Category: Business

IIT Kharagpur graduate Pavan Guntupalli faced seven failed startups and 75 investor rejections before launching Rapido, India’s first bike-taxi platform now worth Rs 9,350 crore. His journey from failure to leading a transport revolution is a lesson in resilience, vision and timing.

When Pavan Guntupalli launched Rapido in 2015, few believed bike taxis could survive India’s crowded mobility market. But today, Rapido is valued at Rs 9,350 crore, operates in over 100 cities, and has been downloaded by over 5 crore users-all thanks to one man’s refusal to give up.
Before this success, Guntupalli endured seven failed ventures and 75 investor rejections. It wasn’t until a chance traffic jam sparked a breakthrough idea that things began to change.

Jio BlackRock, a high-profile joint venture between Jio Financial Services and global investment giant BlackRock, has made a ₹17,800 crore debut with three debt mutual fund schemes. But beyond the big numbers, it signals a strategic push to revolutionise Indian retail investing using tech, trust, and telecom.

Earlier this month, Jio BlackRock Asset Management, the 50:50 joint venture between Mukesh Ambani’s Jio Financial Services and US-based investment powerhouse BlackRock, marked its official entry into India’s mutual fund industry with a bang. The firm mobilised Rs 17,800 crore through the New Fund Offers (NFOs) of its first three debt-focused schemes.
This impressive launch places Jio BlackRock at 29th among 47 Indian fund houses by assets under management (AUM), based on June-quarter data. While it’s a long climb to the top in an industry where the top 10 players command 77 per cent of the Rs 72.3 trillion mutual fund space, Ambani and BlackRock are betting on scale, technology, and retail muscle to disrupt the game.

What is Jio BlackRock?

At its core, Jio BlackRock is a digital-first asset management company, seeking to fuse Reliance Jio’s telecom reach with BlackRock’s investment expertise. The goal is simple yet audacious: to bring millions of Indians—particularly from Tier II and Tier III cities—into the formal investment fold through mutual funds.
The venture aims to democratise access to mutual fund products, targeting users directly through Reliance’s financial ecosystem, especially the Jio Finance app, pre-installed on phones used by 475 million Reliance Jio subscribers.

Why Does It Matter?

India’s mutual fund industry has traditionally been top-heavy and metro-centric. Back in 2017, the top 35 cities accounted for about 90 per cent of the AUM. By March 2025, this had fallen to around 70 per cent, with rural and semi-urban participation rising steadily.
Jio BlackRock is well-positioned to tap into this shift. Its telecom backbone gives it reach, while BlackRock’s proprietary investment and risk-management systems offer the sophistication needed to manage funds at scale. “It’s not just about size—it’s about sustained performance,” said a Mumbai-based mutual fund analyst. “If they can marry performance with access, it could be a defining moment for Indian retail investing.”

How Will It Work?

Dolly Chaiwala, the viral tea-staller, has announced the launch of his business venture, receiving a plethora of applications to purchase the franchise.

Sunil Patil, also known as Dolly Chaiwala on the internet, has announced the launch of his business franchise Dolly Ki Tapri through an expensive franchise model across India. A Nagpur-based tea seller, Patil gained viral fame for his unique tea-serving style and a video appearance with Microsoft co-founder Bill Gates. He has now ventured into the business world, while also declaring his plans to expand the new brand.

“It’s India’s first viral street brand, and now… It’s a business opportunity. From carts to flagship cafes, we’re launching nationwide and looking for real people with real passion to carry this dream forward. If you’ve ever wanted to build something big, something desi, something truly legendary — this is your moment. Limited cities. Unlimited chai. Applications open now.” Patil wrote on his official social media channels, announcing the launch of “Dolly Ki Tapri”. The post contained a link to an application form through Instagram Stories, with three franchise options detailed for prospective business partners. Over 1,600 applications have already been received.

Dolly Chaiwala Franchise Cost

Dolly Chaiwala’s application form lists cart stall, store model and flagship cafe models with the range of costs described. While a cart stall can be bought for Rs 4.5 lakhs to Rs 6 lakhs in the venture, the store model franchise is available for Rs 20-22 lakhs. Business partners eyeing the Flagship Café model will have to shell out Rs 39 lakh to Rs 43 lakh. These models are part of Patil’s vision of growing the “Dolly Ki Tapri” from just a viral internet sensation to a well-structured and functioning nationwide business entity.

“Dolly Ki Tapri” Stuns The Internet Again

The announcement comes as tech giants such as Meta aggressively chase high-profile acquisitions and offer multi-million-dollar pay packages to attract top talent in the race to lead the next wave of artificial intelligence.

Mark Zuckerberg said on Monday that Meta Platforms would spend hundreds of billions of dollars on computing power to build superintelligence, intensifying his pursuit of a technology he has chased with a talent war for top AI engineers.

The announcement comes as tech giants such as Meta aggressively chase high-profile acquisitions and offer multi-million-dollar pay packages to attract top talent in the race to lead the next wave of artificial intelligence.

“We have the capital from our business to do this,” Zuckerberg said in a post on Threads.

The Facebook and Instagram parent has recently unveiled its new division, Meta Superintelligence Labs (MSL), to unify the company’s AI efforts, following setbacks with its Llama 4 model and key staff departures.

Source: https://www.deccanherald.com/business/companies/zuckerberg-says-meta-will-invest-hundreds-of-billions-in-superintelligence-2-3629833

The social media firm has slashed premium account subscription fee for mobile app by about 48 per cent to Rs 470 from Rs 900 it charged earlier on a monthly basis.

Social media platform X has slashed subscription fees for account holders in India by up to 48 per cent, according to updates on its portal.

The social media firm has slashed premium account subscription fee for mobile app by about 48 per cent to Rs 470 from Rs 900 it charged earlier on a monthly basis.

The subscribers of premium and premium-plus service at X get a checkmark next to their name or id.

Similarly, X has reduced premium subscription fee by about 34 per cent for web accounts to Rs 427 from Rs 650 charged earlier.

The charges for premium subscription on mobile apps are higher at Rs 470 due to additional fees charged by app stores.

The company has slashed monthly subscription for basic subscribers on their handle by 30 per cent to Rs 170 from Rs 243.75 earlier.

The basic account holder gets featured to enable them to edit posts, write longer posts, background video playback and they can download videos.

The reduction is about 34 per cent for the annual subscription fee of basic account, which will be billed Rs 1,700 on an annual basis, down from Rs 2,590.48 charged earlier.

The premium plus subscription of X account now cost users about 26 per cent less at Rs 2,570 on web compared to Rs 3,470 charged earlier.

The premium plus accounts on X are completely ad free, holders can write articles, get access to SuperGrok with Grok 4. These services are not available for premium and basic account holders.

Source : https://www.deccanherald.com/business/companies/x-slashes-subscription-fees-in-india-by-up-to-48-3626474

Tesla is set to open its first Indian showroom in Mumbai’s Bandra Kurla Complex on July 15. The Tesla India X account shared a “coming soon” post on Friday night.

Tesla has signalled its imminent entry into the Indian market with a “coming soon” teaser on its newly created X (formerly Twitter) account, giving a long-awaited update to fans and potential buyers in the country.

Tesla is set to open its first Indian showroom in Mumbai’s Bandra Kurla Complex on July 15. The opening marks the electric vehicle (EV) giant’s formal debut in the world’s third-largest car market. The company is expected to begin deliveries of its popular Model Y SUVs by late August, as per a report by Bloomberg.

The Mumbai showroom, referred to as a “Tesla experience centre” in invitations sent to the media, will initially open its doors to VIPs and business partners. General public access is likely to follow the week after. Visitors will reportedly be able to compare model options, check prices, and begin configuring orders, possibly as early as next week.

Tesla’s debut in India comes after years of speculation, lobbying over import duties, and even a cancelled visit by CEO Elon Musk last year. While Musk had earlier expressed interest in investing $2-3 billion to build EVs locally, reports suggest the company is currently focused on imports, not manufacturing.

Commercial records from January to June indicate that Tesla imported around $1 million worth of vehicles, chargers, and accessories into India, mainly from China and the US. This includes six Model Y SUVs, five priced at $32,500 each and one long-range variant at $46,000, as well as several Superchargers.

Due to India’s steep import duty of around 70% on fully-built cars under $40,000, the final price for Indian customers is expected to be significantly higher than the car’s US cost. This could make the Model Y a test case for how far Indian consumers are willing to stretch for the Tesla brand.

The timing of Tesla’s India entry aligns with its broader strategy to expand in newer markets amid declining sales elsewhere and underused capacity at its global factories. The Indian EV market, while still in its early stages, is growing steadily with increasing interest among urban buyers and policy pushes from the government.

Source : https://www.indiatoday.in/business/story/tesla-drops-coming-soon-teaser-on-new-x-account-ahead-of-india-launch-2754573-2025-07-11

Complaints were lodged after Grok posted antisemitic content, including praise for Adolf Hitler. Elon Musk’s xAI removed “inappropriate” posts.

Tech billionaire Elon Musk’s AI chatbot Grok is at the center of scandal after posting antisemitic remarks.

Developer xAI announced on Wednesday that it was in the process of removing “inappropriate posts” by Grok on the online platform X.

That comes after complaints from users on social media platform X and the US-based Anti-Defamation League (ADL) that Grok was producing content that had antisemitic tropes and praise for Adolf Hitler.

xAI removing ‘inappropriate posts’
In a post on X, Grok said it was “aware of recent posts made by Grok and [is] actively working to remove the inappropriate posts.”

“Since being made aware of the content, xAI has taken action to ban hate speech before Grok posts on X. xAI is training only truth-seeking and thanks to the millions of users on X, we are able to quickly identify and update the model where training could be improved.”

The ADL called for Grok, along with other producers of Large Language Model (LLM) software, to avoid “producing content rooted in antisemitic and extremist hate.”

“What we are seeing from Grok LLM right now is irresponsible, dangerous and antisemitic, plain and simple. This supercharging of extremist rhetoric will only amplify and encourage the antisemitism that is already surging on X and many other platforms,” the ADL said on X.

Source: https://www.dw.com/en/musks-grok-chatbot-at-the-center-of-antisemitic-scandal/a-73212009

As Bitcoin’s market cap has crossed into the trillions, more institutional investors are entering the space. Large firms that once stayed away are now taking positions in digital assets, helping push prices higher.

Bitcoin reached a fresh all-time high on Wednesday, climbing close to the $112,000 mark as demand from institutional investors and a broader appetite for risk continued to drive momentum in the cryptocurrency market.

