Category: Business

Amazon said on Tuesday its low-cost Haul unit had considered listing import charges for goods in light of new U.S. tariffs but denied looking at such a plan for its main website, after the White House accused it of a hostile political act.
The Seattle retailer spent a chaotic morning denying a report from Punchbowl News that it planned to display prices showing tariffs’ impact on Amazon.com. It acknowledged it had considered it for certain inexpensive China-made products on Haul but then rejected the idea.

The confusion initially prompted a 2% drop in Amazon shares after White House press secretary Karoline Leavitt called the reported pricing plan “a hostile and political act by Amazon.” Amazon (AMZN.O) denied the initial story.

The company said its smaller Haul division, which competes for low-cost buyers with Temu and Shein, had mulled displaying import levies. “The team that runs our ultra low cost Amazon Haul store considered the idea of listing import charges on certain products. This was never approved and (is) not going to happen,” a company spokesperson said, adding that “teams discuss ideas all the time.”

Amazon shares recovered losses and were up slightly in afternoon trading.
President Donald Trump has imposed a tsunami of tariffs on U.S. trading partners, including China which has seen tariff costs rise by 145% since Trump took office, sending many corporations scrambling. Trump called Amazon founder and executive chairman Jeff Bezos to complain about the Punchbowl News report, a White House official said.
“Jeff Bezos is very nice,” Trump told reporters. “He solved the problem very quickly. He did the right thing.”
Automakers and others have said new tariffs could drastically hike the cost of consumer goods.
Amazon’s Haul site, which debuted in November, is particularly susceptible to tariffs because it is dependent on goods shipped directly from China, similar to popular low-cost site Temu. In exchange for lower prices, customers face longer shipping times.

Trump this month signed an executive order that closes a trade loophole known as “de minimis” that has allowed low-value packages from China and Hong Kong to enter the United States free of duties. The order takes effect on May 2.

Senate Democratic Leader Chuck Schumer urged national retailers to show the true cost of Trump’s tariffs. “To the large businesses that sell to consumers, I say: show your customers how much tariffs are hurting in their pocketbooks,” Schumer said.
U.S. Representative Marjorie Taylor Greene, a Trump ally, jumped into the fray. “Ahhh come on Amazon!!,” she posted on X. “I was getting so excited about the Amazon tariff tracker so I could avoid buying anything from China!!”
Reuters reported on Monday that some third-party merchants who previously sold China-made goods during Amazon’s premier July Prime Day shopping event are sitting it out this year or reducing the amount of discounted merchandise they offer.
The company on Tuesday announced the return of Prime Day this year, but did not provide specific dates, a departure from prior announcements.
Trump was a frequent critic of Bezos during the Republican’s first term, particularly over what he said was unfair coverage by The Washington Post, which Bezos owns.
Bezos and Amazon have appeared to try to reconcile with Trump including by buying a documentary about first lady Melania Trump for $40 million, contributing to the president’s inaugural fund and showing episodes of Trump’s reality show The Apprentice on Prime Video.
The strategy to remain in the White House’s good graces seemed to have been working. In a March interview with The Atlantic that was published Friday, Trump said of Bezos, “He’s 100 percent. He’s been great.”
But Leavitt on Tuesday cited a 2021 report by Reuters that the tech company had partnered with a “Chinese propaganda arm.”
“So, this is another reason why Americans should buy American,” Leavitt said, underscoring the Trump administration’s efforts to shore up critical supply chains and boost domestic manufacturing.

Source : https://www.reuters.com/business/retail-consumer/white-house-amazon-tariff-price-announcement-is-hostile-2025-04-29/

President Donald Trump’s administration will move to reduce the impact of his automotive tariffs on Tuesday by alleviating some duties imposed on foreign parts in domestically manufactured cars and keeping tariffs on cars made abroad from piling on top of other ones, officials said.
“President Trump is building an important partnership with both the domestic automakers and our great American workers,” Commerce Secretary Howard Lutnick said in a statement provided by the White House.

“This deal is a major victory for the President’s trade policy by rewarding companies who manufacture domestically, while providing runway to manufacturers who have expressed their commitment to invest in America and expand their domestic manufacturing.”
The Wall Street Journal, which first reported the development, said the move meant car companies paying tariffs would not be charged for other levies, such as those on steel and aluminum, and that reimbursements would be given for such tariffs that were already paid.
A White House official confirmed the report and indicated the move would be made official on Tuesday.

Trump is traveling to Michigan on Tuesday to commemorate his first 100 days in office, a period that the Republican president has used to upend the global economic order.
The move to soften the effects of auto levies is the latest by his administration to show some flexibility on tariffs, which have sown turmoil in financial markets, created uncertainty for businesses and sparked fears of a sharp economic slowdown.
Automakers said earlier on Monday they were expecting Trump to issue relief from the auto tariffs ahead of his trip to Michigan, which is home to the Detroit Three automakers and more than 1,000 major auto suppliers.
Last week, a coalition of U.S. auto industry groups urged Trump not to impose 25% tariffs on imported auto parts, warning they would cut vehicle sales and raise prices.

Trump had said earlier he planned to impose tariffs of 25% on auto parts no later than May 3.
“Tariffs on auto parts will scramble the global automotive supply chain and set off a domino effect that will lead to higher auto prices for consumers, lower sales at dealerships and will make servicing and repairing vehicles both more expensive and less predictable,” the industry groups said in the letter.
The letter from the groups representing General Motors (GM.N), Toyota Motor, Volkswagen (VOWG.DE), Hyundai (005380.KS), and others, was sent to U.S. Trade Representative Jamieson Greer, Treasury Secretary Scott Bessent and Commerce’s Lutnick.

Source : https://www.reuters.com/business/autos-transportation/trump-reduce-impact-auto-tariffs-officials-say-2025-04-28/

Anant Ambani, the youngest son of Mukesh Ambani, steps into an executive role at Reliance Industries as the board approves his five-year appointment starting May 2025.

Reliance Industries Ltd (RIL) on Friday appointed Anant M. Ambani, youngest son of Chairman Mukesh Ambani, as a whole-time director for a five-year term beginning 1 May 2025, according to a stock exchange filing. The decision, based on recommendations from the Human Resources, Nomination and Remuneration Committee, awaits shareholder approval.
Anant Ambani, previously a non-executive director on Reliance’s board, will now take on a more active executive leadership role at India’s most valuable company. The 28-year-old holds board positions across several Reliance group companies, including Jio Platforms Ltd (since March 2020), Reliance Retail Ventures Ltd (since May 2022), and Reliance New Energy and Reliance New Solar Energy Ltd (since June 2021). He has also been a trustee of the Reliance Foundation since September 2022.
An alumnus of Brown University, USA, Anant Ambani is known for his commitment to animal welfare initiatives, where he focuses on the rehabilitation of at-risk animals and ensuring they receive dignified care in their later years.

His siblings, Akash Ambani and Isha Ambani, also hold prominent roles within the Reliance group. Akash serves as Chairman of Reliance Jio Infocomm Ltd, while Isha is an Executive Director at Reliance Retail Ventures Ltd. Both have been non-executive directors at RIL since August 2023.

Source : https://www.timesnownews.com/business-economy/companies/anant-ambani-is-the-brand-new-whole-time-director-at-mukesh-ambanis-reliance-industries-check-who-recommended-article-151503970

Global aid funding cuts, led by the United States, are disrupting efforts to vaccinate children against deadly diseases almost as much as the COVID-19 pandemic did, the United Nations said on Thursday.
Outbreaks of infectious diseases, including measles, meningitis and yellow fever, have been increasing globally.

Emergency and routine vaccinations meanwhile were significantly affected in nearly half of countries at the start of April due to the funding cuts, according to reports from World Health Organization offices in 108 largely low and lower-middle income countries.

Cuts to funding also reduced vaccine supplies and hampered disease surveillance, the WHO and UNICEF said in a joint release with Gavi, the Vaccine Alliance.
“Setbacks (are) at a similar level to what we saw during COVID-19. We cannot afford to lose ground in the fight against preventable disease,” said Catherine Russell, UNICEF executive director.
COVID-19 caused what was called the largest backslide in childhood vaccination in a generation, and aid funding cuts, led by the U.S. – formerly the world’s largest donor – risked the same outcome, the joint release said.
They called for funding for childhood immunisation to be maintained ahead of Gavi’s funding round, which will be launched in June. The group is seeking $9 billion for its work from 2026-2030.

Sania Nishtar, Gavi’s chief executive officer, said it was possible to fight the rise of infectious diseases but only if the group is fully funded.
Measles cases have increased year-on-year since 2021, while meningitis surged in Africa last year and yellow fever cases also rose after declines in the last decade, the agencies said.
Last month, an internal U.S. government document showed it would follow its cuts to UNICEF and the WHO, part of wider plans to streamline and focus foreign aid to align with the “America First” policy, by cancelling its contribution of around $300 million annually to Gavi.
Last week, the U.S. State Department told Reuters it had nominated Mark Lloyd, assistant administrator for global health, to Gavi’s 28-person board. The U.S. seat had previously been vacant.
Both the U.S. State Department and Gavi declined to comment about what this could mean for U.S. funding.

Source: https://www.reuters.com/business/healthcare-pharmaceuticals/aid-funding-disrupts-child-vaccinations-almost-much-pandemic-says-un-2025-04-24/

Amazon.com has paused some data center lease talks for its cloud division, particularly in overseas markets, suggesting a short-term slowdown in leasing for large-scale facilities, Wells Fargo analysts said on Monday.

The move by the largest U.S. cloud company is the latest sign that rising economic uncertainty could be forcing companies to rethink how they spend the billions of dollars they have earmarked for AI infrastructure including pricey Nvidia chips.

Wells Fargo analysts said the magnitude of Amazon’s pause was unclear, but it was similar to Microsoft’s recent pullback.

Rather than canceling any signed deals, Amazon is “digesting aggressive recent lease-up deals,” the analysts said.

“It does appear like the hyperscalers (big cloud companies) are being more discerning with leasing large clusters of power, and tightening up pre-lease windows for capacity that (would) be delivered before the end of 2026,” they said in a note, adding that the likes of Meta, Alphabet-owned Google and Oracle remain active in leasing.

Amazon downplayed the note. “This is routine capacity management, and there haven’t been any recent fundamental changes in our expansion plans,” said Kevin Miller, vice president of Amazon Web Services Global Data Centers in a post on LinkedIn.

Rival Microsoft abandoned data center projects set to use 2 gigawatts of electricity in the U.S. and Europe in the last six months due to an oversupply relative to its current demand forecast, TD Cowen analysts had said in March.

Investor skepticism about the hefty artificial intelligence spending by U.S. tech firms has increased due to slow payoffs and the rise of Chinese startup DeepSeek, which showcased AI technology at a much lower cost than its Western rivals.

Like rivals, Amazon is investing heavily in generative AI, including releasing a variety of chatbots serving sellers, businesses and consumers.

Source : https://www.channelnewsasia.com/business/amazon-has-halted-some-data-center-leasing-talks-wells-fargo-analysts-say-5079606

Virat Kohli has chosen to end his lucrative eight-year partnership with Puma, opting for a new direction in his career. Instead of accepting a Rs 300-crore deal, he plans to invest in Agilitas Sports, a budding Indian sportswear startup. This move reflects Kohli’s ambition to create and develop his brand, One8, independently.

India’s batting stalwart Virat Kohli has decided to end his eight-year endorsement deal with Puma as he is looking to venture into the boardroom to diversify his portfolio. Kohli chose not to take the Rs 300-crore deal, instead, he is looking to invest in Agilitas Sports, a new Indian sportswear startup, a report in Financial Express said.
Kohli’s decision to back an Indian company hints at his future plans, where he is not just looking to lend his name but to build a brand from scratch.

In 2017, Kohli signed one of Indian sport’s most talked-about deals — an eight-year contract with Puma, reportedly worth Rs 110 crore. But it wasn’t just a typical endorsement. The collaboration led to the launch of his own brand, One8, in partnership with Puma, which grew into a Rs 250 crore business, offering everything from athleisure wear to footwear under the ‘Puma One8’ label.

Now, with that deal officially wrapped up, Kohli is taking One8 independent, repositioning it as a standalone brand. This time, the platform backing it is Agilitas. But there’s a twist: Kohli isn’t just the face of Agilitas, he’s also putting his money into it as an investor.

About Agilitas

Agilitas is a fast-growing sportswear and lifestyle startup founded in 2023 by Abhishek Ganguly, former MD of Puma India and Southeast Asia. Backed by Rs 600 crore in funding from Convergent Finance and Nexus Venture Partners, the company has already made strategic moves like acquiring Mochiko Shoes, a key Indian sports footwear manufacturer.

Source : https://www.timesnownews.com/business-economy/industry/why-virat-kohli-dropped-rs-300-crore-deal-with-puma-it-has-an-indian-startup-agilitas-sports-connection-article-151458385

Nitesh Kumar Das, Organising Secretary of Gig Workers Association (GigWA), said that the association will protest if the demands are not met.

BluSmart’s sudden suspension of services has left over 10,000 driver partners without income, sparking widespread confusion and outrage. The unexpected shutdown has affected not only daily commuters but also sparked outrage among the platform’s drivers, who say they were not informed in advance.

The Gig Workers Association (GigWA) raised strong concerns about the sudden suspension of BluSmart’s services and said that drivers have been left without clarity on their employment status. The association alleged that numerous drivers are still waiting for pending payments and the weekly incentives of Rs 8,000 that the company had promised.

As per the GigWA statement, the BluSmart drivers are also demanding immediate disbursal of their pending arrears.

“The Gig Workers Association (GigWA) expresses deep concern over the abrupt suspension of operations by BluSmart, a major electric ride-hailing service in India. This unexpected halt has left thousands of drivers without income or clarity about their employment status,” it said in a statement.

The suspension comes after the allegations by the Securities and Exchange Board of India (SEBI) against BluSmart’s co-founder. Anmol Jaggi, for misappropriating funds intended for electric vehicle procurement. SEBI has initiated a forensic investigation into Gensol, the affiliated company involved in the alleged financial irregularities.

GigWA, on behalf of BluSmart drivers, has also demanded “immediate compensation equivalent to three months’ income to all affected drivers, ensuring financial stability during this period of uncertainty.”

They have also urged the company to arrange alternative employment opportunities for affected workers at BluSmart.

“…Offer alternative employment opportunities or facilitate job placements for the displaced drivers to mitigate the impact on their livelihoods,” it said.

“The sudden cessation of BluSmart’s services has not only disrupted the lives of its drivers but also raised concerns about the accountability of platform-based companies towards their workforce,” it said.

Source : https://www.news18.com/business/10000-drivers-stranded-after-blusmarts-sudden-suspension-seek-immediate-release-of-pending-payments-ws-kl-9305860.html

The income tax return form, by default, applies to the new regime. It inquires from the taxpayers whether they wish to come out under Section 115 BAC. Selecting ‘Yes’ transfers them to the old tax regime, whereas a ‘No’ assures they’re remaining in the new one.

The income tax filing season has arrived, and for salaried employees, it is time to gather necessary documents, beginning with Form 16 from their employer. While you review your income and deductions for the year, you may start considering whether the old or new tax regime provides greater savings.

Alphabet’s Google illegally dominates two markets for online advertising technology, a judge ruled on Thursday (Apr 17), dealing another blow to the tech giant and paving the way for US antitrust prosecutors to seek a breakup of its ad products.

US District Judge Leonie Brinkema in Alexandria, Virginia, found Google liable for “willfully acquiring and maintaining monopoly power” in markets for publisher ad servers and the market for ad exchanges which sit between buyers and sellers.

The decision clears the way for another hearing to determine what Google must do to restore competition in those markets, such as sell off parts of its business at another trial that has yet to be scheduled. It is the second court ruling that Google holds an illegal monopoly, following a similar judgement in a case over online search.

Publisher ad servers are platforms used by websites to store and manage their digital ad inventory. Along with ad exchanges, the technology lets news publishers and other online content providers make money by selling ads. Those funds are the “lifeblood” of the internet, Brinkema wrote.

“In addition to depriving rivals of the ability to compete, this exclusionary conduct substantially harmed Google’s publisher customers, the competitive process, and, ultimately, consumers of information on the open web,” Brinkema wrote.

However, antitrust enforcers failed to prove a separate claim that the company had a monopoly in advertiser ad networks, she wrote.

Lee-Anne Mulholland, vice president of regulatory affairs, said Google will appeal the ruling.

“We won half of this case and we will appeal the other half,” she said, adding that the company disagrees with the decision on its publisher tools. “Publishers have many options and they choose Google because our ad tech tools are simple, affordable and effective.”

Google’s shares were down around 1.6 per cent at midday. Experts previously told Reuters the financial hit from a loss in the case would be minimal for the tech giant best known for its search engine.

The DOJ has said that Google should have to sell off at least its Google Ad Manager, which includes the company’s publisher ad server and ad exchange.

Google has previously explored selling its ad exchange to appease European antitrust regulators, Reuters reported in September.

US Senator Amy Klobuchar, a Democrat from Minnesota who previously led the antitrust subcommittee, called the ruling “a big win for consumers, small businesses, and content creators that will open digital markets to more innovation and lower prices”.

INFLECTION POINT

Michael Ashley Schulman, chief investment officer at Running Point Capital, called the ruling a “major inflection point” for Google and the tech sector, underscoring US courts’ willingness to entertain “aggressive structural remedies” in antitrust cases.

“This could increase regulatory risk premiums across major tech stocks, especially those like Amazon and Meta that operate similarly integrated ecosystems,” he said.

Meta Platforms is on trial in a separate antitrust case brought by the US Federal Trade Commission accusing the owner of Facebook, WhatsApp and Instagram of holding an illegal monopoly in personal social networks. The FTC has accused Amazon.com of unlawfully dominating online retail markets. The DOJ has also sued Apple, claiming it holds a smartphone monopoly.

Those cases have been pursued during both Republican and Democratic administrations, including US President Donald Trump’s first and second term, showing the enduring bipartisan appeal of antitrust enforcement.

Google now faces the possibility of two US courts ordering it to sell assets or change its business practices. A judge in Washington will hold a trial next week on the DOJ’s request to make Google sell its Chrome browser and take other measures to end its dominance in online search.

At a three-week trial last year on Google’s ad business, the DOJ and a coalition of states argued Google used classic monopoly-building tactics. Those tactics involved eliminating competitors through acquisitions, locking customers in to using its products, and controlling how transactions occurred in the online ad market, prosecutors said at trial.

Source : https://www.channelnewsasia.com/business/google-holds-illegal-monopolies-ad-tech-us-judge-finds-5072431

Nvidia on Tuesday (Apr 17) said it would take US$5.5 billion in charges after the US government limited exports of its H20 artificial intelligence chip to China, a key market for one of its most popular chips.

Nvidia’s AI chips have been a key focus of US export controls as US officials have moved to keep the most advanced chips from being sold to China, as the US tries to keep ahead in the AI race. After those controls were implemented, Nvidia began designing chips that would come as close as possible to US limits.

Nvidia shares were down about 6 per cent in after-hours trading.

The H20 is currently Nvidia’s most advanced chip for sale in China and is central to its efforts to stay engaged with China’s booming AI industry. Chinese companies, including Tencent, Alibaba and TikTok parent ByteDance, had been ramping up orders for H20 chips due to booming demand for low-cost AI models from startup DeepSeek, Reuters reported in February.

While the H20 chip is not as fast at training AI models as Nvidia’s chips for sale outside China, it is competitive with some of those chips at a step known as inference, where AI models serve up answers to users. Inference is fast becoming the biggest part of the AI chip market. Nvidia CEO Jensen Huang last month argued that Nvidia is well-positioned to dominate that shift.

But Nvidia on Tuesday said that the US government is restricting H20 sales to China because of the risk that the chips could be used in a supercomputer. While the H20 has lower computing capabilities than other Nvidia chips, its ability to connect to memory chips and other computing chips at high speeds is still high.

Those memory and connectivity aspects could make the H20 useful in building supercomputers in China, and the US has placed restrictions on selling chips for use in supercomputers in China since 2022. The Institute for Progress, a nonpartisan think tank in Washington, DC, on Tuesday argued for restricting the H20 chips, writing that Chinese firms were likely already building such systems.

“At least one of the buyers, Tencent, has already installed H20s in a facility used to train a large model, very likely in breach of existing controls restricting the usage of chips in supercomputers exceeding certain thresholds. DeepSeek’s supercomputer used to train their V3 model is also likely in breach of the same restrictions,” the group wrote.

