Category: Business

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

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

Gold Prices Surge Amid Global Economic Uncertainty

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Tata’s Role in Tesla’s Evolving Supply Chain

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

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

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

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

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

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

Berkshire Hathaway’s Shares Jump 16%

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

Berkshire Hathaway’s Cash Holdings

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

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

Anand Mahindra On Mark Carney

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

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

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

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

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

A Plain-Speaking Guy

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Starbucks said it plans to appeal the verdict.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

DESIGN CHANGES

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

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

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

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

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

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

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

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

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

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

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

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

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

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

A GREAT THING FOR US WINE?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Now, the R-word is seemingly everywhere.

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

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

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

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

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

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

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

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

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

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

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

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

‘Deer in headlights’ moment for business

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

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

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

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

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

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

Market selloff intensifies

This confusion is spilling over into the market.

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

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

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

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

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

Spillover into the real economy possible

Of course, the stock market is not the economy.

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

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

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

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

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

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

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

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

Goldman Sachs: 1 in 5 chance of recession

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

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

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

But what if Trump doesn’t blink?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Input Costs

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

PM Kisan: How To Check Beneficiary Status?

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

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

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

Your beneficiary status will appear on the screen.

PM-KISAN: Check Your Name in the Beneficiary List

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

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

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

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

After this, the beneficiary list will be displayed.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Grok Vs The Rest

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

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

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

Faster Than Previous Models

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

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

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

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

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

Silence From Sam

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The taxation will remain the same as the current one.

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

1. Listed securities

2. Unlisted securities and non-financial securities.

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

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

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

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

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

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

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

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

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

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

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

The taxation will remain the same as the current one.

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

1. Listed securities

2. Unlisted securities and non-financial securities.

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

What FM said in Budget 2024

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

RBI Slashes Repo Rate

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

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

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

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

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

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

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

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

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

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

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

Who Are Eligible For This Facility

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

Who Are Ineligible For This Facility

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

Why Does The Government Provide This Facility

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Kharge seeks special grants

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Compensation of Starbucks CEO explained

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

TWO YEARS AGO

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

What Is A Pay Commission?

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

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

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

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

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

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

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

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

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

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

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

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

Statement Of Industrialist Anand Mahindra

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

RBI directive

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

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

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

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

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

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

Sebi, through an interim order on Friday, prohibited Sachin Bakul Dagli and eight other entities from the securities market and impounded the unlawful gains made by them.

New Delhi: Markets regulator Sebi has uncovered a front-running scheme involving PNB MetLife India Insurance Company equity dealer Sachin Bakul Dagli and eight other entities, who generated illegal gains of Rs 21.16 crore.

The front-running by these entities continued for more than three years.

Sebi, through an interim order on Friday, prohibited Sachin Bakul Dagli and eight other entities from the securities market and impounded the unlawful gains made by them.

The Securities and Exchange Board of India (Sebi) had conducted an examination into the suspected front running of the trades undertaken by the Big Client, PNB Metlife India Insurance Company Ltd, by certain entities.

The focus of the investigation was to ascertain whether the suspected entity(ies) had front-run the trades of Big Client in connivance with other entities, including dealers and/or fund managers, if any, and thereby violated the provisions of the Sebi’s PFUTP ( (Prohibition of Fraudulent and Unfair Trade Practices) rules and Sebi Act.

The investigation period has been taken from January 1, 2021, to July 19, 2024. In its investigation, Sebi found that most of the trading decisions in PNB Metlife were delegated to Sachin Dagli for execution.

Source: https://www.deccanherald.com/business/markets/front-running-case-sebi-bans-9-entities-from-market-impounds-illegal-gains-of-over-rs-21-crore-3328465

In the latest layoff round, tech giant Google has announced a reduction of 10 per cent workforce in managerial roles, including directors and vice-presidents. According to Business Insider, its CEO Sundar Pichai has confirmed the decision during an all-hands meeting. He mentioned the company’s ongoing efforts to streamline operations amid growing competition from AI-focused rivals like OpenAI.

The layoffs are part of Google’s broader restructuring strategy that has been unfolding over the past two years.

According to the report citing a Google spokesperson, some of the job roles have been transitioned to individual contributor roles, and some roles have eliminated.

During the all-hands meeting, Pichai addressed another topic: redefining “Googleyness”, a term often used internally to describe the company’s culture and values. “It’s time to update what Googleyness means for today’s Google,” he told employees, signalling a cultural shift to align with the company’s modern challenges.

In September 2022, Pichai stated that he wanted Google to be 20 per cent more efficient. In the following January, Google had cut 12,000 jobs.

According to layoffs.fyi, 539 tech companies have laid off 150,034 employees in 2024 so far. In 2023, a total of 2,64,220 employees were laid off by 1,193 companies.

Big Tech companies like Google and OpenAI are racing to release consumer products that can showcase uses for the snazzy new technology, even as naysayers warn that the lack of guardrails around the development of AI poses dangers for humanity.

