Category: Business

Alphabet’s (GOOGL.O), Google, the largest customer of Scale AI, plans to cut ties with Scale after news broke that rival Meta (META.O), is taking a 49% stake in the AI data-labeling startup, five sources familiar with the matter told Reuters.
Google had planned to pay Scale AI about $200 million this year for the human-labeled training data that is crucial for developing technology, including the sophisticated AI models that power Gemini, its ChatGPT competitor, one of the sources said.

The search giant already held conversations with several of Scale AI’s rivals this week as it seeks to shift away much of that workload, sources added.
Scale’s loss of significant business comes as Meta takes a big stake in the company, valuing it at $29 billion. Scale was worth $14 billion before the deal.
Scale AI intends to keep its business running while its CEO, Alexandr Wang, along with a few employees, move over to Meta. Since its core business is concentrated around a few customers, it could suffer greatly if it loses key customers like Google.
In a statement, a Scale AI spokesperson said its business, which spans work with major companies and governments, remains strong, as it is committed to protecting customer data. The company declined to comment on specifics with Google.

Scale AI raked in $870 million in revenue in 2024, and Google spent some $150 million on Scale AI’s services last year, sources said.
Other major tech companies that are customers of Scale’s, including Microsoft (MSFT.O), are also backing away. Elon Musk’s xAI is also looking to exit, one of the sources said. OpenAI decided to pull back from Scale several months ago, according to sources familiar with the matter, though it spends far less money than Google. OpenAI’s CFO said on Friday that the company will continue to work with Scale AI, as one of its many data vendors.
Companies that compete with Meta in developing cutting-edge AI models are concerned that doing business with Scale could expose their research priorities and road map to a rival, five sources said. By contracting with Scale AI, customers often share proprietary data as well as prototype products for which Scale’s workers are providing data-labeling services. With Meta now taking a 49% stake, AI companies are concerned that one of their chief rivals could gain knowledge about their business strategy and technical blueprints.

Google, Microsoft and OpenAI declined to comment. xAI did not respond to a request for comment.

RIVALS SEE OPENINGS

The bulk of Scale AI’s revenue comes from charging generative AI model makers for providing access to a network of human trainers with specialized knowledge – from historians to scientists, some with doctorate degrees. The humans annotate complex datasets that are used to “post-train” AI models, and as AI models have become smarter, the demand for the sophisticated human-provided examples has surged, and one annotation could cost as much as $100.
Scale also does data-labeling for enterprises like self-driving car companies and the U.S. government, which are likely to stay, according to the sources. But its biggest money-maker is in partnering with generative AI model makers, the sources said.
Google had already sought to diversify its data service providers for more than a year, three of the sources said. But Meta’s moves this week have led Google to seek to move off Scale AI on all its key contracts, the sources added. Because of the way data-labeling contracts are structured, that process could happen quickly, two sources said.

This will provide an opening for Scale AI’s rivals to jump in.
“The Meta-Scale deal marks a turning point,” said Jonathan Siddharth, CEO of Turing, a Scale AI competitor. “Leading AI labs are realizing neutrality is no longer optional, it’s essential.”
Labelbox, another competitor, will “probably generate hundreds of millions of new revenue” by the end of the year from customers fleeing Scale, its CEO, Manu Sharma, told Reuters.
Handshake, a competitor focusing on building a network of PhDs and experts, saw a surge of workload from top AI labs that compete with Meta.
“Our demand has tripled overnight after the news,” said Garrett Lord, CEO at Handshake.
Many AI labs now want to hire in-house data-labelers, which allows their data to remain secure, said Brendan Foody, CEO of Mercor, a startup that in addition to competing directly with Scale AI also builds technology around being able to recruit and vet candidates in an automated way, enabling AI labs to scale up their data labeling operations quickly.
Founded in 2016, Scale AI provides vast amounts of labeled data or curated training data, which is crucial for developing sophisticated tools such as OpenAI’s ChatGPT.

Source : https://www.reuters.com/business/google-scale-ais-largest-customer-plans-split-after-meta-deal-sources-say-2025-06-13/

Gold futures in India crossed ₹1,00,000 per 10 grams on the MCX for the first time on 13 June 2025, driven by escalating Middle East tensions, a falling rupee, and robust global demand for safe-haven assets. Analysts warn of further gains as geopolitical instability deepens.

Gold prices surged to a historic high on Friday as domestic futures on the Multi Commodity Exchange (MCX) breached the Rs 1 lakh mark for the first time. Gold touched Rs 1,00,403 per 10 grams, up 2 per cent in early trade, amid geopolitical tensions in the Middle East, a weakened Indian rupee, and strong global demand for safe-haven assets.
The surge reflects a confluence of factors affecting global commodity markets and investor sentiment, with analysts expecting further upward movement if volatility continues.

Ukraine has brought home the bodies of 1,212 soldiers killed in the war with Russia, the Kyiv officials responsible for exchanging prisoners of war said on Wednesday.
In Moscow, Kremlin aide Vladimir Medinsky said Ukraine for its part had returned 27 bodies of Russian soldiers.

“As a result of the repatriation activities …, the bodies of 1,212 fallen defenders have been returned to Ukraine,” Kyiv’s prisoner exchange coordination committee said on the Telegram messaging app.

It released photos from the scene showing personnel of the International Committee of the Red Cross (ICRC) at an undisclosed location, walking past several refrigerated trucks.
Some trucks were marked with emblems of “On the Shield,” a Ukrainian organisation involved in the retrieval and evacuation of military dead.
Kyiv and Moscow reached agreement at their most recent round of talks last week on a large-scale exchange of corpses of war dead, though the deal was marred by wrangling over its implementation.
On Sunday, Medinsky said Ukraine had postponed taking the first 1,212 bodies. Russian officials also said that refrigerated trucks loaded with corpses waited for five days at the border before Ukraine accepted them.

Ukraine’s coordination body said a deal had been reached on repatriating bodies but the date had not been finalised, and accused Russia of unilateral and uncoordinated actions.
On June 2, Ukrainian President Volodymyr Zelenskiy said that Russia wanted to transfer 6,000 bodies back to Ukraine, but that only about 15% of them had been identified.
“We already had a moment once when they transferred bodies to us and were also transferring bodies of Russian dead soldiers,” Zelenskiy said at a briefing.
The 1,212 bodies will now be transferred to experts of Ukraine’s Interior Ministry, law enforcement agencies and the Health Ministry who will try to ascertain their identities as soon as possible, the prisoner exchange coordination body said.
On Monday, Russia and Ukraine exchanged dozens of prisoners of war under the age of 25, as well as severely wounded and ill prisoners on Tuesday, in emotional homecoming scenes, the first step in a series of planned swaps that could become the biggest of the war triggered by Russia’s 2022 invasion.

Source : https://www.reuters.com/business/aerospace-defense/ukraine-brings-home-bodies-1212-soldiers-officials-say-2025-06-11/

U.S. Health Secretary Robert F. Kennedy Jr.’s dismissal of an independent panel of experts citing the goal of restoring trust in vaccines could undermine confidence in those available now, putting Americans at risk of preventable infectious diseases, public health experts and others said on Monday.
Kennedy, a longtime vaccine skeptic, said in a commentary published in the Wall Street Journal that he was firing all 17 members of the Advisory Committee for Immunization Practices (ACIP) at the Centers for Disease Control and Prevention “to re-establish public confidence in vaccine science.”

The committee reviews vaccines approved by the U.S. Food and Drug Administration and makes recommendations to the CDC on their use.
“I fear that there will be human lives lost here because of this,” said Dr. Sean O’Leary, chair of the American Academy of Pediatrics’ Committee on Infectious Diseases.
“It is a special kind of irony that he is saying he is doing this to restore trust, given that he is, as an individual, more responsible for sowing distrust in vaccines than almost anyone I can name,” O’Leary said.
O’Leary said pediatricians have already been fielding calls from parents who are confused about conflicting announcements earlier this month narrowing the use of COVID-19 vaccines for healthy children and pregnant women. “This is only going to add to that,” he said.

A U.S. Department of Health and Human Services spokesman said the agency is prioritizing public health, evidence-based medicine, and restoring public confidence in vaccine science.
The firing of the entire vaccine advisory committee comes just weeks before a scheduled public meeting in which advisers were expected to weigh in and vote on a number of decisions, including the 2025-26 COVID-19 vaccine boosters.
The health agency said the committee will meet as scheduled on June 25-27, but it is unclear who would serve on that panel or how they have been vetted for conflicts of interest. The agency said it would replace them with new members currently under consideration.
Fired ACIP member Noel Brewer, a professor of public health at the University of North Carolina, said it took about 18 months from the time he applied until he was serving as an ACIP member.

Senate Minority Leader Chuck Schumer decried the changes. “Wiping out an entire panel of vaccine experts doesn’t build trust — it shatters it, and worse, it sends a chilling message: that ideology matters more than evidence, and politics more than public health,” he said in a statement.
Former CDC Director Dr. Thomas Frieden called out Kennedy’s “false claims” in the Wall Street Journal piece, saying the panel was rife with conflicts of interest. Most of the panel was appointed last year, the CDC website shows.
“Make no mistake: Politicizing the ACIP as Secretary Kennedy is doing will undermine public trust under the guise of improving it.”

Source : https://www.reuters.com/business/healthcare-pharmaceuticals/kennedys-firing-independent-cdc-advisers-undermines-vaccine-confidence-experts-2025-06-10/

Gautam Adani earned Rs 10.41 crore in FY25, a 12% rise from last year, yet still modest compared to several senior executives in his group. Here’s how India Inc’s top bosses stack up.

Gautam Adani, India’s second-richest individual, drew a total remuneration of Rs 10.41 crore in the financial year 2024–25, according to company filings, a figure that is not only lower than many of his industry peers but also less than several top executives within his own conglomerate.
Adani, 62, who heads the ports-to-energy Adani Group, drew salaries from just two of the nine listed group companies, as revealed in annual reports reviewed by PTI. His FY25 remuneration rose 12% from Rs 9.26 crore in FY24.
From the group’s flagship firm Adani Enterprises Ltd (AEL), he received Rs 2.26 crore as salary and Rs28 lakh in perquisites and other benefits, totalling Rs 2.54 crore — marginally up from Rs 2.46 crore the previous year. He also drew Rs 7.87 crore from Adani Ports and Special Economic Zone Ltd (APSEZ), comprising Rs 1.8 crore in salary and Rs 6.07 crore as commission. This too was an increase from Rs 6.8 crore in FY24.

Despite his massive wealth, estimated at $82.5 billion (as per Bloomberg Billionaires Index), Adani’s salary is modest when compared to corporate heavyweights. According to PTI, other key business leaders like Sunil Bharti Mittal of Bharti Airtel earned Rs 32.27 crore in FY24, Rajiv Bajaj of Bajaj Auto drew Rs 53.75 crore, Pawan Munjal of Hero MotoCorp took home Rs 109 crore, L&T’s S.N. Subrahmanyan earned Rs 76.25 crore, and Infosys CEO Salil Parekh topped with Rs 80.62 crore.

This 50-basis-point (0.5%) reduction is the steepest rate cut by the RBI since the emergency 75-basis-point easing in March 2020, when the economy was under severe strain due to the Covid pandemic.

New Delhi: The Reserve Bank of India (RBI) on Friday cut key policy interest rates by a larger-than-expected 50 basis points, a move that will lead to a drop in EMIs on home, auto and other loans and boost economic growth by reinvigorating credit cycle as inflation remains muted.

This 50-basis-point (0.5%) reduction is the steepest rate cut by the RBI since the emergency 75-basis-point easing in March 2020, when the economy was under severe strain due to the Covid pandemic.

The repo rate, the interest at which the RBI lends money to commercial banks for their short-term needs, has been cut to 5.5% with immediate effect, from the earlier 6%.

The standing deposit facility (SDF) rate under the liquidity adjustment facility has been cut to 5.25% and the marginal standing facility (MSF) rate and the bank rate to 5.75%.

A majority of the lending and deposit rates offered by the commercial banks are guided by these RBI’s policy rates.

RBI Governor Sanjay Malhotra termed the move as “frontloading” of the rate cuts. This means a 25 bps rate cut, which was expected in August or October, has been advanced to send a stronger message to consumers and investors.

“It is imperative to continue to stimulate domestic private consumption and investment through policy levers to step up the growth momentum. This changed growth-inflation dynamics calls for not only continuing with the policy easing but also frontloading the rate cuts to support growth,” Malhotra said.

Harsha Vardhan Agarwal, President of industry chamber FICCI, said the frontloaded rate cut “sends a strong signal of the RBI’s commitment to supporting growth”. “The move is timely and will help boost domestic demand, encourage credit offtake, and inject further momentum into economic activity,” Agarwal added.

Five of the six members of the RBI’s Monetary Policy Committee (MPC), including Malhotra, voted for the 50 bps cut. One external member Saugata Bhattacharya voted for a smaller 25-bps cut.

The MPC also decided to change the stance from “accommodative” to “neutral”. This means the RBI is no longer committed to only cutting rates as in an accommodative stance, but is now open to either hiking or further reducing rates based on evolving economic data.

Source: https://www.deccanherald.com/business/rbi-delivers-a-surprise-jumbo-rate-cut-emis-to-fall-3575295

A Chicago-based private equity firm – controlled by a member of the family that founded American publishing company Rand McNally – has an “economic interest” in the logistics company involved in a controversial new aid distribution operation in Gaza.
McNally Capital, founded in 2008 by Ward McNally, helped “support the establishment” of Safe Reach Solutions, a McNally Capital spokesperson told Reuters. SRS is a for-profit company established in Wyoming in November, state incorporation records show.

It is in the spotlight for its involvement with the U.S.- and Israeli-backed Gaza Humanitarian Foundation, which last week started distributing aid in the war-torn Palestinian enclave. The foundation paused work on Wednesday after a series of deadly shootings near the distribution sites of people on their way to pick up aid. It has suffered from the departure of senior personnel.
“McNally Capital has provided administrative advice to SRS and worked in collaboration with multiple parties to enable SRS to carry out its mission,” the spokesperson said. “While McNally Capital has an economic interest in SRS, the firm does not actively manage SRS or have a day-to-day operating role.”

SRS is run by a former CIA official named Phil Reilly, but its ownership has not previously been disclosed. Reuters has not been able to establish who funds the newly created foundation.
The spokesperson did not provide details of the scale of the investment in SRS by McNally Capital, which says it has $380 million under management.
McNally Capital founder Ward McNally is the great great great grandson of the co-founder of Rand McNally. The McNally family sold the publishing company in 1997.
A spokesperson for SRS confirmed it worked with the foundation, also known as GHF, but did not answer specific questions about ownership.
GHF, which resumed aid distribution on Thursday, did not respond to a request for comment
While Israel and the United States have both said they don’t finance the operation, they have pushed the United Nations and international aid groups to work with it, arguing that aid distributed by a long-established U.N. aid network was diverted to Hamas. Hamas has denied that.