On Thursday, a Tencent spokesperson said the Institute for Progress’s conclusions were inaccurate.

“We have not violated any laws and have not built any ‘supercomputers’. Any claim to the contrary is categorically false,” Tencent said in a statement.

The Institute for Progress did not immediately respond to a request for comment on Thursday.

Nvidia said on Tuesday that the US government informed it on Apr 9 that the H20 chip would require a license to be exported to China, and on Apr 14, told Nvidia those rules would be in place indefinitely.

It is unclear how many, if any, of those licenses the US government might grant.

Nvidia declined to comment beyond its filing. The US Department of Commerce, which oversees US export controls, did not immediately return a request for comment.

The US$5.5 billion in charges are associated with H20 products for inventory, purchase commitments and related reserves, Nvidia said.

Source : https://www.channelnewsasia.com/business/nvidia-faces-us55-billion-charge-us-restricts-chip-sales-china-5072951

The California attorney general’s office declined to join a lawsuit by Elon Musk against OpenAI, the agency wrote in a letter made public on Tuesday, saying the office did not see how Musk’s action serves the public interest of the state.

Musk, a co-founder of the ChatGPT maker, is now in a feud with his co-founder Sam Altman, the current OpenAI chief executive, over the firm’s future.

OpenAI wants to remove its nonprofit board as its controlling power in exchange for a valuable equity stake. Musk’s suit argues this would threaten the nonprofit’s mission and he had asked the state to join the lawsuit.

In the letter dated Monday, the attorney general said Musk had not adequately shown that doing so would benefit the public and that Musk appeared to want to use OpenAI’s charitable assets for his own purposes. In February, a Musk-led consortium made an unsolicited $97 billion bid for control of OpenAI.

In a response letter to the attorney general on Tuesday, Musk’s lawyer said the attorney general misunderstood Musk’s bid for OpenAI, writing that Musk does not want to buy OpenAI if the nonprofit structure remains unchanged, and also pointed out that entities including a group of philanthropic leaders as well as former OpenAI employees have joined Musk in urging a stop to OpenAI’s transition.

Though the California attorney general’s office has declined to join Musk’s lawsuit, it remains involved in the issue: as the state overseer of nonprofits, it needs to approve OpenAI’s proposed nonprofit transition because OpenAI is based in California.

Source: https://www.channelnewsasia.com/business/california-attorney-general-declines-join-musks-lawsuit-against-openai-5068476

Online fast-fashion retailer Shein has secured approval from Britain’s Financial Conduct Authority (FCA) for its planned initial public offering in London, according to two sources with knowledge of the matter.
The FCA’s approval marks a significant step forward in the China-founded company’s pursuit of a London listing after it confidentially filed papers with the British regulator last June.

But it will also have to contend with market turmoil caused by U.S. President Donald Trump’s 145% tariffs on Chinese goods and tighter rules on duty-free shipments from China to the U.S.

Shein, which sells $10 dresses and $12 jeans in more than 150 countries and was valued at $66 billion in its last fundraising round in 2023, will also need to secure approvals from Chinese regulators, notably the China Securities Regulatory Commission (CSRC), for the London float, sources have said.
The company in recent weeks informed the CSRC of the FCA’s approval but has yet to receive a green light from the regulator, said one of the sources. They declined to be named as the information remains private.
Shein and the FCA declined to comment, while the CSRC did not respond to a request for comment.

Shein, whose clothes are produced at thousands of factories mostly in China, last year sought Beijing’s approval to go public in London, despite the company having moved its headquarters from Nanjing, China, to Singapore in 2022.
Shein’s filing with the CSRC makes it subject to Beijing’s new listing rules for Chinese firms going public offshore, sources have said.
Shein does not own or operate any manufacturing facilities, and instead sources its products from around 5,800 third-party contract manufacturers mainly in China, subjecting it to the CSRC’s listing rules, a separate source said previously.
The rules are applied on “a substance over form” basis, giving the CSRC discretion on when and how to implement them, the source added.
Shein ships the majority of its products directly to shoppers by air in individually addressed packages.

Under the CSRC’s rules, a host of authorities such as the National Development and Reform Commission, which supervises foreign holdings in local firms, the cybersecurity regulator and others may get involved in approving offshore IPO applications.

‘DE MINIMIS’ ISSUES
Shein, founded by China-born entrepreneur Sky Xu, initially aimed to go public in London in the first half of this year, contingent on securing approvals from regulators in both the UK and China, Reuters reported in January.
But its prospects have come under a cloud in recent months as the Trump administration moved to end the “de minimis” duty exemption, which allows shipments worth less than $800 duty-free entry to the U.S. and has helped Shein keep prices low.
Trump last week signed an executive order ending de minimis for shipments from China and Hong Kong effective on May 2.
The measure’s removal could force it to hike prices in the U.S., its biggest market, though the change has been widely expected and Shein has sought to adapt by adding suppliers in Brazil and Turkey.
The development, along with market turmoil caused by Trump’s tariffs on China, could also delay the fast-fashion group’s original IPO schedule to the second half of the year, said the sources.
In February, Reuters reported that Shein was set to cut its valuation in a potential listing to around $50 billion, nearly a quarter less than the $66 billion valuation it achieved in a $2 billion private fundraising in 2023.

Source: https://www.reuters.com/business/retail-consumer/shein-gains-uk-approval-london-ipo-awaits-china-nod-sources-say-2025-04-11/

The brand’s famous blend of eleven herbs and spices served as the inspiration for this unusual product, which promised an “irresistible” sensation.

In collaboration with the Australian dental care company Hismile, KFC has introduced toothpaste with a fried chicken flavour, expanding the use of its characteristic flavour beyond the dinner table. The unique product, which was only available for a short period, has already sold out. It was inspired by the fast-food chain’s well-known 11 herbs and spices.

In a press release, KFC described the toothpaste as “like biting into a hot, juicy piece of KFC Original Recipe Chicken,” offering a fresh and clean finish after coating teeth in flavour.

Also, in a combined Instagram post on April 1, the two companies stated: “Not a prank. It’s here. And it’s Finger Lickin’ Good.”

The post has subsequently received over 11,000 likes, with two linked posts garnering over 3,000 likes each.

“We love pushing boundaries, and what better way to do that than by bringing KFC’s legendary flavours into an everyday essential?” Koban Jones, marketing manager for Hismile, told Fox News on being thrilled about the special partnership. “This collab is bold, unexpected, and seriously fun,” he added.

The toothpaste, which cost $13 (Rs. 1,123) and could only be purchased on the Hismile website, was sold out by Tuesday morning (April 8) despite its oddball appeal.

KFC aficionados may still obtain the brand’s electric toothbrush even if the toothpaste is presently sold out. The toothbrush, which costs $59 (about Rs 5,097), is described on the website as “the perfect mix of fun and function for the ultimate smile,” thanks to its “three dynamic cleaning modes, soft-tapered bristles, and a built-in timer.”

Previously, KFC introduced “No. 11 Eau de BBQ,” a limited-edition perfume that was only available in the UK and featured notes of smoked wood and charcoal. The scent cost $13.82 (about Rs 1,200) and came in a 100-milliliter container with red and black stripes.

Source: https://www.news18.com/viral/kfc-toothpaste-is-real-tastes-like-chicken-and-its-sold-out-aa-9293800.html

Spitznagel still believes we haven’t entered the main event and the recent stock-market plunge is just a ‘trap’
One of Wall Street’s most notoriously pessimistic — and successful — investors, Mark Spitznagel, said the stock-market plunge that’s followed President Donald Trump’s tariff rollout isn’t the epic market crash he has been calling for, but rather the turmoil along the way to the big event.

“I expect an 80% crash when this is over. I just don’t think this is it. This is a trap,” he wrote in commentary to MarketWatch on Monday, adding that when the real crash happens, investors will know it.

Source : https://www.marketwatch.com/story/the-stock-market-will-go-down-80-when-this-is-over-says-bearish-investor-mark-spitznagel-692f56df

The stock market rallied during the trading session on Tuesday, April 8, rebounding after it logged its steepest single-day drop in 10 months as a US tariff-fuelled selloff triggered anxiety among investors.

At 12:45 pm, the benchmark BSE Sensex was up by 1,542.37 points or 2.11 per cent, reaching 74,680.27. The broader NSE Nifty was 478.85 points up or 2.16 per cent in the green, reaching 22,640.45.

Which stocks rose the most?

Among the 30 Sensex stocks, Titan Company rose the most by 4.22 per cent, trading at ₹3,151.15. This was followed by Infosys, which was up 3.95 per cent, trading at ₹1,453, and Larsen & Toubro, which was up by 3.73 per cent, trading at ₹3,185.35.

All the Sensex stocks were in the green.

How did individual sectors perform?

Among the Nifty sectoral indices, the Financial Services Ex-Bank Index rose the most by 3.06 per cent, reaching 25,759.05. This was followed by Nifty IT, which was up 2.97 per cent, reaching 33,637.95, and Nifty Midsmall Financial Services, which was up 2.95 per cent, reaching 14,839.20.

The UK carmaker exported around 38,000 cars to the country in the third quarter of 2024.

JLR to halt shipments to the USJaguar Land Rover (JLR) has said it will “pause” shipments to the US as the British car firm works to “address the new trading terms” of Donald Trump’s tariffs.

The US president has introduced a 25% levy on all foreign cars imported into the country, which came into force on Thursday.

JLR, one of the country’s biggest carmakers, exported about 38,000 cars to the US in the third quarter of 2024 – almost equal to the amount sold to the UK and the EU combined.

In a statement on Saturday, a spokesperson for the company behind the Jaguar, Land Rover and Range Rover brands said: “The USA is an important market for JLR’s luxury brands.

“As we work to address the new trading terms with our business partners, we are taking some short-term actions including a shipment pause in April, as we develop our mid- to longer-term plans.”

The company released a statement last week before Mr Trump announced a “baseline” 10% tariff on goods from around the world, which kicked in on Saturday morning, on what he called “liberation day”.

JLR reassured customers its business was “resilient” and “accustomed to changing market conditions”.

“Our priorities now are delivering for our clients around the world and addressing these new US trading terms,” the firm said.

Trading across the world has been hit by Mr Trump’s tariff announcement at the White House on Wednesday.

All but one stock on the FTSE 100 fell on Friday – with Rolls-Royce, banks and miners among those to suffer the sharpest losses.

Source: https://news.sky.com/story/major-uk-carmaker-to-pause-us-shipments-over-trump-tariffs-13342440

Redmond: Thousands of people swooned in a dark conference hall that felt more like a rock concert when a Microsoft product manager demonstrated the company’s latest feature: how to sum numbers in Excel, with the click of a button.

“It was literally like Mick Jagger walked out,” said Yusuf Mehdi, Microsoft’s consumer chief marketing officer, who started as an intern.

That was more than 30 years ago. On Friday, the day Microsoft turned 50, the company’s leaders and staff gathered at its headquarters in Redmond, Washington, to remember the software maker’s glory days while trumpeting what they hope will bring it into the future: more powerful artificial intelligence.

Copilot, Microsoft’s AI assistant, is gaining a host of new features to make it more proactive. The version for consumers will start remembering personal facts about them. It will offer birthday reminders or support ahead of a presentation, or consumers can opt out, Mehdi said in an interview.

Copilot likewise will personalize podcasts and shopping recommendations, and it will let consumers task their AI to make reservations for them. “It frees you up,” said Mehdi.

Microsoft is hardly first to roll out action-taking or “agentic” software. As with rival systems, the AI will work best on popular sites where Microsoft has done some behind-the-scenes technical work, like with 1-800-Flowers.com and OpenTable, Mehdi said.

Mehdi recalled days when Microsoft was smaller and growing. He said CEO Bill Gates could devour three books’ worth of information from one day to the next, at a time when the co-founder still worked on Microsoft software. Mehdi watched Steve Ballmer, Gates’ eventual successor, chant “developers, developers, developers!” in a sweat-drenched shirt to rouse a crowd into the “.net” era.

Microsoft went from top of the pack to badly bruised in a high-profile lawsuit that U.S. antitrust enforcers brought against it in 1998. Years later, younger companies and startups, among them Alphabet and ChatGPT maker OpenAI, beat it to the punch on key AI developments.

Satya Nadella, Microsoft’s current CEO, is not standing still. The leader who turned Microsoft into the No. 2 cloud powerhouse challenged his executives at an internal summit this week, recalled Mehdi: “How do we rethink the way that we build the software?”

Nadella voiced a similar view at Microsoft’s Redmond event on Friday, where he, Gates and Ballmer made a rare joint public appearance. Ballmer reprised his “developers!” chant as well.

Nadella said the company was not simply celebrating its past 50 years but creating a future defined by “what we empower others to build.”

Gates said, “We’re on the verge of something even more profound than what came for those first 50 years.” Asked what he wished for Microsoft at age 100, he said: “I hope Copilot’s a good CEO.”

Microsoft is iterating on its chatbot technology in a crowded field that includes Elon Musk’s xAI and Anthropic. It has added Copilot to its heavily used productivity suites for business while giving consumers a distinctive version.

Source : https://www.deccanherald.com/business/companies/microsoft-turning-50-dials-up-copilot-actions-to-stay-in-ai-game-2-3479279

Trump’s reciprocal tariffs are going to tell on 87 per cent of India’s $81 billion exports to the US, its biggest market globally, according to Sujan Hajra, Chief Economist & Executive Director, Anand Rathi Group. Yet, India could gain from its competitors in the market having to grapple with heavier tariff.

As such, sectors such pharmaceuticals (in which India has a stronghold in the generic segment), IT services and textiles that have emerged unscathed from rain of tariffs, could well see some supply shifts.

Then again, some of India’s key competitors have been hit by far higher tariffs. While India has to deal with an additional 27 per cent levy, China has to contend with 54 per cent, Vietnam 46 per cent, Sri Lanka 44 per cent and Bangladesh 37 per cent.

China and Sri Lanka have had an edge over India in the US market for textiles and electronics. This could be dented with India’s lower tariff. Of the $107 billion worth of textile US imported in 2024, China accounted for around 30 per cent, Vietnam 13 per cent and India about 8 per cent, pointed out Vivek Tandon, founder, Revalyu Resources. India’s relatively favourable reciprocal tariffs stand to enhance its competitiveness, emphasised analysts.

Another significant boost is for sectors that have been exempted from tariffs, including pharma, copper, semiconductors, energy products, and lumber. Sectors including steel and aluminium products and automotive parts have not been hit with additional tariffs, though they already function under the prevailing regime.

Pharma stands to be a key gainer, as per analysts. “The US administration has exempted pharmaceuticals from reciprocal tariffs, given its focus on enhancing availability of affordable medical care for US citizens. If considered later – ongoing drug shortages, higher cost of domestic pharmaceutical production and declining profitability of US pharma firms are expected to be taken into consideration,” said Anuj Sethi, Senior Director, Crisil Ratings.

However, these industries must not get complacent, warned analysts. Extracting benefits from the lower tariffs will be tricky. India will also have to be vigilant of a looming dumping threat from East Asian surplus such as China’s electronics products, cautioned Ajai Chowdhry, Founder, HCL and Chairman, EPIC Foundation.

The previous China plus one strategy had benefitted Vietnam and Bangladesh, while India did not receive much benefit due to tariff and market access issues. However, in the present scenario, with ongoing trade discussions with other Western countries including the European Union and the UK, the upside largely remains for India, observed experts.

Footwear also stands to gain arising from steep tariffs on Vietnam (46%) and Cambodia (49%), with firms like Nike may look to shift sourcing to India to hedge against Vietnam’s cost spike, added Vikram Kasat – Head – Advisory, PL Capital.

Source : https://www.deccanherald.com/business/economy/steeper-tariffs-on-neighbours-possibly-a-silver-lining-for-india-3477018

On the issue of addressing trade imbalances, the White House said that Trump is working to level the playing field for American businesses and workers by confronting the unfair tariff disparities and non-tariff barriers imposed by other countries.

New York/Washington: India imposes its “own uniquely burdensome” testing and certification requirements in sectors such as chemicals, telecom products, and medical devices, making it “difficult or costly” for American companies to sell their products in the country, the White House said.

In a fact sheet issued after US President Donald Trump announced sweeping reciprocal tariffs on countries that levy taxes on US goods, the White House stated that non-tariff barriers—meant to limit the quantity of imports/exports and protect domestic industries—also deprive US manufacturers of reciprocal access to markets around the world.

Citing the example of India, the White House fact sheet said: “India imposes its own uniquely burdensome and/or duplicative testing and certification requirements in sectors such as chemicals, telecom products, and medical devices that make it difficult or costly for American companies to sell their products in India. If these barriers were removed, it is estimated that US exports would increase by at least $5.3 billion annually.”

Trump announced a 26 per cent “discounted reciprocal tariff” on India, half of the 52 per cent levies imposed by the country on American goods, as he described India as “very, very tough.”

The fact sheet, titled ‘President Donald J Trump Declares National Emergency to Increase our Competitive Edge, Protect our Sovereignty, and Strengthen our National and Economic Security’, noted that Trump has declared that foreign trade and economic practices have created a national emergency, and his order imposes responsive tariffs to strengthen the international economic position of the United States and protect American workers.

On the issue of addressing trade imbalances, the White House said that Trump is working to level the playing field for American businesses and workers by confronting the unfair tariff disparities and non-tariff barriers imposed by other countries.

“For generations, countries have taken advantage of the United States, tariffing us at higher rates,” it said, citing the example that the United States imposes a 2.5 per cent tariff on passenger vehicle imports (with internal combustion engines), while the European Union (10 per cent) and India (70 per cent) impose much higher duties on the same product.

For networking switches and routers, the United States imposes a 0 per cent tariff, but India (10-20 per cent) levies higher rates. For rice in the husk, the US imposes a tariff of 2.7 per cent, while India (80 per cent), Malaysia (40 per cent), and Turkey (31 per cent) impose higher rates. Apples enter the United States duty-free, but not so in Turkey (60.3 per cent) and India (50 per cent).

Source: https://www.deccanherald.com/business/india-imposes-uniquely-burdensome-certification-requirements-make-it-difficult-for-american-companies-to-sell-in-the-country-white-house-3475363

Indian banks are expected to register loan growth of 12-14 per cent in the financial year 2025-26 (FY26), driven by an increase in deposit inflows, according to a report by Ambit Capital Research.

Details Revealed

The report highlighted that the banking sector has started seeing some relief in loan-to-deposit ratios (LDRs) after facing challenges related to liquidity and asset quality. This improvement is mainly due to a gradual rise in deposits and a slower pace of loan disbursements.

Experts believe that this trend will be reflected in the period-end LDR as well. Additionally, easing liquidity conditions and a possible reduction in risk weights on unsecured retail loans are expected to support steady loan growth.

It said “With easing liquidity and probable easing of risk weights on unsecured retail, we expect sector loan growth to stay at 12-14 per cent in FY26E”.

Despite improving liquidity, the report mentioned that the banks are likely to face pressure on their net interest margins (NIMs) in FY26. The reason for this is high deposit costs and falling yields, which could lead to a decline of 5-20 basis points for most lenders.

However, the impact will vary depending on a bank’s portfolio mix and liability structure. Banks with a higher share of fixed-rate loans will likely manage their margins better than those with a greater proportion of variable-rate loans.

The report also pointed out a rise in non-performing assets (NPAs) in the retail sector due to an increase in unsecured retail loans such as personal loans and credit cards. While banks had maintained strong asset quality post-COVID, the growing volume of unsecured loans has led to higher retail defaults in recent years.

To address this issue, banks have started consolidating their retail lending portfolios, which will help them identify and manage balance sheet stress by the first half of FY26.

Although credit costs are expected to rise in FY26, banks have built strong provisions ranging from 0.7-1.7 per cent of total loans. The provision coverage ratio (PCR) remains at around 70%, which should provide some cushion against potential defaults.

Source : https://www.freepressjournal.in/business/indian-banks-expected-to-see-loan-growth-of-12-14-in-fy26-report

Russia has expanded its gold reserves to an all-time high of $217.4 billion as of March 1, 2025, surpassing China and ranking fifth globally in gold holdings. According to the RBC news website, gold now constitutes 34.4 per cent of Russia’s total foreign exchange reserves, highlighting its strategic shift towards financial security amid global economic uncertainties.
The Central Bank of Russia remains committed to increasing its gold holdings, aligning with a broader trend among central banks worldwide that are turning to precious metals as a hedge against financial instability.
Russia’s Decade-Long Gold Accumulation Strategy
Russia has been one of the most aggressive gold buyers globally over the past decade, particularly since 2014, when Western sanctions followed the annexation of Crimea. This purchasing strategy intensified in 2017, when Russia acquired 224 tonnes of gold, primarily financed by reducing its US Treasury holdings. The move underscores Moscow’s effort to de-dollarise its economy and strengthen financial sovereignty.