Since OpenAI initially launched its text-to-image creation tool, Dall-E, in 2021, the concept of AI-generated artwork has swamped social media and become a focus of consumer products. Google’s Whisk is an image-to-image generator, building upon the popular concept of text-to-image generators.

Google’s newest artificial intelligence tool, “Whisk,” lets people upload photos to get back a combined, AI-generated image – even without users inputting any text to explain what they want.

Source : https://www.news18.com/business/google-layoffs-sundar-pichai-announces-10-job-cuts-in-managerial-roles-9163006.html

Browsing Amazon Haul, the online shopping giant’s new $20-and-under bargain bin section, I immediately recognize not just a product, but a specific image. The photo is on a listing for “Timeless Black Dress for Both Casual and Formal Gatherings,” and it is stolen.

The image actually belongs to a New York-based independent brand called Mirror Palais, which sold the “Daisy Dress” for $545 a few years ago. Elevated by social media algorithms and its celebrity fans, Mirror Palais’ images have traveled from the brand’s website, to tweets, to Pinterest mood boards, and finally, to the discount section of the world’s largest online retailer, where it is — obviously — not for sale. On Amazon, it’s listed for $7.49. When I add it to my cart, I realize it’s even cheaper: inexplicably and improbably, it is an additional 65 percent off.

This one image of a black mini dress does not just appear on random listings on Amazon Haul — you can find it on Walmart and AliExpress as well as smaller sites with names like Mermaid Way and VMzona — all selling dupes (short for duplicates) of the original Mirror Palais dress. I even find a separate listing on Amazon, in the typically but not unbelievably cheap section, where this same image is used to sell the LEZOOEY Womens New Lace Halter Slim Sexy Bodycon Spaghetti Strap Black Mini Dress for $19.99. The listing on normal Amazon has a bit more details about the item, including a video of close-up shots of the straps and hem. If I didn’t know about the original dress, I might assume the Haul version is a dupe of this dupe.

When Amazon announced its ultracheap Haul section in November, it made clear what shoppers already knew: Americans love junk, and the cheaper the better. Amazon Haul joins a constellation of other online retailers that offer the widest possible selection of products for the lowest possible price, exploiting shoppers’ apparently bottomless appetite to consume. But whether it’s Amazon Haul, Temu, Shein, AliExpress, or any number of other retailers, what they sell is the same — both literally and philosophically. The public’s shopping options are themselves dupes of something else.

Over the past few years, as e-commerce companies with roots in China like fast fashion brand Shein and online superstore Temu have gained popularity in the US, the tenor of how we shop shifted — instead of quick shipping, shoppers were happy to wait a couple of weeks while packages full of items made their way stateside from China. Amazon’s moniker, Haul, is indicative of this. A haul, in internet parlance, necessitates purchasing a bunch of stuff. (Recall Temu’s “Shop like a billionaire” motto.) Even if a package takes a week or two to arrive, the ability to purchase more is, for many shoppers, worth the wait.

The black imitation dress is not the only thing I purchased in my Haul haul: I threw in a salt and pepper grinder ($1.95); a protective case for AirPods ($6.99); a sweater ($19.99); a neon light that says “Love” ($6.99); a pleather handbag ($6.99); and a hat with fake distressing that, confusingly, reads “BICTH” ($7.99). With the 65 percent discount, the total came to $27.05.

Like the dress, I was able to locate many of these items for sale on other platforms. On Shein, the handbag is listed for $8.60 and uses the same product images as the listing on Amazon Haul. On AliExpress, more than a dozen listings from different storefronts use the same images, priced anywhere from 99 cents to $15. The listings and prices are arbitrary: in the past, when I’ve purchased the same item from multiple AliExpress shops, the physical product is identical. They’re just packaged and presented slightly differently, repeated until it’s unclear where the product even originated from or what the “real” price is. I’ve come to think of all of these ultracheap retailers as front doors leading to the same backend of suppliers and manufacturers, using the same set of lifted images — a Potemkin village of superstores operated across the globe, shrouded in secrecy.

In many ways, online shopping has always required the shopper to suspend their disbelief: that donated clothing actually gets redistributed, that “free” shipping is real, or that a startup is using a magic AI tool to complete your purchases. The advent of ultrafast fashion brands like Shein has pushed these delusions even further, dangling deals in front of customers and betting (often correctly) that a low, low price will be enough for them to take a chance on a product that, five years ago, would have perhaps seemed like an obvious scam. The mantra of “if it seems too good to be true, it probably is” almost feels quaint now — impossibly “good” deals are not a warning sign for consumers, but the expectation.

“Items in Amazon Haul are from vetted Amazon sellers and are backed by Amazon’s A-to-z guarantee so customers can shop with confidence that the products they’re purchasing are safe, authentic, and in the condition expected,” company spokesperson Maxine Tagay told The Verge in an email. Tagay added that Amazon has a “zero-tolerance policy” for counterfeit products and that the company is investing in measures to “protect customers from fraud and other forms of abuse.” Action taken may include removing counterfeit listings and blocking accounts. After The Verge reached out to Amazon for comment, the image of the black dress disappeared from the Haul listing, though it remains elsewhere on the site.