Israel blocked almost all aid into Gaza for 11 weeks until May 19, and has since only allowed limited deliveries in, mostly managed by the new GHF operation.
This week GHF pressed Israel to boost civilian safety beyond the perimeter of its distribution sites after Gazan health officials said at least 27 Palestinians were killed and dozens wounded by Israeli fire near one of the food distribution sites on Tuesday, the third consecutive day of chaos and bloodshed to blight the aid operation.
The Israeli military said its forces on Tuesday had opened fire on a group of people they viewed as a threat after they left a designated access route near the distribution center in Rafah. It said it was investigating what had happened.
The U.N and most other aid groups have refused to work with GHF because they say it is not neutral and that the distribution model militarizes aid and forces displacement.

Source: https://www.reuters.com/business/finance/gaza-aid-logistics-company-funded-by-chicago-private-equity-firm-2025-06-05/

Some European auto parts plants have suspended output and Mercedes-Benz is considering ways to protect against shortages of rare earths, as concerns about the damage from China’s restrictions on critical mineral exports deepen across the globe.
China’s decision in April to suspend exports of a wide range of rare earths and related magnets has upended the supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world.

China’s dominance of the critical mineral industry, key to the green energy transition, is increasingly viewed as a key point of leverage for Beijing in its trade war with U.S. President Donald Trump. China produces around 90% of the world’s rare earths, and auto industry representatives have warned of increasing threats to production due to their dependency on it for those parts.
“It just puts stress on a system that’s highly organised with parts being ordered many weeks in advance,” said Sherry House, Ford’s finance chief, at an investor conference on Wednesday.
She said China’s export controls add administrative layers that are sometimes smooth, and sometimes not. “We’re managing it. It continues to be an issue, and we continue to work the issues.”

EU trade commissioner Maros Sefcovic said on Wednesday that he and his Chinese counterpart had agreed to clarify the rare earth situation as quickly as possible.
“We must reduce our dependencies on all countries, particularly on a number of countries like China, on which we are more than 100% dependent,” said EU Commissioner for Industrial Strategy Stephane Sejourne.
“The export (curbs) increase our will to diversify,” he said as Brussels identified 13 new projects outside the bloc aimed at increasing supplies of metals and minerals essential.
Europe’s auto supplier association CLEPA said several production lines have shut down after running out of supplies, the latest to warn about the growing threat to manufacturing due to the controls.
Of the hundreds of requests for export licenses made by auto suppliers since early April, only a quarter have been granted so far, CLEPA added, with some requests rejected on what the association described as “highly procedural grounds”.

It did not identify the companies but warned of further outages.
While China’s announcement in April coincided with a broader package of retaliation against Washington’s tariffs, the measures apply globally and are causing worry among business executives around the world.
Earlier on Wednesday, Mercedes-Benz (MBGn.DE), production chief Joerg Burzer said he was talking to top suppliers about building “buffers” such as stockpiles to protect against potential threats to supply. Mercedes was currently not affected by the shortage.
BMW (BMWG.DE), said that part of its supplier network was disrupted but its own plants were running as normal.
German and U.S. automakers have complained that the restrictions imposed by China threaten production, following a similar grievance from an Indian EV maker last week.

Mathias Miedreich, board member for electrified propulsion at German automotive supplier ZF Friedrichshafen, said the company has largely been able to get needed permits from China.
In a media briefing on Tuesday, he said he worries though that the situation eventually could resemble the computer-chip shortage during the COVID-19 pandemic, which wiped out millions of vehicles from automakers’ production plans.
Many are lobbying their governments to find a quick solution but some companies only have enough supplies to last a few weeks or months, Wolfgang Weber, CEO of Germany’s electrical and digital industry association ZVEI, said in an emailed statement.
Swedish Autoliv (ALV.N), , the world’s biggest maker of airbags and seatbelts, said its operations are not affected, but CEO Mikael Bratt said he has set up a task force to manage the situation.

RELIANCE ON CHINA

There are few alternatives to China.
Automakers from General Motors (GM.N), to BMW and major suppliers like ZF and BorgWarner (BWA.N), are researching or have developed motors with low- to zero rare earth content in a bid to cut their reliance on China, but few have managed to scale production to bring down costs.
BMW has deployed a magnet-free electric motor for its latest generation of electric cars, but still requires rare earths for smaller motors powering components like windshield wipers or car window rollers.
“There is no solution for the next three years except to come to an agreement with China,” said Andreas Kroll, managing director of Noble Elements, rare earths importer for medium-sized companies and startups without their own inventories.
“China controls practically 99.8 percent of global production of heavy rare earths. Other countries can only produce these in minimal quantities, virtually on a laboratory scale.”
China’s slow pace of easing its critical mineral export controls has become a focus of Trump’s criticism of Beijing, which he says has violated the truce reached last month to roll back tariffs and trade restrictions.
Trump has sought to redefine the United States’ trading relationship with its biggest economic rival by imposing steep tariffs on billions of dollars of imported goods in hopes of narrowing a trade deficit and bringing back lost manufacturing.
He imposed tariffs as high as 145% against China only to scale them back after a selloff in stock, bond and currency markets over the sweeping nature of the levies. China has responded with its own tariffs and is leveraging its dominance in key supply chains to persuade Trump to back down.

Source : https://www.reuters.com/business/autos-transportation/some-european-auto-supplier-plants-shut-down-after-chinas-rare-earth-curbs-2025-06-04/

As Artificial Intelligence sweeps across industries, American labour unions are rallying for worker protections, demanding legislation, transparency, and accountability. With lawsuits surfacing and jobs on the line, unions fear a future where human labour is displaced without recourse. Labour leaders argue that automation could erode the core of worker rights.

Major American labour unions intensified their opposition to Artificial Intelligence on 4th June 2025, demanding legal safeguards and transparency amid concerns that widespread AI integration across industries could displace millions of jobs. The effort, reported by The Times of India, reveals mounting anxiety as workers grapple with a future shaped by automation and generative AI.

Cartier, the luxury jewellery company owned by Richemont, had its website hacked and some client data stolen, it told customers, according to an email seen by Reuters on Tuesday (Jun 3).

The attack is the latest case of a company being targeted by cyber criminals, with several retailers including Marks & Spencer and Victoria’s Secret disclosing similar incidents.

Cartier, whose watches, necklaces and bracelets have been worn by Taylor Swift, Angelina Jolie and Michelle Obama, said “an unauthorised party gained temporary access to our system.”

“Limited client information”, such as names, e-mail addresses and countries, had been obtained, Cartier said in the email. “The affected information did not include any passwords, credit card details or other banking information,” it said, noting it had since contained the issue.

The company said it had further enhanced the protection of its systems and data, as well as informed the relevant authorities, and was also working with “leading external cybersecurity experts.”

Cartier did not respond to a request for comment.

Julius Cerniauskas, CEO of web intelligence firm Oxylabs, said the breach showed no brand is safe from cybercrime.

“Attackers are becoming more opportunistic and sophisticated, targeting brands that hold valuable customer data, not just credit card numbers,” he said.

US lingerie company Victoria’s Secret on Tuesday disclosed that a security incident relating to its information technology systems had forced it to temporarily shut down its website for a few days last week.

Victoria’s Secret said the breach did not impact its financial results for the first quarter or cause a material disruption to its operations, but warned that its second quarter could be hit by the additional expenses incurred following the incident.

British retailer Marks & Spencer said last month a “highly sophisticated and targeted” cyberattack in April will cost it about US$405 million in lost profits.

Fashion brand The North Face, owned by VF Corporation, has also emailed some customers, saying it discovered a “small-scale” attack in April this year.

The company told customers the hackers used “credential stuffing”, trying usernames and passwords stolen from another data breach in the hope customers have reused the credentials across multiple accounts, the BBC said on Tuesday.

Source : https://www.channelnewsasia.com/business/cartier-tells-customers-some-data-stolen-cyberattack-5164336

Alarm over China’s stranglehold on critical minerals grew on Tuesday as global automakers joined their U.S. counterparts to complain that restrictions by China on exports of rare earth alloys, mixtures and magnets could cause production delays and outages without a quick solution.
German automakers became the latest to warn that China’s export restrictions threaten to shut down production and rattle their local economies, following a similar complaint from an Indian EV maker last week.

China’s decision in April to suspend exports of a wide range of critical minerals and magnets has upended the supply chains central to automakers, aerospace manufacturers, semiconductor companies and military contractors around the world.
The move underscores China’s dominance of the critical mineral industry and is seen as leverage by China in its ongoing trade war with U.S. President Donald Trump.
Trump has sought to redefine the trading relationship with the U.S.’ top economic rival China by imposing steep tariffs on billions of dollars of imported goods in hopes of narrowing a wide trade deficit and bringing back lost manufacturing.

Trump imposed tariffs as high as 145% against China only to scale them back after stock, bond and currency markets revolted over the sweeping nature of the levies. China has responded with its own tariffs and is leveraging its dominance in key supply chains to persuade Trump to back down.
Trump and Chinese President Xi Jinping are expected to talk this week, White House spokeswoman Karoline Leavitt told reporters on Tuesday, and the export ban is expected to be high on the agenda.
“I can assure you that the administration is actively monitoring China’s compliance with the Geneva trade agreement,” she said. “Our administration officials continue to be engaged in correspondence with their Chinese counterparts.”
Trump has previously signaled that China’s slow pace of easing the critical mineral export ban represents a violation of the Geneva agreement.

Shipments of the magnets, essential for assembling everything from cars and drones to robots and missiles, have been halted at many Chinese ports while license applications make their way through the Chinese regulatory system.
The suspension has triggered anxiety in corporate boardrooms and nations’ capitals – from Tokyo to Washington – as officials scrambled to identify limited alternative options amid fears that production of new automobiles and other items could grind to a halt by summer’s end.
“If the situation is not changed quickly, production delays and even production outages can no longer be ruled out,” Hildegard Mueller, head of Germany’s auto lobby, told Reuters on Tuesday.
Frank Fannon, a minerals industry consultant and former U.S. assistant secretary of state for energy resources during Trump’s first term, said the global disruptions are not shocking to those paying attention.

“I don’t think anyone should be surprised how this is playing out. We have a production challenge (in the U.S.) and we need to leverage our whole of government approach to secure resources and ramp up domestic capability as soon as possible. The time horizon to do this was yesterday,” Fannon.
Diplomats, automakers and other executives from India, Japan and Europe were urgently seeking meetings with Beijing officials to push for faster approval of rare earth magnet exports, sources told Reuters, as shortages threatened to halt global supply chains.
A business delegation from Japan will visit Beijing in early June to meet the Ministry of Commerce over the curbs and European diplomats from countries with big auto industries have also sought “emergency” meetings with Chinese officials in recent weeks, Reuters reported.
India, where Bajaj Auto (BAJA.NS), warned that any further delays in securing the supply of rare earth magnets from China could “seriously impact” electric vehicle production, is organizing a trip for auto executives in the next two to three weeks.

Source : https://www.reuters.com/business/autos-transportation/global-alarms-rise-chinas-critical-mineral-export-ban-takes-hold-2025-06-03/

Satellite imagery of a Russian air base taken shortly after Ukraine carried out a drone attack deep inside Russia over the weekend shows several strategic bombers were destroyed and badly damaged, according to three open source analysts.
Ukraine targeted at least four air bases across Russia using 117 unmanned aerial vehicles launched from containers close to the targets. Drone footage of the operation verified by Reuters shows several aircraft were struck in at least two locations.

Capella Space, a satellite company, supplied Reuters with an image of one of those airfields, located in the Siberian region of Irkutsk. The image was taken on June 2, the day after one of the most complex and effective operations launched by Ukraine in more than three years of war.
Cloud cover can obscure conventional satellite pictures, but the data is from synthetic aperture radar (SAR) satellites which direct energy beams at the Earth and detect echoes, making it possible to identify small topographical details.
The image – more grainy than conventional high-resolution photographs and in black and white – appears to show the debris of several aircraft located along the runway of the Belaya military air base or parked in protective revetments nearby.

“Based on the debris visible, comparison to recent satellite images and released drone footage from Telegram posted to Twitter, I can see the destruction of several aircraft,” said John Ford, a research associate at the California-based James Martin Center for Nonproliferation Studies.
Ford said that SAR imagery provided to him by Reuters showed what appeared to be the remnants of two destroyed Tu-22 Backfires – long-range, supersonic strategic bombers that have been used to launch missile strikes against Ukraine.
The SAR image, as well as drone footage of the strikes posted on social media, also indicated that four strategic Tu-95 heavy bombers had been destroyed or severely damaged, he added.
Brady Africk, an open source intelligence analyst, agreed that the SAR imagery of Irkutsk air base showed several Tu-95s and Tu-22s had been destroyed and damaged, although more imagery was needed to properly assess the impact.

“But it is clear that the attack on this airbase was very successful,” he said.
“The aircraft targeted in the attack were a mix of Tu-22 and Tu-95 bombers, both of which Russia has used to launch strikes against Ukraine.”
Africk added that Belaya air base is home to several flat decoy aircraft, which he said had apparently failed to mislead Ukrainian drones in this case.

LARGE EXPLOSION

Reuters has not yet obtained SAR imagery of the Olenya airfield, a base in Murmansk in Russia’s far northwest that was also attacked.
But drone video footage of Olenya base provided by Ukrainian authorities and verified by Reuters showed two burning bombers which appeared to be Tu-95s and a third, also a Tu-95, being hit by a large explosion.
The Russian Defence Ministry said Ukraine had launched drone strikes targeting military airfields in Murmansk, Irkutsk, Ivanovo, Ryazan, and Amur regions. Air defences repelled the assaults in three regions, but not Murmansk and Irkutsk, it said, adding that in those places several aircraft caught fire.

The Kremlin said on Tuesday that Russia had launched an official investigation into the weekend Ukrainian drone attacks.
Top Russian security official Dmitry Medvedev also said, in an apparent response to the strikes on Russian strategic bomber bases, that Moscow would take revenge. “Retribution is inevitable.”
Ukraine’s domestic security agency, the SBU, has claimed responsibility for the operation, called “Spider’s Web”, and said that in total 41 Russian warplanes were hit.
Ukrainian President Volodymyr Zelenskiy called the attack, which struck targets up to 4,300 km (2,670 miles) from the frontlines of the war, “absolutely brilliant”.
The Ukrainian military initially added 12 aircraft to its running tally of Russia’s wartime military losses on Tuesday.
“After processing additional information from various sources and verifying it … we report that the total (Russian) losses amounted to 41 military aircraft, including strategic bombers and other types of combat aircraft,” it added in a later update. There was no immediate public response from Moscow to the SBU statement.
The SBU said the damage caused by the operation amounted to $7 billion, and 34% of the strategic cruise missile carriers at Russia’s main airfields were hit.
Reuters could not independently verify the claims.
Some experts said the operation would not be enough to stop Russia from launching missile attacks on Ukraine using strategic bombers, but it would be hard, if not impossible to replace the damaged planes because some of them are no longer in production.