Despite Russia’s rise, the United States remains the largest gold holder with 8,133.5 tonnes, which constitutes over 74 per cent of its foreign reserves. Germany, Italy, and France also maintain significant reserves, each exceeding 2,400 tonnes, with gold comprising more than 70 per cent of their national reserves.

Gold Prices Surge Amid Global Economic Uncertainty

The World Gold Council reported that global gold demand hit a record 4,900 tonnes in 2024, driven by sustained central bank purchases and heightened investment interest. Gold prices broke records 40 times throughout the year, surging 27 per cent due to economic uncertainties and geopolitical tensions.
As of March 15, 2025, the official gold price in Russia stood at 8,181 rubles per gram, valuing a 10-kilogram gold bar at approximately 81.8 million rubles ($1.09 million). This price increase reflects rising demand and Moscow’s continued focus on gold accumulation as a key economic safeguard.

Source : https://www.timesnownews.com/business-economy/industry/indias-ally-expands-gold-reserves-to-record-217-4-billion-ranks-5th-among-global-leaders-surpasses-china-article-119331567

The Indian government has announced that, effective April 1, it will abolish the 20 per cent export duty on onions, a move designed to bolster farmers facing plummeting prices due to an abundant rabi harvest. This decision, revealed on Saturday, responds to mounting concerns from agricultural stakeholders and aims to stabilise the domestic onion market.
The export duty was initially imposed on September 13, 2024, as part of a series of measures to ensure sufficient domestic availability of onions and to curb inflation. However, with the anticipated arrival of a substantial rabi crop, mandi (wholesale market) prices have softened considerably, prompting the government to reassess its stance.
In an official statement, the Department of Consumer Affairs emphasised the government’s commitment to balancing the interests of both farmers and consumers: “The decision stands as another testament to the government’s commitment to ensuring remunerative prices to farmers while maintaining affordability of onion to consumers at this crucial juncture when both mandi and retail prices have softened following expected arrival of rabi crops in good quantities.”

Recent data indicates a 39 per cent decline in the all-India weighted average modal prices, with retail prices dropping by 10 per cent over the past month. This price reduction has been attributed to the increased supply from the rabi harvest, leading to concerns among farmers about declining incomes.

Source : https://www.timesnownews.com/business-economy/industry/big-relief-for-farmers-exporters-india-to-remove-20-export-duty-on-onions-from-april-1-article-119376604

Mukesh Ambani, Chairman of Reliance Industries Limited (RIL), has added Rs 39,311.54 crore to his wealth in just five days, as his company’s market capitalisation soared to Rs 17,27,339.74 crore. The surge cements RIL’s position as India’s most valuable firm, ahead of HDFC Bank, Tata Consultancy Services (TCS), and Bharti Airtel. The overall bullish market trend has played a significant role in this massive financial gain, as nine of India’s top 10 most-valued firms collectively gained Rs 3,06,243.74 crore in market valuation over the past week, with ICICI Bank and Bharti Airtel emerging as major contributors.
According to stock market data, the Bombay Stock Exchange (BSE) benchmark index jumped 3,076.6 points (4.16 per cent), while the National Stock Exchange (NSE) Nifty rose 953.2 points (4.25 per cent), reflecting a strong rally in equities.

U.S. President Donald Trump awarded Boeing (BA.N), opens new tab on Friday the contract to build the U.S. Air Force’s most sophisticated fighter jet yet, handing the company a much-needed win and boosting its shares.
The Next Generation Air Dominance program will replace Lockheed Martin’s F-22 Raptor with a crewed aircraft built to enter combat alongside drones.

Trump, the 47th president, announced the new jet’s name, the F-47.

“We’ve given an order for a lot. We can’t tell you the price,” Trump told reporters in the Oval Office.
Boeing shares rose 5% after the U.S. company beat out Lockheed Martin (LMT.N), opens new tab for the deal. Lockheed’s shares fell nearly 7%.
“Our allies are calling constantly,” Trump added, saying foreign sales could be an option. “They want to buy them also.”
For Boeing, the win marks a reversal of fortune for a company that has struggled on both the commercial and defense sides of its business. It is a major boost for its St. Louis, Missouri, fighter jet production business.

The loss is another blow to Lockheed after it was eliminated from the competition to build the Navy’s next-generation carrier-based stealth fighter, and amid growing discontent from the Pentagon over delays in upgrading its F-35 fighter jet.
In recent weeks, Trump met with Lockheed CEO Jim Taiclet to discuss the F-35, according to three sources.
The engineering and manufacturing development contract is worth more than $20 billion. Boeing’s win means it will make the jet fighter and receive orders worth hundreds of billions of dollars over the contract’s multi-decade lifetime.
Reuters was first to report Boeing’s victory.
“We recognize the importance of designing, building and delivering a 6th-generation fighter capability for the United States Air Force,” Steve Parker, who leads Boeing’s defense business, said in a statement. “In preparation for this mission, we made the most significant investment in the history of our defense business.”

The plane’s design remains a closely held secret, but would likely include stealth, advanced sensors, and cutting-edge engines.

“Compared to the F-22, the F-47 will cost less and be more adaptable to future threats – and we will have more of the F-47s in our inventory,” said Chief of Staff of the Air Force, General David Allvin.
NGAD was conceived as a “family of systems” centered around a sixth-generation fighter to counter adversaries such as China and Russia.
Allvin said the F-47 will have significantly longer range, more advanced stealth, and will be more easily supported than the F-22.
MAJOR WIN
Boeing’s commercial operations have struggled as it attempts to get its best-selling 737 MAX jet production back up to full speed, while its defense operation has been weighed down by underperforming contracts for mid-air refueling tankers, drones and training jets.
“The win is a major boost for the company, which has struggled with cost overruns, schedule delays and execution on other Department of Defense programs,” said Roman Schweizer, an analyst at TD Cowen.
Cost overruns at the KC-46 mid-air refueling tanker program have surpassed $7 billion in recent years, while another fixed-price contract to upgrade two Air Force One planes has created a $2-billion loss for the top-5 U.S. defense contractor.
Boeing’s unit that makes passenger jets has faced intense scrutiny since a series of crises including a mid-air emergency in January 2024 involving a new Alaska Airlines 737 MAX 9 missing four key bolts. In January, Boeing reported an $11.8 billion annual loss – its largest since 2020 – due to problems at its major units, along with fallout from a strike that shuttered production of most of its jets.
Boeing has also ceded ground to Airbus (AIR.PA), opens new tab in the delivery race and entered the crosshairs of regulators and customers following missteps. The Federal Aviation Administration in early 2024 imposed a monthly production cap.
“While disappointed with this outcome, we are confident we delivered a competitive solution,” Lockheed said in a statement. “We will await further discussions with the U.S. Air Force.”
While Lockheed could still protest the government’s award to Boeing, the fact Trump announced the deal in a high-profile press conference could reduce the possibility of a public airing of arguments against the agreement from the Bethesda, Maryland-based defense firm.

Source: https://www.reuters.com/business/aerospace-defense/trump-awards-boeing-much-needed-win-with-fighter-jet-contract-sources-say-2025-03-21/

As Tesla plans its expansion into India, these Tata companies are positioning themselves to play a larger role in the automaker’s supply chain

Several Tata Group companies, including Tata AutoComp, Tata Consultancy Services (TCS), Tata Technologies, and Tata Electronics, have emerged as key suppliers to Tesla, which accounts for nearly half of the global automotive market value. As Tesla plans its expansion into India, these Tata companies are positioning themselves to play a larger role in the automaker’s supply chain, sources told Economic Times.

A senior industry insider revealed to ET that Tesla is “readying the supplier base in India,” indicating that Indian firms are poised to benefit from sourcing opportunities once the electric vehicle (EV) giant establishes manufacturing operations in the country. Tesla’s senior global procurement team has been engaging with suppliers, discussing the development and production of essential components like castings, forgings, electronics, and fabrication items.

Tata’s Role in Tesla’s Evolving Supply Chain

The Tata Group companies mentioned above already have global supply agreements with Tesla, contributing to the $2 billion worth of Indian supplies to the automaker in FY24, according to reports. While these agreements currently support Tesla’s international operations, the company’s decision regarding local production or contract manufacturing in India will shape the next phase of their collaboration.

In 2025, global equity markets faced turmoil, but Warren Buffett’s wealth soared to $21 billion, driven by a 16% rise in Berkshire Hathaway’s stock.

Global uncertainty, fuelled by geopolitical challenges, recession fears, and Donald Trump’s tariff threats, has shaken the global equity market in 2025. Many prominent investors worldwide have experienced a sharp decline in their wealth during this tumultuous period.

However, one notable exception is Warren Buffett, the Oracle of Omaha, whose wealth has soared to $21 billion in 2025. He recorded the most significant gain among the top 500 billionaires on the Bloomberg Billionaires Index.

While the strong headwinds in the equity market led to substantial drops in the net wealth of most billionaires this year, Buffett was among individuals within the top 15 whose wealth increased. This growth was primarily due to a surge in Berkshire Hathaway’s stock price.

Other top billionaires in the top 25 who have seen a positive jump in their net wealth are Bernard Arnault, Bill Gates, Francoise Bettencourt Meyers, Carlos Slim, Julia Flesher Koch & Family, Jeff Yass, Zhong Shanshan, and Ma Huateng.

Berkshire Hathaway’s Shares Jump 16%

Berkshire Hathaway’s shares have jumped by 16% this year, contrasting sharply with the Nasdaq composite’s 8% slump over the same period. This stock rally was fuelled by the conglomerate’s record fourth-quarter profit, driven by improvements in its insurance operations.

Berkshire Hathaway’s Cash Holdings

Berkshire Hathaway is sitting on a record $325 billion in cash, a result of Buffett’s decision to sell off billions of dollars worth of Apple and Bank of America shares last year. This massive cash reserve is larger than the combined cash reserves of tech giants Apple, Microsoft, Alphabet, Amazon, and Nvidia Corp.

Mahindra took to X to share his thoughts on the incoming leader, who could potentially reset India-Canada ties, that have been strained in the recent past.

Anand Mahindra On Mark Carney

An Anglophone leader, Carney was a former central bank governor, twice.

In this capacity, he has met many big names, who have come to congratulate him on the occasion of his victory.

One of those big names to come forward to congratulate Carney and laud him was Mahindra Group chairman Anand Mahindra.

Mahindra took to X to share his thoughts on the incoming leader, who could potentially reset India-Canada ties, that have been strained in the recent past.

In the post, Mahindra said, “When Mark Carney, Prime Minister Designate of Canada, was the Governor of the Bank of England, we had the pleasure of hosting him at our Headquarters in Mumbai in 2017 as part of the delegation led by the then Chancellor of the Exchequer.”

A Plain-Speaking Guy

Carney was the chief of the British central bank, the Bank of England. Carney served as the 120th Governor of the Bank of England from 2013-2017. Before that, he served as the governor of the Bank of Canada from 2008 to 2013.

Mahindra further added, “Mark is a cerebral man, with a great sense of humour. But he’s also a no-nonsense, plain-speaking guy.”

Source : https://www.freepressjournal.in/business/a-cerebral-man-anand-mahindra-on-canadas-new-pm-mark-carney

The Bureau of Indian Standards (BIS), which operates under the Ministry of Consumer affairs, has been conducting raids and subjecting consumer products to rigorous testing to ensure compliance with mandatory safety and quality standards.

New Delhi: The government has intensified its enforcement against unsafe and non-certified products sold on e-commerce platforms, including Amazon and Flipkart, and seized thousands of non-certified goods from their warehouses.

The Bureau of Indian Standards (BIS), which operates under the Ministry of Consumer affairs, has been conducting raids and subjecting consumer products to rigorous testing to ensure compliance with mandatory safety and quality standards. The latest raids were carried out in Lucknow, Gurugram, and Delhi.

Products under scrutiny include domestic pressure cookers, metal water bottles, hand-held blenders, toys, electric irons, room heaters, PVC cables, gas stoves, food mixers, helmets, switches, sockets, and aluminum foils used for food packaging, the ministry said in a statement.

“BIS is actively conducting market surveillance to ensure that consumer products available in the market, including on e-commerce platforms, comply with applicable safety and quality standards. As part of surveillance, BIS purchases various consumer products and subjects them to rigorous testing to verify compliance with the prescribed standards,” the statement added.

BIS has urged consumers to use the BIS Care app to verify product authenticity and report violations. This app provides consumers with information on products that require mandatory BIS certification and allows them to verify the authenticity of a product’s BIS certification by checking the ISI Mark and the manufacturer’s license number (CM/L). Additionally, consumers can use the app to lodge complaints about products that do not bear the ISI Mark or report quality concerns regarding BIS-certified products, said the statement.

Source : https://www.deccanherald.com/business/govt-cracks-whip-on-ecoms-for-selling-uncertified-goods-3448230

Special drawing rights (SDRs) rise by $212 million to $18.21 billion during the week ended March 7 but RBI’s gold reserves decrease by $1.053 billion to $74.325 billion.

In the sharpest jump in over two years, the country’s foreign exchange reserves increased by $15.267 billion to $653.966 billion during the week ended March 7, the RBI has said. The overall reserves had dropped by $1.781 billion to $638.698 billion in the previous week.

The reserves had been on a declining trend recently due to revaluation along with forex market interventions by RBI to help reduce volatilities in the rupee. The forex reserves had increased to an all-time high of $704.885 billion at end-September 2024.

The sharp rise during the week under review is being attributed to the $10 billion forex swap undertaken by the central bank on February 28, when it bought dollars against the rupee to inject liquidity in the system.

During the week, foreign currency assets, a major component of the reserves, increased by $13.993 billion to $557.282 billion, the data released on Friday showed.

Expressed in dollar terms, the foreign currency assets include the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves.

Source: https://www.news18.com/business/economy/indias-forex-reserves-surge-15-26-billion-to-653-96-billion-biggest-jump-in-2-years-9262351.html

A jury in California on Friday ordered Starbucks to pay $50 million in damages to a delivery driver who was severely burned by an improperly secured lid on hot beverages.

Michael Garcia was picking up drinks at a drive-through in Los Angeles when he “suffered severe burns, disfigurement, and debilitating nerve damage to his genitals when hot drinks ultimately spilled” onto his lap, according to the lawsuit filed in California Superior Court in 2020. The lawsuit accused Starbucks of breaching its duty of care by failing to secure the lid.

Michael Parker, Garcia’s lawyer, said his client was picking up three beverages and one of the hot drinks wasn’t fully pushed into the container. When the barista handed Garcia the order, a drink fell out of the container and onto Garcia, Parker said.

Garcia’s damages included physical pain, mental anguish, loss of enjoyment of life, humiliation, inconvenience, grief, disfigurement, physical impairment, anxiety and emotional distress, according to a recording of the verdict from Courtroom View Network.

Starbucks said it plans to appeal the verdict.

“We sympathize with Mr. Garcia, but we disagree with the jury’s decision that we were at fault for this incident and believe the damages awarded to be excessive,” a company spokesperson said in a statement. “We have always been committed to the highest safety standards in our stores, including the handling of hot drinks.”

Source : https://edition.cnn.com/2025/03/14/business/starbucks-hot-coffee-driver-verdict/index.html

The Indian government has requested Elon Musk’s Starlink to establish a control centre within the country to enable suspension of communications in sensitive areas when required. Additionally, Starlink must ensure call interception capabilities for law enforcement, in line with security protocols. These measures come as Starlink’s satellite communications licence nears approval, with agreements in place with Reliance Jio and Airtel for network expansion.

As Starlink, Elon Musk’s satellite venture, advances towards securing a satellite communications licence in India, the Centre has mandated it to set up a local control centre to address national security concerns. This facility will enable authorities to suspend or shut down communications in troubled regions when required, ensuring law and order.
A senior government official told The Times of India (TOI), “A control centre is important as sudden changes in law-and-order situations in any part of the country may require immediate suspension and shutdown of communications services, including those offered through satellites. We cannot be expected to knock on their (Starlink’s) doors or approach their headquarters in the US whenever such an exigency arises.”
Starlink has reportedly assured the government that it is addressing these requirements.

Why Is the Control Centre Important?
India’s telecom laws allow the Centre or state governments to take temporary possession of telecom networks in public emergencies, including disasters and national security threats. Currently, terrestrial telecom operators like Jio, Airtel, and Vodafone Idea comply with these rules, and the same standards are now being enforced for satellite communications.

Alongside service suspension capabilities, the government has also mandated Starlink and other satellite operators to enable call interception for law enforcement agencies. This is a standard requirement for all telecom operators in India.
A senior source explained,“For this, satcom companies have been asked not to transfer calls directly through the satellite network. Instead, they must route calls back to their India gateway before using conventional telecom infrastructure, such as undersea cables.”
For example, if a satellite phone user in India calls someone in France, the call will first connect to the satellite, then route back to Starlink’s India gateway before being transmitted through a conventional telecom network.

Source: https://www.timesnownews.com/business-economy/companies/india-seeks-starlink-control-centre-for-security-and-law-enforcement-compliance-details-here-article-119006042

Donatella Versace is to step down as the main designer for the Versace brand after almost three decades, a move that has fanned talk of a sale of the business to rival Italian fashion house Prada (1913.F), opens new tab.

Donatella, who was the chief creative officer at Versace, has been its driving force since her brother Gianni, the company founder, was gunned down in Miami in 1997.

The move, announced by owner Capri Holdings (CPRI.N), opens new tab on Thursday, comes amid reports that Prada (1913.F), opens new tab is moving closer to a deal to buy Versace from Capri after agreeing to a price of nearly 1.5 billion euros ($1.6 billion).

Dario Vitale, who was until earlier this year the Design and Image Director at Miu Miu, a smaller brand within the Prada group, will take Donatella’s role as Chief Creative Officer effective on April 1.

Donatella, 69, will take on the role of chief brand ambassador at Versace.

“It has been the greatest honor of my life to carry on my brother Gianni’s legacy. He was the true genius, but I hope I have some of his spirit and tenacity,” said Donatella.

“I am thrilled that Dario Vitale will be joining us, and excited to see Versace through new eyes,” she added.

The timing of the move was intriguing with Prada seen as on the cusp of a deal that would unite two of the biggest names in Italian fashion.

“Versace has been struggling, so it’s not surprising that a change is being made,” said David Swartz, an analyst with Morningstar.

“The brand has lost relevance and has fallen behind similar European luxury brands. I don’t know if bringing in Dario Vitale is directly related to the potential sale to Prada, but it seems like it makes it even more likely,” he added.

Prada has also been reported to be interested in buying Jimmy Choo, another Capri brand.

DESIGN CHANGES

Donatella Versace gave the brand a bold and provocative aesthetic. Her connections with many big-name celebrities helped to reinforce the brand’s appeal.

Miu Miu, a label launched by Miuccia Prada as an offshoot of the main business in 1993, has a more sober look and has been growing rapidly. Vitale, an Italian, worked for Miu Miu from 2010 until a few weeks ago.

Source : https://www.reuters.com/business/retail-consumer/capri-says-donatella-versace-steps-down-brands-creative-officer-2025-03-13

U.S. importers, distributors and retailers selling French champagne and Italian wines told Reuters that U.S. President Donald Trump’s threatened 200% tariff on European alcoholic drinks would hit them hard.

Trump said the tariffs would be “great for the Wine and Champagne businesses in the U.S.” However, wine importers and distributors, retailers and bar owners that Reuters spoke to said that they would pay the price.

Mary Taylor, owner of European wine importer Mary Taylor Wine, told Reuters that she has 16 shipping containers of wine in transit – an amount that would wipe out her “entire net worth” if 200% tariffs were applied.

“If I have to pay… I’m done,” she said, adding she was looking to see if she could cancel some of the shipments and had written to contacts close to the president to argue against the tariffs.

Under U.S. law, alcohol producers cannot sell directly to consumers, bars or restaurants. Instead, producers must sell to importers or distributors, who sell products on to bars and restaurants.

This means European wines are mostly imported by some 4,000 small American importers and distributors, said Ben Aneff, President of the U.S. Wine Trade Alliance, which advocates against tariffs on wine.