The thing about gimmicks that seem too good to be true is that, eventually, the fantasy fades. Sometimes reality sets in when that product an influencer promoted finally arrives and it sucks, and it eventually makes its way to a landfill. Other times, it’s because the company producing the item admits child labor is involved in its creation. And then, there is what appears to be coming down the pike: the systems that allow for cheap binge shopping come undone.

Source : https://www.theverge.com/2024/12/19/24322922/amazon-haul-aliexpress-shein-temu-fast-fashion-ecommerce

The Securities and Exchange Board of India (SEBI) on Wednesday, December 18, announced a series of reforms to tighten IPO and listing norms for small and medium enterprises (SMEs). These changes, revealed after a recent SEBI board meeting, are designed to improve transparency, reduce risks, and ensure better investor protection in the SME segment.

Key reforms to SME IPO framework

Under the new regulations, companies seeking to launch an IPO in the SME segment must meet certain profitability thresholds. SEBI has made it mandatory for firms to have earned at least ₹1 crore in profit from operations in the last 2-3 financial years, ensuring that only financially stable businesses can tap into public markets.

“An issuer shall make an IPO only if the issuer has an operating profit (earnings before interest, depreciation, and tax) of ₹1 crore from operations for any 2 out of 3 previous financial years at the time of filing its draft red herring prospectus (DRHP),” said SEBI.

Another key change involves the offer for sale (OFS) portion of SME IPOs. SEBI has capped the OFS by selling shareholders to no more than 20% of the total issue size, a move aimed at limiting the dilution of ownership for new investors.

Moreover, SME IPOs will no longer be allowed to raise funds to repay loans from promoters or related parties.

Selling shareholders restricted to 50% sale of shareholding

A significant restriction has also been imposed on selling shareholders. They will not be permitted to sell more than 50% of their shareholding in the SME IPO.

Increased lock-in period and fair allocation process

SEBI has also introduced stricter lock-in norms for promoters of SME companies. The lock-in period for promoters’ shares in excess of the minimum public shareholding (MPS) requirement will be one year, with the remaining 50% of shares locked in for two years.

SEBI has mandated that the allocation of shares under the non-institutional investors (NII) category will be determined by a “draw of lots” method.

Source : https://www.cnbctv18.com/market/sebi-tightens-ipo-listing-norms-for-smes-to-enhance-market-transparency-19526348.htm

The Indian rupee declined past 85 to the U.S. dollar for the first time on Thursday after the Federal Reserve signalled fewer rate cuts next year, piling more pressure on a currency already struggling with tepid capital flows.
The rupee hit a low of 85.0675 against the U.S. dollar, down from 84.9525 on Wednesday. The pace of the currency’s fall to the 85 handle from 84 has been faster than prior declines of the same magnitude.

The rupee’s drop to 85 from 84 has taken place in about two months, while the decline to 84 from 83 took nearly 14 months. It took the currency 10 months to decline to 83 from 82.

ASIA FX SLUMPS

The rupee’s Asian peers – the Korean won, the Malaysian ringgit, and the Indonesian rupiah – were down 0.8%-1.2% on the day.
The selloff in Asia FX comes after the Fed dot plot indicated two rate cuts next year, half of what was signalled in September.

“From here, it’s a new phase and we’re going to be cautious about further cuts,” Fed Chair Jerome Powell said.
The Fed’s hawkish outlook on interest rates also put emerging market central banks on guard against currency volatility.
The Reserve Bank of India intervened to support the rupee, Thailand’s central bank said it will ensure that the baht is not too volatile while Indonesia’s central bank said it is monitoring the situation and will undertake measures and timely currency stabilisation efforts.

PERSISTENT HEADWINDS

The Fed’s hawkish turn comes at a time when the rupee has been facing several pressures. India’s economic growth slowed to a seven-quarter low in July-September, the merchandise trade deficit is widening, and capital inflows are tepid.
Persistent strength in the U.S. dollar due to incoming U.S. President Donald Trump’s expected policies has further undermined the rupee. The Fed’s latest rate forecasts will provide an additional fillip to the dollar.

India’s sharply slowing growth, necessitating the central bank to deliver rate cuts sooner rather than later, is an added factor that is weighing on the rupee, said Akshay Kumar, head of global markets at BNP Paribas India.

Source : https://www.reuters.com/markets/currencies/rupee-weakens-past-85usd-hawkish-fed-outlook-compounds-bearish-bias-2024-12-19/

Honda (7267.T), and Nissan (7201.T), are in talks to deepen ties, two people said on Wednesday, including a possible merger, the clearest sign yet of how Japan’s once seemingly unbeatable auto industry is being reshaped by challenges from Tesla and Chinese rivals.
The discussions, first reported by the Nikkei newspaper, would allow the companies to cooperate more on technology and help Honda, the country’s second-largest automaker and Nissan, the third-largest, create a more formidable domestic rival to Toyota (7203.T).