The world’s most popular digital currency touched a new peak of $111,988.90 during the day and was last seen trading at $111,259, up 0.4%. Since the beginning of 2025, Bitcoin has gained more than 18%, making it one of the top-performing assets of the year so far.

The rally is being supported by several factors, including expectations of a rate cut in the United States, falling strength of the dollar, and a renewed interest from large financial firms that are now more comfortable investing in cryptocurrencies.

INSTITUTIONAL INTEREST ON THE RISE

Anthony Pompliano, founder and CEO of Professional Capital Management, said in a note to investors that Bitcoin has become a safer bet as it grows in market size. “Bitcoin is the only asset I am aware of where it becomes less risky as it grows in size,” he said, explaining that its trillion-dollar valuation now makes it suitable for big capital allocators.

As Bitcoin’s market cap has crossed into the trillions, more institutional investors are entering the space. Large firms that once stayed away are now taking positions in digital assets, helping push prices higher.

U.S. FED RATE OUTLOOK TRIGGERS RISK SENTIMENT

The recent surge in Bitcoin also followed the release of the U.S. Federal Reserve’s June meeting minutes. Most policymakers signalled support for at least one interest rate cut in 2025, which sparked a risk-on mood in global markets. Investors see this as a positive sign for assets like Bitcoin that often benefit from easier monetary conditions.

Edul Patel, Co-founder and CEO of crypto investment platform Mudrex, said Bitcoin broke out of its consolidation phase and cleared key resistance levels following the Fed’s update. He said that “Bitcoin recorded a fresh all-time high of $112,022” and added that the weakening U.S. dollar made the cryptocurrency more attractive.

The U.S. dollar index dropped to its weakest level in 21 years when compared to its 200-day moving average, pushing many investors to shift to alternative stores of value like Bitcoin.

MARKET LOOKS AHEAD TO CPI DATA AND FED MEETING

Patel also pointed out that Bitcoin is now trading above $111,300, and if momentum continues, it could enter a price discovery phase—where prices move into uncharted territory with no clear resistance levels.

However, traders are now focusing on the U.S. inflation data due on July 11 and the Federal Reserve’s upcoming policy decision. These two events could shape the next direction of the cryptocurrency market.

Another boost for Bitcoin has come from recent pro-crypto moves in the U.S. political landscape. The Trump administration’s friendly stance towards digital assets has added confidence among crypto traders.

Reports suggest that Trump Media & Technology Group, led by members of the U.S. president’s family, is preparing to launch an exchange-traded fund (ETF) that will invest in multiple cryptocurrencies, including Bitcoin, Ether, Solana, and Ripple. The firm has filed the necessary paperwork with the U.S. markets regulator.

Source: https://www.indiatoday.in/business/market/story/bitcoin-all-time-high-usd-112000-near-crypto-currency-price-rise-fed-rate-cut-investor-optimism-2753509-2025-07-10

Brazilian President Luiz Inacio Lula da Silva says that his nation would act with reciprocity.

United States President Donald Trump launched his global tariff assault into overdrive on Wednesday (Jul 9), announcing a new 50 per cent tariff on US copper imports and a 50 per cent duty on goods from Brazil, both to start on Aug 1.

“I am announcing a 50 per cent TARIFF on Copper, effective Aug 1, 2025, after receiving a robust NATIONAL SECURITY ASSESSMENT,” Trump said in a post on his Truth Social media platform, a reference to a “Section 232” national security trade investigation into the red metal that has been underway.

The announcement came hours after he also informed Brazil that its “reciprocal” tariff on Aug 1 would rise to 50 per cent from 10 per cent, a shockingly high level for a country with a balanced US trade relationship.

Trump first broached the copper tariff during a Cabinet meeting on Tuesday, setting off a scramble by companies to import as much copper as soon as possible from Chile and other major suppliers.

He blamed the decline of the US copper industry on past administrations, saying copper was needed for semiconductors, aircraft, electric vehicle batteries and military hardware.

“America will, once again, build a DOMINANT Copper Industry,” Trump wrote.

Trump’s Brazil tariff order came in a letter to Brazilian President Luiz Inacio Lula da Silva that vented anger over what he called the “Witch Hunt” trial of Lula’s right-wing predecessor, Jair Bolsonaro, and added to an increasingly bitter public feud with Lula.

Trump also criticised what he said were Brazil’s attacks on free elections, Americans’ free speech and “SECRET and UNLAWFUL Censorship Orders to US Social Media platforms”.

He ordered the US Trade Representative’s office to launch a new “Section 301” unfair trade practices investigation that could add even more tariffs, citing “Brazil’s continued attacks on the Digital Trade Activities of American companies”.

But Trump’s letter to Lula contained the same language as previous form letters describing Brazil’s trading relationship as “very unfair”.

Lula on Wednesday said that his nation would act with reciprocity.

“Any measure to unilaterally raise tariffs will be responded to in accordance with Brazil’s Economic Reciprocity Law,” Lula’s office said in a statement.

However, the government hit back at X and accused it of twisting facts and delaying unblocking the accounts of Reuters.

New Delhi: Elon Musk-owned social media platform X on Tuesday expressed deep concern about “ongoing press censorship” in India, days after global news agency Reuters’ account was ‘withheld’ in the country after an order by the Narendra Modi government.

However, the government hit back at X and accused it of twisting facts and delaying unblocking the accounts of Reuters.

X’s Global Government Affairs account has claimed that last week (July 3), the Indian government ordered the social media platform to block 2,355 accounts in the country, including that of Reuters “under Section 69A of the IT Act”. It added that non-compliance with the order “risked criminal liability”.

The Ministry of Electronics and Information Technology demanded immediate action- within one hour, without providing justification, and required the accounts to remain blocked until further notice, the post said.

After public outcry, the government requested X to unblock @Reuters and @ReutersWorld, the X said in its post.

“We are deeply concerned about ongoing press censorship in India due to these blocking orders. X is exploring all legal options available. Unlike users located in India, X is restricted by Indian law in its ability to bring legal challenges against these executive orders. We urge affected users to pursue legal remedies through the courts,” X said.

The social media platform also claimed that India’s IT ministry demanded that X adhere to the order “within an hour” and did not provide any “justification” for the move.

Source: https://www.deccanherald.com/india/govt-denies-making-any-fresh-demand-for-blockage-of-global-wire-agencys-x-account-3620998

During a meeting with Anton Siluanov, Finance Minister of Russia, Sitharaman expressed gratitude for the support extended by President Vladimir Putin after the Pahalgam terror attack, the finance ministry said in a post on X.

Finance Minister Nirmala Sitharaman held a series of bilateral meetings, including with Russian and Chinese counterparts, and discussed issues of bilateral cooperation and interests.

These meetings were held on the sidelines of the BRICS Finance Ministers and Central Bank Governors meeting in Rio de Janeiro.

During a meeting with Anton Siluanov, Finance Minister of Russia, Sitharaman expressed gratitude for the support extended by President Vladimir Putin after the Pahalgam terror attack, the finance ministry said in a post on X.

The two leaders discussed India-Russia long-standing partnership.

The finance minister observed that India and Russia enjoy exemplary levels of mutual trust and understanding and our Special and Privileged Strategic Partnership remains resilient and steadfast, it said.

The two sides also discussed issues of bilateral cooperation, including cooperation in the financial sector, along with matters related to NDB.

In another bilateral meeting with her Chinese counterpart Lan Fo’an, both leaders discussed strengthening collaboration across a wide range of areas due to the common rich human capital, deep civilisational ties, and expanding economic influence.

The two leaders recalled their last meeting in Samarkand in September 2024 on the sidelines of the AIIB Annual Meetings, another post by the finance ministry said.

Sitharaman underlined that India and China are uniquely positioned to drive inclusive global growth and innovation as the two nations are the largest and fastest-growing economies in the world.

The finance minister suggested that deeper engagement between the two countries can help amplify the voice of developing economies, and shape global narratives that reflect the priorities and aspirations of the global South, it said.

During bilateral meeting with Thomas Djiwandono, Vice Finance Minister of Indonesia, Sitharaman said India looks forward to hosting the Indonesia Economic and Financial Dialogue soon.

She also thanked Indonesia for their support in the aftermath of the Pahalgam terror attack, a separate post on X by the finance ministry said.

Source: https://www.freepressjournal.in/business/at-brics-meet-fm-nirmala-sitharaman-holds-bilateral-talks-with-china-russia-brazil-and-indonesia

After a 25-year presence, Microsoft has reportedly shut down its operations in Pakistan, leaving only a small liaison office. Founding country manager Jawwad Rehman called the move “more than a corporate exit,” reflecting on the deteriorating business climate that even global tech giants find unsustainable.

Global software giant Microsoft has formally exited Pakistan, ending a 25-year presence that began in June 2000. The decision, although not publicly announced by the company itself, was confirmed through a LinkedIn post by Jawwad Rehman, the founding country manager of Microsoft Pakistan.
The exit reportedly comes after years of gradual downsizing, culminating in the complete closure of operational activities and a reduction to a small liaison office with just five employees. This move has raised significant concerns in Pakistan’s business and tech communities, with observers warning that it reflects broader structural challenges facing the country’s investment environment.

“End of an Era”: A Founder Reflects

In his emotionally charged post titled “End of an Era… Microsoft Pakistan”, Rehman wrote: “Today, I learned that Microsoft is officially closing its operations in Pakistan. The last few remaining employees were formally informed and just like that, an era ends…”
Rehman, who launched Microsoft Pakistan in 2000, said the departure was not just a business decision but a sobering signal of Pakistan’s worsening economic and governance conditions. “This is more than a corporate exit. It’s a sobering signal of the environment our country has created… one where even global giants like Microsoft find it unsustainable to stay,” he wrote.

He further questioned the national leadership and policy drift, asking: “We must ask: What changed? What was lost? What happened to the values, leadership, and vision that once made it all possible?”

Why Microsoft Left

While Microsoft has made no official comment, reports suggest that its retreat stems from macroeconomic instability, regulatory uncertainty, digital policy inconsistency, and a shrinking commercial market. Pakistan’s current foreign exchange challenges, import restrictions, and poor ease-of-doing-business rankings have already triggered exits or downsizing from several multinational firms over the past three years.
TechRadar reported that Microsoft’s presence in Pakistan had been steadily diminishing, and the remaining employees were formally informed this week. With this move, Microsoft joins a growing list of multinationals, including Procter & Gamble, Suzuki, and Lotte, that have restructured or exited operations in Pakistan due to a difficult economic environment.