It is these U.S. businesses that have to pay the levies, said Aneff, also managing partner of Tribeca Wine Merchants, a wine store in New York, adding American retailers and restaurants would also suffer if suppliers hike prices to cover the costs.

“A 200% tariff on imported wine would… destroy U.S. businesses,” he said, adding many thousands would likely be forced to close. “It would do significantly more economic damage here in the U.S. than it would in Europe.”

Gab Bowler, president of New York-based wine importer and distributor Bowler Wine, said European wines represent 70% of his company’s sales.

He would first try to increase prices, he said, but this will impact sales. “What consumer wants to pay $45 for a bottle of wine that was $15 a week ago?”

“If this were to go on a long time, we would have to lay off about 50% of our employees and borrow a bunch of money from the bank, putting us in a lot of debt,” he said.

A GREAT THING FOR US WINE?

For every dollar U.S. companies pay European producers for their wine, American importers, distributors, retailers and restaurants further along the supply chain make $4.52 in mark up, Aneff pointed out.

Bowler, as well as two retailers or bar owners, said U.S.-made wines, which tend to have far higher prices and a different taste, could replace very little of their European wine sales.

Ed Buffington, co-owner of The Community Tap, a wine and beer bar and store with three locations in South Carolina, said the price of American wine means it could not substitute the European wines in his portfolio. His business makes 50% of its sales from wine, with half of that from European wines.

Source : https://www.reuters.com/business/retail-consumer/us-importers-retailers-eu-wine-warn-closures-layoffs-tariffs-2025-03-13

Mercedes-Benz will develop smart driving cars for global markets equipped with Hesai’s lidar sensors, a person with direct knowledge said, the first time a foreign automaker has sought to use such Chinese-made technology for models sold outside China.
It coincides with an increase in trade tensions as the U.S. intensifies efforts to restrict the adoption of Chinese components and software solutions in vehicles developed by global automakers.

At the same time German automakers, who are big contributors to their country’s ailing economy, are anxious to be as competitive as possible.
The person, who declined to be named because the matter is private, said Mercedes (MBGn.DE), opens new tab had deliberated for months over the decision because of legal and geopolitical risks.
It eventually chose Hesai (ZN80y.F), opens new tab, China’s largest lidar maker, because of its lower costs and its ability to produce at scale, the person added.
A spokesperson for Mercedes-Benz said the carmaker does not comment on speculation on new suppliers.Shares of U.S.-listed Hesai jumped 36.6% in early trading. On Monday it also forecast 2025 net revenues of 3-3.5 billion yuan ($415-484 million).
Hesai, whose competitors include U.S.-based Luminar, announced on Monday an “exclusive multi-year” contract to supply its lidar products to a European automaker it described only as leading but did not name.
Lidar uses lasers to produce three-dimensional images of a vehicle’s surroundings to help navigation around obstacles. The sensors are a component of many self-driving systems that automakers are developing.
COMMERCIAL DECISION
Hesai’s Chief Financial Officer Andrew Fan told Reuters on Tuesday in an interview after its quarterly earnings that it was a commercial decision by the partner. He also declined to name the company.
“I assume the automaker has to find alternatives that can be comparable to Hesai’s products on performance and price but the result is there is none,” Fan said.
European makers have used Hesai as a lidar supplier for their models sold in China, he added.
Hesai has been expanding two production lines in China to achieve an annual capacity of more than 2 million units this year to meet the rising demand, Fan said.
It is also setting up production lines overseas with a target to launch them as early as next year to serve its clients out of China concerned about tariff and logistics risks, Fan said. He declined to say where the overseas factory will be located.

Source: https://www.reuters.com/business/autos-transportation/mercedes-develop-smart-cars-global-markets-with-chinas-hesai-lidar-2025-03-11/

President Donald Trump dialed back his latest trade-war threat against Canada hours after making it, while downplaying the risk of a tariff-led recession that’s sent US markets into a nosedive.

Trump’s roller-coaster day saw him threaten to double duties on Canadian steel and aluminum to 50% after Ontario announced plans to place a surcharge on electricity sent to the US, only to retreat back to plans for his previously announced 25% rate after the provincial government backed down.

The episode rattled markets already bracing for the worldwide metal levies set to hit at midnight, and encapsulated the frantic and mercurial tariff barrage that has spooked investors and befuddled corporate leaders over the past six weeks. Major stock indexes were down some 10% off their peaks amid escalating concerns that the world’s biggest economy may be about to stall. Trump himself fueled the recession talk as recently as Sunday, declining to rule out the possibility in a Fox News interview.

At the White House late Tuesday, he struck a more upbeat note when asked if he was worried about a downturn. “I don’t see it at all. I think this country’s going to boom,” he said. And he played down the markets slump, too. They’re “going to go up and they’re going to go down,” Trump said. “Doesn’t concern me.”

Still, only hours later he told top executives gathered at a meeting of the Business Roundtable to brace for more tariffs, saying rates could even go higher. The president said increased levies simply meant it was “more likely” companies would move their operations inside the US.

“The biggest win is not the tariff — that big win is a lot of money — but the biggest win is if they move into the country and produce,” Trump said.

He told the executives that he’s putting a priority on speedy approvals, particularly regarding environmental regulations, and planned to soon announce a major electricity project, according to a person familiar with the session. He also reiterated a suggestion that a company’s business taxes could be reduced if it manufactured its products in the US.

The White House did not immediately respond on Tuesday night to a request for comment on Trump’s remarks.

While other Trump policies could threaten US growth too, including the threat of mass deportations and Elon Musk’s moves to slash federal jobs and spending, the escalating trade war has been front and center of risk assessments. Economists say it will hike prices for consumers; retaliation will hurt US exporters; and all of this could add up to a drag on growth.

The three chief targets so far – China, Mexico and Canada – are the biggest US trade partners. On Tuesday, it was the latter that found itself in the crosshairs.

Apparently angered by Canada’s plans to retaliate, with tariffs on US dairy products and other goods plus higher prices for electricity exports, Trump threatened to double the metals charge on his northern neighbor. He also warned of dramatic additional hikes if Ottawa didn’t relent on some of its own protectionist policies intended to protect the country’s dairy industry.

The coming levies would “essentially, permanently shut down the automobile manufacturing business in Canada,” Trump said.

A few hours later, Trump’s Commerce Secretary Howard Lutnick and Ontario Premier Doug Ford announced plans to meet Thursday in Washington, and that the province would suspend its plans to slap a surcharge on electricity.

“When you’re negotiating with someone and they’re not paying attention and they disagree, the president, who is the best dealmaker ever, has to say, ‘Here’s my response,’” Lutnick said in an interview with CBS News.

US stocks pared losses after that, but the S&P still closed down on the day, extending this week’s loss to around 3.5%, while treasuries also fell.

It’s likely only a respite in the trade-war escalation, with the 25% charge on imports of steel and aluminum set to hit at midnight, and a whole wave of them lined up next month. That includes “reciprocal” duties – matching what the US sees as trade barriers imposed by other countries – and separate tariffs on a wide range of specific products, from autos and semiconductors to lumber.

Asian shares rose in early trade on Wednesday after Trump played down recession fears. But Australian equities fell, with the benchmark S&P/ASX 200 index hovering near a correction, after the US ruled out an exemption from steel and aluminum tariffs despite a lobbying campaign by Australian Prime Minister Anthony Albanese.

It’s the shifting and unpredictable nature of Trump’s second-term trade war — and the extent that decisions rest on the whims of the president — that’s proving especially disruptive for industry and markets. Tuesday wasn’t the first time he has whipsawed markets with on-again, off-again tariffs.

Source: https://finance.yahoo.com/news/trump-says-doubling-tariffs-canadian-142100812.html

Just 20 days ago, the US stock market was sitting at all-time highs. The US economy appeared to be growing at a solid pace. And a recession was nowhere in sight.

Now, the R-word is seemingly everywhere.

Recession fears are rocking the stock market. GDP forecasts are getting slashed. President Donald Trump and his economic team are facing questions about a possible recession —and failing to ease mounting jitters about the economy.

US stocks retreated again on Tuesday, failing to rebound from Monday’s steep losses. The Dow dropped about 400 points (around 1%) and the Nasdaq dropped again after its worst day in two and a half years.

Selling accelerated after Trump announced plans to lob a 50% tariff on steel and aluminum imports from Canada – and warned more tariffs could be on the way.

It’s stunning how fast the mood has flipped. Investors who just a few months ago wondered if the economy was perhaps too strong are now bracing for real trouble ahead.

The reality is that the US economy doesn’t appear to be near an imminent recession. It was growing at a steady clip at the end of last year. The first quarter isn’t even over yet. And the jobs market was still in growth mode in January and February.

It’s way too early to say the economy is destined for a recession, a deep downturn typically marked by mass job loss, bankruptcies and foreclosures.

Previous recession scares were, with the benefit of hindsight, way overdone. Recall the 2022 recession freakout that featured some flashing a 99% chance of a recession.

The bad news is economists say the risk of a recession has in fact gone up, albeit from relatively low levels.

And uncertainty about Trump’s economic agenda — especially confusion about his tariff plans — is a big part of the problem.

“This is a very resilient economy. It can take a licking and keep on ticking. But it doesn’t like this uncertainty,” said David Kelly, chief global strategist at JPMorgan Asset Management.

On Monday, former Treasury Secretary Larry Summers told CNN there’s a “real possibility” of a recession.

“We’ve got a real possibility of a vicious cycle where a weakening economy leads to weaker markets, and then weaker markets lead to a weakening economy,” he said in an on-air interview.

‘Deer in headlights’ moment for business

Kelly said the economy and market are suffering from an “uncertainty tax” caused by questions about Trump’s tariffs, federal spending cuts and mass layoffs of federal workers.

“Right now, a lot of businesspeople are like deer in headlights. That’s a very dangerous place to be,” he said.

Bill Dudley, former president of the New York Federal Reserve, told CNN on Monday that it’s “premature” to forecast a recession but added that the risk has “definitely gone up.” Dudley pinned the blame on confusion over the trade war.

“Tariffs have two effects: One, they push up prices. And two, they push down growth,” Dudley said. “The Trump administration is making things worse with this on-again, off-again approach. The uncertainty level is higher than it needs to be.”

Summers noted that markets rely on predictability but instead have seen “surprise after surprise after surprise.”

“All of this emphasis on tariffs and all of the ambiguity and uncertainty created about tariffs has, ironically, both chilled demand, made businesses not invest, made consumers think they should hold off before making big spending commitments,” he said.

Market selloff intensifies

This confusion is spilling over into the market.

After its worst week in six months, the S&P 500 lost another nearly 3% on Monday. The benchmark index has now dropped about 9% since hitting a record high on February 19.

“The stock market is losing confidence in the Trump 2.0 policies,” Ed Yardeni, president of investment advisory Yardeni Research, told CNN in a phone interview. “Everything is at risk now, mostly because of the administration’s rush to establish so many objectives in a very short period of time — with unintended consequences.”

CNN’s Fear & Greed Index of market sentiment tumbled further into “extreme fear” mode on Monday, a big shift from “neutral” just a few weeks ago.

Tech stocks are suffering the brunt of the selling as investors rush out of risky corners of the market and into defense areas like utilities, healthcare and consumer staples.

The Nasdaq plunged 4% on Monday, its biggest one-day drop since September 2022. The losses were led by the Magnificent 7, the group of seven once-unstoppable high-growth stocks. Of those, Tesla plummeted 13%, while Nvidia, Apple and Alphabet lost more than 5% apiece.

Spillover into the real economy possible

Of course, the stock market is not the economy.

The unemployment rate remains low at 4.1%. The economy added jobs in February for the 50th month in a row, the second-longest period of uninterrupted growth in modern history.

Yet there is a risk that the market turmoil spills over into the real economy.

Consumer confidence, already tumbling in recent months, could take a further hit as Americans tune into the market turmoil. That in turn could depress consumer spending – the main driver of the US economy.

Delta Air Lines slashed its profit outlook on Monday, warning that deteriorating corporate and consumer confidence is hurting travel demand.

Yardeni is worried about the “negative wealth effects” caused by a continued market slump.

“Trump is going to have to rethink his notion that it’s okay to let the market go down while he is experimenting with tariffs and slashing federal payrolls,” he said.

In another potential warning sign on the economy, corporate bankruptcies are starting to pile up.

US corporate bankruptcies totaled 129 through the first two months of 2025, the highest total for this point in the year since 2010 in the aftermath of the Great Recession, according to S&P Global Market Intelligence.

Goldman Sachs: 1 in 5 chance of recession

Citing the risk of higher tariffs, Goldman Sachs increased its recession forecast on Friday — but not dramatically. The Wall Street bank now sees a 20% chance of a recession over the next 12 months, up from 15% previously.

“We raised it by only a limited amount at this point because we see policy changes as the key risk, and the White House has the option to pull back if the downside risks begin to look more serious,” Goldman Sachs economists wrote in a note to clients.

In other words, Goldman Sachs is betting that Trump will blink on tariffs if a recession looks imminent.

But what if Trump doesn’t blink?

“If the White House remained committed to its policies even in the face of much worse data,” Goldman Sachs economists wrote, “recession risk would rise further.”

Another major question mark: How will the Federal Reserve respond to the ongoing growth scare?

Dudley, the former NY Fed chief, said Trump’s tariffs put the Fed in a bind by simultaneously raising prices and hurting the economy.

Source : https://edition.cnn.com/2025/03/11/business/recession-economy-trump-dow-stocks/index.html

The European Union’s (EU) aggressive environmental regulations, particularly the carbon tax, deforestation rules, and supply chain due diligence laws are one of the biggest hurdles in the negotiations for a proposed trade pact with India, economic think tank GTRI said on Sunday.

It said that these regulations could impose additional costs on Indian exports.

Under the Carbon Border Adjustment Mechanism (CBAM), Indian exports of steel, aluminum, and cement to the EU could face tariffs of 20-35 per cent, even if an FTA is signed, the Global Trade Research Initiative (GTRI) said in its report.

This raises concerns that while EU goods would enter India duty-free, Indian exports would still face these indirect barriers in Europe, it added.

India and the 27-nation European Union (EU) bloc will start the tenth round of negotiations for a proposed free trade agreement from Monday in Brussels.

GTRI Founder Ajay Srivastava said that India is pressing for clear exemptions or compensatory measures within the FTA to neutralize the impact of CBAM and related environmental rules.

“Without such provisions, India fears that EU’s climate policies could act as disguised trade barriers, limiting its ability to export to Europe. One of the biggest hurdles in the negotiations is the EU’s aggressive environmental regulations,” he said.

On the services sector, the report said the EU imposes restrictions on remote online service delivery (Mode 1) by requiring Indian companies to establish local offices and maintain high minimum salary thresholds for Indian professionals working in Europe.

These requirements undermine the very purpose of digital trade, making it more difficult for Indian IT firms to offer their services remotely, he said adding a long-standing demand from India is for the EU to recognize it as a ‘data secure country’ under the General Data Protection Regulation (GDPR).

Without this status, Indian companies handling EU citizens’ data face additional compliance costs and legal barriers, unlike firms from countries like Japan or South Korea, which enjoy seamless data transfers.

“The EU is urging India to adopt stronger privacy regulations aligned with GDPR, but India sees this as an unnecessary burden on its digital economy. India has just enacted its Digital Personal Data Protection Act, 2023, which it argues should be sufficient, though it does not meet all EU standards,” Srivastava said.

In the services chapter of the agreement, India has also called for easier business visas (Mode 4) for its professionals travelling to the EU for short-term assignments.

On the other hand, European firms are seeking greater access to India’s banking, legal, accountancy, auditing, and financial services sectors.

The EU wants India to open these markets to European firms.

India is also seeking the recognition of professional qualifications through Mutual Recognition Agreements (MRAs). This would allow Indian professionals in areas like medicine, engineering, and accountancy to work more easily in EU countries, something the EU has been slow to agree upon, it said.

Further, the EU is pushing for access to India’s lucrative government procurement (GP) market, allowing European firms to compete for contracts in India’s central government and public sector undertakings (PSUs).

“However, India is unlikely to accept this demand, given that the EU’s own procurement market is largely closed to external firms. India may not agree to the EU demands as the government procurement is a major Indian policy support for small firms, especially in sectors like infrastructure, defense, and public services,” the report said.

In the investment negotiations, while India has proposed its Model Bilateral Investment Treaty (BIT) as the framework, the EU wants India to relax its investment protection clauses to align with European expectations.

India may be unwilling to dilute beyond its Model BIT, which is designed to protect India’s regulatory autonomy and prevent excessive legal claims by foreign investors, it added.

The report said that the EU is demanding that India take on binding commitments on labor rights, environmental sustainability, and data protection. India, however, prefers a best-effort approach, arguing that imposing rigid sustainability obligations could interfere with its domestic laws and policies.

European negotiators are insisting that India align its labor laws with international standards, particularly in areas like collective bargaining, workplace safety, and wages, it said adding they also want India to commit to strict environmental norms as part of the FTA.

“Intellectual property (IP) remains another area of disagreement. The EU is pressuring India to agree to TRIPS-plus provisions, which go beyond the WTO’s Trade-Related Aspects of Intellectual Property Rights (TRIPS) Agreement,” it said.

The GTRI said that the EU wants stronger enforcement mechanisms, extended data exclusivity for pharmaceutical companies, and tougher patent protection rules.

“India, however, resists these demands, as they could make life-saving drugs more expensive and restrict India’s thriving generic drug industry, which supplies affordable medicines to the world,” it added.

In the area of Geographical Indications (GIs), the EU is asking India to bypass its normal GI registration process for certain European products, granting them automatic recognition, according to the report.

This would give products like Champagne, Roquefort cheese, and Prosciutto di Parma (a dry-cured Italian ham) immediate GI protection in India without undergoing the standard verification process, it said.

“India insists that the EU follow Indian legal procedures for registering GIs, just as Indian products like Darjeeling Tea, Basmati Rice, and Alphonso Mangoes undergo rigorous scrutiny before receiving GI status in Europe,” it added.

The India-EU agreement has the potential to significantly boost trade and investment between the two partners.

Source : https://www.deccanherald.com/business/eus-aggressive-environmental-regulations-biggest-hurdles-of-fta-talks-with-india-gtri-3438925

Over 1.2 crore central government employees may have a lot to cheer about this Holi as the Centre may announce a raise in Dearness Allowance (DA) and Dearness Relief (DR) ahead of the festival. Usually, the government goes for a DA hike twice a year – January and July, however, the announcement is mostly made around Holi for January’s hike and Diwali for July revision.
During the Cabinet meeting in New Delhi on March 5, 2025, no discussion took place regarding a Dearness Allowance (DA) hike for central government employees.
Last year, on March 4, the Cabinet approved a DA hike, increasing it from 46% to 50% of the basic pay. Another hike in October 2025 raised the DA rate to 53%, effective from July 1, 2025.

In January 2025, the government announced the formation of the 8th Pay Commission to review salaries and allowances for central government employees, with implementation expected from January next year.

Source : https://www.timesnownews.com/business-economy/personal-finance/da-hike-before-holi-over-1-2-crore-central-govt-employees-may-get-good-news-soon-article-118773513

Legendary investor Jeremy Grantham who has accurately predicted past financial crises and market tops said the U.S. stock market is now in “super bubble” territory.

“I’ve always looked at it from the point of view that the longer and the bigger and the higher it goes, the more exciting and dangerous it will be, and this has moved up the rank of super bubbles,” Grantham, who co-founded investment management firm GMO, said on a Bloomberg podcast interview that published Friday.

That said, the current bubble building on Wall Street is nowhere near Japan’s 1989 “mother and father of all super bubbles” or that country’s real estate bubble of the same era, he added.

His dim view of U.S. stocks isn’t new. In early 2024, he warned investors to avoid them — the year ended with a 23% gain for the S&P 500 SPX+1.59%. He forecast a potential 50% drop for stocks in 2023 when the index finished up 24%. But the investor is also widely followed thanks to his correct calls on the housing market crash and dot-com bust.

His latest warning comes as U.S. stocks have struggled for gains amid worries about President Donald Trump’s tariffs with major technology stocks like Tesla
TSLA+3.91% and Nvidia NVDA+3.97% also stumbling. Grantham notes that “every measure of traditional value,” for stocks, including the cyclically adjusted price-to-earnings ratio, is at record levels.

One of the market’s main drivers, AI, like “every really important new technology,” is also surrounded by a bubble, he said.