The talks were focused on finding ways to bolster collaboration and included the possibility of a setting up a holding company, said the people.
The companies were also discussing the possibility of full merger, according to one of the people, as well as looking at ways to cooperate with Mitsubishi Motors (7211.T), in which Nissan is the top shareholder with a 24% stake.
The people declined to be identified because the information has not been made public.

Honda, Nissan and Mitsubishi said no deal had been announced by any of the companies, though Nissan noted the three automakers had said previously they were considering opportunities for future collaboration.
A combined Honda and Nissan would become the world’s third-largest auto group by vehicle sales after Toyota and Volkswagen (VOWG_p.DE), and remain in that position if it also included Mitsubishi.

“In the mid- to long-term, this is good for the Japanese car industry as it creates a second axis against Toyota,” said Seiji Sugiura, a senior analyst at Tokai Tokyo Intelligence Laboratory. “Constructive rivalry with Toyota is a positive for the rather stagnating Japanese car industry when it must compete with Chinese automakers, Tesla and others.”
Shares of Nissan surged more than 22% in Tokyo trade on Wednesday, while shares of Honda declined 2.3%. Shares of Mitsubishi rose 13%.

Honda’s market capitalisation is about $44 billion, while Nissan’s is about $10 billion after price surge on Wednesday, meaning a full merger would be bigger than the giant $52 billion deal between Fiat Chrysler and PSA in 2021 to create Stellantis (STLAM.MI)

CHANGING LANDSCAPE

Honda and Nissan have formed ties in recent months as they wrestle with the changing electric vehicle landscape, considering a strategic partnership to collaborate on producing key components for EVs and artificial intelligence in automotive software platforms.

Over the past year, an EV price war launched by Tesla (TSLA.O) and Chinese automaker BYD (002594.SZ) has intensified pressure on any companies losing money on the next-generation vehicles. That has put pressure on companies like Honda and Nissan to seek ways to cut costs and speed vehicle development, and mergers are a major step in that direction.

Source : https://www.reuters.com/markets/deals/honda-nissan-move-closer-tie-up-competition-intensifies-source-says-2024-12-18/

Bitcoin surged to a record high above $106,000 on Monday after President-elect Donald Trump suggested he plans to create a U.S. bitcoin strategic reserve similar to its strategic oil reserve, stoking the enthusiasm of crypto bulls.
Bitcoin , the world’s biggest and best known cryptocurrency, hit a high of $106,533 and last traded up 3.2% to $104,462. Smaller crypto ether rose 1.5% to $3,965.
“We’re in blue sky territory here,” said Tony Sycamore, an analyst at IG. “The next figure the market will be looking for is $110,000. The pullback that a lot of people were waiting for just didn’t happen, because now we’ve got this news.”

Investor sentiment also got a lift from the inclusion of MicroStrategy(MSTR.O), opens new tab into the tech-heavy Nasdaq 100 index that will likely lead to more inflows for the software firm turned bitcoin buyer.
Bitcoin and crypto have been catapulted into the spotlight as investors wager the incoming Trump administration will usher in a friendlier regulatory environment, boosting sentiment around the alternate currency. Bitcoin is up 192% for the year.

“We’re gonna do something great with crypto because we don’t want China or anybody else – not just China but others are embracing it – and we want to be the head,” Trump told CNBC, opens new tab late last week.
When asked if he plans to build a crypto reserve similar to oil reserves, Trump said: “Yeah, I think so.”
Governments around the world held 2.2% of bitcoin’s total supply as of July, according to data provider CoinGecko, opens new tab, with the United States possessing nearly 200,000 bitcoins valued at more than $20 billion at current levels.

China, UK, Bhutan and El Salvador are the other countries with significant amount of bitcoins, data site BitcoinTreasuries, opens new tab showed.
Other countries have also been considering cryptocurrency strategic reserves.
Russian President Vladimir Putin earlier this month said the current U.S. administration was undermining the role of the U.S. dollar as the reserve currency in the global economy by using it for political purposes, forcing many countries to turn to alternative assets, including cryptocurrencies.
“For example, bitcoin, who can prohibit it? No one,” Putin said.

There are skeptics though, with Federal Reserve Chair Jerome Powell likening bitcoin to gold earlier this month. Analysts also point out that any such move will take time to implement.
“I think we still need to be cautious on a BTC strategic reserve, and at least consider that this is not likely to happen anytime soon,” said Chris Weston, head of research at Pepperstone.
“Of course, any comment from Trump that offers an increased degree of hope that plans for a strategic reserve is evolving are an obvious a tailwind, but this would come with consequences which would need to be carefully considered and well telegraphed to market players.”

Source: https://www.reuters.com/markets/currencies/bitcoin-powers-above-105000-first-time-2024-12-15/

This transaction puts the valuation of PayPay at around USD 3.8 billion or about Rs 32,000 crore. Paytm said that the transaction is expected to be completed in December 2024.