Source : https://www.reuters.com/business/aerospace-defense/satellite-imagery-shows-ukraine-attack-destroyed-damaged-russian-bombers-2025-06-03/

New World Screwworm, a devastating parasite that eats cattle and other wild animals alive, is traveling north from Central America to Mexico and has crept past biological barriers that kept the pest contained for decades, experts said.
Washington halted cattle imports from Mexico in May, citing the insect’s spread, further into Mexico, about 700 miles from the Texas border. With the U.S. cattle herd already at a multi-decade low, the closure could further elevate record-high beef prices by keeping more calves out of the U.S. cattle supply.

What is New World Screwworm?
Screwworms are parasitic flies whose females lay eggs in wounds on any warm-blooded animal. Livestock and wild animals are usually the victims. Once the eggs hatch, hundreds of screwworm larvae use their sharp mouths to burrow through living flesh — feeding, enlarging the wound and eventually killing their host if left untreated.
When screwworms infect a cow, a tiny scrape, a recent brand or a healing ear tag can quickly become a gaping wound, carpeted with wriggling maggots that put the entire herd at risk of infestation. Screwworms were eradicated from the U.S. in the 1960s when researchers began releasing massive numbers of sterilized male screwworm flies who mate with wild female screwworms to produce infertile eggs.

Why does this matter to U.S. consumers?
The U.S. typically imports over a million cattle from Mexico every year. The import suspension will likely contribute to rising beef prices by tightening the supply of beef cattle, which dwindled after drought forced ranchers to slash herds.
U.S. beef prices likely also got a boost from a separate import suspension from Mexico over screwworms that lasted from November to February, experts said, and upward pressure on prices should persist through summer grilling season. Mexican cattle are usually fed and fattened on U.S. farms for five to six months before slaughter, and a diminished slaughter rate can elevate beef prices.
Though the fly is hundreds of miles away from the border, any outbreak in the U.S. would further tighten the cattle supply and put other livestock and household pets at risk. Screwworms will even feed on humans if they can, said Dr. Timothy Goldsmith, a veterinary medicine professor at the University of Minnesota. Homeless people would be especially vulnerable to infestation because they sleep outside and have less access to hygiene products and medical care, Goldsmith said.

What is being done to control the outbreak?
A factory designed to breed and sterilize screwworms in Panama is releasing 100 million sterile flies every week, but experts say more factories need to come online quickly to choke off the fly’s spread north.
Screwworms cannot fly more than 12 miles on their own, but they can cover large distances while burrowed inside their hosts, said Sonja Swiger, entomologist at Texas A&M University. The flies have already passed through the narrowest stretches of land in Panama and Mexico, meaning exponentially more sterile flies need to be released to control the outbreak.
On Tuesday, the U.S. Department of Agriculture announced, it would invest $21 million to convert a fruit fly factory in Mexico to produce sterile screwworms. The agency said the border will likely re-open to cattle imports by the end of the year.

Source : https://www.reuters.com/business/healthcare-pharmaceuticals/how-flesh-eating-screwworms-cattle-could-raise-us-beef-prices-2025-06-02/

Elon Musk’s Neuralink said on Monday that it had raised $650 million in its latest funding round as its brain implant device enters clinical trials.
“This funding helps us bring our technology to more people — restoring independence for those with unmet medical needs and pushing the boundaries of what’s possible with brain interfaces,” Neuralink said.

It has started clinical trials for the device, which has a chip that processes neural signals that can be transmitted to computers or phones, in three countries.

According to the company, five patients with severe paralysis are using Neuralink to control digital and physical devices with their thoughts.
Neuralink received the U.S. Food and Drug Administration’s “breakthrough” tag for its speech restoration device last month. It had received the same tag for its vision-restoring device last year.
The health regulator’s breakthrough devices program is intended to provide patients and health care providers with timely access to medical devices by speeding up development, assessment and review, according to its website.
Musk said last Wednesday that he was leaving his role as special adviser to U.S. President Donald Trump to return his focus to his companies, including Tesla (TSLA.O), SpaceX, xAI, Neuralink and social media platform X.

According to media reports on Monday, Morgan Stanley (MS.N), is shopping for a $5 billion debt package for xAI, with the artificial-intelligence company seeking a valuation of $113 billion in a share sale worth $300 million.
Neuralink closed its funding round with participation from key investors including ARK Invest, DFJ Growth, Founders Fund, G42, Human Capital, Lightspeed, QIA, Sequoia Capital, Thrive Capital, Valor Equity Partners and Vy Capital, the company said.

Source : https://www.reuters.com/business/healthcare-pharmaceuticals/musks-neuralink-raises-650-million-latest-funding-round-2025-06-02/

One of the most-anticipated features of the EPFO 3.0 is the ability for EPF subscribers to withdraw funds via UPI and ATM, which could revolutionise how PF is managed and accessed.

In a significant step towards enhancing funds accessibility for salaried employees, the Employees’ Provident Fund Organisation (EPFO) is likely to launch EPFO 3.0 in June 2025, according to a DD News report. One of the most anticipated features of this digital transformation is the facility for EPF subscribers to withdraw funds using UPI and ATMs, potentially revolutionising provident fund (PF) account management and access.

EPFO 3.0 represents a comprehensive digital upgrade to the current EPF system. While existing systems require members to log in through the EPFO portal and submit claims processed over several days, version 3.0 is expected to significantly reduce turnaround time and offer real-time access to funds through user-friendly platforms like ATMs and UPI apps. This marks a shift from a partially manual process to a seamless digital interface.

How Will ATM and UPI Withdrawals Work?

Though the precise operational details are awaited, the EPFO 3.0 upgrade is expected to integrate PF accounts with the broader financial infrastructure supporting the Unified Payments Interface (UPI) and ATM networks. This would allow subscribers to withdraw eligible EPF funds directly via UPI apps or bank ATMs, possibly using a secure PIN or Aadhaar-based verification. Withdrawal limits and conditions are likely to be implemented to ensure fund safety and compliance.

Benefits of Digital Withdrawals

Experts suggest the new digital withdrawal methods promise multiple benefits. Firstly, it enhances convenience by eliminating paperwork and lengthy waiting periods. Secondly, it enables anytime, anywhere access to EPF savings, crucial in emergencies. Thirdly, it aligns with the broader vision of Digital India and financial inclusion by integrating government-backed savings schemes with the digital financial ecosystem commonly used by most Indians.

Source : https://www.news18.com/business/savings-and-investments/epfo-3-0-when-will-pf-withdrawal-via-upi-atm-begin-all-you-need-to-know-ws-bl-9361807.html

Ford (F.N), is recalling 29,501 vehicles in the U.S. due to a detached control arm that can cause a loss of vehicle steering and control, increasing the risk of a crash, the U.S. National Highway Traffic Safety Administration said on Saturday.

Source : https://www.reuters.com/business/autos-transportation/ford-recalls-more-than-29000-vehicles-us-nhtsa-says-2025-05-31/

Americans should be thankful that Elon Musk devoted his time to DOGE and shining a spotlight on government waste.

Tesla shareholders have less reason to cheer.

I say this not as a Musk hater, but an admirer of his brilliance and patriotism to his adopted country.

Yet in announcing last week he’s totally done with the aforementioned Department of Government Efficiency, Musk did underscore a blind spot in his day job running Tesla, the world’s preeminent electric vehicle company.

It is mostly Tesla that makes him the world’s richest man, with an estimated net worth of $425 billion, according to Forbes.

It is Tesla and the stock he holds that made him an opinion leader, using the currency to buy Twitter, rename it X and establish the platform as maybe the most important news operation in the world.

SpaceX is revolutionary, as is Starlink, and maybe soon, his AI application, xAI, but Tesla is at the heart of Musk Inc. for now and maybe forever.

And there’s good evidence that Musk has taken Tesla for granted, including disregarding its many critics, the short sellers who have been warning for years about holes in the company’s business model and his erratic management style.

Musk outlasted most of the shorts, many of whom (like the renowned James Chanos) long ago threw in the proverbial towel on their bet the stock would plummet to reflect their version — maybe the most accurate version — of Tesla’s operating reality and the weirdish ways Musk has at times run things.

This is a company with a stock that is tremendously overvalued by traditional metrics, yet its CEO took a sabbatical to hang out in the White House while things were starting to go sideways back at the office.

Tesla has so-so profits of just around $7 billion in 2024, but eked out just $400 million in the first quarter of 2025, a significant two-year low.

Herd on the Street

Investors are the ultimate herd animal.

The Musk is brilliant meme (and forget everything else like Tesla’s sometimes weak operating performance), and his odd, very un-CEO-type quirks have been in the herds’ collective head for years now, propelling the stock ever higher no matter what Musk says or does.

With that attitude, investors largely ignored Musk’s antics, like the time he oddly blurted out that he had a buyer for Tesla at a significant premium and none emerged.

Or when he (over)paid $44 billion for Twitter (it was worth closer to $4 billion), and also how he tried to wiggle out of the deal after realizing he screwed up.

The herd thought it was brilliant when Musk turned politically right, endorsed Donald Trump for president, and then became a key adviser.

Shares of Tesla exploded on the bet that fanboying Trump would make Tesla invulnerable to the anti-EV strains in the MAGA movement and the GOP in general, and of course, a rebellion from Tesla’s lefty, tree-hugging, anti-MAGA customers.

The optimism ebbed when reality set in as business slipped while Musk was spending all his waking hours in the White House and tweeting about politics (or whatever they call it now on X), not exactly habits that CEOs worried about production metrics indulge in.

The costs to shareholders are adding up. EV deliveries dropped sharply in Q1.

A sometimes violent consumer backlash of Elon haters ensued with boycotts and vandalism.

Shares have recovered more recently as Musk signaled he was moving away from Trump and DOGE, and back to Tesla, but the underlying issues with the company remain.

Consider Tesla’s China conundrum.

Tesla builds a lot of its cars in China, approaching nearly half its units sold by some estimates, as it seeks to tap into the massive Chinese consumer base.

At first the thinking was that Musk could soften Trump’s anti-China trade position.

Ditto for the general GOP disposition to end Biden-era tax breaks for EVs.

Let’s just say Trump is as much of a China trade hawk as ever (in response, Mainland consumers are now opting for EVs from China’s BYD), and the GOP is still looking to zero out Biden’s clean-energy tax credits that include breaks for EVs.

Gordon Johnson, a longtime Musk and Tesla critic, sees other headwinds for Tesla and its shareholders.

“Tesla has objectively lost its product edge, with many competing cars now offering better” range, interiors and faster charges, Johnson said, basing his criticism on consumer surveys.

He also noted that Tesla for years hyped the proprietary nature of its battery technology, which may be true only in the most narrow sense, because it sources its battery parts elsewhere.

Sure, the nasty political backlash of tree-hugging progressive EV buyers who hate that Elon worked with Trump hurt sales, but losing the product edge has also hurt.

Johnson said China sales — again, a big part of Tesla’s revenues — are now declining sharply because of Trump’s trade war with the Mainland that will likely persist through any framework that is reached.

Tesla bulls out there like my good pal Dan Ives say it’s the future we all should be looking at when it comes to Tesla, not the past.

And that future is a potentially transformative technology in autonomous vehicles that will meld all the stuff Muskis really good at, like AI and robotics.

Source : https://nypost.com/2025/05/31/business/tesla-shareholders-thankful-to-have-musk-back-after-devoting-his-time-to-doge-in-the-trump-administration/

Loretta Swit, the Emmy Award-winning actress who played no-nonsense U.S. Army combat nurse Major Margaret “Hot Lips” Houlihan in the hit TV series “M*A*S*H” for more than a decade, died on Friday at the age of 87.
Swit, a mainstay of one of the most successful and acclaimed series in U.S. television history, died at her home in New York City from what was suspected to be natural causes, her publicist, Harlan Boll, said.

Swit earned two best supporting actress Emmys and 10 nominations for her role as “Hot Lips,” the lusty, tough but vulnerable, patriotic Army career nurse in the series that ran from 1972-1983.
As the only regular female character in the groundbreaking show set in the fictional 4077th Mobile Army Surgical Hospital during the Korean War of the 1950s, “Hot Lips” endured the insults, pranks and practical jokes of the fun-loving male surgeons. The show’s cast also included Alan Alda, Wayne Rogers, McLean Stevenson, Larry Linville, Mike Farrell, Harry Morgan, Gary Burghoff, David Ogden Stiers and Jamie Farr.

Swit defined her role by playing a strong, determined, independent woman, who had input into the development and storyline of her character, including her split from her married lover Major Frank Burns, hilariously played by Linville, and her own wedding and divorce.
She appeared in nearly all of the more than 250 episodes and the series finale, which was the most watched episode of any TV series in history when the show ended in 1983.
The TV series was based on the real-life experiences of an Army surgeon, who penned the 1968 book “MASH: A Novel About Three Army Doctors,” and on director Robert Altman’s 1970 black comedy film of the same name.
“While we were shooting, even from the very beginning, we were aware of how very special it was,” Swit said about the series in a 2017 interview with Fox News. “The symbiosis, the camaraderie, the love and respect we had for each other.”

ALWAYS WANTED TO PERFORM

Loretta Swit was born on November 4, 1937, in Passaic, New Jersey. After finishing school, and against her strict parents’ objections, she began training as an actress at the American Academy of Dramatic Arts in New York. She worked as a stenographer while auditioning for roles.
“The first thought I ever had in my head was being an actress. I can’t remember ever not wanting to perform,” she told the Star magazine in a 2010 interview.
The tall, blonde stage and TV star was a strict vegetarian and animal lover. She started her career in theater and appeared in guest roles in TV dramas such as “Gunsmoke,” “Mannix,” “Bonanza” and the original “Hawaii Five-O,” before landing her signature role.
Swit also originated the character of Detective Christine Cagney in the pilot for “Cagney & Lacey” but could not take on the role in the TV series because of her contract with “M*A*S*H”.

The actress made her Broadway debut in “Same Time, Next Year” in 1975. She performed in the musical “Mame” on tour and starred in the one-woman play “Shirley Valentine” more than 1,000 times over three decades.
“Acting is not hiding to me, it’s revealing. We give you license to feel,” she said in an interview with the Star magazine in 2010. “That’s the most important thing in the world, because when you stop feeling, that’s when you’re dead.”
After “M*A*S*H” Swit appeared in TV movies, on game shows and on the stage and in films but she never found the same level of fame. She also devoted herself to animal rights and was a former spokesperson for the Humane Society of the United States.