“It will, of course, change our world. It is, of course, impossible to know in what ways, and whether it will be entirely beneficial or not,” he said. “If the government does not smooth out the benefits of AI, you will have either starvation or revolution.”

As for where Grantham would invest his money now, he favors those aimed at “greening the economy,” without identifying particular assets.

As of Jan. 31, top stocks in GMO’s Climate Change Strategy were biofuels group Darling Ingredients DAR-2.12%, Korean battery and storage company LG Chem 051910-6.57%, solar group Sunrun RUN-8.34%, biofuels company Ameresco AMRC-35.62% and Canadian copper producer Ivanhoe Mines IVN-1.44%

He believes that will be a “long and bumpy” road, but a much needed massive undertaking requiring plenty of investment and workers to get done. It’s also a beaten-down area of the market, he noted.

“Unlike most things in the stock market, I would say that is an area that we’ll have sooner or later, a massive regrouping and a huge outperformance of the rest of the market,” said Grantham.

He also sees a system that faces lots more big shocks, and “in that environment you do not want to be caught with a lot of leverage,” which he said will just crush businesses. “You have to be able to withstand shocks unexpectedly arriving, and to do that, you need little or no debt,” plus decent profit margins for a cushion, he said.

“The [1930s] were a pretty good ultimate reminder. That things are cheap, usually for a pretty good reason, so you have to tread carefully,” he said. “If you’re going to play the cheap game, you’ve got to make sure, it is armor-plated with as much quality as you can get into it.”

Turning to non-U.S. markets that have been getting more investor love, such as China and European stocks, Grantham said he said they are “much less dangerous to own and will very likely over five or 10 years crush the U.S. market as has happened several times.” He said U.S. and foreign markets often take turns having “great” decades.

Source : https://www.marketwatch.com/story/jeremy-grantham-on-the-meltdown-coming-for-u-s-stocks-and-where-hes-putting-his-money-now-e186302f

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No matter what metric you’re looking at, US inflation is moving in the wrong direction again.

Whether it’s a house or a carton of eggs, price growth is once again intensifying across a broad range of indicators. Much of that has to do with the same supply and demand factors and labor-market pressures that led to the initial inflation surge in the pandemic, while planned tariffs from President Donald Trump are heightening concerns that prices will rise even more.

The scope of reports indicating a resurgence in price pressures — spanning from input costs to wage growth to inflation expectations — underscores the Federal Reserve’s intent to keep interest rates on hold for the time being. Policymakers’ preferred gauge of underlying inflation probably picked up in January, ahead of data due Friday.

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“Our outlook is very much for inflation to be coming back. We’ve been saying second half of this year, but it seems like the pressures are already starting to build,” said Lauren Saidel-Baker, economist at ITR Economics.

And between the administration’s policies on tariffs and immigration, there’s more to come, she said. “I want to be absolutely clear: there are upside risks to our inflation outlook.”

Here are some of the inflation measures that are heating up again:

Input Costs

Costs of materials like lumber and steel have been high for several years coming out of the pandemic and are moving up even more. A measure of input prices for manufacturers this month reached the highest since October 2022, according to S&P Global. A similar gauge from the Institute for Supply Management rose last month to the highest since May.

Businesses surveyed by the Dallas Fed in February reported that an index of prices for raw materials doubled to the highest since September 2022, around the time when overall US inflation rates peaked. One food manufacturer responded that the items it imports will get more expensive because of tariffs, and higher prices will be borne by consumers.

Elon Musk on Thursday made a plea for “top notch” air traffic controllers to come out of retirement to help ease a shortage of skilled aviation workers as public concern over flight safety mounts.

Musk, the face of the government’s cost-cutting task force, has taken a special interest in revamping the Federal Aviation Agency, calling for “rapid safety upgrades to the air traffic control system.”

But fears about the country’s aviation system have grown after a deadly DC plane crash and a series of near-misses – prompting Musk to call for retired air traffic controllers to return to towers.

“There is a shortage of top notch air traffic controllers,” Musk said Thursday in a post on X, his social media platform.

“If you have retired, but are open to returning to work, please consider doing so.”

The FAA did not immediately respond to a request for comment.

Transportation Secretary Sean Duffy earlier this month praised the Department of Government Efficiency, or DOGE, team for helping to “upgrade” the aviation system. Duffy then started fired about 400 FAA staffers, stressing: “Zero air traffic controllers and critical safety personnel were let go.”

The layoffs did include personnel hired for FAA radar, landing and navigational aid maintenance, according to the Associated Press.

The culling by Duffy came just weeks after a fatal mid-air crash at Ronald Reagan Washington National Airport.

On Jan. 29, an American Airlines jet was preparing to land when it collided with a Black Hawk helicopter, sending both aircraft plummeting into the Potomac River.

All 64 passengers on board the plane, including several young figure skaters who were returning from a skating camp, along with three people in the military chopper were killed.

In the following weeks, several other plane mishaps have led to rising concerns from panicked passengers that there is a shortage of crucial air safety workers.

On Feb. 17, a Delta Air Lines jet flipped upside down, lost a wing and skidded along a snowy Toronto runway before bursting into flames.

All 80 passengers on board survived, and those who were hurt suffered minor injuries.

Earlier this week, a Delta flight was forced to turn around and return to Atlanta after takeoff when the crew reported “possible smoke.”

The incident occurred just two days after another Delta jet headed for Australia was forced to return to Los Angeles when smoke was detected in the plane’s galley mid-air.

Source: https://nypost.com/2025/02/27/business/elon-musk-begs-top-notch-air-traffic-controller-retirees-to-return-to-work/

A Canadian regulator said on Wednesday it will impose a fee on Google to recover the cost of enforcing a law that requires large internet platforms to pay for news content on their websites.

The imposition of the levy on the Mountain View, California-based search engine giant comes at a time of increased tension between Canada and the United States over trade, border security, and a digital services tax on US technology firms.

The Canadian Radio-television and Telecommunications Commission said the vast majority of its operations are funded by fees charged to the companies it regulates, and the cost recovery rule for the Online News Act will come into effect from April 1. The charge may vary from year to year and does not have an upper limit.

The CRTC finalized the rule after a period of public consultations, during which Google intervened to argue against its implementation saying it was “not a rational approach” to impose 100 per cent of the costs on one entity.

Part of a global trend to make internet giants pay for news, Canada passed the law last year to address media industry concerns that tech companies were elbowing news businesses out of the online advertising market.

Only Alphabet’s Google and Facebook-parent Meta met the threshold of a large enough company that would need to pay news organizations.

Google, after months of negotiations with the government, agreed to pay C$100 million annually in a deal with publishers to keep news stories in search results. Meta, however, decided to block news from its Facebook and Instagram platforms in Canada to avoid payments.

Google, among other comments in its submission to the CRTC, argued the rule was “an unfair additional regulatory burden on a company that has continued to support the news ecosystem in this country.”

Source : https://www.deccanherald.com/business/companies/canada-regulator-to-impose-fee-on-google-for-online-news-laws-operating-costs-3423782

The stock market volatility continued last week with the top 10 most-valued firms witnessing a major erosion in their market cap. India’s tech giant TCS took the biggest hit as bearish trends continued with the BSE benchmark losing 628.15 points, or 0.82 per cent, while the Nifty went lower 133.35 points or 0.58 per cent in the previous week.

PM Kisan Samman Nidhi Yojana: PM Modi is all set to release the 19th instalment for PM Kisan today. Know how to check beneficiary status 2025 , eKYC process, and eligibility.

PM KISAN 19th Instalment 2025 Today: Prime Minister Narendra Modi is all set to release the 19th instalment of PM KISAN (PM Kisan Samman Nidhi) today, i.e. February 24, in an address from Bhagalpur, Bihar. The amount worth Rs 22,000 crore will be directly credited to farmers’ accounts via the DBT (Direct Beneficiary Transfer) scheme.

Under the PM Kisan scheme, eligible farmers receive Rs 2,000 every four months, which is Rs 6,000 a year. The money, which is directly transferred to the bank accounts of the beneficiaries, is provided each year in three instalments — April-July, August-November and December-March.

The scheme was announced in the Interim Budget 2019 by the then finance minister Piyush Goyal and was later launched by Prime Minister Narendra Modi. It has now become the world’s biggest Direct Benefit Transfer scheme.

Complete Your KYC To Receive the 19th Instalment of PM-KISAN

To receive the 19th instalment, farmers need to complete their e-KYC. According to the scheme’s official website, “eKYC is MANDATORY for PMKISAN Registered Farmers. OTP-based eKYC is available on the PMKISAN Portal, or the nearest CSC centres may be contacted for Biometric-based eKYC”.

PM Kisan: How To Check Beneficiary Status?

1) Visit the official website — pmkisan.gov.in.

2) Now, click on the tab ‘Know Your Status’ on the right side of the page.

3) Enter your registration number and fill in the Captcha Code, and select the ‘Get Data’ option.

Your beneficiary status will appear on the screen.

PM-KISAN: Check Your Name in the Beneficiary List

Step 1: Visit the PM Kisan official website www.pmkisan.gov.in.

Step 2: Click on the ‘Beneficiary list’ tab.

Step 3: Select details from the drop-down menu, such as state, district, sub-district, block, and village.

Step 4: Click on the ‘Get report’ tab.

After this, the beneficiary list will be displayed.

You can call on the helpline numbers — 155261 and 011-24300606.

Source : https://www.news18.com/business/pm-kisan-yojana-19th-installment-rs-22000-cr-to-be-released-today-know-how-to-check-beneficiary-status-ws-b-9238402.html

India’s EV policy, which offers import tax cuts for foreign automakers investing in the country, will restrict them from using funds spent on charging infrastructure for such relief, increasing their car manufacturing, a government document shows.

India last year announced a policy aimed at attracting Tesla to manufacture EVs in the country and let such foreign carmakers import cars at a 15 per cent tariff, from around 100 per cent now, but only if they invest at least $500 million for a factory.

But the policy will mandate that automakers can count only 5 per cent of their total EV investment as coming from creation of charging infrastructure, even if they spend much more on the power network, according to government document detailing draft rules which is not public but was seen by Reuters.

The government’s plan comes just as Tesla gets closer to entering India with imported cars, having finalised two locations for showrooms. The restriction could upset those automakers who may want to invest a bigger chunk of their planned India investments into creating charging networks, which remain far and few in India.

An industry source privy to discussions with the government said the call is being taken as New Delhi wants companies to prioritise manufacturing, and not just charging networks.

In India’s nascent EV market, many buyers have shied away from making purchases due to lack of fast chargers.

“Expenditure incurred on charging infrastructure would be considered up to (a) maximum 5 per cnt of the committed investment,” the 47-page draft document from January 2025 stated.

The government is holding consultations with carmakers and other stakeholders on the draft rules and will finalise them by next month, said a source with direct knowledge of the matter.

India’s ministry of heavy industries, which is spearheading the new policy, did not respond to an email seeking comment.

Tesla in a job advert last week said it is also looking for a “charging developer” who would “develop and manage pipeline of new charging” sites, and select locations for deployment.

The EV giant’s chief Elon Musk put on hold his manufacturing investment plans for India last year, amid falling electric car sales globally.

Tesla’s immediate India plan is to import cars and sell them in India. Musk and US President Donald Trump however have repeatedly said India’s tariffs for cars are too high.

The new draft rules said companies which commit to India manufacturing will also need to meet a minimum turnover of $577 million by the end of the fourth year of operation, and $866 million by the fifth year, to be eligible for lower tariffs on up to 8,000 electric cars per year.

Source : https://www.deccanherald.com/business/india-to-cap-investment-in-ev-charging-for-tariff-relief-as-tesla-entry-looms-document-shows-3416535

Nifty Rejig: The National Stock Exchange (NSE) has said Jio Financial Services Ltd and Zomato Ltd will enter its benchmark index Nifty 50, effective March 28. As per the revisions, Britannia Industries Ltd and Bharat Petroleum Corporation Ltd (BPCL) and will be excluded from the index.

The Index Maintenance Sub-Committee of NSE Indices Ltd has announced changes to the Nifty 50 index as part of its semi-annual review, effective from March 28, 2025, according to a statement from NSE Indices.

These changes are in line with the periodic assessment of the index to ensure it accurately reflects market trends and maintains its relevance to investors.

Zomato and Jio Financial Services Ltd. have been added to the Nifty 50 index because their average free-float market capitalization over six months is at least 1.5 times that of the smallest companies being removed.

Zomato’s market cap is Rs 1,69,837 crore, while Jio Financial’s is Rs 1,04,387 crore. In comparison, Bharat Petroleum and Britannia, which are being excluded, have market caps of Rs. 60,928 crore and Rs 64,151 crore respectively.

Source : https://www.news18.com/business/markets/nifty-index-rejig-zomato-jio-financial-to-replace-bpcl-britannia-from-march-28-9236488.html

Elon Musk, while trying to slash the US government’s federal spending, has also been exploring his businesses. Musk-led xAI released the latest version of his Grok chatbot, Grok 3, on February 18.

Grok Vs The Rest

Ever since then Musk and his allies have been talking up the platform, for being highly advanced.

In fact, Musk’s X timeline, apart from alleged misinformation on political issues, has also featured posts and reposts in the AI chatbot.

Interestingly, the release of this version was just days after the Sam Altman-led OpenAI rejected a USD 97.4 billion acquisition deal from an Elon Musk-led consortium.

Faster Than Previous Models

According to xAI engineers, this version (Grok 3) surpasses the capabilities of its previous version (Grok 2) by more than 10 times.

“Grok 3 has no specific “knowledge cutoff date”. Unlike GPT models which are constantly outdated by one year or more, Grok is always kept up-to-date. That’s actually a big deal and probably deserves more discussion”, claimed a user.

Reacting to this, Musk said, “Grok has real-time knowledge. Big difference.”

Currently, Premium+ X subscribers, who pay USD 22 or around Rs 1,906 a month can access the bot.

This is much cheaper than OpenAI’s Chatbot, which could cost around USD 200 or close to Rs 20,000.

Silence From Sam

Interestingly, Sam Altman has not reacted to the chatbot or its capabilities. This is worth mentioning because when Chinese chatbot DeepSeek stole the headlines, Altman acknowledged the capabilities of the platform and vowed to work to improve OpenAI’s bots.

There has been no known or published reaction from Grok’s other competitors, including DeepSeek and Google’s parent company, Alphabet.

Source : https://www.freepressjournal.in/business/grok-3-will-replace-google-search-elon-musks-new-ai-chatbot-makes-waves

Netflix has committed to invest $1 billion in Mexico for the production of series and films over the next four years, meaning from 2025 through 2028, co-CEO Ted Sarandos said during a press conference with Mexico’s President Claudia Sheinbaum on Thursday.

“This investment, and the productions derived therefrom, will benefit Mexican production companies and will contribute to the growth of the local audiovisual industry and the creation of opportunities nationwide,” the streaming giant said.

Netflix will also invest $2 million in Mexico City’s iconic Churubusco Studios, one of the oldest and largest production facilities in Mexico, to “elevate” its facilities. The streaming company will continue creating and funding programs that help develop diverse and creative talents behind the camera, so that they may develop their careers in the entertainment industry. In August last year, a fund worth more than $1 million was unveiled in Mexico to be used in 2024 and 2025 for this purpose.

The global streamer has a long history in Mexico. In September 2011, Netflix became available in the country. In 2015, the company produced its first series outside the U.S. in Mexico, namely Club de Cuervos.

In 2019, Netflix opened its first offices in Mexico and then decided in 2020 to set up its Latin American headquarters there. “Over the past six years, Netflix’s local employee base has increased more than tenfold, from 30 employees to nearly 400,” according to the streamer.

“This country holds a special place in Netflix’s own history,” Sarandos said during Thursday’s press conference, referencing Club de Cuervos. “We created it in Mexico for Mexico — and it paved the way for our programming strategy, which is all about local production.

“Being local is very important to us,” Sarandos added. “It’s why all of our series and films in Mexico are made in partnership with local production companies and local partners. Every single one. That means we’re investing in the creative community, and helping talented people find their calling in our industry. But we’re also helping people in other industries make a living, too — from catering and hotels, to transportation and manufacturing.”

He continued: “A film called Roma, which was made here, won the Oscar for best [international] feature — it was a first for Netflix and for Mexico. In fact, it won three Academy Awards on that night. We were also proud to produce Alejandro G. Iñárritu’s Bardo, which was the Mexican submission for the Oscars in 2022. And a year after that, Guillermo del Toro’s Pinocchio won for best animated feature — which was another first for both Netflix and Mexico.”

Source : https://www.hollywoodreporter.com/business/business-news/netflix-mexico-invest-billion-studios-ted-sarandos-1236141749/

The U.S. Securities and Exchange Commission has asked Indian authorities for help in its investigation of Adani Group founder Gautam Adani and his nephew over alleged securities fraud and a $265-million bribery scheme, a court filing showed on Tuesday.
The regulator told a New York district court it was making efforts to serve its complaint on the founder and his nephew, Sagar Adani, and was seeking help from India’s law ministry to do so.

Neither individual is in U.S. custody, and both are now in India.
“The SEC has requested assistance … under the Hague service convention,” it said in the court filing.
Adani Group and India’s law ministry did not immediately respond to a Reuters request for comment.
Last week, Prime Minister Narendra Modi said he did not discuss the Adani case with U.S. President Donald Trump during his visit to Washington, describing it to reporters as an individual issue never discussed by leaders.
India’s opposition Congress party has called for Adani’s arrest and accused Modi of shielding him or favouring him in deals in the past. Modi’s party and Adani have denied the charges.

Last year, federal prosecutors in Brooklyn unsealed an indictment accusing Adani of bribing Indian officials to convince them to buy electricity produced by Adani Green Energy (ADNA.NS), opens new tab, a subsidiary of his Adani Group.
He then misled U.S. investors by providing reassuring information about the company’s anti-graft practices, it added.

Source : https://www.reuters.com/business/us-sec-seeks-indias-help-adani-fraud-probe-2025-02-18/

Nike (NKE.N) will launch a new women’s activewear brand in the U.S. this spring in partnership with Kim Kardashian-owned shapewear label Skims, as CEO Elliott Hill works to broaden its offerings to better compete with upstart brands.
The tie-up is expected to give Nike a leg up in women-centric athleisure brands as it stakes its turnaround on a return to its core sports roots. It currently relies on its men-focused business for more than half of its sales.

The push was evident in Nike’s first Super Bowl ad in nearly three decades, featuring star women athletes including Caitlin Clark and Sha’Carri Richardson.
“The women’s business has faster growth and it has more potential growth in the future. Nike missed out on that opportunity that Lululemon (LULU.O), exploited over the last 10-15 years,” Morningstar analyst David Swartz said.
“The Skims partnership is an effort to grow a little bit faster in that area.”
Nike shares rose 4% on Tuesday and were on track for their best day since Hill’s appointment in September last year.

Demand for women’s high-end joggers and yoga pants has been a growth driver for Canada-based Lululemon, as well as for upstarts such as Alo Yoga and Vuori. It has also helped Gap’s (GAP.N),  brand Athleta turn a corner.
Nike said the new brand, called NikeSKIMS, would include training apparel, footwear and accessories for women.
Skims was launched in 2019 and is valued at around $4 billion. It has seen strong demand for its premium bras, loungewear and shapewear.

Source : https://www.reuters.com/business/retail-consumer/nike-launch-new-womens-fitness-brand-with-kim-kardashians-skims-2025-02-18/

Elon Musk-led Tesla is reportedly hiring in India. The electric vehicle maker sought candidates for 13 roles. This comes after Musk met with Prime Minister Narendra Modi during his recently concluded US trip. A Bloomberg report further claimed that Tesla plans to enter the Indian market.
According to Tesla’s advertisements on its LinkedIn page, these candidates are being considered for roles including customer-facing and back-end jobs.
At least five positions, including service technician and various advisory roles, were open in both Mumbai and Delhi, while other roles, such as customer engagement manager and delivery operations specialist, were exclusively available in Mumbai, the report said.

Tesla had so far refrained from entering the market due to high import duties. However, with India now lowering the basic customs duty on high-end cars priced above $40,000 from 110% to 70%, it has become more favourable for the carmaker.

The Finance Minister (FM) in the Union Budget 2024 has announced that both the LTCG and STCG liability of equity mutual fund investors is subject to an increase of 12.5% and 20%, respectively, effective 23 July 2024.

Union Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in the Lok Sabha on Thursday and urged Speaker Om Birla to refer it to a select committee of the House.

Opposition members opposed the Bill at the introduction stage but the House passed a motion by voice vote for its introduction.