Fintech firm and owner of Paytm brand One97 Communications’ Singapore-based arm has approved the sale of its Stock Acquisition Rights in Japan’s PayPay to Softbank Vision Fund 2 for Rs 2,364 crore, the company said in a regulatory filing on Saturday.
Paytm and Paytm Singapore had signed an agreement with the Japanese digital wallet firm, Softbank Corp, Softbank Group Corp and Yahoo Japan Corporation to provide technology services to PayPay. In lieu of the services, Paytm Singapore had acquired Stock Acquisition Rights, convertible into 1,59,012 shares or a 7.2 per cent stake in PayPay on a fully diluted basis.

“One97 Communications Singapore Private Limited has informed the company on December 06, 2024, at 12:49 pm (IST), that its Board of Directors at its meeting held on December 06, 2024, has approved the sale of all its Stock Acquisition Rights in PayPay Corporation, Japan, to SoftBank Vision Fund 2 entity for net proceeds of JPY 41.9 billion (equivalent to Rs 2,364 crore),” the company said in the filing.

Source: https://www.timesnownews.com/business-economy/companies/paytm-arm-to-sell-stock-acquisition-rights-in-japans-paypay-for-rs-2364-crore-article-116079688

Bitcoin has more than doubled in value this year and is up about 45% in the four weeks since Trump’s sweeping election victory, which also saw a slew of pro-crypto lawmakers being elected to Congress.

Bitcoin rose above $100,000 for the first time on Thursday as the election of Republican Donald Trump as president of the United States spurred expectations that his administration will create a friendly regulatory environment for cryptocurrencies.
Bitcoin has more than doubled in value this year and is up about 45% in the four weeks since Trump’s sweeping election victory, which also saw a slew of pro-crypto lawmakers being elected to Congress.

“We’re witnessing a paradigm shift. After four years of political purgatory, bitcoin and the entire digital asset ecosystem are on the brink of entering the financial mainstream,” said Mike Novogratz, founder and CEO of U.S. crypto firm Galaxy Digital.

“This momentum is fueled by institutional adoption, advancements in tokenization and payments, and a clearer regulatory path.”

More than 16 years after its creation, bitcoin appears on the cusp of mainstream acceptance, despite naysayers and a history of controversies.

“Bitcoin crossing $100,000 is more than just a milestone; it’s a testament to shifting tides in finance, technology, and geopolitics,” said Justin D’Anethan, a Hong Kong-based independent crypto analyst.

“The figure not that long ago dismissed as fantasy, stands as a reality.”

Trump embraced digital assets during his campaign, promising to make the United States the “crypto capital of the planet” and to accumulate a national stockpile of bitcoin.

Crypto investors see an end to increased scrutiny under U.S. Securities and Exchange Commission Chair Gary Gensler, who said last week he would step down in January when Trump takes office.

On Wednesday, Trump said he would nominate Paul Atkins to run the Securities and Exchange Commission. Atkins, a former SEC commissioner, has been involved in crypto policy as co-chair of the Token Alliance, which works to “develop best practices for digital asset issuances and trading platforms,” and the Chamber of Digital Commerce.

A slew of crypto companies including Ripple, Kraken and Circle are jostling for a seat on Trump’s promised crypto advisory council, seeking a say in his planned overhaul of U.S. policy, according to several digital asset industry executives.

Trump’s businesses may also have a stake in the sector. He unveiled a new crypto business, World Liberty Financial, in September. Although details about the business have been scarce, investors have taken his personal interest in the sector as a bullish signal.

Trump’s social media company is in advanced talks to buy crypto trading firm Bakkt, the Financial Times reported last week, citing two people with knowledge of the talks.

Trump Media and Technology Group, which operates Truth Social, is close to an all-stock acquisition of Bakkt, according to the FT report.

Source: https://www.ndtv.com/business-news/cryptocurrency-bitcoin-hits-new-all-time-high-of-100-000-7175410#pfrom=home-ndtv_topscroll

Entities associated with the Adani Group have approached the Securities and Exchange Board of India (Sebi) to settle allegations of violating public shareholding norms. The settlement applications were filed in response to a show-cause notice from Sebi, which has been investigating the matter since 2020. The allegations involve prominent individuals, including Vinod Adani, and four listed Adani Group companies—Adani Enterprises, Adani Power, Adani Ports, and Adani Energy Solutions.

Entities linked to the Adani Group, including foreign portfolio investor Emerging India Focus Funds (EIFF), have reportedly approached the Securities and Exchange Board of India (Sebi) to settle allegations of breaching public shareholding norms in four listed Adani companies. These companies include Adani Enterprises, Adani Power, Adani Ports and Special Economic Zone, and Adani Energy Solutions.
Proposed Settlement Offers
EIFF, a Mauritius-based FPI allegedly tied to Vinod Adani, Gautam Adani’s elder half-brother, has proposed a settlement of Rs 28 lakh, according to The Economic Times. Additionally, Vinay Prakash, a director at Adani Enterprises, and Ameet Desai, a director at Ambuja Cements, have each offered Rs 3 lakh as settlement. Adani Enterprises has also filed a settlement application.
These applications follow a Sebi show-cause notice issued on September 27. Filing for settlement allows entities to resolve regulatory disputes without admitting guilt but requires action within 60 days of receiving a notice. Sebi has yet to decide on the settlement requests.

