive schemes for batteries and electric vehicles. Beijing’s contention is that New Delhi’s scheme to reward homegrown manufacturing violates several WTO obligations, including the principle of national treatment (which mandates that imported and local goods be treated equally), and works as a subsidy for import substitution. These are explicitly prohibited under the multilateral trade rules.

The timing and the intent of China’s grievance is a bit puzzling. On the ground there is no real threat from Indian manufacturing, despite some of the PLI schemes dating back to 2021. According to official data released last December, 115 applications were received under this scheme and 82 were approved. The first payout was due after March but it does not look like any money has been paid so far. In fact, the government is reportedly reviewing the schemes because there had been such little traction.

By most estimates, China accounts for nearly 70 per cent of all EV sales globally. India will take a very long time to catch up. Most Indian EV companies are dependent on China for technology, JSW Group chair Sajjan Jindal told my colleagues Krishn Kaushik and Chris Kay. “Even Europe is taking the technology from China,” he said, adding: “China has taken a huge leap versus the European auto companies, so we don’t have any option.” Batteries — a core component of EVs — are one of the biggest hurdles for domestic EV manufacturers. India mostly imports cells from China, Japan and South Korea, and domestic production is forecast to meet just 13 per cent of the country’s EV battery cell demand by 2030, according to S&P data.

The timing of China’s complaint seems to be driven by tariffs and minimum prices imposed on its EV industry by other countries such as Canada and EU states. With the thaw in political relations with New Delhi, Beijing is also hoping to export more electric vehicles and batteries to India. The WTO complaint, then, provides China a point of argument at a time the country is facing a significant blowback in global trade. China’s objection is not because it is threatened by India’s manufacturing prowess, but mostly because it gives it something to complain about. 

Go figure

The growth in India’s core sector slowed down last month, according to government data. Fertilisers, and the four fuel-related sectors — crude oil, coal, natural gas and refinery products — were the worst affected.

Read, hear, watch

I am neck deep in Kiran Desai’s The Loneliness of Sonia and Sunny. Its setting is immediately recognisable for an FT reader in India — two young Delhiites navigating their way through college and work in the US. There are, of course, many forces that shape their lives and decisions — family, identity, race and culture. Desai is an astute observer, and her depiction of a cosmopolitan Indian at large in the world is both thrilling and sharp. This book is another tome, though. So mind your wrists, again.

Thank you for the suggestions of shows last week.

Buzzer round

Which dish originates in Nepal and Tibet, is made of flour, water and (usually) a meat filling, and comes in two shapes — half moon and full moon? Hint — they can be steamed or fried.

Send your answer to indiabrief@ft.com and check Tuesday’s newsletter to see if you were the first one to get it right.

Last Friday we asked: The global popularity of which product has sent Japanese farmers into a tizzy as they struggle to keep up with demand?

The answer is of course, matcha!

Anuj Balaji was first with the correct answer, followed by Suvodeep Rakshit, Aniruddha Dutta, Ram Teja, Prasanna Venkatesh and Anjaneya Das. Congratulations!

I am thrilled to see another week of great participation in Buzzer Round. I have talked about getting a leaderboard going, but apologies, have not been able to get around to it. Coming soon, I promise!

Thank you for reading. India Business Briefing is edited by Tee Zhuo. Please send feedback, suggestions (and gossip) to indiabrief@ft.com.

BBC

‘You don’t need to be a mathematician’

The rest of the 2026 Powerlist

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Getty Images for W Magazine

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The all-electric Cayenne will soon be added to Porsche’s SUV portfolio. It is based on an evolution of the Premium Platform Electric (PPE) developed in-house. Its 800-volt architecture creates the basis for impressive charging power, intelligent energy distribution and high efficiency.

In combination with the new drive system, the Cayenne Electric achieves range figures equally suitable for everyday use and long-distance journeys. The Cayenne Electric prototype has recently displayed its long-distance capability. Several independent US journalists subjected near-production but still camouflaged prototypes to a highway range test and drove more than 350 miles (563 km) on a single battery charge at a maximum permitted speed of 70 mph (113 km/h)^#.

The vehicle’s range performance is the result of the combination of innovative technology and sophisticated energy management. “With the Cayenne Electric, we are taking e-performance to a new level,” explains Dr Michael Steiner, Deputy Chairman of the Executive Board and Member of the Executive Board, Research and Development. “Our innovative high-voltage system combines maximum efficiency with the driving dynamics typical of Porsche.”