Source : https://www.reuters.com/business/media-telecom/loretta-swit-hot-lips-houlihan-mash-dies-87-2025-05-30/

IndiGo will terminate its leasing agreement with Turkish Airlines by August 31, the Directorate General of Civil Aviation said on Friday, amid rising concerns over Turkey’s recent political stance backing Pakistan. The decision comes after the airline was granted a final three-month extension to avoid disruption in passenger services.

Currently, IndiGo operates two Boeing 777-300ER aircraft on a damp lease from Turkish Airlines, which it uses for direct flights from Delhi and Mumbai to Istanbul. A damp lease is a type of aircraft leasing where the airline rents a plane along with the cockpit crew from another airline, but uses its own cabin crew.

IndiGo’s leasing agreement with Turkish Airlines was originally due to expire on May 31. IndiGo had requested a six-month extension, but this was turned down by the regulator.

In a statement, the aviation regulator said the three-month extension was “one-time, last and final” and was given “based on the undertaking from the airline that they will terminate the damp lease… and shall not seek any further extension.”

The move follows Turkey’s public support for Pakistan and its condemnation of India’s air strikes on terror camps earlier this month, straining diplomatic ties. The backlash has also included the aviation security watchdog BCAS revoking the security clearance for Turkish firm Celebi Airport Services in the interest of national security.

Travel associations and online portals have since issued advisories against visiting Turkey.

While IndiGo has defended its partnership with Turkish Airlines in the past, highlighting its benefits for Indian travellers and contributions to aviation jobs and connectivity, CEO Pieter Elbers said on Friday, “We are compliant today and we will continue to comply with any government regulations.”

Source : https://www.indiatoday.in/business/story/indigo-to-end-turkish-airlines-leasing-deal-by-august-31-2733344-2025-05-30

Two days after the latest in a string of test-flight setbacks for his big new Mars spacecraft, Starship, Elon Musk said on Thursday he foresees the futuristic vehicle making its first uncrewed voyage to the red planet at the end of next year.

Musk presented a detailed Starship development timeline in a video posted online by his Los Angeles area-based rocket company, SpaceX, a day after saying he was departing the administration of U.S. President Donald Trump as head of a tumultuous campaign to slash government bureaucracy.

The billionaire entrepreneur had said earlier that he was planning to scale back his role in government to focus greater attention on his various businesses, including SpaceX and electric car and battery maker Tesla Inc.

Musk acknowledged that his latest timeline for reaching Mars hinged on whether Starship can accomplish a number of challenging technical feats during its flight-test development, particularly a post-launch refueling maneuver in Earth orbit.

The end of 2026 would coincide with a slim window that occurs once every two years when Mars and Earth align around the sun for the closest trip between the two planets, which would take seven to nine months to transit by spacecraft.

Musk gave his company a 50-50 chance of meeting that deadline. If Starship were not ready by that time, SpaceX would wait another two years before trying again, Musk suggested in the video.

The first flight to Mars would carry a simulated crew consisting of one or more robots of the Tesla-built humanoid Optimus design, with the first human crews following in the second or third landings. Musk said he envisioned eventually launching 1,000 to 2,000 ships to Mars every two years to quickly establish a self-sustaining permanent human settlement.

NASA is currently aiming to return humans to the surface of the moon aboard Starship as early as 2027 – more than 50 years after its last manned lunar landings of the Apollo era – as a stepping stone toward ultimately launching astronauts to Mars sometime in the 2030s.

Musk, who has advocated for a more Mars-focused human spaceflight program, has previously said he was aiming to send an unmanned SpaceX vehicle to the red planet as early as 2018 and was targeting 2024 to launch a first crewed mission there.

The SpaceX founder was scheduled to deliver a livestream presentation billed as “The Road to Making Life Multiplanetary” from the company’s Starbase, Texas, launch site on Tuesday night, following a ninth test flight of Starship that evening.

But the webcast was canceled without notice after Starship spun out of control and disintegrated in a fireball about 30 minutes after launch and roughly halfway through its flight path without achieving some of its most important test goals.

Source : https://www.channelnewsasia.com/business/musk-aiming-send-uncrewed-starship-mars-end-2026-5159551

Elon Musk’s break with the Trump administration means investors will hope he refocuses on his sprawling empire as Tesla (TSLA.O), battles slumping sales and after SpaceX’s latest rocket launch fell short of expectations.
Musk called time on his White House stint on Wednesday, giving Tesla investors some succor after shares slumped this year in part due to the backlash to his support of U.S. President Donald Trump and right-wing parties in Europe. The billionaire also spearheaded Trump’s so-called Department of Government Efficiency, charged with cutting federal spending, which generated controversy.

He now returns to his empire facing several challenges, but also numerous advantages. Tesla’s sales slide is testing investor patience, yet SpaceX and Starlink dominate their respective markets, often serving as the default choice for commercial launches and satellite internet deployment. Foreign governments have also increasingly looked to Starlink, with regulatory approvals smoothed by Musk’s close ties to Trump.
That relationship, however, has drawn scrutiny. Shortly before he announced his exit from Washington, Musk criticized the tax bill that is making its way through Congress. In addition, he had recently pledged to spend less money on politics after he plunked down nearly $300 million on Trump’s presidential campaign and on other Republican candidates last year.

Tesla shares were little changed in afternoon trading on Thursday, but they have lost about 25% of their value since mid-December. The stock initially soared due to Musk’s relationship with Trump and expectations for swift regulatory approval for the company’s widely awaited robotaxis. They reversed course as sales dropped and protests erupted against Musk’s embrace of far-right politicians and his role in firing U.S. federal workers.
Analysts say deeper operational fixes are needed to reverse its sales slump, however, as EV buyers increasingly seek out competitors, particularly in the fast-growing Chinese market.
“Musk’s departure from DOGE will improve market sentiment, but I see no real change for Tesla,” said Morningstar analyst Seth Goldstein.
“Tesla’s deliveries decline shows its current product lineup is at market saturation and facing strong competition in all three key markets of the U.S., China and Europe.”

With a forward price-to-earnings ratio of roughly 165, according to LSEG data, Tesla remains far more expensive than other Big Tech giants like Nvidia (NVDA.O) or Microsoft (MSFT.O), not to mention conventional auto companies. Bullish analysts, such as Wedbush’s Dan Ives, have long contended that Tesla’s future value is tied to autonomous driving, which Ives said on Thursday could be worth about “$1 trillion alone for Tesla.”
Tesla did not immediately respond to a request for comment.

RELATIONSHIP WITH TRUMP

Musk’s companies have benefited from his relationship with Trump. Reuters reported last week that Musk’s DOGE team was expanding use of his artificial intelligence chatbot Grok in the U.S. federal government to analyze data. Experts told Reuters that this could give Musk access to valuable nonpublic federal contracting data at agencies with which he privately does business, and give him an advantage over other AI service providers.

Trump’s cabinet will continue to work with DOGE employees across various federal agencies, the White House said on Thursday, even as at least one member of Musk’s team was set to depart. Steve Davis, a close associate of Musk and key in running the agency’s day-to-day operations, has stepped down from his DOGE leadership role, according to a source familiar with the matter.
SpaceX’s launch this week failed more quickly than expected, exploding over the Indian Ocean without achieving some of its most important testing goals. The result puts another pause in Musk’s speedy development goals for the rocket, which is bound to play a central role in the U.S. space program. Federal regulators had granted SpaceX a license for Starship’s latest flight attempt four days ago, capping an investigation of a mishap that had grounded Starship for nearly two months.
SpaceX has long had its own management team led by Gwynne Shotwell, though after the latest launch, Musk said he planned to spend more time on the company. The Starship rocket is still many steps away from being able to land humans on the moon or Mars.
“He’s not an official part of the government, but obviously maintains connections,” said Thomas Martin, senior portfolio manager at Tesla investor Globalt Investments. “So I think there’s a slight diminishment of influence at the margin, but I don’t think it’s going to move the needle on regulatory matters anyway.”
Musk has been quiet for months about legislation in Congress that takes aim at electric vehicles, but late on Wednesday, Tesla Energy criticized Republican plans to end energy tax credits. “Abruptly ending the energy tax credits would threaten America’s energy independence and the reliability of our grid,” Tesla Energy wrote on its X account. The Republican tax plan could cut tax breaks for electric vehicle purchases and leases, phase out battery production credits and cut clean-energy incentives for solar.

Source : https://www.reuters.com/business/autos-transportation/musks-trump-administration-exit-lifts-tesla-shares-hopes-renewed-focus-2025-05-29/

In 2011, this Indian-American executive received a staggering $100 million to remain with Google, later becoming YouTube’s CEO.

Neal Mohan isn’t a household name, but in Silicon Valley, he is known as the man who shaped the digital advertising landscape and YouTube’s product roadmap. The Indian-American executive has long preferred to stay behind the scenes, quietly executing strategies that helped Google and YouTube become global powerhouses.

However, Neal Mohan recently sat down with Nikhil Kamath for a podcast where the host referred to a little-known fact about the CEO of YouTube. Kamath revealed that Google once paid $100 million to retain Neal Mohan so he would not join Twitter (now called X).

Neal Mohan became the centre of a high-stakes talent tug-of-war between Google and Twitter in 2011. The war ended with a jaw-dropping $100 million stock grant.

The early days: Stanford to DoubleClick

After graduating from Stanford in 1996 with a degree in electrical engineering, Mohan began his career at Andersen Consulting (now Accenture). A year later, he joined a small startup called NetGravity, which was later acquired by DoubleClick. and Mohan’s real journey began.

At DoubleClick, Neal Mohan rose quickly through the ranks – moving from services to sales operations to eventually becoming Vice President, Business Operations. His talent and product instincts caught the attention of David Rosenblatt, who would later play an important role in Mohan’s career.

When DoubleClick hit troubled waters, the two crafted a new vision for the company. Their efforts paid off handsomely when Google acquired DoubleClick in 2007 for $3.1 billion, reported Business Insider.

$100 million reasons to stay

By 2011, Mohan had become instrumental in shaping Google’s advertising products and was deeply involved in YouTube’s product development as Chief Product Officer. His reputation in Silicon Valley had soared.

At the same time, Twitter was struggling to evolve into a mature business. Rosenblatt had joined the board of Twitter and wanted to rope in Mohan as its chief product officer.

Source : https://www.hindustantimes.com/trending/google-paid-100-million-to-this-indian-american-exec-so-he-wouldn-t-leave-to-join-twitter-101748337970570.html

A little after 8:00 pm on May 8, red flares streaked through the night sky over the northern Indian city of Jammu as its air-defence systems opened fire on drones from neighbouring Pakistan.
The Indian and Pakistani militaries have deployed high-end fighter jets, conventional missiles and artillery during decades of clashes, but the four days of fighting in May marked the first time New Delhi and Islamabad utilized unmanned aerial vehicles at scale against each other.

The fighting halted after the U.S. announced it brokered a ceasefire but the South Asian powers, which spent more than $96 billion on defence last year, are now locked in a drones arms race, according to Reuters’ interviews with 15 people, including security officials, industry executives and analysts in the two countries.
Two of them said they expect increased use of UAVs by the nuclear-armed neighbours because small-scale drone attacks can strike targets without risking personnel or provoking uncontrollable escalation.
India plans to invest heavily in local industry and could spend as much as $470 million on UAVs over the next 12 to 24 months, roughly three times pre-conflict levels, said Smit Shah of Drone Federation India, which represents over 550 companies and regularly interacts with the government.

The previously unreported forecast, which came as India this month approved roughly $4.6 billion in emergency military procurement funds, was corroborated by two other industry executives. The Indian military plans to use some of that additional funding on combat and surveillance drones, according to two Indian officials familiar with the matter.
Defence procurement in India tends to involve years of bureaucratic processes but officials are now calling drone makers in for trials and demonstrations at an unprecedented pace, said Vishal Saxena, a vice president at Indian UAV firm ideaForge Technology (IDEF.NS)

The Pakistan Air Force, meanwhile, is pushing to acquire more UAVs as it seeks to avoid risking its high-end aircraft, said a Pakistani source familiar with the matter.
Pakistan and India both deployed cutting-edge generation 4.5 fighter jets during the latest clashes but cash-strapped Islamabad only has about 20 high-end Chinese-made J-10 fighters compared to the three dozen Rafales that Delhi can muster.

Pakistan is likely to build on existing relationships to intensify collaboration with China and Turkey to advance domestic drone research and production capabilities, said Oishee Majumdar of defence intelligence firm Janes.
Islamabad is relying on a collaboration between Pakistan’s National Aerospace Science and Technology Park and Turkish defence contractor Baykar that locally assembles the YIHA-III drone, the Pakistani source said, adding a unit could be produced domestically in between two to three days.
Pakistan’s military declined to respond to Reuters’ questions. The Indian defence ministry and Baykar did not return requests for comment.
India and Pakistan “appear to view drone strikes as a way to apply military pressure without immediately provoking large-scale escalation,” said King’s College London political scientist Walter Ladwig III.

“UAVs allow leaders to demonstrate resolve, achieve visible effects, and manage domestic expectations — all without exposing expensive aircraft or pilots to danger,” he added.
But such skirmishes are not entirely risk-free, and Ladwig noted that countries could also send UAVs to attack contested or densely populated areas where they might not previously have used manned platforms.

DRONE SWARMS AND VINTAGE GUNS

The fighting in May, which was the fiercest in this century between the neighbours, came after an April 22 militant attack in the disputed Himalayan region of Kashmir that killed 26 people, mostly Indian tourists.
Delhi blamed the killings on “terrorists” backed by Islamabad, which denied the charge. Indian Prime Minister Narendra Modi vowed revenge and Delhi on May 7 launched air strikes on what it described as “terrorist infrastructure” in Pakistan.
The next night, Pakistan sent hordes of drones along a 1,700-kilometer (772-mile) front with India, with between 300 and 400 of them pushing in along 36 locations to probe Indian air defences, Indian officials have said.
Pakistan depended on Turkish-origin YIHA-III and Asisguard Songar drones, as well as the Shahpar-II UAV produced domestically by the state-owned Global Industrial & Defence Solutions conglomerate, according to two Pakistani sources.
But much of this drone deployment was cut down by Cold War-era Indian anti-aircraft guns that were rigged to modern military radar and communication networks developed by state-run Bharat Electronics (BAJE.NS), according to two Indian officials.

A Pakistan source denied that large numbers of its drones were shot down on May 8, but India did not appear to sustain significant damage from that drone raid.
India’s use of the anti-aircraft guns, which had not been designed for anti-drone-warfare, turned out to be surprisingly effective, said retired Indian Brig. Anshuman Narang, now an UAV expert at Delhi’s Centre for Joint Warfare Studies.
“Ten times better than what I’d expected,” he said.
India also sent Israeli HAROP, Polish WARMATE and domestically-produced UAVs into Pakistani airspace, according to one Indian and two Pakistan sources. Some of them were also used for precision attacks on what two Indian officials described as military and militant infrastructure.
The two Pakistani security sources confirmed that India deployed a large number of the HAROPs – a long-range loitering munition drone manufactured by Israel Aerospace Industries. Such UAVs, also known as suicide drones, stay over a target before crashing down and detonating on impact.
Pakistan set up decoy radars in some areas to draw in the HAROPs, or waited for their flight time to come towards its end, so that they fell below 3,000 feet and could be shot down, a third Pakistani source said.
Both sides claim to have notched victories in their use of UAVs.
India successfully targeted infrastructure within Pakistan with minimal risk to personnel or major platforms, said KCL’s Ladwig.
For Pakistan’s military, which claimed to have struck Indian defence facilities with UAVs, drone attacks allow it to signal action while drawing less international scrutiny than conventional methods, he noted.