The gain in forex reserves during week ended June 27 was led by an increase in foreign currency assets, which surge by $5.75 billion to $594.82 billion.

India’s Latest Forex Reserves: India’s foreign exchange reserves rose sharply by $4.84 billion to $702.78 billion in the week ended June 27, bringing them within striking distance of the all-time-high level of $704.89 billion recorded in end-September 2024, according to the latest data released by the Reserve Bank of India (RBI).

This marks a strong rebound from late January levels, when reserves had fallen to a multi-month low of around $624 billion.

The gain was led by an increase in foreign currency assets, while gold reserves declined. The value of gold reserves fell $1.23 billion to $84.5 billion, while foreign currency assets surged by $5.75 billion to $594.82 billion.

Foreign currency assets, expressed in dollar terms, account for the impact of the appreciation or depreciation of other currencies such as the euro, pound, and yen held in the reserves.

Special drawing rights (SDRs) rose by $158 million to $18.83 billion during the week ended June 27. India’s reserve position with the IMF also saw an uptick of $176 million to $4.62 billion, according to the RBI data released on July 4.

Despite the headline rise in reserves, the RBI’s forward dollar book — which represents future dollar obligations — fell by $19 billion in April and May, shrinking to $65.2 billion in May from a record $88.7 billion in February. However, the RBI’s net dollar sales during the same period were relatively modest at $3.2 billion.

The forward book positions matter because they can offset part of the comfort provided by headline reserves, as they reflect future dollar outflows.

The rupee, which has seen increased volatility since April amid global trade tensions, has also been supported by the RBI intervention. The central bank strategically buys dollars when the rupee is strong and sells them when it weakens to smooth out volatility and prevent steep depreciation.

In its last monetary policy statement, RBI Governor Sanjay Malhotra said India’s forex reserves were adequate to cover 11 months of imports and 96% of the country’s external debt, underlining the strength of India’s external position.

Source : https://www.news18.com/business/economy/indias-forex-reserves-cross-700-billion-again-near-all-time-high-9422071.html

Nvidia was on track to become the most valuable company in history on Thursday (Jul 2), with the chipmaker’s market capitalisation reaching US$3.92 trillion as Wall Street doubled down on optimism about artificial intelligence.

Shares of the leading designer of high-end AI chips were up 2.2 per cent at US$160.60 in morning trading, giving the company a higher market capitalisation than Apple’s record closing value of US$3.915 trillion on Dec 26, 2024.

Nvidia’s newest chips have made gains in training the largest AI models, fueling demand for products by the Santa Clara, California, company.

Microsoft is currently the second-most valuable company on Wall Street, with a market capitalisation of US$3.7 trillion as its shares rose 1.5 per cent to US$498.5.

Apple rose 0.8 per cent, giving it a market value of US$3.19 trillion, in third place.

A race among Microsoft, Amazon.com, Meta Platforms, Alphabet and Tesla to build AI data centres and dominate the emerging technology has fueled insatiable demand for Nvidia’s high-end processors.

“When the first company crossed a trillion dollars, it was amazing. And now you’re talking four trillion, which is just incredible. It tells you that there’s this huge rush with AI spending and everybody’s chasing it right now,” said Joe Saluzzi, co-manager of trading at Themis Trading.

The stock market value of Nvidia, whose core technology was developed to power video games, has increased nearly eightfold over the past four years, from US$500 billion in 2021.

Nvidia is now worth more than the combined value of the Canadian and Mexican stock markets, according to LSEG data. The tech company also exceeds the total value of all publicly listed companies in the United Kingdom.

Nvidia recently traded at about 32 times analysts’ expected earnings for the next 12 months, below its average of about 41 over the past five years, according to LSEG data.

That relatively modest price-to-earnings valuation reflects steadily increasing earnings estimates that have outpaced Nvidia’s sizable stock gains.

The company’s stock has now rebounded more than 68 per cent from its recent closing low on Apr 4, when Wall Street was reeling from President Donald Trump’s global tariff announcements.

US stocks, including Nvidia, have recovered on expectations that the White House will cement trade deals to soften Trump’s tariffs. Nvidia holds a weight of nearly 7.4 per cent on the benchmark S&P 500.

AI POSTER CHILD
Nvidia’s swelling market capitalisation underscores Wall Street’s big bets on the proliferation of generative AI technology, with the chipmaker’s hardware serving as the foundation.

Co-founded in 1993 by CEO Jensen Huang, Nvidia has evolved from a niche company popular among video game enthusiasts into Wall Street’s barometer for the AI industry.

The stock’s recent rally comes after a slow first half of the year, when investor optimism about AI took a back seat to worries about tariffs and Trump’s trade dispute with Beijing.

Chinese startup DeepSeek in January triggered a selloff in global equities markets with a cut-price AI model that outperformed many Western competitors and sparked speculation that companies might spend less on high-end processors.

Source: https://www.channelnewsasia.com/business/nvidia-set-become-most-valuable-company-history-ai-5218971

In terms of extant guidelines, banks and NBFCs are not permitted to levy foreclosure charges/pre-payment penalties on any floating rate term-loan sanctioned to individual borrowers with or without co-obligant(s) for purposes other than business.

The RBI on Wednesday directed banks and other lenders not to levy any pre-payment charges on all floating-rate loans and advances, including for business purposes, availed by individuals and micro and small enterprises (MSEs).

The directions will be applicable to all loans and advances sanctioned or renewed on or after January 1, 2026.

In terms of extant guidelines, banks and NBFCs are not permitted to levy foreclosure charges/pre-payment penalties on any floating rate term-loan sanctioned to individual borrowers with or without co-obligant(s) for purposes other than business.

In a circular, the Reserve Bank said the availability of easy and affordable financing to micro and small enterprises (MSEs) is of paramount importance.

However, the Reserve Bank’s supervisory reviews have indicated divergent practices among regulated entities (REs) with regard to the levy of pre-payment charges in case of loans sanctioned to MSEs, which lead to customer grievances and disputes, it said.

Based on a review of the supervisory findings and public feedback received on a draft circular, the central bank has issued the Reserve Bank of India (Pre-payment Charges on Loans) Directions, 2025.

For all loans granted for business purpose to individuals and MSEs, with or without co-obligant(s), a commercial bank (excluding Small Finance bank, Regional Rural bank and Local Area bank), a Tier 4 Primary (Urban) Co-operative bank, an NBFC-UL, and an All India Financial Institution “shall not levy any pre-payment charges”, said the directions.

Also, for all loans granted for purposes other than business to individuals, with or without co-obligant(s), a regulated entity (RE) shall not levy pre-payment charges, it said.

“A Small Finance bank, a Regional Rural bank, a Tier 3 Primary (Urban) Cooperative bank, State Cooperative bank, Central Cooperative bank and an NBFCML shall not levy any pre-payment charges on loans with sanctioned amount/ limit up to Rs 50 lakh,” it added.

The RBI also said the norms will be applicable irrespective of the source of funds used for pre-payment of loans, either in part or in full, and without any minimum lock-in period.

Source : https://www.deccanherald.com/business/rbi-directs-banks-other-lenders-not-to-levy-pre-payment-charges-on-biz-loans-to-individuals-mses-3613159

Meta (META.O), CEO Mark Zuckerberg has reorganized the company’s artificial intelligence efforts under a new division called Meta Superintelligence Labs, according to a source on Monday.
The division will be headed by Alexandr Wang, former CEO of data labeling startup Scale AI. He will be the chief AI officer of the new initiative at the social media giant, the source said.

The high-stakes push follows senior staff departures and a poor reception for Meta’s latest open-source Llama 4 model, challenges that have allowed rivals including Google, OpenAI and China’s DeepSeek to seize momentum in the AI race.

Zuckerberg hopes the new lab will fast-track work on artificial general intelligence – machines that can outthink humans – and help create new cash flows from the Meta AI app, image-to-video ad tools and smart glasses.
Over the past month, Zuckerberg personally led an aggressive talent raid, floating offers for startups including OpenAI co-founder Ilya Sutskever’s Safe Superintelligence (SSI) and courting prospects directly on WhatsApp with million-dollar pay packages.
Earlier this month, the Facebook and Instagram parent invested $14.3 billion in Scale AI.
Apart from Wang and some Scale AI staff, the new division will reportedly include SSI’s co-founder and CEO, Daniel Gross.

Former GitHub CEO Nat Friedman will co-lead the Superintelligence Labs with Wang and head the company’s work on AI products and applied research, according to the source.
Zuckerberg has also brought on 11 new hires in the AI field, including researchers from OpenAI, Anthropic and Google, the source said.
The new appointments include former DeepMind researchers Jack Rae and Pei Sun; several OpenAI alumni such as Jiahui Yu, Shuchao Bi, Shengjia Zhao and Hongyu Ren; as well as Anthropic’s Joel Pobar, who previously spent more than a decade at Meta, according to the source.
Earlier this month, OpenAI CEO Sam Altman said Meta had offered his employees bonuses of $100 million to recruit them.
But some analysts worry that Meta’s AGI bet could be another moonshot to yield near-term returns. Its other big bet, the Reality Labs unit, has burned through more than $60 billion since 2020, with little to show beyond the Ray-Ban smart glasses and Quest headsets.

Together, big tech companies are expected to spend $320 billion on AI this year.
In 2024, Microsoft spent $650 million to scoop up most of Inflection AI’s staff, including co-founder Mustafa Suleyman, while Amazon poached key talent from Adept.

Source : https://www.reuters.com/business/meta-deepens-ai-push-with-superintelligence-lab-source-says-2025-06-30/

Hong Kong builder New World Development said on Monday (Jun 30) it had received commitments for a HK$88.2 billion (US$11.24 billion) loan refinancing, as the builder finalises a crucial lifeline in a distressed property market.

New World’s refinancing, poised to be one of the largest ever seen in Hong Kong, concludes months of negotiations over a debt package designed to steer the company away from the brink of default.

The deal offers a temporary reprieve, while China’s prolonged property downturn continues to cast a shadow over the developer’s outlook.

New World said it had refinanced portions of its existing offshore unsecured debt, including bank loans, through a new facility, and had also aligned the terms of its remaining loan agreements.

The new facility consists of multiple tranches of bank loans with different maturities, with the earliest being Jun 30, 2028.

The refinancing includes terms such as financial covenants and security over certain assets that provide the firm with greater flexibility to effectively manage its ongoing business operations and financial requirements, the company said.

“We would like to express our sincere gratitude to the banking community for their continued support. This is a testament to the confidence placed in our operation,” said Echo Huang, CEO of New World.