Allegations Against Adani Entities
The allegations involve 26 entities, including Adani family members and affiliates, for allegedly circumventing public shareholding rules. Sebi has claimed that Vinod Adani and his affiliates used complex shareholding structures to accrue over Rs 2,500 crore, bypassing the mandatory 25 per cent public shareholding rule.
Sebi’s investigation, which began in October 2020 and examined transactions from 2012 to 2020, identified patterns linking Vinod Adani to three FPIs – EIFF, EM Resurgent Fund (EMR), and Opal Investments. These FPIs allegedly acquired shares during public offerings, enabling the Adani Group to appear compliant with public shareholding norms.
For instance, shares of Adani Enterprises were obtained during its offer-for-sale (OFS), and shares of Adani Ports were acquired through its institutional placement programme (IPP). These transactions reportedly boosted public shareholding in both companies from below 25 per cent to the regulatory threshold, but Sebi contends that these FPIs were acting under the influence of Adani promoters.

Adani Group’s Response
The Adani Group has denied any wrongdoing, describing the settlement applications as precautionary measures. A source close to the group said the applications ensure procedural compliance without admitting guilt. “We have filed responses to contest the allegations and have also requested access to Sebi’s evidence,” the person said.
The Adani Group also stated that its entities have adhered to regulatory norms and that the FPIs in question acted independently.

Source: https://www.timesnownews.com/business-economy/companies/adani-group-moves-for-settlement-with-sebi-amid-public-shareholding-probe-article-115923680

Info Edge, which had invested about Rs 288 crore in 4B Networks via its subsidiary, had first flagged corporate governance issues in the startup back in early 2023 post a forensic audit. Besides a complaint with EOW in Mumbai, the matter is under arbitration.

Consumer internet group Info Edge has filed an FIR against Rahul Yadav, the founder of its portfolio company 4B Networks, and a few others, alleging misuse of funds.

“Pursuant to a complaint filed by AIPL, a first information report (FIR) has been registered by the Bandra Police Station (Mumbai Police) on November 29, 2024 against Rahul Yadav, Devesh Singh, Pratik Choudhary, Sanjay Saini (and unnamed others) in connection with 4B Networks (an indirect subsidiary of the company), alleging inter alia commitment of certain fraudulent acts involving 4B Networks’ funds,” the company said in an exchange filing.

4B Networks was rolled out in November 2020 by Housing.com founder Rahul Yadav, and was created to enable real-estate developers and brokers to communicate with each other and conduct their business through its platform. It also helped in loan origination for end-consumers.

Sanjiv Bhikchandani-led Info Edge which, among other things, operates the Naukri.com jobs portal, had invested a total of Rs 288 crore in 4B Networks through its wholly owned subsidiary ALLcheckdeals India in multiple tranches since early 2021, and held about 59 percent stake.

Last year, a forensic audit was initiated by Info Edge after 4B Networks failed to provide the company with information about operations and management, details and particulars of financial transactions, and transactions with related parties, which it says it was contractually obligated to receive.

Info Edge then approached the Delhi High Court in July last year, and the two companies went into arbitration as mandated by the court. The group filed its complaint with the Economic Offense Wing (EOW) in August 2023 accusing the 4B Networks and its founder Yadav of undertaking ‘suspicious transactions’ with 4B Realtech Pvt Ltd, a company allegedly started by an associate of Yadav.

Source: https://www.moneycontrol.com/news/business/startup/info-edge-files-fir-against-4b-networks-founder-rahul-yadav-others-for-fraud-12880597.html#google_vignette

A savings or a current account is treated as inoperative if the customer has no transaction in the account for a period of over two years.

New Delhi: State Bank of India (SBI) on Saturday said it has launched a nation-wide drive to raise awareness about the importance of inoperative account activation.

A savings or a current account is treated as inoperative if the customer has no transaction in the account for a period of over two years.

Activation of these accounts requires Re-KYC. Necessity of regular transactions in the account and preventing categorization into in-operative was the key message, SBI said in a statement.

Source: https://www.deccanherald.com/business/companies/sbi-launches-nation-wide-drive-for-activation-of-inoperative-accounts-3298591

The Competition Commission of India (CCI) has launched a probe into Google and its affiliates over alleged anti-competitive practices in the listing of real money gaming apps on the Play Store, following a complaint by Winzo Games.

CCI also flagged concerns regarding Google’s sideloading warnings displayed when users attempt to download RMG apps. These warnings, Winzo claimed, tarnish its reputation and discourage potential users from accessing its app. Winzo also alleged that warnings on sideloading and payments were standard security measures aimed at safeguarding users. The regulator also found that Google’s justifications for its pilot programme and advertising policies were inconsistent and ambiguous.