CHEAP BUT WITH AN ACHILLES HEEL

Despite the loss of many drones, both sides are doubling down.
“We’re talking about relatively cheap technology,” said Washington-based South Asia expert Michael Kugelman. “And while UAVs don’t have the shock and awe effect of missiles and fighter jets, they can still convey a sense of power and purpose for those that launch them.”
Indian defence planners are likely to expand domestic development of loitering munitions UAVs, according to an Indian security source and Sameer Joshi of Indian UAV maker NewSpace, which is deepening its research and development on such drones.
“Their ability to loiter, evade detection, and strike with precision marked a shift toward high-value, low-cost warfare with mass produced drones,” said Joshi, whose firm supplies the Indian military.
And firms like ideaForge, which has supplied over 2,000 UAVs to the Indian security forces, are also investing on enhancing the ability of its drones to be less vulnerable to electronic warfare, said Saxena.
Another vulnerability that is harder to address is the Indian drone program’s reliance on hard-to-replace components from China, an established military partner of Pakistan, four Indian dronemakers and officials said.
India continues to depend on China-made magnets and lithium for UAV batteries, said Drone Federation India’s Shah.
“Weaponization of the supply chain is also an issue,” said ideaForge’s Saxena on the possibility of Beijing shutting the tap on components in certain situations.

Source : https://www.reuters.com/business/aerospace-defense/india-pakistans-drone-battles-mark-new-arms-race-asia-2025-05-27/

With the launch of SITA Managed Satellites, airports around the world are said to be able to maintain vital communication at all times, even during blackouts, natural disasters, or in the most remote or infrastructure-limited locations.

SITA Aero’s new satellite connectivity service is said to deliver secure communication to airports in over 130 countries during blackouts and emergencies.

In an industry where every second of downtime can disrupt passengers and delay operations, a new satellite service is helping airports and airlines stay connected, no matter what. With the launch of SITA Managed Satellites, airports around the world are said to be able to maintain vital communication at all times, even during blackouts, natural disasters, or in the most remote or infrastructure-limited locations.

The fully managed service is now available in over 130 countries, offering primary, secondary, and emergency connectivity options tailored specifically for the air transport industry. It takes advantage of low earth orbit (LEO) satellites to deliver secure, high-bandwidth, low-latency communications that keep airport systems running continuously. This is also the case when other networks are struggling or completely offline.

From earthquakes to extreme weather and fiber cuts, many airports, large and small, have experienced partial or complete outages. Even in major hubs, network congestion during peak periods can strain bandwidth and disrupt key services. SITA’s new satellite solution is claims to address these risks directly, giving airport and airline teams a way to keep operations running when it matters most.

SITA managed Satellites are said to provide a fast, cost-effective way to deploy connectivity wherever it’s needed, including off-airport locations, aircraft maintenance hangars, cargo hubs, and even remote sites without existing digital infrastructure.

It is also said to unlock temporary service for new route openings, seasonal operations, or rapid emergency deployments. This makes sure that ground crews and systems are never out of touch.

Source : https://www.freepressjournal.in/business/sita-aero-launches-satellite-connectivity-service-to-maintain-airport-communications-during-blackouts-and-emergencies

Byju’s Leaning App covered mathematics, physics, chemistry and biology for classes 4–12 and social studies for classes 6–8 as well. The app also provides preparation support for competitive exams like JEE, NEET, and IAS.

Beleaguered edtech firm Byju’s learning app has been delisted from Google Playstore due to non-payment of dues to its vendor Amazon Web Services, according to sources.

While some of the other apps of Think and Learn, which operate under the Byju’s brand, continue to be functional on Google Playstore.

“BYJU’s Learning app has been delisted from Playstore because of non-payment to Amazon Web Services, which provides support to the app. Byju’s business is now being managed by an Insolvency Resolution Professional who has to manage all payment-related issues as well,” a source told PTI.

An email sent to Think and Learn’s Insolvency Resolution Professional (IRP) Shailendra Ajmera did not elicit any reply.

Byju’s Leaning App covered mathematics, physics, chemistry and biology for classes 4–12 and social studies for classes 6–8 as well. The app also provides preparation support for competitive exams like JEE, NEET, and IAS.

The app continues to be available on Apple’s App Store.

Byju’s Premium Leaning app and Byju’s Exam Prep app continue to be available on Google Playstore.

Source : https://www.deccanherald.com/business/byjus-learning-app-delisted-from-google-playstore-due-to-non-payment-to-vendor-3557761

OpenAI will set up its first office in Seoul and has established an entity in South Korea as demand in the country jumps for its ChatGPT service, the company said on Monday (May 26).

South Korea has the largest number of paying ChatGPT subscribers after the United States, according to OpenAI.

OpenAI has also begun hiring staff to support partnerships with the country and expects to announce further details on this in coming months, the company said.

“Korea’s full-stack AI ecosystem makes it one of the most promising markets in the world for meaningful AI impact, from silicon to software, and students to seniors,” Chief Strategy Officer Jason Kwon said in a statement.

Earlier this year, OpenAI announced it would develop artificial intelligence products for South Korea with chat app operator Kakao.

Source : https://www.channelnewsasia.com/business/openai-south-korea-seoul-office-growing-chatgpt-demand-5153161

Volvo Cars (VOLCARb.ST), will cut 3,000 mostly white-collar jobs as part of a restructuring announced last month as it grapples with high costs, a slowdown in electric vehicle demand and trade uncertainty, it said on Monday.
The layoffs come as the Swedish automaker tries to resurrect its rock-bottom share price and drum up better demand for its cars by restructuring part of its business and cutting costs.

CEO Hakan Samuelsson, who was recently brought back to the role after heading the company for a decade until 2022, unveiled a programme in April to slash costs by 18 billion Swedish crowns ($1.9 billion), including a substantial cut to its white-collar staff, who make up 40% of its workforce.
“It’s white collar in almost all areas, including R&D, communication, human resources,” Samuelsson told Reuters on Friday, “So it’s everywhere, and it’s a considerable reduction.”
“I think it will be very healthy, and will save us money and give space for people to (take on) bigger responsibilities.”
Volvo Cars’ new CFO Fredrik Hansson told Reuters that while all of its departments and locations would be impacted, most of the redundancies will happen in Gothenburg.

“It’s tailored to make us structurally more efficient, and then how that plays out might vary a bit depending on the area. But no stone is left unturned,” Hansson said.
The layoffs represent around 15% of the company’s office staff, Volvo Cars said in a statement, and would incur a one-time restructuring cost of 1.5 billion crowns.

With most of its production based in Europe and China, Volvo Cars is more exposed to new U.S. tariffs than many of its European rivals, and has said it could become impossible to export its most affordable cars to the U.S.

The company said in a press release that it would finalise a new structural set-up by the autumn of this year.
Handelsbanken analyst Hampus Engellau said the number of staff to be laid off was in line with expectations, and that the company’s move to streamline its operations was positive.

The group withdrew its financial guidance as it announced its cost cuts last month, pointing to unpredictable markets amid weaker consumer confidence and trade tariffs causing turmoil in the global auto industry.
On Friday, U.S. President Donald Trump threatened to impose a 50% tariff on imports from the European Union from June 1, but on Monday he backed away from that date, restoring a July 9 deadline to allow for talks between Washington and Brussels.

Source : https://www.reuters.com/business/autos-transportation/volvo-cars-cut-3000-jobs-restructuring-2025-05-26/

U.S. President Donald Trump said he is considering more sanctions on Moscow after Russia launched a barrage of 367 drones and missiles at Ukrainian cities overnight, including the capital Kyiv, in the largest aerial attack of the war so far.
The strikes killed at least 12 people, including three children in the northern region of Zhytomyr, Ukrainian officials said.

Ukrainian President Volodymyr Zelenskiy called on the United States, which has taken a softer public line on Russia and its leader, Vladimir Putin, since Trump took office, to speak out.

“The silence of America, the silence of others in the world only encourages Putin,” he wrote on Telegram.
“Every such terrorist Russian strike is reason enough for new sanctions against Russia.”
Asked if he was considering more sanctions on Russia, Trump said, “Absolutely.”
“I’m not happy with what Putin’s doing. He’s killing a lot of people,” Trump told reporters in New Jersey on Sunday just before boarding his plane for a return to the White House from his Bedminister golf club.
“I don’t know what the hell happened to Putin. I’ve known him a long time. Always gotten along with him. But he’s sending rockets into cities and killing people, and I don’t like it at all. We’re in the middle of talking and he’s shooting rockets into Kyiv and other cities.”

Upon returning to Washington, Trump posted on social media that Putin had “gone absolutely CRAZY!”
Trump also criticised Zelenskiy, posting that the Ukrainian leader “is doing his Country no favours by talking the way he does. Everything out of his mouth causes problems, I don’t like it, and it better stop.”
The Russian attack was the largest of the war in terms of weapons fired, although other strikes have killed more people.
“This was a combined, ruthless strike aimed at civilians. The enemy once again showed that its goal is fear and death,” Ukrainian Interior Minister Ihor Klymenko wrote on Telegram.
Russia denies targeting civilians in what the Kremlin calls its “special military operation” in Ukraine.
The latest assault comes as Ukraine and Russia prepared to conduct the third and final day of a prisoner swap in which both sides will exchange a total of 1000 people each.

U.S. Special Envoy to Ukraine Keith Kellogg said on Sunday the attack was “a clear violation” of the 1977 Geneva Peace Protocols and called for an immediate ceasefire.

CEASEFIRE EFFORTS

Ukraine and its European allies have sought to push Moscow into signing a 30-day ceasefire as a first step to negotiating an end to the three-year war.
Their efforts suffered a blow earlier this week when Trump declined to place further sanctions on Moscow for not agreeing to an immediate pause in fighting, as Kyiv had wanted.
Russia also sought to press its attacks on the ground, claiming to have taken control of the village of Romanivka in Ukraine’s eastern Donetsk region, the Russian Defence Ministry said. Reuters could not independently confirm the report.
Ukraine’s air force said Russia had launched 298 drones and 69 missiles in its overnight assault, although it said it was able to down 266 drones and 45 missiles.
Damage extended to a string of regional centres, including Ukraine’s second-largest city, Kharkiv, as well as Mykolaiv in the south and Ternopil in the west.
In Kyiv, Tymur Tkachenko, head of the city’s military administration, said 11 people were injured in drone strikes. No deaths were reported in the capital, although four were killed in the region around the city, according to officials.
This was the second large aerial attack in two days. On Friday evening, Russia launched dozens of drones and ballistic missiles at Kyiv in waves that continued through the night.
In northeastern Ukraine, Kharkiv Mayor Ihor Terekhov said early on Sunday that drones hit three city districts and injured three people. Blasts shattered windows in high-rise apartment blocks.
Drone strikes killed a 77-year-old man and injured five people in the southern city of Mykolaiv, the regional governor said. He published a picture of a residential apartment block with a large hole from an explosion and rubble scattered over the ground.
In the western region of Khmelnytskyi, many hundreds of km (miles) away from the frontlines, four people were killed and five others wounded, according to the governor.
“Without pressure, nothing will change and Russia and its allies will only build up forces for such murders in Western countries,” the Ukrainian president’s chief of staff Andriy Yermak wrote on Telegram.

Source : https://www.reuters.com/business/aerospace-defense/russian-drone-fragments-set-kyiv-apartment-building-ablaze-official-says-2025-05-24/

Elon Musk’s social media platform X was largely restored for most users after an outage that impacted tens of thousands of users in the United States on Saturday (May 24), according to outage tracking website Downdetector.com, following which he said that he is “back to spending 24/7” at his companies.

At its peak around 8.51am ET (1251 GMT), there were more than 25,800 incidents of people reporting issues with the social media platform, according to Downdetector, which tracks outages by collating status reports from a number of sources including users.

The number of outages has since gone below 650, as of 12.09pm ET.

“Back to spending 24/7 at work and sleeping in conference/server/factory rooms. I must be super focused on X/xAI and Tesla (plus Starship launch next week), as we have critical technologies rolling out,” Musk said in an X post.

Thousands of users in other countries, such as Germany, Spain, France, India, Canada, Australia, and Britain, also experienced issues with accessing the social media platform at the height of the outage, according to Downdetector data.

X did not immediately respond to a Reuters request for comment on the outage.

Musk, who spent nearly US$300 million to back US President Donald Trump’s presidential campaign and other Republicans last year, said on Tuesday he will cut his political spending substantially, signalling that he is shifting his attention back to his business empire amid growing investor concerns.

He led the so-called Department of Government Efficiency, which sought to eliminate tens of thousands of jobs and cancel billions of dollars in contracts and grants.

However, his political views triggered waves of protests against Tesla in the US and Europe, leading to a slump in sales, with the automaker reporting its first drop in annual deliveries last year.

Source : https://www.channelnewsasia.com/business/elon-musk-resume-working-24-7-x-outage-tesla-5151226

Amid efforts to repair its reputation following a U.S. bribery probe, Adani Ports & SEZ Ltd. has secured a $150 million loan from DBS Bank, marking its first bilateral loan with a global lender post-indictment, Economic Times reported. The facility carries a pricing of approximately 200 basis points above the benchmark Secured Overnight Financing Rate (SOFR).

Adani Ports and Special Economic Zone Ltd. has raised $150 million via a four-year bilateral loan from DBS Group Holdings Ltd., as the Indian conglomerate seeks to re-establish its credibility among international creditors in the aftermath of a high-profile U.S. bribery probe, Economic Times reported citing people familiar with the matter.
The funds raised through this dollar-denominated loan will be directed towards capital expenditure, according to sources quoted by ET. The facility carries a pricing of approximately 200 basis points above the benchmark Secured Overnight Financing Rate (SOFR). Factoring in hedging costs, the total effective cost of borrowing is estimated at 5.5 per cent, one source told the newspaper.
This marks the first bilateral loan Adani Group has secured from a global lender since the U.S. Department of Justice indicted the group last November over alleged involvement in a bribery conspiracy. Both Adani Group and DBS Bank declined to comment on the transaction when contacted by ET.

The loan underscores Gautam Adani’s attempts to normalise financial operations after the scandal rocked investor sentiment globally. According to ET, the group had previously raised $750 million via offshore private placement bonds last month, part of which was subscribed by BlackRock Inc., which reportedly picked up a third of the issuance. The proceeds were channelled into the acquisition of a construction firm.