Source : https://www.channelnewsasia.com/business/hong-kongs-new-world-development-gets-us1124-billion-refinancing-5211381

Oil prices edged down on Tuesday, weighed by expectations of an OPEC+ output hike in August and concerns of an economic slowdown driven by prospects of higher U.S. tariffs.

Brent crude futures for September delivery fell 16 cents, or 0.24 per cent, to $66.58 a barrel by 0000 GMT. U.S.

West Texas Intermediate crude declined 20 cents, or 0.31 per cent, to $64.91 a barrel.

“The market is now concerned that the OPEC+ alliance will continue with its accelerated rate of output increases,” ANZ senior commodity strategist Daniel Hynes said in a note.

Four OPEC+ sources told Reuters last week that the group plans to raise output by 411,000 barrels per day in August, following similar hikes in May, June, and July.

If approved, this would bring OPEC+’s total supply increase for the year to 1.78 million bpd, equivalent to more than 1.5 per cent of global oil demand. OPEC and its allies including Russia, together known as OPEC+, will meet on July 6.

Uncertainty about U.S. tariffs and their impact on global growth also kept a lid on oil prices.

U.S. Treasury Secretary Scott Bessent warned that countries could be notified of sharply higher tariffs despite good-faith negotiations as a July 9 deadline approaches, when tariff rates are scheduled to revert from a temporary 10 per cent level to President Donald Trump’s suspended rates of 11 per cent to 50 per cent announced on April 2.

Morgan Stanley expects Brent futures to retrace to around $60 by early next year, with the market being well supplied and geopolitical risk abating following the Israel-Iran de-escalation. It expects an oversupply of 1.3 million bpd in 2026.

Source : https://www.channelnewsasia.com/business/oil-edges-down-expectations-more-opec-supply-tariff-fears-5212936

Nvidia’s (NVDA.O),  stock hit a record high on Wednesday, and the chipmaker reclaimed the crown as the world’s most valuable company after an analyst said the chipmaker was set to ride a “Golden Wave” of artificial intelligence.
Shares of the Santa Clara, California-based company rose over 4% to a record high of $154.10. The rise sent Nvidia’s stock market value to $3.76 trillion, overtaking Microsoft (MSFT.O), which was last valued at $3.65 trillion following a 0.2% increase in its stock.

Fueling Nvidia’s latest rally, Loop Capital lifted its price target for the designer of high-end AI processors to $250 from $175, while maintaining its “buy” rating.
“Our work suggests we are entering the next ‘Golden Wave’ of Gen AI adoption and NVDA is at the front-end of another material leg of stronger than anticipated demand,” Loop Capital analyst Ananda Baruah wrote in a client note.
Nvidia’s latest gains reflect the U.S. stock market’s return to the “AI trade” that fueled massive gains in chip stocks and related technology companies in recent years on optimism about the emerging technology.

Nvidia recently traded at about 30 times analysts’ expected earnings for the next 12 months, below its average of about 40 over the past five years, according to LSEG data. That relatively modest price-to-earnings valuation reflects steadily increasing earnings estimates that have outpaced Nvidia’s sizable stock gains.
Nvidia, Microsoft and Apple (AAPL.O), have traded places several times as the world’s most valuable company over the past year, with Microsoft leading recently after overtaking Nvidia in early June.

Source : https://www.reuters.com/business/nvidia-hits-record-high-analyst-predicts-ai-golden-wave-2025-06-25/

At least 11 people were killed, including a teenager, and more wounded in a Tuesday night shooting in the central Mexican city of Irapuato, authorities said on Wednesday.
The attorney general’s office in Guanajuato, the violence-plagued state where Irapuato is located, said that 20 others were hospitalized with gunshot wounds.

Mexican President Claudia Sheinbaum said earlier on Wednesday that the victims included children, although the attorney general’s office later confirmed only one casualty was a minor, aged 17.

“It is very unfortunate what happened. An investigation is under way,” Sheinbaum said.
Local media reported the shooting happened during an evening party celebrating a Catholic holiday, the Nativity of John the Baptist.
A video circulating on social media showed people dancing in the patio of a housing complex while a band played in the background, before gunfire erupted. Reuters was not immediately able to verify the video.

Source : https://www.reuters.com/business/aerospace-defense/least-10-killed-home-shooting-central-mexico-2025-06-25/

Global environmental lobby Greenpeace added its voice on Monday to protests against this week’s celebrity wedding in Venice between American tech billionaire Jeff Bezos and journalist Laura Sanchez.
The event, expected to attract some 200 guests including U.S. President Donald Trump’s daughter Ivanka and son-in-law Jared Kushner, as well as scores of stars from film, fashion and business, has been dubbed “the wedding of the century”.

But some locals see the celebration as the latest sign of the brash commodification of a beautiful but fragile city that has long been overrun with tourism while steadily depopulating.
Activists from Greenpeace Italy and UK group “Everyone hates Elon” (Musk) unfolded a giant banner in central St Mark’s Square with a picture of Bezos laughing and a sign reading: “If you can rent Venice for your wedding you can pay more tax.”
Local police arrived to talk to activists and check their identification documents, before they rolled up their banner.
“The problem is not the wedding, the problem is the system. We think that one big billionaire can’t rent a city for his pleasure,” Simona Abbate, one of the protesters, told Reuters.

Mayor Luigi Brugnaro and regional governor Luca Zaia have defended the wedding, arguing that it will bring an economic windfall to local businesses, including the motor boats and gondolas that operate its myriad canals.
Zaia said the celebrations were expected to cost 20-30 million euros ($23-$34 million).
Bezos will also make sizable charity donations, including a million euros for Corila, an academic consortium that studies Venice’s lagoon ecosystem, Italy’s Corriere della Sera newspaper and the ANSA news agency reported on Sunday.
Earlier this month, anti-Bezos banners were hung from St Mark’s bell tower and from the famed Rialto bridge, while locals threatened peaceful blockades against the event, saying Venice needed public services and housing, not VIPs and over-tourism.

Source : https://www.reuters.com/business/environment/greenpeace-joins-protests-against-gala-bezos-wedding-venice-2025-06-23/

The proposal will burn India’s foreign reserves, decrease foreign exchange inflow, and disrupt non-residents’ existing financial strategies.

On May 22, 2025, the US House of Representatives passed the controversial ‘The One, Big, Beautiful Bill’. The Bill includes a significant provision levying an excise tax on every single dollar of remittance or international money transfer made by non-US citizens. The proposal has inevitably sent shockwaves across immigrant communities, especially, the second-largest migrant community, the Indian diaspora. As per the RBI’s March 2025 report, the US accounted for 28% of India’s total remittances of $118 billion, which amounts to $33 billion in the financial year 2024.

What is the remittance tax?

The Big Beautiful Bill proposes to levy a 3.5% (originally envisaged 5%) excise tax on every outbound remittance made by immigrants. This means, for example, a single transaction of Rs. 1 lakh ($1154.96) transfer will attract Rs. 3,500 (USD 40.42). In the absence of any cap, the new tax will apply to all transfers, whether single or multiple, small or big in amount. If one goes by the RBI’s latest report, the Indian community should prepare to cough up a little over $1 billion in remittance taxes, annually.

Who are the subjects?

Non-US residents having assets or income in the US, including ESOP proceeds, restricted stock units (RSUs), employees holding work permit H1B, H2A, L1 visas, students holding F1 visa, and Green Card holders awaiting US citizenship will be subject to the tax.

The Bill exempts US citizens or nationals, individuals of Indian origin holding US citizenship, provided they use ‘qualified remittance transfer providers’ from the tax ambit. In case of remittances made through non-qualified channels, the tax will apply. However, they are eligible to claim it as a tax refund.

Who gets a tax refund?

The exempted US citizens and nationals can claim back full tax refund, subject to providing a valid Social Security Number or SSN (similar to India’s Aadhaar) and proof of taxes paid. As the new levy is labelled as ‘Excise Tax on Remittances’ and not a tax on income, it is very unlikely to fall within the ambit of Article 2 of the India-US tax treaty. Thus, it may not extend the refund mechanism to non-resident Indians. Also, as of now, there is no clarity whether this additional tax will be available for a tax credit in India.

Effect on Indian households

The proposal will burn India’s foreign reserves, decrease foreign exchange inflow, and disrupt non-residents’ existing financial strategies. Whether a non-resident is supporting aged parents, funding education, healthcare, household consumption, or investing in real estate back in India, they will all feel the pinch. The remittance from the US is a lifeline for thousands of families in the country.

A significant drop in remittances is likely to affect real estate investments in major Indian cities, including Bengaluru, Chennai, Hyderabad, Mumbai, Delhi’s NCR, as well as capital market and gold. The young Indian working professionals will be hit hard, because a large chunk of their salaries go into repaying higher education loans taken out here.

As per a research report, the levy may result in a 10-15% decrease in remittances to India, or a $12-18 billion yearly shortfall.

What should NRIs do?

Indian professionals as a permanent solution may negotiate with their employers the additional 3.5% cost as part of their salary package, or increase the part of the salary paid here, to set off the impact effectively. Since the tax will apply across all legitimate channels, including NRE/NRO accounts and traditional banks backed by increased regulatory supervision and stricter KYC norms, it will be very difficult to bypass the levy. The compliance burden for non-residents will increase manifold.

Indian govt’s reaction

A finance ministry official reportedly told a local daily that the Government is yet to make an impact analysis of the remittance tax. However, a formal word could be expected during the upcoming monsoon session of the Parliament.

Source : https://www.deccanherald.com/business/economy/the-big-beautiful-bill-its-impact-on-indian-households-3597797

The crash must prompt fundamental reforms—beginning with the regulator and extending to airline management—as the aviation ecosystem is structurally compromised.

The Indian aviation industry is facing its biggest crisis in decades as it grapples with the devastating crash of Air India’s Boeing 787-8 Dreamliner at Ahmedabad on June 12, 2025. The London-bound AI171 went down just 36 seconds after takeoff, killing over 240 passengers and several others on the ground.

The tragedy has shattered the airline’s narrative of renewal under Tata Group ownership, exposing deep cracks in its safety culture and raising fresh questions about the effectiveness of regulatory oversight in one of the world’s fastest-growing aviation markets.

A pattern of neglect

Air India has been under scrutiny for repeated safety violations in recent years, particularly since Tata Sons took over the airline.

More of that later. In September 2022, Air India unveiled a five–year roadmap called Vihaan.AI, focusing on five key pillars: exceptional customer experience, robust operations, industry-best talent, industry leadership, and commercial efficiency and profitability.