Getting to the finer points of the new tax bill, will there be changes in the short-term capital gains (STCG) and long-term capital gains (LTCG)? Let’s take a look:

The taxation will remain the same as the current one.

The government had introduced a simplified capital gains tax regime in 2024 and capital assets taxed under the capital gains regime are divided into two categories –

1. Listed securities

2. Unlisted securities and non-financial securities.

Source: https://www.deccanherald.com/business/new-income-tax-bill-introduced-in-lok-sabha-has-stcg-ltcg-taxation-changed-3404662

Domestic steel industry needs to be on guard as countries exporting to the US may divert shipments to India after the imposition of tariffs, an industry official said on Saturday. With the tariffs announced by the US on steel and aluminium imports, countries sending shipments to America might dump products in India because of huge domestic demand, Jindal Steel and Power Ltd (JSPL) chairman Naveen Jindal said the Global Business Summit (GBS) here.

“So, for that, Indian steel industry would have to be protected from unfair exports happening into India,” he cautioned.

US President Donald Trump has announced 25 per cent tariff on all steel and aluminium imports.

Jindal said the Indian Steel Association has already filed application with the DGTR in this regard which is reviewing it.

Indian steel makers have been consistently raising the issue of dumping of steel into Indian market from select group of countries which has impacted their competitiveness.

Source: https://www.news18.com/business/economy/indian-steel-market-may-see-dumping-due-to-us-tariffs-jspl-chairman-9229139.html

Union Finance Minister Nirmala Sitharaman introduced the Income Tax Bill, 2025, in the Lok Sabha on Thursday and urged Speaker Om Birla to refer it to a select committee of the House.

Opposition members opposed the Bill at the introduction stage but the House passed a motion by voice vote for its introduction.

Getting to the finer points of the new tax bill, will there be changes in the short-term capital gains (STCG) and long-term capital gains (LTCG)? Let’s take a look:

To take matters into perspective, the government had in Budget 2024, changed the capital gains tax regime in July and reports suggest that there are no changes in the capital gains tax regime in the new Income Tax Bill, 2025.

The taxation will remain the same as the current one.

The government had introduced a simplified capital gains tax regime in 2024 and capital assets taxed under the capital gains regime are divided into two categories –

1. Listed securities

2. Unlisted securities and non-financial securities.

The holding period to define capital gains as short-term or long-term is different for both categories of capital assets.

What FM said in Budget 2024

1. The Finance Minister (FM) in the Union Budget 2024 has announced that both the LTCG and STCG liability of equity mutual fund investors is subject to an increase of 12.5% and 20%, respectively, effective 23 July 2024.

2. The FM also stated that the LTCG liability increase to 12.5% is not just for equity mutual fund investments; it applies to any long-term gains from investments in financial and non-financial assets.

3. The budget also mentioned that the STCG liability of investors is increased to 20% for specific financial asset investments like equity mutual funds. Apart from the specific financial asset investments listed in the budget, the STCG increase will not affect other investments in financial or non-financial asset classes.

Source : https://www.deccanherald.com/business/new-income-tax-bill-introduced-in-lok-sabha-has-stcg-ltcg-taxation-changed-3404662

JioStar, a joint venture between Viacom18 and Star India, has launched JioHotstar, merging JioCinema and Disney+ Hotstar into a unified streaming platform. With over 500 million subscribers, JioHotstar aims to enhance India’s entertainment and sports streaming experience.

The platform offers 300,000 hours of content across 19 languages, including Bollywood films, international franchises, and live sports. By combining the libraries of JioCinema and Disney+ Hotstar, JioHotstar delivers a diverse range of content, from Hollywood blockbusters and Indian shows to reality programs and global sports.

“At the heart of JioHotstar is a bold vision—to make premium entertainment accessible to all Indians. Our ‘Infinite Possibilities’ promise ensures that entertainment becomes a shared experience, not a privilege. By leveraging AI-driven recommendations and offering content in over 19 languages, we’re personalizing viewing like never before,” said Kiran Mani, CEO – Digital, JioStar.

JioHotstar uses AI-powered recommendations to tailor the viewing experience. Basic access is available without a subscription, while premium options start at Rs. 149, with seamless transitions for existing subscribers.

The platform places a strong emphasis on sports, providing live coverage of major events like the IPL, ICC tournaments, Premier League, Wimbledon, as well as local leagues such as Pro Kabaddi and ISL. It also offers 4K streaming, multi-angle views, and real-time statistics.

“JioHotstar is setting a new standard for digital-first entertainment. The platform is immersive, inclusive, and audience-focused. With endless entertainment options, we’re committed to continuous innovation, elevating storytelling, and ensuring every Indian, regardless of language, finds content they love,” added Kevin Vaz, CEO – Entertainment, JioStar, highlighting the platform’s broad entertainment offerings.

Source : https://www.news18.com/business/jiohotstar-streaming-platform-is-now-official-as-jiocinema-disney-hotstar-merge-details-here-9226982.html

The proposed income tax bill will be tabled in the Parliament today. At present, there are various deadlines for submitting ITR depending on the category of income taxpayers. Numerous taxpayers are seeking a permanent extension of the ITR filing deadline to have additional time for filing their ITR.

As per an Economic Times report, citing sources, the new income tax bill has not made any changes to the ITR filing deadlines and is likely to continue with the same deadline matrix as before. As per the existing income tax regime, there are different ITR filing deadlines for different categories of taxpayers.
Individuals and other taxpayers whose accounts do not need to be audited must submit the original ITR by July 31 of the assessment year. On the contrary, those taxpayers whose accounts need to be audited are supposed to turn in their audit report by September 30 of the assessment year. Post successful submission of the audit report, taxpayers have to file the ITR by October 31 of the assessment year.

Taxpayers who are involved in international transactions are required to submit the audit report by October 31 of the assessment year. After the audit report is submitted, taxpayers are required to file the ITR by November 30 of the assessment year.

Source : https://www.timesnownews.com/business-economy/personal-finance/new-income-tax-bill-proposal-on-feb-13-will-itr-filing-deadlines-change-article-118178646

Markets regulator Sebi has banned six entities, including Asmita Patel Global School and fin-influencer Asmita Patel, from the capital markets for alleged unregistered investment advisory services and directed to disgorge over Rs 53 crore collected as fees course participants for various courses.

Sebi through an interim order cum show cause notice passed on Thursday prohibited six entities, including Asmita Patel Global School of Trading Pvt Ltd (APGSOT), Asmita Jitesh Patel, Jitesh Jethalal Patel, King Traders, Gemini Enterprise and United Enterprises, from the capital market.

The Securities and Exchange Board of India (Sebi) has also asked the six entities to explain why another Rs 104.63 crore should not be collected as fees for various programmes and should not be seized as well, according to a Sebi order.

The case pertains to individuals enrolling in trading courses provided by Asmita Patel Global School Of Trading. The Sebi order said that they were misled by exaggerated promises of profits and forced into paying high fees for minimal or ineffective trading education.

YouTuber and financial influencer Asmita Patel portrays herself as the ‘She Wolf of the stock market’ and the ‘options queen’ and claimed to have mentored over one lakh students/investors/participants worldwide. As per the complainants, she (Asmita) has assets to the tune of Rs 140 crore using her proprietary system.

The regulator noted that each entity has played specific roles at various stages which have prima facie, been found to violate Sebi’s rules.

Further, Sebi revealed that, prima facie APGSOT along with the Asmita and Jitesh devised a scheme wherein students/investors/participants were lured to trade in specific stocks and told to open a trading account with ABC Ltd.

Recommendations of buy/sell of specific securities were provided and uploaded on telegram channels owned by APGSOT. The acts of the entity make it evident that it was providing investment advice/ research analyst services to students/investors/participants for consideration in the pretext of imparting education, the 129-page order said.

The regulator also pointed out that the APGSOT collected fees from course participants through King Traders, Gemini Enterprise and United Enterprises directing them to pay the course fees to the bank accounts of these entities.

According to Sebi, this was not a one-time arrangement but a regular practice followed by the Asmita Patel Global School of Trading to route funds through different entities.

Sebi noted that these six entities are jointly and severally liable for impounding Rs 53.67 crore collected as fees from participants for courses such as, LMIT (Let’s Make India Trade), MPAT (Master’s in Price Action Trading) and Options Multiplier (OM) offered by the Asmita Patel Global School of Trading.

these practices, APGSOT, its director Asmita, and Jitesh were directed by Sebi to cease and desist from offering unregistered investment advisory or holding themselves out to be as investment advisors/ research analysts.

They have also been ordered to cease to solicit or undertake any other unregistered or fraudulent activity in the securities market, directly or indirectly, in any manner whatsoever, Sebi said.

However, the markets watchdog clarified that findings in this order are prima facie findings and the entities have full opportunity to provide their defence and prove their innocence. This prima facie finding should also be viewed in that manner and should not be taken as a final verdict against anyone.

Sebi has examined APGSOT and its directors following a complaint from a group of 42 investors alleging unauthorised investment advisory activities.

The regulator conducted an examination covering the period from August 2019 to October 2023, focusing on APGSOT, its director Asmita — who is also an authorised person of registered stockbroker ABC Ltd — and Jitesh, along with proprietary firms King Traders, Gemini Enterprise, and United Enterprises.

Source : https://www.news18.com/business/markets/sebi-bans-finfluencer-asmita-patel-5-others-from-market-impound-illegal-gains-of-over-rs-53-crore-9219587.html

Online fast-fashion retailer Shein is set to cut its valuation in a potential London listing to around $50 billion, said three people with knowledge of the matter, nearly a quarter less than the company’s 2023 fundraising value amid growing headwinds.
The company’s business prospects have come under a cloud in recent days after the Trump administration said it would close the “de minimis” duty exemption in the United States, ending an import rule that had helped Shein keep prices low.

The measure’s removal could hurt Shein’s profitability and push up product prices in the U.S., its biggest market, analysts and industry experts have said.
The eventual IPO (initial public offering) valuation will depend on the impact of the end of de minimis on the retailer’s business, one of the people said. Given the removal only took place this week, it will take time to assess, they added.
Shein and rival Temu together probably accounted for more than 30% of all packages shipped to the U.S. each day under the de minimis provision, the U.S. congressional committee on China said in a 2023 report. The measure exempted shipments of less than $800 from import duties.

The sources declined to be named as they were not authorised to speak to the media.
Shein, founded by China-born entrepreneur Sky Xu, did not respond to a request for comment.
The removal of de minimis is part of President Donald Trump’s imposition of an additional 10% tariff on China in what he called an “opening salvo” in a clash between the world’s two largest economies.
Nearly half of all packages shipped under de minimis come from China, according to the congressional committee report.

Shein had been aiming to go public in London in the first half of this year assuming it secured approvals from regulators in the U.K. as well as in China, Reuters reported last month.

The company’s last fundraising round in 2023 valued it at $66 billion, about a third less than its peak a year earlier, sources have told Reuters.
The latest target IPO valuation would mark the retailer’s second consecutive down round, when a company takes a hair cut on its valuation during a funding round.
The reasons were not immediately known.
Shein’s proposed IPO comes at a time when the UK government has been pressuring its regulators to be more pro-growth and has launched an overhaul of listing rules to make London a more attractive market to companies.
A UK government source who declined to be named as they were not authorised to speak about the deal publicly said it was still keen for Shein to launch an IPO in London.
Shein confidentially filed papers with Britain’s Financial Conduct Authority (FCA) in early June, sources told Reuters last year. However, it has taken longer than typically expected for the regulator to sign off on the listing.
The FCA has not made any decision to approve the IPO yet, a separate person said. The FCA declined to comment.
Market experts say it usually takes several months to reach a decision. A spokesperson for the FCA previously said timelines for IPO approval depend on each individual case.

Source : https://www.reuters.com/business/retail-consumer/shein-poised-slash-valuation-50-billion-london-ipo-sources-say-2025-02-07/

On Friday, February 7, the Reserve Bank of India decided to use its scissors, now rusty, to cut the repo rate or the country’s interest rate, by 25 basis points, bringing it down to 6.25 per cent, compared to its previous 6.50 per cent. The interest rates had remained the same for nearly 2 years. This rate cut comes for the first time in 5 years.

The last time, the interest rate was cut, was in March 2020, when the benchmark rate was brought down by 75 basis points to 4.40 per cent.

This was the new RBI Governor, Sanjay Malhotra, a former revenue department bureaucrat’s first MPC meeting, after succeeding Shaktikanta Das.

This was announced by the government’s banker after a 3-day Monetary Policy Committee meeting that concluded on February 7.

The RBI Governor started his post-MPC speech with a great emphasis on maintaining price stability, along with maintaining and aiding growth.

Sanjay Malhotra focused extensively on the pertinence of maintaining price stability.

RBI Slashes Repo Rate

The governor started his address after the 53rd MPC meeting by remarking on the 8 years of the flexible inflation targeting framework.

This framework introduced in 2016, according to the governor, has assisted in bringing about stability in the economy, especially during the pandemic years.

The RBI has retained its GDP projection for the next FY to 6.7 per cent.

On February 5th, Delhi residents will cast their votes for the Delhi Assembly election 2025. Since voting days hold utmost importance in a democratic country, multiple establishments declare the day as a holiday so that people can go and cast their votes and take part in this important political activity. Here is a comprehensive guide on which state-run bodies will remain open on February 5th and which ones will remain closed.
To raise awareness about the importance of participating in election days, the District Election Officer has instructed the Deputy Director of Education to arrange a ‘Prabhat Rally’ on 3rd February at 9:00 AM to promote voter awareness, including students from different schools.

Income Tax: The government provides a Rs 75,000 standard deduction in the new tax regime benefiting salaried individuals and pensioner by simplifying tax filing and reducing tax burden

Filing income tax in India has been quite complicated and difficult, especially under the old tax regime. However, the current government has implemented several reforms to simplify the process. The most significant of these is the new tax regime.

The government previously introduced a valuable provision known as the Standard Deduction, applicable to both the old and new tax regimes. This deduction effectively reduces your taxable income by a predetermined amount. Currently, this amount stands at Rs 75,000 in the new tax regime, compared to Rs 50,000 in the old tax regime. However, this facility is not universally available to all taxpayers. Let’s delve into who qualifies for this deduction and who doesn’t.

Let’s begin by understanding what standard deduction is. Previously, salaried individuals could claim various small exemptions, such as transport allowance and medical reimbursement. They were required to maintain records for each of these, which often amounted to less than Rs 50,000. Managing these small deductions proved cumbersome for employees, companies, and the government alike.

To simplify the process, the government replaced these individual exemptions with a single standard deduction. This allows for a fixed amount to be deducted from the taxable income, streamlining the tax calculation process.

This means that if one’s annual income is Rs 13 lakh and the standard deduction is Rs 75,000, then the taxable income will be Rs 12.25 lakh.

In the Union Budget 2025-26, Finance Minister Nirmala Sitharaman made income up to Rs 12.75 lakh tax-free under the new tax regime. This budget also saw changes to the new tax slabs, with a total of six tax slabs now in place.

Who Are Eligible For This Facility

This facility is primarily for salaried individuals and pensioners. If you are employed and receive a salary, you are eligible. Additionally, if you receive a pension, whether from the government or a private company, you can also avail of this facility. Senior citizens (above 60 years of age) and super senior citizens (above 80 years of age) also benefit from this facility.

Who Are Ineligible For This Facility

While this facility benefits many, certain individuals and entities are ineligible. This includes self-employed individuals and business owners. Additionally, those whose sole source of income is interest, rent, or capital gains cannot avail themselves of this facility. Furthermore, companies, firms, and other entities are not eligible.

Why Does The Government Provide This Facility

The government provides this standard deduction for several reasons. Firstly, it simplifies tax filing. Previously, individuals had to submit numerous documents to avail themselves of small exemptions, but the standard deduction has streamlined this process.

Source : https://www.news18.com/business/income-tax-why-is-standard-deduction-of-rs-75000-given-who-doesnt-qualify-for-it-ws-ab-9213622.html

Reliance Retail has launched an app in India to sell fashionwear from China’s Shein under a licensing deal, almost five years since Shein’s app was banned in the country after getting caught up in a diplomatic tussle.
Reliance, owned by billionaire Mukesh Ambani, launched the app on Saturday morning, said a person with direct knowledge of Reliance’s launch plans. The firm did not announce the launch.

Neither parent Reliance Industries (RELI.NS), opens new tab nor Shein responded to requests for comment outside of business hours.
The Shein India Fast Fashion app represents a departure from Reliance’s strategy of adding brands to its flagship fashion app Ajio – whose offering includes Superdry and Gap – as it competes with rivals such as Myntra from Walmart’s (WMT.N), opens new tab Flipkart.
Shein, founded in China in 2012 and later headquartered in Singapore, offers a vast selection of low-priced Western clothes. Its app was banned in India in 2020 alongside other Chinese apps such as ByteDance’s TikTok due to data security concerns, after a border dispute soured Indo-Chinese relations.

Last year, India’s government disclosed to parliament, opens new tab that Reliance had entered an agreement with Shein under which Indian manufacturers would supply products under the Shein brand. It did not make any other details public.
“The fashion OG (original) is back,” said a message displayed upon opening the app. Deliveries will initially be limited to a few cities including New Delhi and Mumbai and expanded nationwide soon, it said.

Offerings include dresses priced as low as 350 rupees ($4).
Reliance will pay a licence fee for using Shein’s brand name, said the person with direct knowledge of the matter. There is no equity investment in the partnership, the person said, without elaborating on financial arrangements.
All Shein-branded products sold through the app are designed and made in India, said a second person with direct knowledge of the matter. The clothing will later be made available on Ajio, the person said, without providing a time frame.

Source: https://www.reuters.com/business/retail-consumer/billionaire-ambanis-reliance-brings-shein-back-india-after-2020-app-ban-2025-02-02/

Finance Minister Nirmala Sitharaman’s Union Budget 2025-26 has been met with optimism from the real estate sector, with industry leaders praising its focus on infrastructure, tax relief, and liquidity measures while urging more emphasis on affordable housing.

A major highlight of the budget is the increase in the income tax exemption limit to ₹12 lakh, boosting disposable income and encouraging homeownership. The removal of tax on two self-occupied properties is expected to drive fresh investments in residential real estate. “This progressive reform provides significant tax relief and acknowledges the evolving housing needs of Indian families,” said Domnic Romell, President, CREDAI-MCHI.

The increase in the TDS exemption threshold on rental income from ₹2.4 lakh to ₹6 lakh will further support landlords and small taxpayers. Amit Jain, CMD, Arkade Developers, remarked, “These measures will spur housing demand, particularly in metro and Tier-1 & 2 cities.”

The ₹15,000 crore infusion into the Special Window for Affordable and Mid-Income Housing (SWAMIH) Investment Fund 2.0 has been widely appreciated for addressing stalled housing projects and providing relief to homebuyers. “With the completion of 50,000 units under the existing SWAMIH scheme and another 40,000 in the pipeline, this move ensures liquidity and accelerates housing deliveries,” noted Ashwin N Sheth, CMD, Sheth Group.

The budget allocates ₹1 lakh crore under the Urban Challenge Fund to address land and development constraints, fostering robust infrastructure in key urban corridors. The continued capital expenditure of ₹11.21 lakh crore on railways, roads, and logistics is expected to boost economic activity. “A stronger infrastructure framework will transform India into a competitive logistics hub, reducing costs and enhancing efficiency,” said Dr. Niranjan Hiranandani, Chairman, NAREDCO.

The push for Global Capability Centers (GCCs) in Tier-II cities is another welcome move. “Expanding GCC footprints beyond metros will unlock real estate potential and drive regional economic growth,” added Badal Yagnik, CEO, Colliers India.

Despite the positive measures, experts expressed concerns over the lack of specific sops for affordable housing. “A national rental housing policy and higher tax deductions for home loans would have further strengthened the sector,” said Piyush Bothra, Co-Founder & CFO, Square Yards.

Shrinivas Rao, CEO, Vestian, echoed similar sentiments, highlighting the importance of fiscal incentives for affordable housing to ensure inclusive economic growth.

The real estate sector, which employs over 71 million workers, faces a critical skill gap, with 81% of the workforce unskilled. “By 2030, the sector will need 33 million skilled workers. Bridging this gap through policy interventions is essential for sustainable industry growth,” emphasized Dr. Hiranandani.

Overall, the budget has been lauded for its pro-investment stance and long-term growth initiatives. “The continued focus on infrastructure, taxation relief, and economic expansion makes this a well-rounded, growth-oriented blueprint,” concluded Shishir Baijal, CMD, Knight Frank India.