With the government now offering two pension choices — the market-linked National Pension System (NPS) and the newly launched Unified Pension Scheme (UPS) — central employees must weigh risk, returns, and retirement security. Financial Express outlines how much you must invest for a guaranteed ₹1 lakh pension, and what trade-offs exist.

Central government employees retiring after 35 years of service can now aim for a monthly pension of Rs 1 lakh by choosing between two distinct pension schemes: the National Pension System (NPS) and the Unified Pension Scheme (UPS), which came into effect on 1 April 2025. Both require similar employee contributions, but differ significantly in terms of returns, risk, and pension certainty, Financial Express has reported.
The NPS, introduced in 2004, is a market-linked scheme where pension returns depend on equity and debt fund performance. It mandates 10 per cent of an employee’s basic pay and dearness allowance (DA) as contribution, with the government adding approximately 14 per cent. However, there is no guaranteed pension. Under this scheme, 60 per cent of the corpus can be withdrawn at retirement, while 40 per cent must be invested in an annuity for a monthly payout.
By contrast, UPS offers a fixed pension amount, calculated as 50 per cent of the average basic salary in the last year of service. As Financial Express reported, “The government contributes 18.5 per cent of the employee’s basic salary and DA, while the employee contributes 10 per cent.” Most crucially, the UPS provides annual inflation-linked increases, starting at 4.5 per cent.

According to Financial Express, for a government worker joining at age 25 and retiring at 60, the required path diverges depending on the scheme:

The country’s pharma sector is now ranked 3rd in volume and 14th in value globally and contributes as much as 20 per cent of the world’s supply of medicines. The turnover of the Indian pharma industry touched Rs 4,17,345 crore in 2023-24 growing steadily at over 10 per cent annually for the past five years.

India’s pharmaceutical industry, which has emerged as the largest supplier of affordable generic medicines, is poised to grow at 7.8 per cent year-on-year in April 2025 driven by strong demand and new products, according to experts at India Ratings.

The country’s pharma sector is now ranked 3rd in volume and 14th in value globally and contributes as much as 20 per cent of the world’s supply of medicines. The turnover of the Indian pharma industry touched Rs 4,17,345 crore in 2023-24 growing steadily at over 10 per cent annually for the past five years.

“For the common man, this means more medicines at lower prices, better healthcare and jobs in factories and labs across the country. From small towns to big cities, India’s pharma growth is creating opportunities and saving lives,” a government official said.

India has also emerged as a key supplier of vaccines. The country’s pharma sector supplies 55-60 per cent of UNICEF’s vaccines, meeting 99 per cent of WHO’s DPT (Diphtheria, Whooping cough and Tetanus) vaccine demand, 52 per cent for BCG (Bacillus Calmette-Guérin is a vaccine primarily used against TB), and 45 per cent for measles. From Africa to America, Indian vaccines save millions. At home, these schemes create jobs for young Indians, from factory workers to scientists. Foreign investors are pouring in with Rs 12,822 crore in 2023-24 alone, because they see India’s potential.

The government welcomes 100 per cent foreign investment in medical devices and greenfield pharma projects, making India a hotspot for global companies.

The government’s schemes have played a key role in promoting the pharma sector. The Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) runs 15,479 Jan Aushadhi Kendras, offering generic medicines at prices up to 80 per cent lower than branded ones. A heart medicine that once cost Rs 500 might now cost Rs 100.

The Production Linked Incentive (PLI) Scheme for Pharmaceuticals with Rs 15,000 crore, supports 55 projects to make high-end drugs like cancer and diabetes medicines right here in India. Another PLI scheme with Rs 6,940 crore focuses on raw materials like Penicillin G, reducing the country’s need for imports. The PLI for Medical Devices, backed by Rs 3,420 crore, is boosting production of tools like MRI machines and heart implants, the official added.

Source : https://www.freepressjournal.in/business/indias-pharma-sector-ranked-3rd-in-world-leads-in-affordable-drugs

King Charles has inherited most of his wealth from his mother, the late Queen Elizabeth II. Charles’s fortune is also supported by his private properties.

Britain’s King Charles is now as rich as Rishi Sunak and his wife Akshata Murty, with his total fortune now amounting to £640 million, as per The Sunday Times Rich List.

With this much of wealth, King Charles is now ahead of his late mother Queen Elizabeth II, who had a fortune of £370 million in 2022.

Charles in now placed at 238th position in the list of the UK’s wealthiest people and families. His personal wealth has gone up by a spike of £30 million (₹341 crore) in just the past year, making his total net worth at an estimated £640 million (Rs 7,278 crore).

Where Does King Charles’ Wealth Come From?

King Charles has inherited most of his wealth from his mother, the late Queen Elizabeth II. Charles’s fortune is also supported by his private properties, like Sandringham and Balmoral.

During his time as Prince of Wales, he would get about £23 million (around ₹261 crore) each year from the Duchy of Cornwall. This income helped cover both his family’s expenses and his official duties.

Notably, this amount only represents his personal finances and does not include the Crown Estate, the Duchy of Lancaster, or the Crown Jewels, which are owned by the monarchy and not by an individual.

While King Charles’ wealth has increased, Rishi Sunak and Akshata Murty’s net worth has fallen by £11 million in the last year.

Following his time as Prime Minister, Sunak joined Stanford University in a part-time academic role, and the couple has also introduced a new charity foundation.

Source : https://www.news18.com/viral/king-charles-net-worth-equals-rishi-sunak-akshata-murty-at-640-million-9342072.html

The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce, issued the order, stating that the curbs will apply to specific categories of goods but will not affect Bangladeshi shipments transiting through India to Nepal and Bhutan.

India on Saturday imposed port restrictions on the import of certain products from Bangladesh, including ready-made garments and processed food items, according to a government notification. The Directorate General of Foreign Trade (DGFT), under the Ministry of Commerce, issued the order, stating that the curbs will apply to specific categories of goods but will not affect Bangladeshi shipments transiting through India to Nepal and Bhutan.
Imports of ready-made garments from Bangladesh will now only be allowed through the Nhava Sheva and Kolkata seaports and are banned from all land ports.

For goods such as fruits, carbonated and fruit-flavored beverages, processed food items like snacks and baked goods, plastic and PVC finished goods, cotton and cotton yarn waste, dyes, plasticisers, granules, and wooden furniture, imports will not be allowed through land customs stations (LCSs) and integrated check posts (ICPs) in Assam, Meghalaya, Tripura, Mizoram, and at Changrabandha and Fulbari in West Bengal.

The restrictions, however, do not apply to the import of fish, liquefied petroleum gas (LPG), edible oil, and crushed stone.

The DGFT said these changes are effective immediately and are being implemented through a revision in India’s import policy specific to Bangladesh.
Earlier, on April 9, India withdrew a transshipment facility that allowed Bangladesh to export goods to global destinations—excluding Nepal and Bhutan—via Indian ports and airports. The move followed controversial remarks by Bangladesh’s interim government chief Muhammad Yunus during a visit to China.

Source: https://www.timesnownews.com/business-economy/economy/india-imposes-port-restrictions-on-imports-of-select-bangladeshi-goods-article-151662632

Japan’s economy shrank for the first time in a year and at a faster pace than expected, data for the March quarter showed on Friday, underscoring the fragile nature of its recovery now under threat from U.S. President Donald Trump’s trade policies.
The data highlights the challenge policymakers face as steep U.S. tariffs cloud the outlook for the export-heavy economy, particularly for the mainstay automobiles sector.

Real gross domestic product (GDP) contracted an annualised 0.7% in January-March, preliminary government data showed, much bigger than a median market forecast for a 0.2% drop.
The decline was due to stagnant private consumption and falling exports, suggesting the economy was losing support from overseas demand even before Trump’s announcement on April 2 of sweeping “reciprocal” tariffs.
The data did highlight some brighter aspects, which included GDP growth being revised up slightly to 2.4% from 2.2% for the final quarter of last year.
Capital expenditure rose a faster-than-expected 1.4%, helping domestic demand add 0.7 percentage point to GDP growth.

Overall, however, analysts were cautious about the softer demand impulse and risks to the outlook from a Trump-led change to the global trade order.
“Japan’s economy lacks a driver of growth given weakness in exports and consumption. It’s very vulnerable to shocks such as one from Trump tariffs,” said Yoshiki Shinke, senior executive economist at Dai-ichi Life Research Institute.
“The data may lead to growing calls for bigger fiscal spending,” he said, adding the economy could contract again in the second quarter depending on when the hit from tariffs intensifies.
On a quarter-on-quarter basis, the economy shrank 0.2% compared with market forecasts for a 0.1% contraction.

TARIFF RISKS

Japan’s Economic Revitalisation Minister Ryosei Akazawa said big pay hikes offered by companies will likely underpin a moderate economic recovery, but warned of risks to the outlook.

“We must be mindful of downside risks to the economy from U.S. tariff policy. The hit to consumption and household sentiment from continued price rises is also a risk to growth,” Akazawa told a news conference after the GDP data.
Private consumption, which accounts for more than half of Japan’s economic output, was flat in the first quarter, compared with market forecasts for a 0.1% gain.
The GDP deflator, which shows the extent to which firms are able to pass on rising costs, rose 3.3% in January-March from year-before levels, accelerating for second straight quarters.
But external demand shaved 0.8 point off GDP as exports fell 0.6% and imports rose 2.9%, even before the impact of Trump tariffs begins to materialise in full force.
Trump imposed 10% tariffs on all countries except Canada, Mexico and China, along with higher tariff rates for many big trading partners, including Japan, which faces a 24% tariff rate starting in July unless it can negotiate a deal with the United States.

Washington has also imposed 25% levies on cars, steel and aluminium, dealing a huge blow to Japan’s economy that relies heavily on automobile exports to the United States.
Japanese automakers are already feeling the pain.
Toyota Motor (7203.T), said it expects profit to decline by a fifth in the current financial year. Mazda (7261.T), held off disclosing earnings estimates for the current year through March 2026 due to uncertainty over U.S. trade policy.
“The early-year (GDP) contraction serves as a reminder of Japan’s economic struggles. Tariff pain and weak domestic momentum will weigh on growth in the quarters ahead,” said Stefan Angrick, head of Japan and Frontier markets Economics, Moody’s Analytics.
The gloomy GDP data could pile pressure on Prime Minister Shigeru Ishiba to heed lawmakers’ demands to cut tax or compile a fresh stimulus package, though Akazawa said there were no such plans for now.
The global trade war touched off by U.S. tariffs has also complicated the Bank of Japan’s decision on when and how far it can push up interest rates.
Having exited a decade-long stimulus last year, the BOJ hiked rates to 0.5% in January and has signaled its readiness to keep hiking borrowing costs if a moderate economic recovery keeps Japan on track to durably hit its 2% inflation target.
But fears of a Trump-induced global slowdown forced the BOJ to sharply cut its growth forecasts at its April 30-May 1 policy meeting, and cast doubt on its view that sustained wage hikes will underpin consumption and the broader economy.

Source : https://www.reuters.com/business/japans-economy-shrinks-us-tariff-hit-looms-2025-05-16/

Tesla (TSLA.O), investors had pinned their hopes on a refresh of the company’s flagship compact SUV to reinvigorate sales. But rock-bottom financing deals for the Model Y and its easy availability suggest that this expectation is unrealistic.
The electric vehicle maker is offering financing deals as low as 0% on the spanking new version of the Model Y. While other automakers including Kia and General Motors (GM.N), are offering similar deals on some EV models, such offers within weeks of a model rolling out are rare.

Early signs of weak demand for the restyled Model Y- launched in January – come amid stiff competition and customer aversion to CEO Elon Musk’s divisive politics.
“Why would you discount and have all these incentives and offers literally out of the gate?” asked Loren McDonald, chief analyst with EV data firm Paren. “That just doesn’t make sense when your margins are already at multiyear lows. That suggests very strongly that there is a demand problem.”
Global sales data on the refreshed Model Y is not yet available, leading analysts to pursue clues on how Tesla is marketing the vehicle and whether it appears to be in short supply.

Supplies are not tight. The refreshed version is available immediately in many parts of the world, with some units already available in Tesla’s inventory. That is a far cry from the long wait times typically seen for the previous Model Y, which was the highest-selling car in the world last year.
In fact, overall Tesla sales in Europe continued to plunge in April across key countries, data showed this month. Sales in China dropped over 8% last month, data from the China Passenger Car Association showed on Sunday.
“Short delivery wait times, low-interest loan offers, and weak April registration numbers in China and Europe all point to soft demand for the refreshed Model Y in key markets,” researcher Troy Teslike, who follows Tesla, told Reuters.
A slow kickoff for the Model Y – which Tesla has blamed on retooling needed at its factories for the revamp – piles fresh pressure on the company to launch its long-promised cheaper models.

After Tesla reported its first drop in annual deliveries last year, Musk pulled back his forecast of a 30% increase in vehicle sales this year and said simply that Tesla would return to growth. Last month, Tesla said it would revisit that forecast in three months in light of “shifting global trade policy.” After a 13% drop in first-quarter vehicle sales, analysts expect Tesla deliveries to fall again this year.
Musk’s embrace of far-right politics in Europe, and his work as U.S. President Donald Trump’s ally, cutting federal jobs and humanitarian aid, have alienated Tesla’s largely liberal customer base. It has also prompted global protests, and, according to data, a record number of trade-ins.
Musk himself holds there is no pullback in demand other than some caused by broader economic concerns. Tesla finance chief Vaibhav Taneja, however, said last month that “unwanted hostility towards our brand and our people had an impact in certain markets.”

Tesla did not respond to an email seeking comment for this story.

NOT NEW

The revamped Model Y’s most striking feature is a light bar that stretches across the front of the car, much like the Cybertruck, which too has failed to find many buyers. The car drives more smoothly and quietly than its predecessor, according to Tesla, and comes with a rear-seat touch screen and ambient lighting.
The new Model Y is selling at roughly the same price as the previous version, although Tesla regularly raises and lowers prices.
In the United States, Tesla has Model Y promotions such as a 1.99% interest rate or zero down payment and is offering a $2,000 discount for existing Model Y customers. In some European countries, the company is offering the Model Y at 0% interest rate, with two years of free charging at its high-speed Superchargers.
In China, a key market for Tesla, where local competition has been denting sales, the company is promoting a five-year 0% interest rate before June 30.
Those offers are far lower than the competition.
The average U.S. interest rate on new vehicles in April was 7.1%, according to Jessica Caldwell, head of insights at Edmunds, a national vehicle research and shopping site. For EVs that are sold through dealerships it was 5.5%.
A 1.99% interest rate on the Model Y would save a customer anywhere from $4,500 to over $6,600, according to Edmunds’ calculations.