“The long duration of Google’s pilot programme, risks perpetuating the advantages conferred upon selected participants, such as DFS and Rummy apps. “This temporal extension amplifies the anti-competitive effects by ensuring these apps continue to enjoy preferential access and visibility, which other competitors are denied,” the CCI noted.

Source: https://www.timesnownews.com/business-economy/companies/google-under-cci-lens-for-alleged-unfair-practices-in-gaming-app-listings-article-115777596

India’s new GST regime for online gaming now ranks among the most burdensome indirect tax regimes globally posing risk to industry growth and significant revenue loss

Navigating the GST increase

This tax burden is largely being shouldered by the gaming companies to compensate the users in various forms for the increased tax, placing immense pressure on the sector. In FY24-25, the sector experienced a significant degrowth, with projected revenues after accounting for the GST burden dropping by 20-30% as per industry sources. Industry experts estimate that approximately 25% of real money gaming companies have shut down over the past year, and many others are struggling with customer retention, and overall sustainability.

The Growing Financial Strain on the Industry

The online gaming sector, which is still in its early stages of growth, is facing an existential crisis. In stark contrast to the Rs 22,000 crore of investments attracted by the industry since FY19, there has been a notable decline in fresh investment over the past year from over USD 1200 million in 2021 to about USD 16 million in 2023. This is a significant blow to an industry that had previously been growing at a compound annual growth rate (CAGR) of 25%. An alarming 55% of the industry’s annual revenue is estimated to be allocated toward navigating the GST related impact, severely impacting both financial health and growth prospects. The unit economics have dropped by more than 50% as less money is available for the prize pools.

Source: https://www.timesnownews.com/india/a-year-of-28-gst-on-the-online-real-money-gaming-sector-challenges-and-concerns-article-115769789

The Adani Group also rejected the charges as baseless. In a statement, the conglomerate clarified that none of its directors or listed firms were accused of wrongdoing.

“It’s time to put a stop to American overreach!” Erik Solheim said.Norwegian diplomat and former UN Environment Programme Executive Director Erik Solheim has questioned the US government report on the Adani Group, calling it a case of “American overreach.” Speaking out on global media coverage of the report, Mr Solheim asked, “When will American overreach stop?”
The US report accuses certain Adani Group-linked individuals of discussing bribes to secure solar energy contracts in India. However, Mr Solheim pointed out that the allegations lack evidence of actual bribe payments or involvement of top Adani leaders. Mr Solheim said that such actions by US authorities hinder India’s green energy transformation and disrupt one of the country’s largest economic powerhouses.

“When will American overreach stop? The last week global media have been full of stories about indictment against the Adani Group by an American Prosecutor. It is time the world starts asking when American overreach will stop. Let’s turn the table for a second and assume that an Indian Court charged top American business executives for crimes allegedly done in the US. Would this be acceptable to America? Would American media find it appropriate?” he posted on X.

“Added it is now clear that the accusations are not against the top Adani leaders, Gautam and Sagar Adani. Nor is there evidence that bribes were paid by Adani executives to Indian government officials. The indictment solely rests on claims that bribes were promised or discussed.”

Mr Solheim, former Norwegian environment minister and under-secretary of the United Nations argued that the “American overreach” has real-life consequences that impact people’s lives, adding that the report forces the Adani Group to waste resources in courts rather than building solar and wind plants.

Trump administration is set take over the US government in January 2025.

ByteDance-owned TikTok has sought input on U.S. matters from Elon Musk, a close adviser to President-elect Donald Trump, the Wall Street Journal reported on Saturday citing people familiar with the matter.

Source : https://www.deccanherald.com/business/tiktok-ceo-sought-musks-input-ahead-of-trump-administration-wsj-reports-3289370

Finance Minister Nirmala Sitharaman highlighted the need to reshape global perceptions of capitalism, positioning India as a model of responsible economic growth. She underscored that India’s approach to capitalism is rooted in ethical practices and sustainability.

Finance Minister Nirmala Sitharaman on Friday emphasized the need to reimagine economic systems and position India as a “responsible capitalist country.” Speaking at the India Ideas Conclave 2024 in Bengaluru, she highlighted India’s unique approach to capitalism, which prioritizes people’s well-being and the growth of institutions.

Sitharaman said that unlike other nations, India’s economic model avoids expansionism, aggression, coercion, or exploitation to achieve economic growth. She pointed out that India does not misuse public goods like vaccines or financial systems for power. “We don’t exploit human or natural resources, nor do we cause harm to neighboring countries for selfish economic interests,” she said.

The finance minister explained that India’s economic model is aligned with the concept of “LiFE” (Lifestyle for Environment), an idea introduced by Prime Minister Narendra Modi to promote sustainable living. She noted that sustainability has always been a part of India’s cultural values.

Pitch For A ‘Bharat FDA’

Sitharaman proposed the creation of a ‘Bharat Food and Drug Administration’ (FDA) for pharmaceuticals, modeled after the US FDA. She urged Indian industries to prioritize high-quality standards in their products.