But an entirely different scenario has been unfolding since the Renaissance project was launched nearly three years ago.

A recent Reuters report stated that days before the crash, the Directorate General of Civil Aviation (DGCA) had warned the airline about operating three Airbus aircraft without conducting any inspections of the critical emergency escape slides. According to the report, one aircraft was allowed to fly international routes despite safety checks being overdue by over a month; another had missed inspections by more than three months.

In another instance, and as recently as February this year, the regulator imposed a Rs 30 lakh penalty on Air India for allegedly allowing one of the pilots to operate a flight without complying with certain regulatory norms. The DGCA, in its order, stated that it has found “recurrent rostering issues” among the crew, which violate flight duty time and rest periods.

On an earlier occasion, a DGCA review in 2023 revealed that internal safety audit reports by the airline at major airports, including Delhi, Mumbai, and Goa, had been altered. The report was shared with the regulator after being asked to do so by the regulator. Moreover, it was reported that an unauthorised official had allegedly signed off on safety documents, including medical and ramp checks.

Regulatory shortfalls

The DGCA’s role in this unfolding disaster cannot be ignored, either. It is widely acknowledged that the watchdog is dangerously understaffed and underfunded to an extent that raises serious concerns. Parliamentary data shows half of the posts in the organisation are vacant. Adding to their woes, a Parliamentary Standing Committee reported a 91% cut in funding for civil aviation safety infrastructure earlier this year, even as the number of domestic airports has doubled from 74 in 2014 to 147.

Such a resource crunch is likely to impact the regulator’s efficiency. There have been multiple reports about how audits are conducted in a hurry or are skipped altogether. In the case of Air India, repeated warnings appear to have failed to elicit corrective action.

The economic fallout

The economic impact of the crash is expected to hurt all the stakeholders. According to preliminary estimates, the insurance payout could reach $475 million, making it one of India’s costliest aviation claims. That includes $125 million for the aircraft’s hull and engines, and roughly $350 million in passenger liability.

The ripple effects are already visible. Insurance premiums for Indian carriers, especially those operating Boeing fleets, are expected to rise by up to 100% in the next underwriting cycle. Air India and SpiceJet, both major Boeing customers, may see premiums increase from $28 million to between $40 million and $50 million annually. The cost will likely be passed on to passengers through higher ticket prices, estimated to rise by 2% to 5% or even more on metro routes.

Aircraft leasing costs are also expected to increase, especially for Boeing models. Lessors will now factor in higher risk and insurance liabilities.

Mounting safety breaches

Meanwhile, two former senior flight attendants have written to Prime Minister Narendra Modi, alleging that they were asked to resign from the airline for refusing to lie about a serious safety incident involving the same model of Dreamliner that crashed. According to their June 19 letter, a door malfunction on flight AI-129 in May 2024 resulted in the accidental deployment of an emergency slide raft after the aircraft landed at Heathrow Airport in London. The incident, they say, was hushed up by both the airline and the DGCA, and if there was ever a formal inquiry, it was never made public.

Another whistleblower, Captain Deven Kanani, claims he was dismissed in 2023 after raising the oxygen supply issues on Boeing 777 flights operating on high-altitude routes. According to him, the aircraft had just 12 minutes of oxygen reserve—barely enough in the event of sudden depressurisation.

These incidents don’t appear to be isolated. In 2024 alone, the aviation ministry reported 23 safety violations by Indian carriers, 12 of which involved Air India or its low-fare airline, Air India Express. The violations ranged from unauthorised cockpit access to insufficient oxygen supplies. This led to Air India being fined its largest amount, $127,000.

Need for reform

The crash must prompt fundamental reforms—beginning with the regulator and extending to airline management—as the aviation ecosystem is structurally compromised.

The Government must recruit professionals to manage the DGCA. An earlier experiment to get executives from global consultancy companies to hold key positions in the organisation resulted in chaos rather than strengthening it. The agency should be empowered to hire the best in the business, and remuneration should be market-driven. Surveillance should shift from reactive audits to real-time monitoring using digital tools, predictive analytics, and rigorous flight safety databases.

The Aircraft Accident Investigation Bureau (AAIB) requires increased funding, which would enable the agency to modernise its investigative capabilities. Its Rs 9 crore black box lab reportedly failed to retrieve data from the damaged recorders in the Ahmedabad crash, underlining the need for investment in technical infrastructure.

Source : https://www.deccanherald.com/business/companies/flight-ai-171-wasn-t-an-accident-it-was-a-consequence-3597806

Tesla (TSLA.O), deployed a small group of self-driving taxis picking up paying passengers on Sunday in Austin, Texas, with CEO Elon Musk announcing the “robotaxi launch” and social-media influencers posting videos of their first rides.
The event marked the first time Tesla cars without human drivers have carried paying riders, a business that Musk sees as crucial to the electric car maker’s financial future.

He called the moment the “culmination of a decade of hard work” in a post on his social-media platform X and noted that “the AI chip and software teams were built from scratch within Tesla.”
Teslas were spotted early Sunday in a neighborhood called South Congress with no one in the driver’s seat but one person in the passenger seat. The automaker planned a small trial with about 10 vehicles and front-seat riders acting as “safety monitors,” though it remained unclear how much control they had over the vehicles.
In recent days, the automaker sent invites to a select group of influencers for a carefully monitored robotaxi trial in a limited zone. The rides are being offered for a flat fee of $4.20, Musk said on X.

Tesla investor and social-media personality Sawyer Merritt posted videos on X Sunday afternoon showing him ordering, getting picked up, and taking a ride to a nearby bar and restaurant, Frazier’s Long and Low, using a Tesla robotaxi app.
If Tesla succeeds with the small deployment, it still faces major challenges in delivering on Musk’s promises to scale up quickly in Austin and other cities, industry experts say.
It could take years or decades for Tesla and self-driving rivals, such as Alphabet’s (GOOGL.O), Waymo, to fully develop a robotaxi industry, said Philip Koopman, a Carnegie Mellon University computer-engineering professor with expertise in autonomous-vehicle technology.
A successful Austin trial for Tesla, he said, would be “the end of the beginning – not the beginning of the end.”
Most of Tesla’s sky-high stock value now rests on its ability to deliver robotaxis and humanoid robots, according to many industry analysts. Tesla is by far the world’s most valuable automaker.

As Tesla’s robotaxi-rollout date approached, Texas lawmakers moved to enact autonomous-vehicle rules. Texas Governor Greg Abbott, a Republican, on Friday signed legislation requiring a state permit to operate self-driving vehicles.
The law, which takes effect September 1, signals that state officials from both parties want the driverless-vehicle industry to proceed cautiously.
Tesla did not respond to requests for comment. The governor’s office declined to comment.

“EASY TO GET, EASY TO LOSE”

The law softens the state’s previous anti-regulation stance on autonomous vehicles. A 2017 Texas law specifically prohibited cities from regulating self-driving cars.
The new law requires autonomous-vehicle operators to get approval from the Texas Department of Motor Vehicles before operating on public streets without a human driver. It gives state authorities the power to revoke permits for operators they deem a public danger.

The law also requires firms to provide information on how first responders can deal with their driverless vehicles in emergency situations.
The law’s permit requirements for an “automated motor vehicle” are not onerous but require firms to attest their vehicles can operate legally and safely.
It defines an automated vehicle as having at least “Level 4” autonomous-driving capability under a recognized standard, meaning it can operate with no human driver under specified conditions. Level 5 autonomy is the top level and means a car can drive itself anywhere, under any conditions.
Compliance remains far easier than in some states, notably California, which requires submission of vehicle-testing data under state oversight.
Bryant Walker Smith, a University of South Carolina law professor who focuses on autonomous driving, said it appears any company that meets minimum application requirements will get a Texas permit – but could also lose it if problems arise.
“California permits are hard to get, easy to lose,” he said. “In Texas, the permit is easy to get and easy to lose.”

MUSK’S SAFETY PLEDGES

The Tesla robotaxi rollout comes after more than a decade of Musk’s unfulfilled promises to deliver self-driving Teslas.
Musk has said Tesla would be “super paranoid” about robotaxi safety in Austin, including operating in limited areas.
The service in Austin will have other restrictions as well. Tesla plans to avoid bad weather, difficult intersections, and will not carry anyone below age 18.

Source : https://www.reuters.com/business/autos-transportation/tesla-tiptoes-into-long-promised-robotaxi-service-2025-06-22/

Around 10,000 Russian soldiers are fighting in Russia’s Kursk region, about 90 square kilometers (35 square miles) of which is controlled by Ukraine, Ukraine’s top military commander said.
“We control about 90 square kilometers of territory in the Hlushkov district of the Kursk region of the Russian Federation, and these are our preemptive actions in response to a possible enemy attack,” Oleksandr Syrskyi said without elaborating, in remarks released by his office for publication on Sunday.
The Ukrainian military said the activity in this area prevented Russia from sending a significant number of its forces to Ukraine’s eastern region of Donetsk, where some of the heaviest fighting has taken place in the more than three-year-old full-scale invasion.
Syrskyi’s troops are repelling Russian forces along the frontline, which stretches for about 1,200 km, where the situation remains difficult, the Ukrainian military said.
Russian gains have accelerated in May and June, though the Ukrainian military says it comes at a cost of high Russian casualties in small assault-group attacks.
While the military says its troops repelled Russian approaches toward Ukraine’s Dnipropetrovsk region borders last week, the pressure continues in the country’s eastern and northern regions.

The Russian military also continues its deadly drone and missile attacks on the Ukrainian cities further from the front, prompting Ukraine to innovate its approaches to air defence.
Ukraine’s military said it currently destroys around 82% of Shahed-type drones launched by Russia but requires more surface-to-air missile systems to defend critical infrastructure and cities.
The military said the air force was also working on developing the use of light aircraft and drone interceptors in repelling Russian assaults which can involve hundreds of drones.
Ukraine also relies on its long-range capabilities to deal damage to economic and military targets on Russian territory, increasing the cost of war to Moscow.
Between January and May, Ukraine dealt over $1.3 billion in direct losses in the Russian oil refining and fuel production industry, energy and transport supplies as well as strategic communications, the Ukrainian military said.

Source: https://www.reuters.com/business/aerospace-defense/ukraine-fighting-10000-russian-troops-kursk-region-ukrainian-commander-says-2025-06-22/

A U.S. attack on Iranian nuclear sites could lead to a knee-jerk reaction in global markets when they reopen, sending oil prices higher and triggering a rush to safety, investors said, as they assessed how the latest escalation of tensions would ripple through the global economy.
The attack, which was announced by President Donald Trump on social media site Truth Social, deepens U.S. involvement in the Middle East conflict. That was the question going into the weekend, when investors were mulling a host of different market scenarios.