Source : https://www.reuters.com/business/autos-transportation/teslas-refresh-best-selling-model-y-suv-starts-rocky-road-2025-05-13/

Alphabet’s Google has been demonstrating to employees and outside developers an array of different products, including an AI agent for software development, ahead of its annual developer conference, The Information reported on Monday.

The agent is intended to help software engineers navigate every stage of the software process, from responding to tasks to documenting code, the report said, citing three people who have seen demonstrations of the product or been told about it by Google employees.

The tech giant may also demonstrate the integration of its Gemini AI chatbot, in voice mode, with its Android XR glasses and headset, according to the report.

Google declined to comment when contacted by Reuters.

Source : https://www.channelnewsasia.com/business/google-developing-software-ai-agent-ahead-annual-conference-information-reports-5125351

Amazon has hired FedEx to handle some of its large package deliveries, the companies said Monday, weeks after UPS said it was halting its less-profitable deliveries for the e-commerce retailer and cutting 20,000 jobs.

FedEx shares surged on Monday even more than rallying Wall Street benchmarks, finishing up 7%. The Memphis-based delivery company said the multi-year agreement covers residential delivery of select large packages for Amazon.

The deal with FedEx, signed in February, gives Amazon “cost favorability” compared with delivery rival UPS, Business Insider had reported, citing an internal document.

The agreement will not replace UPS, Amazon said as FedEx will join its third-party partners, including UPS and the USPS, and work alongside its own last-mile delivery network.

FedEx called it a “mutually beneficial, multi-year agreement” in a statement.

The deal may signal a thaw in relations between FedEx and Amazon. The companies cut residential delivery ties in 2019 as Amazon was building its now sprawling network of delivery services.

UPS said in January it plans to shrink shipment volumes for Amazon, its largest customer, by more than 50% by the second half of 2026 to focus on fewer, but more profitable deliveries.

Source : https://nypost.com/2025/05/12/business/amazon-signs-delivery-deal-with-fedex-to-fill-void-after-ups-pulls-back/

Health and wellness companies are embracing weight-loss drugs and building offerings around them in an effort to avoid the fate of WeightWatchers, which declared bankruptcy this week, citing vastly increased use of the new blockbuster medicines.
But some of WeightWatchers’ closest rivals, newer telehealth companies, face a new challenge of their own as federal regulators crack down on the cheaper versions of Novo Nordisk’s (NOVOb.CO), Wegovy and Eli Lilly’s (LLY.N), Zepbound that have become a big part of the companies’ sales. The telehealth companies’ success may ultimately depend on partnering with the name brand drugmakers, one analyst said.

WeightWatchers filed for bankruptcy on Tuesday, as Americans shunned its weight management business in favor of the Novo and Lilly drugs and copies from pharmacies that can cut a person’s weight by 15%-20%. The drugs, from a class of digestion-slowing medicines known as GLP-1 agonists, have eaten into demand at some big companies, including Walmart’s (WMT.N) food business.

WeightWatchers, when it filed for bankruptcy, said its weight management system stopped being attractive to customers given changing views about weight versus wellness, competition from telehealth companies fully embracing the weight-loss drugs, and even fitness influencers on TikTok. The company has an agreement with creditors to restructure its debt and quickly exit the court process.

Adam McBride, CEO of Telehealth company Eden, said WeightWatchers, which tried to pivot to telehealth and sell weight-loss drugs, had an old school system that relied on points and in-person gatherings that customers didn’t like. “I don’t think that they were listening to their members,” McBride said.
Eden and rival Noom both operate weight-focused telehealth platforms with integrated lifestyle coaching – something WeightWatchers struggled with.
The newer companies have been selling unbranded versions of the in-demand weight-loss medications as part of their offerings.
Clinical subscriptions that provide access to clinicians and prescription drugs make up over half of Noom’s revenue, said CEO Geoff Cook.
At rival Hims and Hers (HIMS.N), compounded weight-loss drugs accounted for 20% of revenue last year, and even WeightWatchers relied partly on such revenue.

WEIGHT-LOSS DRUG BANDWAGON

China on Friday (May 9) said sales to the United States slumped last month while its total exports topped forecasts, as Beijing fought a gruelling trade war with its superpower rival.

Trade between the world’s two largest economies has nearly skidded to a halt since US President Donald Trump imposed various rounds of levies on China that began as retaliation for Beijing’s alleged role in a devastating fentanyl crisis.

Tariffs on many Chinese products now reach as high as 145 per cent – with cumulative duties on some goods soaring to a staggering 245 per cent.

Beijing has responded with 125 per cent tariffs on imports of US goods, along with other measures targeting American firms.

The Trump administration has since exempted items including smartphones and computers, imported largely from China, from the 145 per cent tariffs.

Beijing has also created a list of US-made products that would be exempted from its 125 per cent tariffs and is quietly notifying companies about the policy, Reuters previously reported.

Against that backdrop, analysts polled by Bloomberg had expected exports to rise just 2 per cent year-on-year last month.

But they beat expectations, coming in at 8.1 per cent.

However, exports to the US – one of China’s top trading partners – fell 17.6 per cent month-on-month, data showed.

Shipments to the US totalled US$33 billion last month, falling from US$40.1 billion in March, according to data published by China’s General Administration of Customs.

“The damage of the US tariffs has not shown up in the trade data in April,” Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said in a note.

“This may be partly due to transhipment through other countries, and partly because of trade contracts that were signed before the tariffs were announced,” he added.

“I expect trade data will weaken in the next few months gradually.”

US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are set to meet Chinese Vice Premier He Lifeng in Switzerland on Saturday and Sunday, marking the first talks between the superpowers since Trump unveiled his tariffs.

April imports also beat expectations, dropping 0.2 per cent, compared with the 6.0 per cent slide analysts had estimated.

Purchases from overseas were also being closely watched as a key gauge of consumer demand in China, which has remained sluggish.

Policymakers this week eased key monetary policy tools in a bid to ramp up domestic activity.

Those included cuts to a key interest rate and moves to lower the amount banks must hold in reserve in a bid to boost lending.

A persistent crisis in the property sector – once a key driver of growth – also remains a drag on the economy.

Source : https://www.channelnewsasia.com/business/china-exports-april-us-shipments-trump-tariffs-trade-war-5119036

Google will pay $1.4 billion to Texas to settle claims the company collected users’ data without permission, the state’s attorney general announced Friday.

Attorney General Ken Paxton described the settlement as sending a message to tech companies that he will not allow them to make money off of “selling away our rights and freedoms.”

“In Texas, Big Tech is not above the law.” Paxton said in a statement. “For years, Google secretly tracked people’s movements, private searches, and even their voiceprints and facial geometry through their products and services. I fought back and won.”

The agreement settles several claims Texas made against the search giant in 2022 related to geolocation, incognito searches and biometric data. The state argued Google was “unlawfully tracking and collecting users’ private data.”

Paxton claimed, for example, that Google collected millions of biometric identifiers, including voiceprints and records of face geometry, through such products and services as Google Photos and Google Assistant.

Google spokesperson José Castañeda said the agreement settles an array of “old claims,” some of which relate to product policies the company has already changed.

“We are pleased to put them behind us, and we will continue to build robust privacy controls into our services,” he said in a statement.

The company also clarified that the settlement does not require any new product changes.

Paxton said the $1.4 billion is the largest amount won by any state in a settlement with Google over this type of data-privacy violations.

Source : https://apnews.com/article/texas-google-settlement-8097e181cc7cb8522781db8a9a897eea

In a directive issued on May 9, Chandigarh District Magistrate Nishant Kumar Yadav said, “It had come to light that certain individuals, traders, and entities are engaged in the hoarding and unauthorised stockpiling of essential food items and fuel including petrol, diesel, and other daily necessities.”

Amid escalating tensions between India and Pakistan, the Chandigarh Administration on Friday issued a strong warning against the hoarding of essential items, saying such actions were causing “artificial scarcity, abnormal price rise, and could disrupt public order.”

In a directive issued on May 9, Chandigarh District Magistrate Nishant Kumar Yadav said, “It had come to light that certain individuals, traders, and entities are engaged in the hoarding and unauthorised stockpiling of essential food items and fuel including petrol, diesel, and other daily necessities.”

The notice further said, “Such practices were leading to artificial scarcity, abnormal price rise, and potential law and order issues,” and if not curbed, could cause disturbance to public peace, affect essential supplies, and disrupt normal life in the Union Territory.”

In a preventive measure, the administration prohibited all forms of hoarding and stockpiling. “No person, traders, wholesalers, retailers or business entities shall engage in the hoarding or stockpiling of essential commodities,” the order read.

The essential commodities includes eatables like rice, wheat, pulses, sugar, edible oil, vegetables, milk products, medicines, and fuel like petrol and diesel.

Besides, all traders and stockists have been directed to declare their current stock to the Department of Food and Supplies within three days. The order will remain in effective from 09-05-2025 till July 7 2025.

Source : https://www.freepressjournal.in/business/dont-hoard-food-fuel-chandigarh-administration-issues-strong-warning-as-india-pakistan-tensions-spark-panic-buying 

Reliance Industries has withdrawn its trademark application for “Operation Sindoor,” citing it was mistakenly filed by an unauthorised junior staffer. The company affirmed it has no intention to claim rights over the term, lauding the Indian Armed Forces’ operation as a symbol of national pride and India’s fight against terrorism.

Reliance Industries on Thursday issued a clarification stating it has withdrawn a trademark application for “Operation Sindoor,” a phrase that has become emblematic of India’s resolute stand against terrorism following the recent military strikes targeting terror infrastructure in Pakistan and Pakistan-occupied Kashmir.
In a public statement, the conglomerate said the application to trademark “Operation Sindoor” was mistakenly filed by a junior staff member at Jio Studios, a subsidiary of Reliance Industries, without any formal authorisation. The company emphasised it has no intention of trademarking the term, acknowledging its profound national significance.
“Reliance Industries and all its stakeholders are incredibly proud of Operation Sindoor, which came about in response to a Pakistan-sponsored terrorist attack in Pahalgam. Operation Sindoor is the proud achievement of our brave Armed Forces in India’s uncompromising fight against the evil of terrorism,” the statement read.

The company reaffirmed its unwavering support for the Indian Armed Forces and the government, stressing its commitment to the national interest. “Reliance stands fully in support of our Government and Armed Forces in this fight against terrorism. Our commitment to the motto of ‘INDIA FIRST’ remains unwavering,” the company said.

Alongside Reliance, three individuals — Mukesh Chetram Agrawal, Group Captain Kamal Singh Oberh (Retd), and Alok Kothari — had also filed for rights to the term.

Source : https://www.timesnownews.com/business-economy/companies/mukesh-ambanis-reliance-industries-eyes-operation-sindoor-trademark-after-indias-strike-on-terror-camps-article-151589284

Trading at Pakistan Stock Exchange was halted as the KSE-100 index crashed over 6,000 points after India’s precision strikes under ‘Operation Sindoor’. Investor panic deepened amid rising Indo-Pak tensions and looming IMF scrutiny. With economic instability and fragile sentiment, PSX has become the frontline victim of the geopolitical flare-up.

Trading at the Pakistan Stock Exchange (PSX) was halted for an hour after the benchmark index fell 7.2%. The stock markets in Pakistan are witnessing heavy selling as the tension with India escalated further with ‘Operation Sindoor’, which decimated terror dens across the border.
On Wednesday, the Karachi Stock Exchange (KSE-100) nosedived 6,272 points in early trade today, crashing to 107,296.64 – registering a staggering single-day drop triggered by India’s confirmation of precision strikes.

The dramatic sell-off reflected deepening investor panic in Pakistan’s markets, already reeling from economic instability and heightened geopolitical tensions following the April 22 Pahalgam terror attack. The KSE-100 has now shed 3.7% since the incident, as fears of escalation and international fallout grow.
Last month, Pakistan’s stock market witnessed a severe crash, shedding over 8,700 points after US President Donald Trump announced new trade tariffs. Now, in the aftermath of India’s retaliatory missile strikes under “Operation Sindoor” — following the deadly Pahalgam terror attack that killed 26 civilians — the Pakistan Stock Exchange (PSX) is once again under pressure.

Source : https://www.timesnownews.com/business-economy/markets/panic-at-pakistan-stock-exchange-trading-halted-after-psx-crashes-over-7-following-operation-sindoor-article-151590125

The U.S. Patent and Trademark Office has refused Tesla’s attempt to trademark the term “Robotaxi” in reference to its vehicles, TechCrunch reported on Wednesday, citing a filing.

Another application by Tesla to trademark the term “Robotaxi” for its upcoming ride-hailing service is still under examination by the office, the report said.

The USPTO issued on Tuesday a “nonfinal office action” on the Robotaxi trademark application, which means Tesla has three months to file a response or the office will abandon the application, the report added.

Applications from Tesla for the trademark on the term “Cybercab” have been halted due to other companies pursuing similar “Cyber” trademarks, according to TechCrunch.

Tesla did not immediately respond to a Reuters request for comment.

Last month, Tesla said its plan to roll out “autonomous ride-hailing for money” by June in Austin, Texas, remained on track.

Source : https://www.channelnewsasia.com/business/teslas-robotaxi-trademark-refused-being-too-generic-techcrunch-reports-5116006

The move marks Swiggy’s formal exit from its private label business, days after it announced the expansion of its quick food delivery service Snacc to more than 500 cities.

Online food and grocery aggregator Swiggy entered into an agreement with food service platform Kouzina for the exclusive license of its digital-first food brands: The Bowl Company (TBC), Homely, Soul Rasa, and Istah, according to an exchange filing on Tuesday.

The move marks Swiggy’s formal exit from its private label business, days after it announced the expansion of its quick food delivery service Snacc to more than 500 cities.

“Swiggy’s food brands-including The Bowl Company, Homely, and others were launched to address gaps in restaurant supply and meet the demand for variety and convenience in food delivery. These brands have filled key market whitespaces and inspired restaurant partners to innovate, ultimately benefiting consumers. With its expansive digital-first F&B platform and asset-light business model, Kouzina is well-positioned to scale these brands to new heights,” said Swiggy’s Vice President Arpit Mathur in the filing.

Swiggy’s parcel delivery service, Genie has also been stopped with the removal of its option from its app. Its peer Zomato also recently announced the shutdown of its quick food delivery service ‘Quick’.

Source : https://www.deccanherald.com/business/companies/swiggy-exits-private-label-biz-gives-license-to-kouzina-3527564

Google views the project as a way to get the creative community to adopt its newer tech products and services such as its artificial intelligence products and tools like the Immersive View feature that allows users to see things in 3D, according to the report.

Alphabet’s Google has launched a new film and TV production initiative called “100 Zeros” to focus on identifying projects that the tech giant can help fund or produce, Business Insider reported on Monday.

The initiative is a multi-year partnership with Range Media Partners, a talent firm and production company known for its work on films, including “A Complete Unknown” and “Longlegs”, the report said.