Source : https://www.freepressjournal.in/business/union-budget-2025-real-estate-sector-welcomes-reforms-urges-greater-focus-on-affordable-housing

India will see a massive transformation in railways with 200 new Vande Bharat trains, 100 Amrit Bharat trains, 50 Namo Bharat rapid rail and 17,500 general non-AC coaches expected to be launched in the next two to three years, the ministry said, as it called the union budget “amazing” with an allocation of Rs 2.52 lakh crore for the financial year (FY) 2025-26.

Railways minister Ashwini Vaishnaw said new trains and modern coaches will go a long way in serving the middle-class. “This year’s budget mentions infrastructure development projects of railways to the order of Rs 4.60 lakh crore. Focusing on safety, the budget allocates Rs 1.16 lakh crore for expenditure in this year to augment the safety of Indian Railways through various projects,” he said.

Talking to the media in Rail Bhawan, after the presentation of the budget in Lok Sabha, Vaishnaw also said that it not only seeks to create employment by means of investment, but gives big relief to the middle class with a reduced income tax burden.

Railways will mobilise an additional Rs 3,000 crore from its internal resources, he said.

Reimbursement of losses on the operation of strategic lines has been kept at Rs 2,739.18 crore in Budget Estimate 2025-26 as against Rs 2,602.81 crore in last fiscal’s revised estimates 2024-25.

An amount of Rs 706 crore is provided in this fiscal year towards debt servicing of market borrowings for national projects.

With this, the net revenue expenditure of Indian Railways is placed at Rs 3,02,100 crore in this year’s budget estimate as against Rs 2,79,000 crore in the revised estimate of the last fiscal.

Source : https://www.news18.com/business/200-vande-bharat-100-amrit-bharat-17500-general-coaches-railways-plan-to-pick-up-speed-after-budget-boost-9211341.html

Karnataka Chief Minister Siddaramaiah has asked Union Finance Minister Nirmala Sitharaman to increase the annual upper limit for professional tax from Rs 2,500 to Rs 6,000 in the upcoming federal budget.

This is among 22 demands that Siddaramaiah placed before Sitharaman during a recent pre-budget meeting of all finance ministers ahead of the 2025-26 budget. Siddaramaiah pointed out that Karnataka had, in 2015, proposed increasing the upper limit of professional tax — levied on all types of professions, trades and employment — to Rs 6,000 per annum “reflecting the changes in the economic landscape”.

Professional tax was last revised in 1985, Siddaramaiah said. “…in light of the economic growth and inflationary pressures that have occurred over the past few decades, it has become crucial to raise the upper limit of the professional tax,” he stated. “This revision would empower the State to generate the required revenue while addressing the challenges posed by inflation and economic growth.”

Siddaramaiah has also sought funds for urban infrastructure, roads, railways, disaster relief, housing, aid to Escoms, development of backward regions and Western Ghats and special assistance to capital expenditure. He has reiterated the demand for funds to the Upper Bhadra Project, support for the Upper Krishna Project, clearances to the Mekedatu and Kalasa-Banduri (Mahadayi) projects.

Kharge seeks special grants

Leader of the Opposition in Rajya Sabha Mallikarjun Kharge has asked Union Finance Minister Nirmala Sitharaman to provide a special grant of Rs 5,000 crore to Kalyana Karnataka for the “region’s progress and address its critical developmental challenges”.

In a separate letter to Prime Minister Narendra Modi, Kharge sought his intervention to expedite various demands of the region, including the Kalaburagi bypass road, expansion of the bogie factory at Yadgir, regular flight connectivity between Kalaburagi and other cities, construction of railway over bridges, upgrading the Hyderabad-Vijayapura state highway to a national highway among others.

Source : https://www.deccanherald.com/business/union-budget/union-budget-2025-revise-professional-tax-slab-karnataka-cm-siddaramaiah-urges-fm-sitharaman-3379608

An AI-powered chatbot by the Chinese company DeepSeek has quickly become the most downloaded free app on Apple’s store, following its January release in the US.

The app’s sudden popularity, as well as DeepSeek’s reportedly low costs compared to those of US-based AI companies, have thrown financial markets into a spin.

Silicon Valley venture capitalist Marc Andreessen has hailed DeepSeek as “one of the most amazing and impressive breakthroughs” in AI.

The company says its latest AI models are on par with industry-leading models in the US – like ChatGPT – at a fraction of the cost.

Researchers behind the app have said it only took $6m (£4.8m) to build it, much less than the billions spent by AI companies in the US.

Oracle and a group of investors that includes Microsoft are in talks to take over TikTok’s global operations, reports NPR. The deal, which the White House is reportedly negotiating, would see ByteDance keeping a minority stake in TikTok while “the app’s algorithm, data collection and software updates will be overseen by Oracle.”

Oracle’s server network already provides the bulk of TikTok’s backbone, and under the deal, the company would “effectively monitor and provide oversight with what is going on with TikTok,” according to one of NPR’s anonymous sources, who added that the agreement’s goal is to “minimize Chinese ownership.”

Microsoft’s reported involvement isn’t clear beyond that it is “engaged in the talks.” The company was also in the mix with Oracle and Walmart in a 2020 bid to take over TikTok that Microsoft co-founder Bill Gates had called “a poison[ed] chalice.” Walmart reportedly isn’t involved this time around “after balking at the estimated price” of the app.

Source : https://www.theverge.com/2025/1/25/24351973/oracle-microsoft-tiktok-takeover-deal

Tim Cook and Sundar Pichai, the CEOs of Apple and Google, respectively, received attractive compensation packages of about USD 75 million, but this year, Brian Niccol, the new CEO of Starbucks received compensation close to USD 100 million this year.

One of the highest salaries in corporate America, Brian Niccol of Starbucks earned an hefty sum of USD 96 million for four months of work in 2024, according to a Bloomberg report.

Compensation of Starbucks CEO explained

According to the January 24 filing, Niccol’s salary included over USD 143,000 (Rs 1.23 crore) for housing expenses, of which nearly 50 per cent were tax-related payments; an additional USD 72,000 (Rs 65.05 lakh) was spent on travel from his southern California home to Starbucks’ headquarters in Seattle; and approximately USD 19,000 (Rs 16.37 lakh) was spent on other personal use of company aircraft, according to Bloomberg.

Mukesh Ambani’s Reliance Group is buying Nvidia’s powerful AI semiconductors and setting up a data centre in the town of Jamnagar in Gujarat, Reuters reported citing Bloomberg News.

Source : https://www.deccanherald.com/business/companies/mukesh-ambani-plans-worlds-biggest-data-centre-in-india-3370496

Nirmala Sitharaman will unveil the final preparations for the 2025 budget with a halwa ceremony today. This time, many hope, the budget, which will be presented just ahead of the crucial Delhi polls, will be as sweet as the halwa.

The preparations for Budget 2025 is underway in full swing, with just a week left for Finance Minister Nirmala Sitharaman to present the much-awaited financial papers. Amid the final arrangements, sources told News18 that citizens earning below Rs 10 to 15 lakh annually are likely to get tax benefits.

In addition to this, MSMEs and infrastructure push will be the focus of the Budget to increase employment. Sops are also on the cards for employees affected by the enhanced use of artificial intelligence (AI).

Tax Relief For Middle Class: Government sources highlighted that those in the salary bracket of 10 to 15 lakh rupees a year are expected to get substantial respite. With this, the government hopes that spending power will increase, which in turn will keep the economic machine going.

Benefits For Infrastructure Sector & MSMEs: The next focus will be the infrastructure sector, with a special focus on MSMEs. Sources say the budget aims to give incentives and tax relief to infrastructure sectors like hospitality, manufacturing, and possibly real estate. As per government sources, the infrastructure sector is set for robust growth, with planned investments set to increase further. Railways, roads, urban development, and power will be the key focus areas. And, of course, as always, MSMEs will get special attention.

Concern Over Artificial Intelligence (AI): Another important aspect that the budget is expected to address is artificial intelligence (AI). There is concern over job losses on this front, but the government also accepts the reality that AI is here to stay. Benefits for this sector, to ensure that Indian companies can keep pace with global competition, will be ensured in the budget.

Government sources have released figures comparing the difference in growth stories between the UPA era and the present time. For example, while the average monthly per capita consumption expenditure in 2011-12 was Rs 1,430, in 2023-24 it was Rs 4,122 in rural areas, while in urban areas, it was Rs 6,996, compared to Rs 2,630 during the UPA administration. Budget 2025 seeks to keep this growth story intact.

China’s top electric vehicle maker BYD (002594.SZ), aims to complete its $1 billion plant in Indonesia at the end of 2025, the head of its local unit said on Monday, underscoring the firm’s ambition to dominate in the market where Japanese automakers are popular.
The long-term plan for the plant is for the export market, said Eagle Zhao, BYD’s president director in Indonesia.
“Every single progression of our local manufacturing is quite smooth and also on the track. We will keep our commitment, which is by end-2025, we will complete the construction works,” Zhao said in a joint interview with Reuters and CNBC Indonesia.

The plant, which is being built at an industrial complex in Subang, West Java, will have a production capacity of 150,000 EV units annually.
With the investment, BYD has been allowed to temporarily ship its cars into Indonesia without import duties, a policy aimed to stimulate demand for EVs while attracting investment by automakers. The government aims for 600,000 EVs to be domestically produced by 2030.

In 2024, its first year of sales in Indonesia, BYD sold 15,429 units, auto association data showed. According to January to November figures, BYD was the leader in terms of battery-based EV sales with about 36% of the market share.
Zhao said he expected the new plant to produce its first cars not long after the completion of construction.
BYD has so far introduced four models in Indonesia, namely the Seal sedan, the Atto 3 SUV, the Dolphin hatchback and the M6 seven-seater MPV, which was its most sold model out of the four last year.

Zhao added that the company planned to introduce more models this year, without specifying how many, in order to book a “rapid growth” in sales in 2025. BYD is to also launch its premium Denza brand in Indonesia this week.
BYD, which overshot its global sales target to more than 4 million unit sold last year, has been stepping up its presence in Southeast Asia, challenging the car market dominated by Japanese and Korean firms.

Source : https://www.reuters.com/business/autos-transportation/chinas-byd-complete-1-billion-indonesia-plant-by-end-2025-executive-says-2025-01-20/

The European Commission intends to propose a ban on the use of PFAS, or “forever chemicals”, in consumer products, with exemptions for essential industrial uses, the EU’s environment chief told Reuters.
PFAS, or Perfluoroalkyl and Polyfluoroalkyl Substances, do not break down in the environment, raising concerns about the consequences of them building up in ecosystems, drinking water and the human body.

They are used in thousands of items, from cosmetics and non-stick pans to aircraft and wind turbines, due to their resistance to extreme temperatures and corrosion.
“What we know we are looking for is a ban in consumer products,” EU Environment Commissioner Jessika Roswall told Reuters in an interview.
“This is something that is important for us human beings, of course, but also for the environment, but I think also for the industry so they know how they can phase out PFAS.”

TWO YEARS AGO

Denmark, Germany, the Netherlands, Norway and Sweden backed a broad ban on PFAS almost two years ago yet Roswall said the EU’s proposal is not likely to come together before next year at the earliest, as “essential” exemptions are determined.
Asthma inhalers and semiconductors used in green technologies such as electric vehicles are some of the potential “essential” uses, she noted, though these too will face restrictions, including on how they are disposed of.

Industrial applications such as plastics and electronics production account for most PFAS use, according to data from Nordic countries’ chemicals agencies.

Work by the European Chemicals Agency (ECHA) to assess the scope of the ban has drawn thousands of comments from, among others, trade associations representing the car, clean energy and plastics sectors, seeking exemptions such as one sought for fluoropolymers, a PFAS used in everything from waterproof clothes to solar photovoltaic cells.

Source : https://www.reuters.com/business/environment/eu-plans-ban-forever-chemicals-consumer-products-2025-01-20/

Numbers starting with 1600 will be used for transaction-related communications from banking services, while numbers beginning with 140 will be used for promotional calls and SMS

Fraud and spam calls are a common nuisance these days. Mobile users are often frustrated by the constant barrage of spam calls. Cases of scams and financial fraud through these calls have also become increasingly frequent. Many users fall victim to such scams, mistaking the calls for genuine communications from their banks. To address this growing concern, the Reserve Bank of India (RBI) has taken a significant step.

The RBI has introduced two dedicated phone number series for financial institutions to use when making transaction and marketing calls to their customers. This initiative aims to protect mobile users from fraudulent calls and improve trust in legitimate communications.

According to the latest RBI notice, banks are now required to use phone numbers starting with 1600 for all transaction-related calls. In other words, any legitimate call regarding a transaction or financial matter should begin with the number 1600. This measure will help users identify authentic calls and steer clear of potential scams.

Similarly, for marketing calls and SMS, the RBI has allocated two distinct number ranges. Numbers starting with 1600 will be used for transaction-related communications from banking services, while numbers beginning with 140 will be used for promotional calls and SMS notifications offering services like personal loans, credit cards, or insurance.

This initiative will assist users in distinguishing genuine bank offers from fraudulent claims made by scammers pretending to represent banks.

Source : https://www.news18.com/business/banks-will-call-you-only-from-these-2-numbers-now-as-rbi-makes-it-easier-to-spot-spams-ws-ab-9196020.html

India’s space sector wants the government to spend more on space-based services, slash taxes to spur growth of start-ups and introduce a production-linked incentive scheme for them in the Union Budget.

The sector has put forward its demand ahead of the Union Budget for 2025-26 on February 1.

The Indian space economy is valued at 8.4 billion dollars and the private sector has just about started making a mark by building satellites and launch systems eyeing a manifold increase over the next decade.

“Probably something like a production-linked incentive scheme for the space sector would be helpful from a budget standpoint. A lot of infrastructure development needs to be done for space as well. So, if it can be incentivised for companies to set local manufacturing, that would be great,” Pixxel Space co-founder and Chief Executive Officer Awais Ahmed told PTI.

The Indian Space Association (ISpA) Director General Lt Gen A K Bhatt (retd) demanded import exemptions, lower GST, and tax holidays for the industry for a certain period of time.

He said the ISpA also expected the government to allocate more budget for various departments for space-based applications and cited the example of the Ministry of Road Transport which plans to use satellite data for collection of toll on highways.

“In general we would be looking at a lot of money coming for science and space missions,” Kshitij Gokul, co-founder and Chief Technology Officer of Pixxel Space, said.

Bhatt said the government has approved a 52-satellite constellation for the defence sector of which 31 satellites will be built by the private sector.

Satcom Industry Association (SIA-India) has demanded a substantial increase to the space budget, up to Rs 40,000-50,000 crore to help bridge the funding gap with nations such as Japan and China.

“This budget increase should prioritise key areas such as advanced satellite technologies, space mining, advanced space safety technologies, enhanced cyber capabilities for space security, space debris management, strategic space initiatives like green propulsion systems, reusable launch technologies, and quantum satellite communication technologies,” Subbarao Pavuluri, president of SIA-India, said.

SIA-India also made a strong pitch for the establishment of a Space Economy Task Force within the Finance Ministry to ensure financial alignment with the 30-year growth plan and create fiscal incentives, including tax holidays and R&D subsidies, to boost growth.

Source : https://www.deccanherald.com/business/union-budget/union-budget-2025-space-sector-seeks-pli-scheme-tax-holidays-more-use-of-satellite-data-3362457

Zomato CEO Deepinder Goyal expressed regret for imposing a Rs 2 charge for enabling veg mode, admitting that it was “stupid of us.” The enabling veg mode allows customers to browse from only vegetarian menu options, expediting their food browsing experience. In reaction to a LinkedIn post that condemned this unexpected fee and labelled it “Zomato’s latest masterstroke,” Goyal stated that the fee would be eliminated and addressed. He remarked again after a few minutes, stating it was removed after 45 minutes.
The Zomato CEO apologised in his comments, saying that this update would be removed as soon as possible. Goyal said, “This is absolutely stupid on our part. I am super sorry for this. This charge will be removed today itself. Will also fix what’s needed to fix in the team so that such s**t doesn’t happen again. Thank you for pointing this out.” The additional fee was removed promptly afterwards. However, the app still levied a Rs 10 platform fee and applicable GST and restaurant charges.
The original LinkedIn post was uploaded by Rohit Ranjan, assistant vice president of e-commerce at Route To Market, who said in his post, “Being a vegetarian feels like curse! in India these days. Zomato’s latest masterstroke-introducing an “extra charge” for the veg enablement fleet-has officially turned us into a premium subscription plan. So, fellow herbivores, brace yourselves! We’ve gone from ‘green and healthy’ to ‘green and pricey.’ “Thanks, Zomato, for proving once again that being veg is now a luxury tax!! Zomato, Deepinder Goyal #herbivores #luxurytax #vegetraiantax #curse Thanks Swiggy for treating us equally,” he added.

In response to Goyal’s apology, Ranjan said, “Deepinder Goyal Thank you once again to stepping in and saving us! What truly surprised me during this journey was successfully driving this idea from the ideation phase to execution while also securing senior stakeholder approval.”

Source : https://www.timesnownews.com/business-economy/companies/zomatos-veg-only-mode-enabling-fee-receives-backlash-heres-what-deepinder-goyal-said-article-117333500

Surfacing from the ashes of Los Angeles’ raging wildfires is a plea from local entertainment industry folk gutted by the blazes: Bring production back to the region.

“One of the biggest things you can do to help our city is to shoot here,” wrote prominent cinematographer and director Rachel Morrison (The Morning Show, The Mandalorian, The Fire Inside) in an Instagram post making the rounds among behind-the-scenes film and TV workers. “We have some of the best crews in the world who need work now more than ever.”

Morrison’s message speaks to an unprecedented slump in local production. The pandemic came first. Then the strikes. And when it appeared as if filming in Los Angeles had bottomed out and would soon be on the upswing amid an escalating tit-for-tat battle among filming hotspots vying for Hollywood dollars, wildfires fueled by hurricane-force winds battered L.A. The city has seen its share of devastation in earthquakes, fires and civil unrest, but nothing like this in recent memory. Apocalyptic flames fortified by 100 mile per hour gusts destroyed upwards of 12,000 structures built over the course of more than a century in days, ushering in a cloud of uncertainty to a gloomy production landscape yet to recover from back-to-back crises that transformed the economics of Hollywood.

Now, L.A faces a new set of challenges brought by the historic blazes that, if left unabated, may further chip away at its share of filming. Near the top of that list: the possibility that the blazes accelerate a mini migration of the entertainment industry’s workforce away from California.

The degree to which production will be impacted by the number of filmmakers and crewmembers who have been displaced from their homes is unknown. The wildfires ravaged tens of thousands of acres in the Pacific Palisades and Altadena, two areas with tight-knit film and TV communities. And while the names of celebrities who have lost residences garnered the most headlines — Mandy Moore, Paris Hilton, Milo Ventimiglia, Jeff Bridges and Billy Crystal to name a few — lesser known are the losses suffered by members of local film and TV crews. Below-the-line union IATSE has estimated that at least 8,000 members have been evacuated or had their homes destroyed; Lindsay Dougherty, Local 399’s top staffer, says her organization’s initial outreach found that at least 25 members saw their homes devoured. An Excel document that has been circulating and lists the GoFundMes of affected crewmembers is now at more than 200 entries.

As crewmembers scatter to relatives’ homes, shelters, rentals, hotels and Airbnbs, production could suffer, at least in the days and months to come. “The fires really did go through a lot of communities that are so central to housing film workers,” says Jason Lester, a music video and commercial director who has worked with Hozier, Phoebe Bridgers and Sabrina Carpenter and works primarily in L.A. “That can’t help but have an effect on the industry, especially in the short term.”

FilmLA president Paul Audley stressed that many workers in Hollywood, as well as ancillary industries, have been “directly affected by this tragedy” and that “many places beloved by nationwide audiences may never return to the screen.”

There are murmurs of a larger exodus. Entertainment workers were already leaving L.A. in response to a slowdown in work over the past few years amid the COVID-19 pandemic, the 2023 strikes and a larger contraction in the industry. Dutch Merrick, a seasoned armorer and prop master who lost his Altadena home in the Eaton Fire, worries that “many will take flight now, even more so than before the disaster.” While he has not heard of anyone with firm plans to depart the area yet, the ex-president of IATSE Local 44 writes in a text, “Perhaps insurance money will empower otherwise broke film crew to jettison L.A. for cheaper pastures.”