In the immediate aftermath of the announcement, they expected the U.S. involvement was likely to cause a selloff in equities and a possible bid for the dollar and other safe-haven assets when trading begins, but also said much uncertainty about the course of the conflict remained.
Trump called the attack “a spectacular military success” in a televised address to the nation and said Iran’s “key nuclear enrichment facilities have been completely and totally obliterated”. He said the U.S. military could go after other targets in Iran if the country did not agree to peace.
“I think the markets are going to be initially alarmed, and I think oil will open higher,” said Mark Spindel, chief investment officer at Potomac River Capital.

“We don’t have any damage assessment and that will take some time. Even though he has described this as ‘done’, we’re engaged. What comes next?” Spindel said.
“I think the uncertainty is going to blanket the markets, as now Americans everywhere are going to be exposed. It’s going to raise uncertainty and volatility, particularly in oil,” he added.
Spindel, however, said there was time to digest the news before markets open and said he was making arrangements to talk to other market participants.

OIL PRICES, INFLATION

A key concern for markets would center around the potential impact of the developments in the Middle East on oil prices and thus on inflation. A rise in inflation could dampen consumer confidence and lessen the chance of near-term interest rate cuts.
“This adds a complicated new layer of risk that we’ll have to consider and pay attention to,” said Jack Ablin, chief investment officer of Cresset Capital. “This is definitely going to have an impact on energy prices and potentially on inflation as well.”

While global benchmark Brent crude futures have risen as much as 18% since June 10, hitting a near five-month high of $79.04 on Thursday, the S&P 500 (.SPX) has been little changed, following an initial drop when Israel launched its attacks on Iran on June 13.

Before the U.S. attack on Saturday, analysts at Oxford Economics modeled three scenarios, including a de-escalation of the conflict, a complete shutdown in Iranian oil production and a closure of the Strait of Hormuz, “each with increasingly large impacts on global oil prices.”
In the most severe case, global oil prices jump to around $130 per barrel, driving U.S. inflation near 6% by the end of this year, Oxford said in the note.
“Although the price shock inevitably dampens consumer spending because of the hit to real incomes, the scale of the rise in inflation and concerns about the potential for second-round inflation effects likely ruin any chance of rate cuts in the U.S. this year,” Oxford said in the note, which was published before the U.S. strikes.

In comments after the announcement on Saturday, Jamie Cox, managing partner at Harris Financial Group, agreed oil prices would likely spike on the initial news. But Cox said he expected prices to likely level in a few days as the attacks could lead Iran to seek a peace deal with Israel and the United States.
“With this demonstration of force and total annihilation of its nuclear capabilities, they’ve lost all of their leverage and will likely hit the escape button to a peace deal,” Cox said.
Economists warn that a dramatic rise in oil prices could damage a global economy already strained by Trump’s tariffs.
Still, any pullback in equities might be fleeting, history suggests. During past prominent instances of Middle East tensions coming to a boil, including the 2003 Iraq invasion and the 2019 attacks on Saudi oil facilities, stocks initially languished but soon recovered to trade higher in the months ahead.
On average, the S&P 500 slipped 0.3% in the three weeks following the start of conflict, but was 2.3% higher on average two months following the conflict, according to data from Wedbush Securities and CapIQ Pro.

Source : https://www.reuters.com/business/energy/middle-east-tensions-put-investors-alert-weighing-worst-case-scenarios-2025-06-21/

Genpact is under fire for mandating a 10-hour workday without formal HR communication or salary hikes, sparking widespread protests over burnout, surveillance, and a toxic work culture. Employees have taken to social media and Reddit to voice frustration, calling the policy exploitative and unsustainable.

Global professional services giant Genpact is facing a wave of internal dissent and public backlash after introducing a controversial 10-hour mandatory workday, implemented without formal communication or corresponding salary hikes. The move has sparked fears of burnout, digital surveillance, and eroding work-life balance—particularly within its Hyderabad office, where employees report a drop in morale.
According to a report by The Hindu, the extended work policy, in effect since mid-June, requires employees to log 10 active hours daily on a proprietary productivity platform. Workers who comply can earn up to 500 points per month, redeemable for a modest Rs 3,000 incentive, with only a 5 per cent bonus (around Rs 150) for additional hours beyond the daily quota. Critically, no increase in base salary accompanies the policy.
“There’s nothing on paper. It’s all word of mouth. If anyone challenges it, they’re accused of being difficult and risk termination,” a senior recruitment staffer told The Hindu, citing the absence of an official HR circular.

What’s fuelling the backlash is not just the demand for longer hours but how the policy was introduced—informally through team leads and managers, without written directives. This opaque rollout, insiders say, has created confusion and left employees fearful of retribution if they speak up.

Amidst the outcry, some employees say they are monitored via WAM, a tool reportedly capable of tracking keystrokes and screen activity. Employees must now maintain nine active hours out of ten, or risk receiving warning emails. Repeat violations, according to Reddit threads, could lead to bonus deductions or poor performance appraisals.

Japanese carmaker Toyota Motor Corp will raise prices of some vehicles it sells in the U.S. by more than $200 from July, Bloomberg News reported on Friday.

Source : https://www.channelnewsasia.com/business/toyota-raise-us-auto-prices-more-200-july-bloomberg-news-reports-5195261

The relocation requests affect employees across several teams and could require moves to cities like Seattle, Arlington, Virginia, and Washington, DC.

Amazon.com Inc. is asking some of its corporate employees to relocate closer to their managers and teams, a move that’s raising concern among staff already unsettled by past job cuts and looming fears over artificial intelligence replacing roles.
The relocation requests affect employees across several teams and could require moves to cities like Seattle, Arlington, Virginia, and Washington, DC, Bloomberg reported, citing people familiar with the matter. In some cases, the changes could mean cross-country moves, particularly challenging for mid-career professionals with families and working spouses.
The policy is being communicated quietly, often through one-on-one meetings or team town halls rather than mass emails.

Amazon.com Inc. is asking some of its corporate employees to relocate closer to their managers and teams, a move that’s raising concern among staff already unsettled by past job cuts and looming fears over artificial intelligence replacing roles.
The relocation requests affect employees across several teams and could require moves to cities like Seattle, Arlington, Virginia, and Washington, DC, Bloomberg reported, citing people familiar with the matter. In some cases, the changes could mean cross-country moves, particularly challenging for mid-career professionals with families and working spouses.
The policy is being communicated quietly, often through one-on-one meetings or team town halls rather than mass emails.

Internal Slack messages reviewed by Bloomberg showed employees discussing the policy and expressing frustration. One employee said their team was given 30 days to decide on relocating, followed by 60 days to either move or resign — with no severance for those who chose to quit.

Amazon said it offers relocation support “based on individual circumstances,” adding, “we hear from the majority of our teammates that they love the energy from being located together.”

Source : https://www.timesnownews.com/business-economy/companies/amazon-relocation-employees-ai-settlements-article-152118052

India has halted premium orthodox tea exports to Iran worth Rs 100–150 crore following network disruptions and erratic connectivity in Iran, as deepening Iran–Israel conflict poses broader risks for West Asian trade routes and oil market volatility.

India has suspended all shipments of premium orthodox tea to Iran amid widespread disruption triggered by the ongoing Iran–Israel conflict. The pause, affecting exports valued between Rs 100 crore and Rs 150 crore, was prompted by communication blackouts, closed commercial offices, and rising regional instability.
“It has been one week since the war began. The shipments for the past week are on hold as we are not able to establish contact with our buyers,” said Mohit Agarwal, director at Asian Tea Company.
According to exporters, Iran typically sources high volumes of orthodox tea from India during the second flush season—a premium crop window for exporters. But erratic connectivity and institutional closures in Iran have left consignments undelivered and contact lines dead.

“Offices are closed in Iran, and therefore, the exporters are not able to contact the Iranian buyers. Connectivity has become a major issue in Iran due to the war situation,” Agarwal added.

Omnicom Media’s India chief was frustrated. It was October 5, 2023 and a rival was trying to poach the U.S. firm’s client by offering lower prices, just weeks after global advertising agencies and broadcasters struck secret pacts on ad rates in the South Asian country.
The attempt to woo the client violated the agencies’ agreement, Omnicom Media’s India CEO Kartik Sharma wrote in a WhatsApp group comprising a who’s who of advertising, according to excerpts of the discussion documented by antitrust investigators and verified by Reuters.

“This kind of practice is not in the spirit of what we are collectively trying to achieve,” Sharma wrote, without identifying the parties.
Shashi Sinha, then India CEO of New York-based IPG Mediabrands, suggested an industry group should “admonish the agency”.
The exchanges form part of a confidential dossier compiled by India’s antitrust watchdog that chronicles how global advertising companies, including leading U.S. and European firms, coordinated to rig prices in the world’s most populous nation.
Reuters reviewed evidence from the Competition Commission of India (CCI) investigation, including a 10-page document with messages and records of meetings between top advertising executives, and two industry agreements under scrutiny for antitrust violations; and interviewed two people familiar with the probe.

The key details, which haven’t been previously reported, centre on WhatsApp interactions involving 11 industry executives. They include the top India or South Asia executives of WPP’s (WPP.L), GroupM; U.S.-based Omnicom Media (OMC.N), and Interpublic’s (IPG.N), IPG Mediabrands; France’s Publicis (PUBP.PA), and Havas Media (HAVAS.AS); Japan’s Dentsu (4324.T), and India’s Madison World.
Over WhatsApp and in meetings, the executives coordinated responses to clients, which “resulted in alignment of competing advertising agencies,” CCI officials said in the August 9 dossier, determining on an initial basis that the conduct contravened competition law.
The firms agreed to cooperate on pricing, including not to undercut each other; colluded with broadcasters to deny business to agencies that didn’t comply; and discussed financial terms involving at least four Indian clients over conference calls, according to the investigation documents.

The documents don’t indicate whether the agencies’ foreign headquarters were aware of the executives’ actions.
A spokesperson for WPP Media, which until May was known as GroupM, told Reuters it was aware of the investigation but declined to comment further.
A Dentsu India spokesperson confirmed Reuters reporting that it had disclosed industry practices to the CCI in February 2024 under the regulator’s leniency program, which enables lesser penalties for firms that share evidence of malpractice. The spokesperson didn’t address specific evidence raised in the dossier but said the firm had implemented stricter audits and controls.
The other agencies and their executives didn’t respond to Reuters questions about the antitrust probe and information in the dossier. The regulator also didn’t respond to queries.