Integrated HV battery: safe, compact, efficient

At the heart of the Cayenne Electric is a function-integrated high-voltage battery with a gross energy content of 113 kWh. It is directly integrated into the vehicle structure and, in addition to storing energy, also acts as an integral structural component. This results in significant advantages in weight and packaging; the ratio between cells and battery housing has improved by 12 per cent compared to the second-generation Taycan battery. Integration of the battery into the body structure also increases vehicle rigidity and further lowers the car’s centre of gravity – both essential factors for driving dynamics and precision. The battery therefore contributes to the agile handling of the Cayenne Electric. Porsche is also setting new standards in the field of passive safety; the battery modules are made of a specially developed aluminium profile that absorbs energy in a targeted manner and protects the cells in the event of an impact.

Cell chemistry and energy density: peak efficiency

For maximum energy density and charging capability, Porsche uses a lithium-ion battery with six interchangeable modules and 192 large-format pouch cells. The cells consist of a graphite-silicon anode and a nickel-manganese-cobalt-aluminium cathode (NMCA). The high nickel content of 86 per cent ensures maximum energy density, while silicon in the anode significantly enhances the fast-charging capability. Aluminium increases the rigidity of the cell structure. The result: seven per cent higher energy density compared to the current Taycan battery, while also increasing charging efficiency.

Double-sided cooling: the key to sustained performance

A key element of the high-voltage system is the innovative cooling system, which regulates the temperature of the battery from both above and below. This dual cooling allows precise control of the temperature window and ensures that the battery always operates in the optimal range – regardless of the weather, charging power or driving style. The cooling capacity corresponds to that of about 100 large household refrigerators. For the first time, energy-efficient pressure fans will be used, which consume around 15 per cent less energy than conventional suction fans. The result is a consistently high charging capacity and high performance with minimal energy loss – a key element of the overall efficiency of the new Cayenne.

Predictive thermal management: thinking ahead

The new Predictive Thermal Management is an integral part of the electrical architecture of the Cayenne Electric. It links all of the vehicle’s cooling and heating circuits, continuously analyses temperature, route and driving profile, and proactively controls the flow of energy. While driving, intelligent software calculates the heating or cooling requirements in real time – taking into account navigation data, topography, traffic conditions and driving behaviour. The aim is to keep the battery in the optimum temperature window at all times – for maximum charging speed, service life and range consistency. The advantages for the driver include shorter charging times, lower energy consumption and even more accurate range predictions. The system works closely with the further-developed Charging Planner, which takes individual charging preferences into account and preconditions the battery for the next stop while driving.

“The function-integrated battery, the double-sided cooling concept and the predictive thermal management demonstrate how we think comprehensively about technology,” says Dr Michael Steiner. “Our aim is to provide electric mobility in a way that befits Porsche – efficient, powerful and engaging at the same time.” 

Robust fast-charging behaviour: next-level usability

The Cayenne Electric sets new standards in charging performance. Its capacity of up to 400 kW at suitable high-power charging stations enables charging from 10 to 80 per cent in less than 16 minutes. The Cayenne Electric maintains this high level of charging power over an exceptionally wide state of charge band. Up to about 50 per cent SoC, the charging rate consistently remains between 350 and 400 kW – a clear benefit for long-distance driving^.

This optimal fast-charging curve is achievable from a battery temperature of just 15 degrees Celsius, which is significantly lower than before. This means that the car’s charging performance is particularly robust under real-world conditions throughout the year. In addition, the 800-volt architecture combined with the high-voltage switch in the battery also enables efficient charging at 400-volt stations at up to 200 kW – without an additional booster.

Porsche Wireless Charging: cable-free convenience

From 2026, Porsche expects that it will offer the new Porsche Wireless Charging system – an 11 kW wireless charging system with a compact one-box floor plate – for the first time with the Cayenne Electric to select markets, although AUstralia is yet to be confirmed. This contactless charging technology achieves a similar efficiency to wired AC charging: up to 90 per cent. When parked over it, the vehicle automatically detects the floor plate and lowers itself slightly for charging. The inductive charging process takes place across a gap of a few centimetres. The entire process is fully automatic, safe and maintenance-free. The My Porsche app can be used to monitor charging processes, define time slots or authenticate several vehicles. With this technology, Porsche is once again emphasising that efficiency and convenience go hand in hand – even when charging.

Info

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https://www.motortrend.com/reviews/2026-porsche-electric-cayenne-range-test
https://insideevs.com/reviews/775777/porsche-cayenne-electric-range-test/
https://youtu.be/Yz1qZ1vF2XM?si=v13gL6u1vjDK7hIt
https://youtu.be/IwrYwFPn0pc?si=bbqapldDeNATyNJ2

Actual range you experience will vary depending on a number of factors such as speed, traffic and weather conditions, driving habits, elevation change, how much weight the vehicle is carrying, use of vehicle features/accessories such as heating or air-conditioning, and wheels/tyres among others. Please contact an Official Porsche Centre for information regarding Australian delivered models.