Those who stay face a housing market flooded by prospective renters displaced by the fires who are driving up bids. Steven Moritz, a real estate agent in Los Angeles, says he has 50 clients who lost their homes, adding that a house brought on for lease at $7,500 before the fire received multiple offers for double that amount last week (the lease was signed for $8,100 per month). Exacerbating L.A.’s housing crunch are the homeowners in the Pacific Palisades and Altadena, some of whom are getting checks from their insurers for temporary housing at the value of their former properties.

“It’s survival of the fittest, pretty much,” Moritz says. “The problem is that there’s such a lack of product. By the time you get there to look, they’re already leased.”

Then there’s the issue of production insurance. Wildfire season in Southern California has typically been June to October. That’s changed, and along with it the risk profile for shooting in certain regions of the state, particularly those buffeted by the Santa Ana winds.

The tail end of 2024 and start of 2025 is an atypical timeframe for major wildfires in Southern California. Wildfire season may simply be year-round now. Expect an increase in insurance premiums and lower deductibles.

“The risk doesn’t have the same temporal limitations anymore,” says Kirk Pasich, an insurance lawyer at McGuireWoods. “So if there’s a production in January or February in an area susceptible to winds, the price will go up.”

Productions that aren’t backed by major studios will be hit the hardest. Studios typically procure insurance on a slate of titles, which equates to lower prices because insurers can spread out their risk across multiple projects in several locations over different times of the year. Independent productions, which spend around 2 percent of their budgets on insurance, do not have that luxury and will likely have to pay more for coverage. And in a filming landscape where every penny is taken into account, the increased cost may mean the difference in getting enough financing.

“I doubt it’s going to be tough to get a policy, but there are going to be higher premiums than you saw before,” says Bryan Sullivan, an entertainment lawyer who handles a variety of business affairs for production companies. “And when you actually make a claim, there may be more pushback on certain obligations you have to take. You may have to find a similar location if there is an evacuation.”

Insurance policies will cover tabs for shutdowns caused by wildfires, but there’s a limit. That’s why banks and financiers that lend money for film and TV projects insist on a completion bond, which effectively acts like another layer of insurance to ensure that productions are able to cross the finish line in case there’s a shortfall. The completion bond industry — already in distress with last year’s bankruptcy of Film Finances, a global leader in film completion guarantees — may collectively decide that certain productions in wildfire-prone areas during high-risk times of the year are no longer bondable.

Also at play: how well-to-do individuals who put millions of dollars into productions a year, mostly into the independent film space, and lost their homes or were otherwise financially impacted by the fires respond to the crisis.

“There are a lot of high-net-worth film financiers who were definitely impacted,” says Elsa Ramo, a lawyer who handles production and distribution for companies such as Fox and Skydance. “Will they leave the L.A. dream or double down?”

Some board members of the Producers Guild of America lost their homes in the fires, according to a person familiar with the situation.

In the wake of the blazes, a brighter spotlight has been put on Gov. Gavin Newsom’s plan to rescue production in L.A. by more than doubling the amount in tax credits given to film and TV productions from $330 million to $750 million per year. Whether productions now opt to shoot in the city at historically comparable levels will largely swing on other changes to the program. Some revisions industry folk have been calling for include broadening the types of expenditures and categories of production that qualify for tax credits, like reality TV, and upping the maximum amount a single title can receive in subsidies. One idiosyncrasy to California’s film and TV tax credit program in particular has been leveraged by competing jurisdictions to coax productions into leaving: It’s the only major film hub to bar any portion of above-the-line costs — like salaries for actors, directors and producers — from qualifying for tax relief.

Source : https://www.hollywoodreporter.com/business/business-news/film-tv-production-wildfires-la-1236111283/

8th Pay Commission: The central government on Thursday approved the constitution of the 8th Central Pay Commission for government employees, which will submit its report by 2026.

8th Pay Commission: The Union Cabinet on Thursday approved the constitution of the 8th Central Pay Commission to review and recommend salary adjustments for over one crore central government employees and pensioners. According to the reports, the 8th Pay Commission will come into force on January 1, 2026.

During a Cabinet briefing, Union Minister Ashwini Vaishnaw on Thursday said, “Prime Minister has approved the 8th Central Pay Commission for all employees of Central Government.”

Vaishnaw said that the chairman and two members of the 8th Pay Commission will be appointed soon.

According to government sources, “Around 50 lakh central government employees, including defence personnel will benefit. About 65 lakh pensioners, including defence persons, will also see an uptick in their pensions.”

About 4 lakh employees in Delhi will benefit, including defence and Delhi government employees, they said.

“This will provide a significant boost to the Consumption and economic growth, along with improved quality of life for govt employees,” the sources said.

The 7th pay commission saw an expenditure increase of Rs 1 lakh crore for FY 2016-17.

The latest decision was taken at a meeting of the Union Cabinet, chaired by Prime Minister Narendra Modi, I&B Minister Ashwini Vaishnaw said in the announcement.

The 8th Pay Commission has been announced days before the Union Budget 2025-26, which will be presented by Finance Minister Nirmala Sitharaman on February 1, 2025.

8th Pay Commission: How Much Salary Hike Will Govt Employees Get?

Just before the Union Budget 2025, as central government employees have got a 8th Pay Commission bonanza, reports have earlier suggested that the central government employees might see a 186 per cent jump in their minimum salaries. However, this is just a speculation. The exact amount will be known only after the 8th Pay Commission report, which will be submitted by 2026.

Shiv Gopal Mishra, Secretary (staff side) of the National Council of Joint Consultative Machinery (JCM), has earlier said he expects a fitment factor of at least 2.86. It is 29 basis points (bps) higher as compared with 2.57 fitment factor under the 7th Pay Commission.

If the government approves the fitment factor of 2.86, the minimum salary of government employees will shoot up by 186 per cent to Rs 51,480, compared with the current payout of Rs 18,000, according to reports.

Any further hike in fitment factor will lead to commensurate rise in the salaries.

A hike in fitment factor raises both pension and salaries of the employees.

Under the 8th Pay Commission, pensions are also expected to increase by 186 per cent to Rs Rs 25,740, compared with the current pension of Rs 9,000. This calculation holds true if the currently expected fitment factor of 2.86 gets through.

Currently, the employees get a minimum basic salary of Rs 18,000 per month under the 7th Pay Commission, which was increased from the 6th Pay Commission’s Rs 7,000.

What Is A Pay Commission?

If you want to hang out or use the restroom at Starbucks, you’re going to have to buy something.

Starbucks on Monday said it was reversing a policy that invited everyone into its stores. A new code of conduct – which will be posted in all company-owned North American stores – also bans discrimination or harassment, consumption of outside alcohol, smoking, vaping, drug use and panhandling.

Starbucks spokesperson Jaci Anderson said the new rules are designed to help prioritize paying customers. Anderson said most other retailers already have similar rules.

“We want everyone to feel welcome and comfortable in our stores,” Anderson said. “By setting clear expectations for behavior and use of our spaces, we can create a better environment for everyone.”

The code of conduct warns that violators will be asked to leave, and says the store may call law enforcement, if necessary. Starbucks said employees would receive training on enforcing the new policy.

The new rules reverse an open-door policy put in place in 2018, after two Black men were arrested at a Philadelphia Starbucks where they had gone for a business meeting. The individual store had a policy of asking non-paying customers to leave, and the men hadn’t bought anything. But the arrest, which was caught on video, was a major embarrassment for the company.

At the time, Starbucks Chairman Howard Schultz said he didn’t want people to feel “less than” if they were refused access.

“We don’t want to become a public bathroom, but we’re going to make the right decision a hundred percent of the time and give people the key,” Schultz said.

Since then, though, employees and customers have struggled with unruly and even dangerous behavior in stores. In 2022, Starbucks closed 16 stores around the country — including six in Los Angeles and six in its hometown of Seattle — for repeated safety issues, including drug use and other disruptive behaviors that threatened staff.

Source : https://apnews.com/article/starbucks-customers-purchase-restroom-code-conduct-3876b0592418f30fc19a4e56848ed28b

Industrialist Anand Mahindra, while taking a dig at Larsen & Toubro’s (L&T) chairman SN Subrahmanyan’s 90-hour workweek’ remark, indicated that he has his priorities right and tends to focus more on the quality of work rather than on slogging for marathon hours.

Speaking at the Viksit Bharat Young Leaders Dialogue 2025, the chairman of Mahindra Group was asked how he managed his time to maintain a strong presence on social media.

Statement Of Industrialist Anand Mahindra

“I often get asked how much time I have to spend on social media. I want to tell people that I am on X or social media not because I am lonely,” he said. “My wife is wonderful, I love staring at her. So, I am not here to make friends, I am here because social media is an amazing business tool. How in one platform, I get feedback from 11 million people,” Mahindra added.

The industrialist also said that one can only make better decisions when one has a holistic life. ““If you are not spending time at home or with friends and if you are not reading and don’t have time to reflect, how will you bring the inputs into making the right decisions?” he said.

Source : https://www.freepressjournal.in/business/i-love-staring-at-my-wife-says-industrialist-anand-mahindra-in-response-to-lt-chairmans-90-hour-workweek-remark

Loneliness is the new epidemic taking control of people’s happiness. Despite our close ones being just a tap away, we have grown distant from each other. While the majority of the population is suffering from it, one man in Japan is earning lakhs by taking advantage of people’s loneliness. Meet Morimoto, the man who earns money by doing nothing. As ironic as it sounds, it is true and it highlights the increasing momentum of loneliness in the masses.
Japanese man Shoji Morimoto is earning approximately $80,000 (about Rs 66 lakh) by accompanying people in a non-romantic way. He provides a platonic companionship to people who hire him. Morimoto told CNBC Make It that he was fired from his job back in 2018 because he was accused of “not doing anything” for the company. Instead of taking it to heart, he turned it into a lucrative career option.
Now 41, Morimoto supports his clients with various requests, from waiting for a marathon runner to cross the finish line to receiving video calls while a bored client organizes and decorates her room, stated CNBC.

However, Morimoto is not a bachelor. He is the father of a seven-year-old kid. Popularly known as the rental “do nothing” guy, Morimoto told CNBC, “I have been put in objectively difficult situations, such as standing in line under the blazing sun, standing for hours in the freezing cold, attending parties with only strangers, and standing alone on a stage in front of a large audience without doing anything.”

He further added, “However, no matter what misfortune I have experienced, I feel that it is something special that only happened because I do this job, so I can still cherish it.”
Morimoto also lends a keen ear to his clients, careful not to play a therapist in the conversations. He listens to their stories and replies with short answers.

Source : https://www.timesnownews.com/business-economy/industry/can-one-earn-over-rs-60-lakh-by-doing-nothing-shoji-morimotos-story-will-leave-you-speechless-article-117086778

In 2021, Kamal K*, a 39-year-old homoeopathic doctor, secured a housing loan of Rs 42 lakh from the State Bank of India’s main branch in Belagavi, Karnataka. Although the loan tenure was 15 years, he repaid the entire amount within three years. This marked his first loan with the bank. Two years later, Kamal planned to venture into the world of business. In September 2024, he returned to the bank, seeking a business loan.

He was hopeful that he would be eligible for a loan, given his track record of repaying interest within time. Things, however, took a surprising turn.

At the bank, he was informed that he would have to pay higher interest because his CIBIL credit score was in the average category — at around 600. A Credit Information Bureau (India) Limited score (CIBIL), in the range of 300 to 550 is considered poor; 550 to 650 is average; 650 to 750 is good and 750 to 900 is considered excellent.

Kamal was perplexed by his low credit score, especially since he had not defaulted on any payments.

In Mumbai, another doctor was declared a defaulter, despite a record of on-time credit card payments. His existing credit limit was also reduced and he was denied another card. Investigation revealed that the credit card payments he made had remained unsettled for several years due to bank negligence.

These situations reflect a growing trend of loan rejections, where individuals are either denied credit or compelled to pay higher interest rates despite a seemingly clean repayment history. Recently, concerns about the transparency of credit ratings and the metrics used to calculate and update these scores have come to the fore, following an order by the National Consumer Disputes Resolution Commission. The case was ruled in favour of a consumer whose credit score had dropped despite consistently making regular credit card payments.

“While credit scores are reliable, inconsistencies and errors can occasionally cause unexpected fluctuations. Many consumers experience score reductions despite making consistent payments, underscoring the importance of monitoring and correcting potential inaccuracies,” said Nitika Jain, Partner at IndusLaw, a law firm.

“Credit scores impact everyone in the financial landscape, yet many struggle to understand the complex factors that contribute to their calculation. Greater transparency in the process would empower individuals to manage their scores more effectively and make informed financial decisions,” Jain said.

Congress MP Karti P Chidambaram recently raised the issue in Parliament. “If you want to take a car loan, if the Finance Minister of this country wants to take a house loan, everything depends on the CIBIL score, but nobody knows how the CIBIL organisation works,” he said.

“It is a private company. It is called TransUnion. This is the company which is rating every one of us,” Chidambaram said in Lok Sabha, voicing concern over the opaque methodology of credit scoring.

Talking to DH, Chidambaram explained that he has raised the issue multiple times in Parliament, apart from taking up the matter with credit information companies.

“It is unacceptable that borrowers are penalised without understanding the rules governing score changes. The scoring methodology must be completely transparent and should be shared publicly,” he said.

“The government is doing nothing in this regard,” he added.

With effect from January 1, 2025, the Reserve Bank of India (RBI) has made it mandatory for lenders to provide credit information reports within two weeks. The central bank’s move is likely to make the process faster and improve transparency.

“The availability of accurate credit information is vital for both lenders and borrowers. At present, lenders are required to report credit information to credit information companies (CICs) on a monthly basis or at such shorter intervals as may be agreed between the lenders and the CICs. It is proposed to increase the frequency of reporting of credit information to a fortnightly basis or at shorter intervals,” the then RBI Governor Shaktikanta Das said, in August 2024.

“Consequently, borrowers will benefit from faster updation of their credit information, especially when they repay their loans. The lenders, on their part, will be able to make better risk assessments of borrowers,” Das said.

Credit information companies are regulated by the RBI as per the Credit Information Companies (Regulation) Act, 2005 and the Credit Information Companies Rules, 2006.

Currently, there are four credit information companies registered with the RBI. These are CIBIL, Equifax Credit Information Services Private Limited, Experian Credit Information Company of India Private Limited, and CRIF High Mark.

CIBIL is by far the most widely accepted by Indian financial institutions. It was established in 2000, as the country’s first credit information company. The company entered into a partnership with Chicago-based credit bureau firm TransUnion in 2003. The company is now known as TransUnion CIBIL and functions as a subsidiary of the American firm. The other three credit information companies are also controlled by US-based entities.

CICs receive financial transactions and other sensitive data from credit institutions like banks, non-banking financial companies (NBFCs) and other institutions. “User data protection is a big challenge,” said Ankit Dev Arpan, a cyber lawyer. Foreign ownership also makes the issue far more challenging.

RBI directive

The recent RBI directive provides some clarity. Credit scores would have to be updated twice a month — preferably on the 15th and end of every month. Credit institutions and credit information companies have been given the flexibility to fix these dates at their convenience, but the data is to be updated every 15 days.

Referring to the RBI’s move, TransUnion CIBIL said, “This is a progressive move which will significantly strengthen the credit information ecosystem. With more frequent data reporting by banks and credit institutions, CICs will be able to update credit records faster and this will translate into more updated data being available for making informed lending decisions by credit grantors.”

“This will also help in resolving consumer disputes faster based on updated data in credit records,” TransUnion CIBIL said, in a statement to DH.

The RBI working group on digital lending, in its 2021 report, raised concerns about fintech companies processing large volumes of consumer data without proper consent. Addressing these issues, the RBI’s latest guidelines require credit information companies to notify customers whenever a bank or NBFC accesses their credit report. This notification can be sent via SMS or email. Additionally, credit information companies have been instructed to provide every customer with a full credit score report free of cost once a year.

In case of rejection, customers should be informed about the reason for the action. Loan-granting institutions have been directed to appoint nodal officers, which would be responsible for resolving credit-score-related issues.

Source : https://www.deccanherald.com/business/who-s-watching-your-credit-the-push-for-transparency-3341805

A gender-equal world is still a utopian concept, and while the journey of change has taken flight, there’s still a long way to go. We may be in 2022, but any discourse around menstrual hygiene and sexual wellness is often suppressed by the age-old patriarchal norms. Fortunately, there are several entrepreneurs who are ‘breaking the bias’ and shattering convention to create a safe space for women. These new-age brands cater to the needs of those with vulvas and provide them with solutions that help to enhance their quality of life.

This International Women’s Day, we caught up with some prominent changemakers, who are making a difference with their brands.

1. Neha Kant, Founder and Director — Clovia

Lingerie has always been spoken about in hushed tones in our country. It is hardly uncommon for women to be glared at, when they walk into a lingerie store to shop for innerwear. The experience is rather uncomfortable since these shops are mostly run by men.

For Neha, who grew up in Haridwar, it was her mother, who would do underwear shopping for her. Everything was based on trials and guesswork, which left the young girl devoid of confidence. When she stepped out of her hometown to pursue her higher education, started working in New Delhi and travelled abroad, Neha realised that the evolution of innerwear had not kept pace with the fast-changing outerwear fashion.

“To bridge the existing gap in the lingerie space, I decided to dive into the business with the help of my husband and was ably supported by a tech specialist and an experienced lingerie expert. That’s how Clovia was born in 2013,” she says.

The brand believes in bringing world-class products to Indian customers at the right price point. They have a proprietary algorithm based on ‘Clovia’s Fit Test’, which asks women five questions about their body type and accordingly recommends the right bra.

“Earlier this year, we also launched Bra-Bot, an online AI-based chatbot curated to help one buy the right innerwear and other categories. This is part of Clovia’s continued effort to bring its online shopping experience closer to an assisted offline store experience,” she adds.

Clovia launches 200+ styles per month and over 75% of the inventory is less than 30 days old. They also offer 75+ sizes across 12+ categories and address 18 body types.

The brand has also recently ventured into the personal care category to cater to the needs of new moms and urban millennial women.

2. Tanvi Johri, Co-founder and CEO — Carmesi

Like several other women, Tanvi, too, was a victim of rashes caused by sanitary napkins and would dread her period every month. Although she tried looking for alternatives, there was no solution in sight. Another issue that troubled her was the unhygienic disposal of sanitary napkins.

“I started researching more about these things, and that’s when I realised that rashes are taken seriously only when they appear on the face or are associated with beauty. These allergies are triggered by the use of certain ingredients in sanitary napkins. This is what I wanted to change with Carmesi,” she says.

The eco-conscious brand makes biodegradable sanitary napkins using plant-based materials like corn fibre that are devoid of harsh chemicals. These sanitary napkins also come with a disposable bag made from oxo-biodegradable material.

Carmesi has always been big on innovation and has also launched products that may be too niche, but try and provide a solution to women’s problems.

“We created the world’s first and only solution to bra stress called BREASE, after taking into account the challenges of women in our office. The product may not be getting us too much revenue, but our customers love it,” she says, adding that they have also launched a natural deodorant roller with 95% natural ingredients, and an entire skincare range for hormonal acne.

Apart from selling other period care and intimate care products, Carmesi has also made inroads into hair removal, and the health and nutrition category. As they continue to grow by leaps and bounds, Carmesi also plans to make its presence felt in the offline space.

3. Aruna Chawla, Founder — Salad Condoms

How many times have you felt awkward walking up to a pharmacist, and asking for a condom? The feeling is all too familiar, right? This is exactly what happened with Aruna. As a consumer psychologist, she studied purchase patterns and buying behaviour closely and came up with Salad, a non-toxic, eco-conscious, and ultra-thin vegan condom brand.

As the youngest woman to start a condom brand in India, she had her fair share of challenges and was subjected to lewd remarks on social media. It wasn’t just trolling that she had to deal with — it was a hard task to convince manufacturers to associate with her brand, but eventually, she succeeded.

Aruna has been “open and transparent” in her approach and that reflects in everything Salad does. Scan the QR code on the packaging, and you can read all about the ingredients that go into making the condom. Moreover, Salad is the only condom brand that not only focuses on pleasure but also emphasises on the health angle. “Salad has committed 15% of its profits to enable sex education in schools and colleges in India. We are also building a new product that’s under beta testing right now that will help users learn the language of their bodies anytime, anywhere,” says Aruna.

4. Sujata Pawar, Founder — Avni