Reuters has reported that in March, as part of the continuing investigation, the regulator raided the Indian offices of many advertising firms and an industry group that represents broadcasters, including the Reliance-Disney venture and Sony (6758.T)

CCI investigations typically take several months. The regulator can’t press criminal charges, but can impose financial penalties on the media agencies of up to three times their profit or 10% of an Indian entity’s global turnover, whichever is higher, for each year of wrongdoing.

SECRET PACTS

WPP Media, the world’s largest media buying agency, last year – when it was still known as GroupM – won new India business worth $447 million, followed by Omnicom’s $183 million, according to research firm COMvergence.
But India’s near-$30 billion media and entertainment sector is grappling with weak consumer sentiment. Ad spending will rise 7% to $19 billion in 2025, the slowest growth in three years, according to GroupM estimates.
The CCI is investigating the role of two industry bodies, the Advertising Agencies Association of India (AAAI) and the Indian Broadcasting & Digital Foundation (IBDF), in orchestrating the suspected cartel.
The former group is led by WPP Media India head Prasanth Kumar, while the broadcasting body’s president is Kevin Vaz, a top Reliance-Disney venture executive. Neither industry group responded to requests for comment.
The dossier shows the AAAI circulated guidelines to ad agencies in August 2023: They must charge clients whose annual spending exceeds $29 million a minimum 3% commission for digital ads and 2.5% for traditional media. Lower-spending clients would pay higher minimum commissions of up to 8%.
A month later, the industry associations entered a joint pact, agreeing no agency would “unilaterally offer any discount” on rates while pitching for business.
The pact, reviewed by Reuters, declared its aim was to eliminate “lower pricing as a reason to award a pitch”.
The advertising firms began coordinating their activities at least as early as August 2023, according to the CCI documents.
Ad executives who met on December 1 that year hailed their collaboration as a “great success” and resolved to continue, according to meeting minutes cited in the CCI’s evidence.

‘ALL ALIGNED’

In the U.S., the Federal Trade Commission this month sought information from advertising agencies as part of a probe into whether they coordinated boycotts of certain sites. The Justice Department in 2016 probed agencies it suspected of rigging bids to favour in-house units, but eventually closed the case without bringing charges.
Brewer Anheuser-Busch InBev used CCI’s leniency program to blow the whistle on an industry cartel in India in 2017.
In the case of the ad industry, Dentsu India told Reuters it filed its leniency application with the CCI not as a reaction to external pressure but out of a decision to “support reform from within”.
Two people with knowledge of the matter told Reuters the evidence Dentsu submitted included a transcript of the WhatsApp group. The group, formed in August 2023 and reviewed in part by Reuters, was named “AAAI media agencies” and contained scores of chat messages.
Participants included Kumar of WPP’s media company, Sharma of Omnicom Media, IPG Mediabrands’ Sinha, Havas Media India CEO Mohit Joshi, Dentsu South Asia CEO Harsha Razdan and then-media business CEO Anita Kotwani, Publicis South Asia chief Anupriya Acharya and Madison boss Sam Balsara, the investigators’ evidence shows.
Members of the group discussed advertising pitches and coordinated on interactions with clients such as food delivery giant Swiggy (SWIG.NS), drug maker Cipla (CIPL.NS), SoftBank-backed e-commerce firm Meesho, and Kshema Insurance.
In Swiggy’s case, the AAAI arranged a Zoom call with media agency heads to discuss the company’s advertising pitch. Later, GroupM’s Kumar, as AAAI president, suggested an email response to Swiggy explaining the industry’s agreed position on rebates.
“Ok all aligned thanks,” he wrote after a consensus emerged.
Kshema told Reuters the insurer was unaware of the matter. The other clients didn’t respond to questions.
During another discussion on client rebates, an unspecified Dentsu executive told rivals over WhatsApp that “the lowest we go to is retain 30% and 70% we pass back to the client,” according to the CCI dossier.
CCI officials noted in the document that advertisers and the broadcasters’ group had sought to penalise enterprises that didn’t comply with the pricing pacts.

Source : https://www.reuters.com/sustainability/boards-policy-regulation/how-worlds-top-ad-agencies-aligned-fix-prices-india-2025-06-19/

Apple is interested in tapping generative artificial intelligence to help speed up the design of the custom chips at the heart of its devices, its top hardware technology executive said in private remarks last month.

Johny Srouji, Apple’s senior vice president of hardware technologies, made the remarks in a speech in Belgium, where he was receiving an award from Imec, an independent semiconductor research and development group that works closely with most of the world’s biggest chipmakers.

In the speech, a recording of which was reviewed by Reuters, Srouji outlined Apple’s development of custom chips from the first A4 chip in an iPhone in 2010 to the most recent chips that power Mac desktop computers and the Vision Pro headset.

He said one of the key lessons Apple learned was that it needed to use the most cutting-edge tools available to design its chips, including the latest chip design software from electronic design automation (EDA) firms.

The two biggest players in that industry – Cadence Design Systems and Synopsys – have been racing to add artificial intelligence to their offerings.

“EDA companies are super critical in supporting our chip design complexities,” Srouji said in his remarks. “Generative AI techniques have a high potential in getting more design work in less time, and it can be a huge productivity boost.”

Srouji said another key lesson Apple learned in designing its own chips was to make big bets and not look back.

Source : https://www.channelnewsasia.com/business/apple-eyes-using-ai-design-its-chips-technology-executive-says-5191001

The U.S. Food and Drug Administration on Wednesday approved Gilead Sciences (GILD.O), opens new tab lenacapavir, a twice-yearly injection, for preventing HIV infection in adults and adolescents.
Gilead said the drug will be sold under the brand name Yeztugo.

Investors and AIDS activists had been eagerly awaiting the regulatory decision for a drug some have said could help end the 44-year-old HIV epidemic.
Lenacapavir, part of a class of drugs known as capsid inhibitors, proved nearly 100% effective at preventing HIV in large trials last year, raising new hope of interrupting transmission of the virus that infects 1.3 million people a year.

The academic journal Science dubbed the experimental pre-exposure prophylaxis (PrEP) drug the 2024 Breakthrough of the Year.
“This is a milestone moment,” said Gilead Chief Executive Daniel O’Day of the approval.

Source : https://www.reuters.com/business/healthcare-pharmaceuticals/us-fda-approves-gileads-twice-yearly-injection-hiv-prevention-2025-06-18/

All new videos uploaded on Facebook will soon be classified as Reels, simplifying how users publish visual content, social media giant Meta Platforms (META.O), said on Tuesday.
The Instagram parent said Reels on Facebook will no longer have length or format restrictions, and include all types of video content — short, long and live.

Previously uploaded video content will remain as such on the platform while videos posted after the change will be classified as Reels. The company will also rename the Video tab as Reels tab.

Source : https://www.reuters.com/business/all-new-facebook-videos-be-classified-reels-soon-meta-says-2025-06-17/

When Hurricane Helene’s flood waters slammed into Lake Lure’s century-old dam last September, gouging a massive scar into one embankment and cascading five months’ worth of rain down its sides, town commissioner Dave DiOrio worried it might fail.
Emergency sirens blared. “DAM FAILURE IMMINENT!” the National Weather Service warned in a social media post, urging 3,000 residents living downstream to seek higher ground.

“When it starts breaking out on the sides, I mean who knows,” said DiOrio, a former Navy captain with an engineering background.
In the end, the dam held. But the disaster galvanized the North Carolina resort town’s efforts to seek federal funding for an ambitious rebuilding plan – including $200 million for the dam alone.

The initial response from the Federal Emergency Management Agency seemed encouraging. Deanne Criswell, who then headed the agency under President Joe Biden, told Lake Lure leaders that FEMA wanted to invest in projects that would harden areas against future disasters.
Now President Donald Trump’s plans to shrink or even abolish FEMA, and push some of the costs of responding to disasters onto the states, have injected uncertainty into Lake Lure’s recovery, town officials said.

Since taking office, Trump has declined funding requests from six disaster-hit states for projects to guard against future storms, a category of aid known as hazard mitigation. All of the states are run by Republican governors.
Lake Lure officials are centering their plan to rebuild in a more resilient way around a new dam on the 720-acre reservoir. The town, with a year-round population of just 1,400, can draw 10,000 visitors a day during the summer, when people come to relax on Lake Lure’s beaches, water ski or hike local trails.

While FEMA doesn’t usually build new dams, DiOrio said the town’s leaders were thinking big because of the proactive stance on hazard mitigation projects under Biden. He worries that FEMA under Trump is retreating from such investments.
“I think what we’re seeing is a de-scoping of FEMA,” DiOrio said. “If it does, that leaves us in limbo land.”

Helene caused an estimated $60 billion in damage in western North Carolina and killed 250 people across seven states, making it the deadliest hurricane to hit the U.S. mainland since Katrina in 2005 left nearly 1,400 dead.

As it does sometimes with major disasters, FEMA covered 100% of the costs for debris removal and emergency protective measures for six months after Helene. That dropped to 90% in late March, but is still above the usual 75%, a FEMA spokesperson said in response to questions.
Those federal funds are paying for the excavators and dump trucks still working to extract debris from the lake. With the town’s main attraction closed for the summer, hotel reservations are down sharply and traffic into local shops sparse.

“Without Lake Lure — it’s not only our namesake, it’s the central part of our community,” said Jim Proctor, a town council member who owns eight lake-side cabins, only two of which are occupied. “Believe it or not, nobody wants to have a vacation rental next to a big construction zone.”

SHRINKING FEMA

Because the dam held, Lake Lure and communities downstream escaped the catastrophe that befell the neighboring town of Chimney Rock, whose main street was largely wiped out.
“This lake saved a lot of people, because the flood that came down through the county, this lake caught,” said Michael Hager, a lobbyist for Lake Lure and former Republican majority leader in the North Carolina House of Representatives.

Trump said last week he plans to start phasing out FEMA and distribute disaster relief from the White House. His administration has taken an axe to some of the agency’s hazard mitigation programs, despite research showing such investment can save money and lives.
A 2019 National Institute of Building Sciences study found that every $1 invested in mitigation saves up to $13 in avoided losses. A Chamber of Commerce study put the return-on-investment at 13 to 1.

In April, FEMA said it was ending the Building Resilient Infrastructure and Communities program, calling it “wasteful and ineffective” and more concerned with “political agendas” than helping Americans. The program had funded general mitigation projects, unrelated to specific disasters.