^ Charging times are based on rates observed during Porsche AG testing on a test vehicle in
controlled test conditions using a high speed DC charger for vehicle comparison purposes only. The rates of charge you experience will differ depending on a number of factors such as the ambient conditions, battery size, the amount of charge the battery has and the type of charger. Public DC chargers are typically faster than AC chargers installed at residential premises. We recommend charging to 80 per cent to assist in maximising your vehicle’s battery range and battery life over time.

Press releases may contain forward-looking statements and information on the currently expected business development of Porsche AG. These statements are subject to risks and uncertainties. They are based on assumptions about the development of economic, political and legal conditions in individual countries, economic regions and markets, in particular for the automotive industry, which we have made based on the information available to us and which we consider to be realistic at the time of publication. If any of these or other risks materialise, or if the assumptions underlying these statements prove incorrect, the actual results could be significantly different from those expressed or implied by such statements. Forward-looking statements in this presentation are based solely on the information pertaining on the day of publication. These forward-looking statements will not be updated
later. Such statements are valid on the day of publication and may be overtaken by later events. This information does not constitute an offer to exchange or sell or offer to exchange or purchase securities.
 

Samsung Electronics and SoftBank Corp. have signed a Memorandum of Understanding (MOU) for joint research into next-generation communications technologies, including 6G and AI-based radio access network (AI-RAN) innovations.

The two companies will categorize next-generation communications technologies into four candidate areas — 6G, AI for RAN, AI and RAN, and Large Telecom Model (LTM) — and collaborate on select fields to drive future innovation. Leveraging their advanced technological expertise and network deployment capabilities, they plan to identify new use cases, jointly develop core technologies and demonstrate the technologies’ effectiveness.

This year marks a significant push toward 6G standardization, with discussions emerging on new frequency bands such as the 7GHz spectrum. Under the “AI for RAN” concept, AI-RAN technologies are expected to play a pivotal role in optimizing wireless networks.

Moreover, AI-RAN orchestration technologies under the “AI and RAN” concept — designed to seamlessly integrate AI workloads with base station workloads and operate them efficiently — hold significant potential for network optimization and enhanced user experiences. The use of Generative AI within communications networks is being considered a viable area of research as well.

“Through this collaboration with SoftBank, we aim to define meaningful use cases for both operators and end users, while securing key technologies for future commercialization,” said JinGuk Jeong, Executive Vice President and Head of Advanced Communications Research Center (ACRC) at Samsung Research. “Building on our advanced expertise in AI-RAN and 6G, Samsung will continue to lead innovation in next-generation communications.”

“We are very pleased to collaborate with Samsung, a global leader in communications technologies. By combining our advanced expertise, we will accelerate the realization of next-generation networks that evolve to become more efficient and highly reliable through AI-RAN,” said Hideyuki Tsukuda, Executive Vice President and CTO, SoftBank Corp. “SoftBank remains committed to taking on the challenge of building the next-generation social infrastructure essential for a future society where AI and humans coexist.”

Samsung Electronics continues to lead research in 6G and AI-powered communications technologies through its ACRC under Samsung Research. In November, the company plans to host the Silicon Valley Future Wireless Summit, an event aimed at fostering dialogue among industry leaders, academia and government organizations on AI-RAN research.

The memo did not specify how many layoffs would take place but said they would begin at the company’s Canadian operations in the first week of November.

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Employees in Calgary will be notified virtually on November 5 and those in the company’s Surmont oil sands operation in northern Alberta and its Montney shale play in British Columbia will be told in person the following day, the memo said.

“We will not be sharing area-specific workforce numbers for current or impacted employees and contractors,” ConocoPhillips spokesperson Dennis Nuss said in an email.

FALL IN OIL PRICES FORCES STAFF AND SPENDING CUTS

ConocoPhillips employed 950 people in Canada as of the end of 2024, according to the company’s website, and its 2024 Canadian production was 164,000 barrels of oil equivalent per day (boe/d).

A fall in oil prices has put ConocoPhillips and its U.S. rivals under pressure this year, forcing them to cut staff, curb capital spending and reduce drilling.

But the U.S. industry’s pain has spread to Canada, with U.S.-owned companies beginning to cut their Canadian divisions as they consolidate operations and seek to become more efficient.

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