Google views the project as a way to get the creative community to adopt its newer tech products and services such as its artificial intelligence products and tools like the Immersive View feature that allows users to see things in 3D, according to the report.

Google did not immediately respond to a Reuters request for comment.

Source : https://www.deccanherald.com/business/companies/google-has-launched-new-film-and-tv-production-wing-report-3525794

Though Maruti Suzuki maintains its ‘Numero Uno’ position, its market share has shrunk. Its retail sales declined to 1.38 lakh in April 2025 from 1.39 lakh in the same month last year.

Mahindra & Mahindra has emerged as the second largest player in the Indian car market, relegating Hyundai Motor, which had held onto the spot for a long time, to the fourth position in April, as per retail auto sales data released by the Federation of Automobile Dealers Associations (FADA) on Monday.

Though Maruti Suzuki maintains its ‘Numero Uno’ position, its market share has shrunk. Its retail sales declined to 1.38 lakh in April 2025 from 1.39 lakh in the same month last year. Its share as percentage of total car sales in April 2025 declined to 39.44% from 40.39% in April 2024.

Mahindra registered a significant jump in its market share rising from 11.23% in April 2024 to 13.83% in April 2025, while Hyundai’s market share dipped from 14.29% in April 2024 to 12.47% in April 2025.

Despite decline in its absolute sales numbers and market share, Tata Motors maintained its third position. Tata Motors passenger vehicle sales declined to 44,065 in April 2025 from 46,915 recorded in the same month last year. Market share declined from 13.61% to 12.59%.

After two consecutive months of decline, the overall automobile retail sales witnessed positive growth in April, increasing by 3% year-on-year to 22.8 lakh units. All categories, except commercial vehicles, posted positive growth.

Source : https://www.deccanherald.com/business/companies/mahindra-becomes-india-s-2nd-largest-car-seller-in-april-3525648

The RBI lowered policy interest rates by 25 basis points each in February and April. The next bi-monthly meeting of the central bank’s rate setting panel Monetary Policy Committee is scheduled in June.

New Delhi: India’s headline retail inflation is likely to fall below 3% in the April-June quarter that will prompt the Reserve Bank of India (RBI) to cut policy interest rates cumulatively by 125 basis points (1.25%) in the current financial year, SBI Research said on Monday.

“With multi-year low inflation in March and benign inflation expectations going forward, we expect rate cuts of 75 basis points in June and August and another 50 bps cut in the second half of the year i.e. cumulative cuts of 125 bps going forward,” SBI Research said in a report.

The RBI lowered policy interest rates by 25 basis points each in February and April. The next bi-monthly meeting of the central bank’s rate setting panel Monetary Policy Committee is scheduled in June.

SBI Research suggested a 50 basis points rate cut in the upcoming MPC meeting. “We feel, jumbo cuts of 50 bps, could be more effective than secular 25 bps tranches spread over the horizon,” it said.

A sharp moderation in inflation has brightened the hope for reduction in interest rates. Consumer Price Index (CPI) based inflation dipped to a 67-month low of 3.34% in March. The data for April is scheduled to be released next week.

“We believe average CPI headline forecast could stay below 4% till December 2025 and FY26 average may be 3.7-3.8%, unless there is any food price related shock,” the report authored by Soumya Kanti Ghosh, SBI Group Chief Economic Adviser and Member 16th Finance Commission, noted.

The current trajectory of CPI retail inflation is well within the band of 2-6%, which the RBI has been mandated by the government to follow.

On transmission of the RBI monetary policy action, SBI Research said that banks have reduced their repo-linked external benchmark lending rates (EBLRs) by a similar magnitude. Transmission to deposit rates is expected in the coming quarters. “We expect a 100 bps cut in bank deposit rates from current levels,” SBI Research said.

While credit growth is expected to moderate at 11-12% for FY26, deposits may stop shy of double digit growth during the FY accentuating a wedge between credit-deposits momentum, squeezing the net interest margin (NIM) of banks adversely, it said

Source : https://www.deccanherald.com/business/rbi-likely-to-cut-rates-by-125-bps-this-fiscal-sbi-research-3525522

Elon Musk plans to proceed with his highly-watched lawsuit against OpenAI, his lawyer Marc Toberoff said on Monday, hours after the AI startup dialed back its earlier plan to remove control by its non-profit arm.

Under OpenAI’s newly proposed plan, its non-profit parent would continue to control the for-profit business and become a major shareholder.

Source : https://www.channelnewsasia.com/business/elon-musk-keep-lawsuit-against-openai-despite-nonprofit-control-statement-lawyer-says-5110816

Berkshire Hathaway (BRKa.N), shareholders mourning the departure of legendary investor Warren Buffett anticipate the conglomerate he built over 60 years will retain its long-term focus and culture but worry about the loss of Buffett’s vision and star power.
Following Buffett’s surprise announcement on Saturday that he would step down as chief executive by the end of the year, Berkshire shareholders and fans said the Omaha, Nebraska-based company will remain in good hands once Vice Chairman Greg Abel takes the top job.

But they said it remains unclear how the $1.16 trillion conglomerate, which has 189 operating businesses, $264 billion of stocks and $348 billion of cash, will fare after the man so intertwined with it leaves the stage. Buffett made the announcement at the end of the Berkshire annual meeting after hours of taking shareholder questions. He said Berkshire’s board of directors will meet on Sunday to discuss the transition.
“There has been a premium on Berkshire because of Buffett,” said Mark Malek, chief investment officer at Siebert.NXT. “Will people look at it in the same way?”
Richard Casterline, a computer programmer from Denver, said it was a “bit shocking” to learn of Buffett’s departure.

“I’m curious to see what the stock price will do on Monday,” he said. “I don’t think (Abel) elicits the same excitement. It’s not any fault of his own, it’s just thinking of who could be as legendary as those two are. It’s just tough shoes to fill.”

BUFFETT’S BABY

Still, many see Abel as right for the job.
“This is Buffett’s baby, and he thoughtfully and deliberately planned for an orderly succession that does not disrupt the value of his life’s work,” said Daniel Hanson, senior portfolio manager at Neuberger Berman. “I have full confidence in Greg’s leadership.”
Richard Lancaster, an accounting consultant from Charlotte, North Carolina, likened the change to Steve Jobs handing Apple’s (AAPL.O) reins to current Chief Executive Tim Cook in 2011.

“You have two different personalities, two different approaches,” said Lancaster. “Greg has all the qualities Warren likes in a manager: very sharp individual, and well-versed in what’s in the business climate today and the changes that will come through disruptive technologies.”

Under Buffett, Berkshire’s annualized shareholder return has roughly doubled that of the Standard & Poor’s 500 (.SPX)

Buffett’s aura was such that when Berkshire disclosed new common stock investments, it routinely sent the stock prices higher even if Buffett himself wasn’t doing the investing.
Some analysts believe Abel may be more hands-on than Buffett in overseeing Berkshire’s subsidiaries.
“Abel’s going to have to tread a fine line between maintaining a Buffett-like environment, with also making his mark,” said analyst Cathy Seifert at CFRA Research.
And some investors clamor for Berkshire to pay a dividend, which it has not done since 1967.

ABEL’S WAY

Abel has hinted at changes.
Prior to Buffett’s announcement, which Abel hadn’t known was coming, the vice chairman told annual meeting attendees he would be “more active, but hopefully in a very positive way,” in overseeing Berkshire subsidiaries, though they would continue running “very autonomously.”

Berkshire’s businesses are diverse, including Geico car insurance, the BNSF railroad, many utility and power companies, a real estate brokerage, and retail brands such as Dairy Queen, Fruit of the Loom and See’s Candies.
Another possible change: how readily Berkshire will unload businesses it owns, including when they underperform.
Buffett is known as a collector of businesses but has made exceptions, as when businesses lose competitive advantages.
In 2019, Berkshire sold its Applied Underwriters workers compensation unit, and the next year shed its newspaper empire as falling ad revenue led Buffett to brand the industry “toast.”
Leaders of most Berkshire businesses have since 2018 reported to Abel, while Berkshire’s insurance businesses such as Geico, General Re and National Indemnity have reported to Vice Chairman Ajit Jain, which they will continue doing.
Managers praise Abel as a quick study, despite overseeing businesses as varied as aircraft parts maker Precision Castparts, Israeli toolmaker Iscar and Borsheims jewelry.
Quick changes are unlikely. Berkshire’s sheer size makes undoing Buffett’s work in short order, or making a transformational acquisition, very difficult.
“Buffett has built such an amazing machine,” said Nate Garrison, chief investment officer at World Investment Advisors. “It’s something that will stand the test of time.”

Source : https://www.reuters.com/business/berkshire-investors-anticipate-new-era-buffett-hands-over-baton-2025-05-04/

Nandan Nilekani’s report, “The Great Unlock: India in 2035,” emphasises the potential of unlocking $3.3 trillion through land asset tokenisation as India aims for an $8 trillion economy. With 50% of household assets in real estate but a low capitalisation rate of 5%, significant value remains untapped.

If we told you that Indians are sitting on $3.3 trillion worth of jackpot waiting to be unlocked, would you believe it? Well, Infosys co-founder Nandan Nilekani, in his ‘The Great Unlock: India in 2035’, has explained how we can exploit this bounty by overcoming some of the key challenges. As India is expected to become an $8 trillion economy by 2035, Nilekani believes that “Tokenisation of land assets can unlock $3.3 trillion in capital”.

Real Estate Tokenisation: Unlocking India’s Trapped Wealth

According to the report, nearly 50% of Indian household assets are tied up in real estate, while bank deposits account for just 15%. Despite this heavy investment, India’s land capitalisation rate is a mere 5%, starkly lower than the 40% seen in the United States, highlighting the vast untapped value locked in property holdings.
The report identifies a unified digital ledger and credible property verification mechanisms as crucial innovations that could vastly increase the monetisation of land assets. By creating a transparent and trusted infrastructure, more real estate could be brought into the formal financial ecosystem, making it easier to access credit and investment.

At the heart of this transformation is real estate tokenization — the process of converting physical property ownership into fractional digital tokens that can be traded on a blockchain. Each token represents a share in the asset, allowing smaller investors to participate in the real estate market without needing large sums of capital.

A penalty of Rs 31.80 lakh was imposed on Bank of Maharashtra for non-compliance with certain directions on KYC.

The Reserve Bank on Friday said it has imposed penalties on five lenders, including ICICI Bank, Bank of Baroda, and Axis Bank, over deficiencies in certain regulatory compliances.

Penalty of Rs 97.80 lakh has been imposed on ICICI Bank for non-compliance with certain directions issued by the Reserve Bank of India (RBI) on ‘Cyber Security Framework in Banks’, ‘Know Your Customer (KYC)’, and ‘Credit Card and Debit Card — Issuance and Conduct’.

In another statement, the RBI said it has imposed a penalty of Rs 61.40 lakh on Bank of Baroda for non-compliance with certain directions on “financial services provided by banks” and “customer service in banks”.

The central bank has imposed a penalty of Rs 31.8 lakh on IDBI Bank Ltd for non-compliance with certain directions on “interest subvention scheme for short-term loans for agriculture and allied activities availed through Kisan Credit Card”.

A penalty of Rs 31.80 lakh was imposed on Bank of Maharashtra for non-compliance with certain directions on KYC.

The Axis bank, too, has been fined Rs 29.60 lakh over non-compliance with certain directions on “unauthorised operation of internal/office accounts”.

Source : https://www.ndtv.com/india-news/rbi-fines-icici-axis-3-other-key-banks-over-lack-of-regulatory-compliances-8324750

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.

Alphabet’s Google will face a trial in September on antitrust enforcers’ proposals to make it sell off part of its advertising technology business to address the company’s dominance over tools used by online publishers to sell ads.

US District Judge Leonie Brinkema in Alexandria, Virginia, set the trial date on Friday after hearing from Google and the U.S. Department of Justice about potential remedies in the case.

Both sides are expected to file detailed proposals on Monday.

The DOJ will seek to have Google sell off its ad exchange and publisher ad server business, in a process expected to take several years, said DOJ attorney Julia Tarver Wood.

Google lawyer Karen Dunn said the company supported behavioral remedies – such as making real-time bids available to competitors – but that prosecutors cannot legally pursue a bid to force Google to sell parts of its business.

Such a move would also harm internet users and encounter a lack of interested buyers, she said.

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.

Brinkema ruled in April that Google unlawfully tied publishers’ use of its ad exchange to use of its ad server, and enacted anticompetitive policies that were “not in its publisher customers’ best interests.” The conduct harmed competition, and hurt publishers and ultimately internet users, she said.

Source : https://www.deccanherald.com/business/companies/google-faces-september-trial-on-ad-tech-antitrust-remedies-3522465

The latest Musk drama underscores the unique dilemma Tesla’s board faces in managing him as he oversees five other companies and, more recently, has focused primarily on advising Republican US President Donald Trump – alienating Tesla’s politically liberal customer base.

Tesla’s board on Thursday rushed to defend its chief executive, Elon Musk, assuring he had the board’s confidence amid rising investor worries about his prolonged absences, polarizing politics and the EV maker’s plunging sales and profit.
The board reacted after a Wall Street Journal report that it had considered replacing Musk, which board chair Robyn Denholm denied. Denholm herself has taken heat for her high compensation and perceived failures to hold Musk accountable to shareholders.

The latest Musk drama underscores the unique dilemma Tesla’s board faces in managing him as he oversees five other companies and, more recently, has focused primarily on advising Republican US President Donald Trump – alienating Tesla’s politically liberal customer base.

Yet seldom have a company’s fortunes depended more heavily on the persona of its CEO, making even the notion of replacing him an enormous risk, according to investors, analysts and three people with knowledge of debates about Musk among Tesla executives.

Many analysts have attributed about three-fourths of Tesla’s outsized stock-market value – which far outpaces its current earnings – to autonomous-driving technology and humanoid robots that Musk has promised but failed to launch for years.

Tesla bulls view Musk as the singular genius who can deliver that future despite intensifying global competition on such technologies, especially from China, where automakers led by BYD have already blown past Tesla in producing low-cost EVs.

Denholm seemed to address the Musk faithful as she denied the Journal report, saying the board was “highly confident” he could execute “the exciting growth plan ahead.” The growth cannot come soon enough, as the fundamentals of Tesla’s automotive business continue to deteriorate. Its EV sales declines have been especially sharp in Europe, where Musk’s and Trump’s politics have proved especially toxic.

Company insiders have suggested to Musk for years that he replace himself in a different way – by hiring a top executive as a day-to-day manager while Musk continues as more of a figurehead, two people familiar with the discussions told Reuters. Other Musk companies operate that way, most notably rocket-maker SpaceX, where Gwynne Shotwell serves as president and COO.

Source: https://www.deccanherald.com/business/companies/tesla-without-musk-board-faces-unique-challenge-whether-he-stays-or-goes-3521284

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