The administration has yet to announce changes to the Hazard Mitigation Grant Program, a separate funding channel routinely offered in addition to recovery aid after a disaster. North Carolina was approved for HMGP funding after Helene.
But in recent weeks Trump has declined HMGP requests from Mississippi, Oklahoma, Iowa, Missouri, Virginia and Arkansas.

The FEMA spokesperson said the Trump administration was focused on addressing “large unobligated balances” of HMGP funding and working with states to identify projects and draw down “balances in a way that makes the nation more resilient.”
DiOrio said the town was now less confident of FEMA funding for a new dam, a project that could take 10 years. He was reaching out to seek funds from other agencies, including the Army Corps of Engineers.

And the dam is just one of several big-ticket items on Lake Lure’s rebuilding list. The town wants to move a wastewater treatment plant out of a flood zone, at a projected cost of $35 million, and to replace its century-old sewage system at the bottom of the lake, which could cost $100 million.

FEMA has not yet received engineering assessments to make a determination on aid, the FEMA spokesperson said.
The state, meanwhile, faces a greater share of the recovery cost burden after FEMA last month denied its request to extend total cost reimbursement beyond an initial 180-day period.

North Carolina’s governor, Democrat Josh Stein, has warned the new arrangement could cost the state an additional $200 million, potentially requiring cuts to funds for roads and schools and less money for communities like Lake Lure.

Source : https://www.reuters.com/business/environment/shrinking-fema-puts-lake-towns-rebuilding-plans-limbo-2025-06-17/

Home Minister Amit Shah recently declared, “Indus waters will be taken to Rajasthan’s Ganganagar through canals within three years,” adding that Pakistan would be left “craving for every drop of water.” India’s recent moves mark a significant policy shift. For decades, it did not fully utilize its rights over the western rivers due to the rivers’ natural flow into Pakistan.

The flow of Indus River water to Pakistan’s Sindh province has declined amid India’s stance that “blood and water cannot flow together.” During the kharif crop season, this has triggered a severe irrigation crisis.

The water released on June 16 was just 1.33 lakh cusecs, according to Pakistan’s Indus River System Authority (IRSA), down 16.87% from the 1.6 lakh cusecs released on the same day last year. The shortfall is threatening to devastate crop yields and rural incomes while monsoon rains are still at least two weeks away.

Home Minister Amit Shah recently declared, “Indus waters will be taken to Rajasthan’s Ganganagar through canals within three years,” adding that Pakistan would be left “craving for every drop of water.”

The new infrastructure aims to better utilise India’s share under the IWT and reduce surplus flow to Pakistan.

India controls the three eastern rivers, Ravi, Beas, and Sutlej, while Pakistan has rights over the western rivers, which are Indus, Jhelum, and Chenab. The Indus Waters Treaty, brokered by the World Bank in 1960, governs the division of six rivers between the two nations. Though tensions have flared over the years, the treaty had remained intact until this year’s suspension post Pahalgam terror attack.

India’s recent moves mark a significant policy shift. For decades, it did not fully utilise its rights over the western rivers due to the rivers’ natural flow into Pakistan.

To divert excess water from the western rivers to the states of Punjab, Haryana, and Rajasthan, India is preparing to construct a 113-km-long canal and 12 tunnels . According to officials, the feasibility studies are underway, and the full project could be completed in three years.

Source : https://www.freepressjournal.in/business/crisis-in-pakistan-flow-of-indus-river-to-pakistans-sindh-province-declines-amid-indias-stance-triggers-severe-irrigation-crisis-during-kharif-crop-season

A major digital overhaul is underway at UIDAI as it prepares to introduce a QR code-based e-Aadhaar system, making physical copies redundant and simplifying update procedures through integrated government databases by November 2025.

The Unique Identification Authority of India (UIDAI) is gearing up to roll out a revamped e-Aadhaar system that will eliminate the need for photocopies of Aadhaar cards, while drastically easing the data update process. The initiative is expected to be fully operational by November 2025, according to UIDAI CEO Bhuvnesh Kumar, who revealed the update exclusively to The Times of India.
“You will soon be able to do everything sitting at home other than providing fingerprints and IRIS,” Kumar stated, highlighting the shift towards a more citizen-centric, paperless Aadhaar ecosystem.

Pi Coin faced a significant decline of over 35%, dropping from $0.62 to $0.40 amid rising geopolitical tensions, particularly involving Israel and Iran, leading to a wider cryptocurrency sell-off. While the price stabilised at $0.55, it remains below its peak of $1.27, and trading volumes surged by 276%.

In a notable downturn, Pi Coin experienced a drastic decline of over 35%, plummeting from $0.62 to $0.40 within minutes. This sudden crash has raised concerns among investors and prompted speculation about the potential for recovery. On Friday, the PI Coin faced a sharp drop that coincided with escalating geopolitical tensions, particularly a military strike involving Israel and Iran.
This turmoil contributed to a broader sell-off in the cryptocurrency market, where Bitcoin fell by $5,000 and Ethereum decreased by over 9%. Following the crash, the price of PI Coin stabilised around $0.55, although it remains significantly lower than its recent peak of $1.27.
Trading volumes surged by 276% during this period, highlighting a wave of sell orders. The current price reflects a decline of over 53% from its 30-day high, leaving many holders anxious about the future. Analyst Moon Jeff noted, “Every time an altseason begins, something happens to kill the momentum.”

President Volodymyr Zelenskiy said on Saturday that Ukrainian forces had recaptured Andriivka village in northeastern Sumy region as part of a drive to expel Russian forces from the area.
Zelenskiy has in the past week focused on what he describes as a drive to push out Russian forces from the Sumy region, with border areas gripped by heavy fighting. He says Russia has amassed 53,000 troops in the area.

“Based on recent developments, our special thanks go to the soldiers of the 225th Separate Assault Regiment — for offensive operations in the Sumy region and the liberation, in particular, of Andriivka,” Zelenskiy said in his nightly video address.
Zelenskiy also noted “successful actions” near Pokrovsk, for months a focus of Russian attacks in their slow advance on the eastern front, and “strong results” near Kupiansk, an area in northeastern Ukraine that has come under heavy Russian pressure.
In remarks released for publication earlier on Saturday, Zelenskiy said Ukrainian forces had stopped Russian troops advancing in Sumy region and were battling to regain control along the border.

“We are levelling the position. The fighting there is along the border. You should understand that the enemy has been stopped there. And the maximum depth at which the fighting takes place is 7 km (4 miles) from the border,” Zelenskiy said.
Reuters could not verify the battlefield reports.
Russia’s troops have been focusing their assaults in the eastern Donetsk region, with Pokrovsk a particular target.
But since the start of the month, they have intensified their attacks in the northeast, announcing plans to create a so-called ‘buffer zone’ in the Sumy and Kharkiv regions.
Russia’s Defence Ministry said on Saturday that its forces had seized the village of Zelenyi Kut, southwest of Pokrovsk.
The Russian war in Ukraine is in its fourth year, but it has intensified in recent weeks.
Ukraine conducted an audacious drone attack this month that took out multiple aircraft inside Russia and also hit the bridge connecting Russia to the annexed Crimean peninsula using underwater explosives.

Moscow ramped up its air assaults after the attack.

MAINTAINING DEFENSIVE LINES

Zelenskiy said Ukrainian troops had maintained defensive lines along more than 1,000 km of the frontline. He also dismissed Moscow’s claims that Russian troops had crossed into the central Ukrainian region of Dnipropetrovsk.
Zelenskiy said that Russia was sending small assault groups “to get one foot on the administrative border” and make a picture or a video, but these attacks were repelled.
The popular Ukrainian military blog DeepState, which relies on open-source data, said Ukrainian troops had repelled a Russian attack in the area, but also reported Russian advances in other areas, including Pokrovsk.
Dnipropetrovsk borders three regions that are partially occupied by Russia – Donetsk, Kherson and Zaporizhzhia. Russia now controls about one-fifth of Ukrainian territory.

Zelenskiy acknowledged that Ukraine was unable to regain all of its territory by military force and reiterated his pleas for stronger sanctions to force Moscow into talks to end the war.
Two rounds of peace talks in Istanbul produced few results that could lead to a ceasefire and a broader peace deal. The two sides agreed only to exchange prisoners of war.
Several swaps have already been conducted this month, and Zelenskiy said he expected them to continue until June 20 or 21.
In separate remarks made on communications platform Telegram on Saturday, he said that a new group of Ukrainian prisoners of war had come home as part of another swap with Russia.

Source : https://www.reuters.com/business/aerospace-defense/zelenskiy-says-ukraine-halts-russian-troops-advance-sumy-region-2025-06-14/

Whether you rely on AI for research, coding, or quick answers, downtime can be disruptive. Fortunately, there are powerful alternatives available that are just as good, if not better. Google Gemini, Claude, and Meta AI are all equipped to offer intelligent responses and generate media.

ChatGPT faced an unexpected outage earlier this week, with many users in India and the US reporting of errors in responses. OpenAI has ironed out all issues that caused the downtime and ChatGPT is running perfectly fine now. Whether you rely on AI for research, coding, or quick answers, downtime can be disruptive. Fortunately, there are powerful alternatives available that are just as good, if not better. Google Gemini, Claude, and Meta AI are all equipped to offer intelligent responses and generate media. Here’s a quick guide to the best tools to use when ChatGPT isn’t working.

1. Google Gemini

Google Gemini, formerly known as Bard, is one of the most powerful AI alternatives to ChatGPT. Built on Google’s advanced AI models, Gemini integrates seamlessly with Google Search, Gmail, Docs, and other Workspace tools, making it highly efficient for real-time research, writing, and productivity tasks. It provides up-to-date information directly from the web and supports multimodal input, including text and images. Its tight integration with Google’s ecosystem gives it an edge for everyday users and professionals alike. Whether you need help drafting emails, summarizing documents, or generating creative content, Gemini will be equally helpful as ChatGPT. Gemini is free to use on the web and mobile, but it offers subscription plans as well for premium features. A user must practice caution and fact check everything before using any content that is AI generated.

2. Claude.ai

Claude is also an AI chatbot that feels and looks very similar to ChatGPT. It is also available for free but comes with paid plans as well for premium features access. Claude, developed by Anthropic, is a conversational AI designed with a strong emphasis on safety, ethics, and thoughtful responses. Known for its ability to handle large amounts of context, Claude excels at creative writing, document analysis, and long-form conversations. It’s particularly useful for users who need clarity, depth, and nuance in their interactions.

Source : https://www.freepressjournal.in/business/chatgpt-not-working-here-are-3-alternatives-that-are-just-as-good

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