“Brand Bharat should symbolize scientific excellence and stand for both technical and ethical quality,” she said.

The minister also highlighted India’s innovation potential, citing the rapid growth of the country’s quick-commerce ecosystem, where companies promise deliveries within 10-30 minutes. She said India could become a global hub for innovative solutions to modern urban challenges.

Source : https://www.timesnownews.com/business-economy/economy/need-to-understand-capitalism-also-finance-minister-nirmala-sitharaman-on-indias-global-rebranding-article-115595922

Raveendran has been trying to regain control of his capsising education technology empire, which is under court supervision in both India, where the parent is based, and the US, where some of its valuable units are located, according to a court declaration filed by Hailer.

Byju Raveendran, the founder of Indian tech firm Byju’s, tried to convince a Nebraska businessman to leave the US in order to avoid testifying in federal court about suspicious activities he observed while working with the controversial executive, the businessman told a judge during a court hearing Thursday.

The businessman, William R. Hailer, said Raveendran sent him a plane ticket to Dubai just two days before Hailer was set to testify about Raveedran’s efforts to regain control of parts of the Byju’s education empire that had been taken over by a court-authorized trustee. A copy of the ticket, which cost nearly $10,700, was shown in court Thursday.

Raveendran reiterated a job offer with a $500,000 salary if Hailer would immediately come to Dubai and start working, Hailer told US Bankruptcy Judge John T. Dorsey during the hearing in Wilmington, Delaware.

“He encouraged me not to testify,” Hailer alleged. “He said I should come to Dubai and he said the salary would start on day one.”Dorsey said Hailer’s testimony required the court to refer the allegations to federal prosecutors. Typically, judges send a letter to the US Justice Department outlining the reasons that the judge believes a crime may have been committed. Federal prosecutors then decide whether to investigate.

Raveendran has been trying to regain control of his capsising education technology empire, which is under court supervision in both India, where the parent is based, and the US, where some of its valuable units are located, according to a court declaration filed by Hailer.

Earlier this year, Dorsey held another business ally of Byju’s in contempt of court for fleeing the US just before he was set to testify.

Source: https://www.deccanherald.com/business/companies/byjus-founder-told-ally-to-flee-us-to-avoid-testifying-3287022

In June of 2020, a renewable energy company owned by Indian billionaire Gautam Adani won what it called, opens new tab the single largest solar development bid ever awarded: an agreement to supply 8 gigawatts of electricity to a state-owned power company.
But there was a problem. Local power companies did not want to pay the prices the state company was offering, jeopardizing the deal, according to U.S. authorities. To save the deal, Adani allegedly decided to bribe local officials to persuade them to buy the electricity.

That allegation is at the heart of U.S. criminal and civil charges unsealed on Wednesday against Adani, who is not currently in U.S. custody and is believed to be in India. His company, Adani Group, said the charges were “baseless” and that it would seek “all possible legal recourse.”
The alleged hundreds of millions of dollars in bribes promised to local Indian officials caught the attention of the U.S. Justice Department and Securities and Exchange Commission as Adani’s companies were raising funds from U.S.-based investors in several transactions starting in 2021.

This account of how the alleged scheme unfolded is drawn from federal prosecutors’ 54-page criminal indictment, opens new tab of Adani and seven of his associates and two parallel civil SEC complaints, opens new tab, which extensively cite electronic messages between the scheme’s alleged participants.
In early 2020, the Solar Energy Corporation of India awarded Adani Green Energy (ADNA.NS), opens new tab and another company, Azure Power Global (AZREF.PK), opens new tab, contracts for a 12-gigawatt solar energy project, expected to yield billions of dollars in revenue for both companies, according to the indictment.

It was a major step forward for Adani Green Energy, run by Adani’s nephew, Sagar Adani. Up until that point, the company had only earned roughly $50 million in its history and had yet to turn a profit, according to the SEC complaint.
But the initiative soon hit roadblocks. Local state electricity distributors were reluctant to commit to buying the new solar power, expecting prices to fall in the future, according to an April 7, 2021 report, opens new tab by the Institute for Energy Economics and Financial Analysis, a think tank.

Sagar Adani and the Azure CEO at the time discussed the delays and hinted at bribes, opens new tab on the encrypted messaging application WhatsApp, according to the SEC.
When the Azure CEO wrote on Nov. 24, 2020, that the local power companies “are being motivated,” Sagar Adani allegedly replied, “Yup … but the optics are very difficult to cover. In February 2021, Sagar Adani allegedly wrote to the CEO, “Just so you know, we have doubled the incentives to push for these acceptances.”
The SEC did not name the Azure CEO as a defendant, but Azure’s securities filings show the CEO at the time was Ranjit Gupta.
Gupta was charged by the Justice Department with conspiracy to violate an anti-bribery law. He did not immediately respond to a request for comment.
Azure said on Thursday it was cooperating with the U.S. investigations, and that the individuals involved with the accusations had left the company more than a year ago.
‘SUDDEN GOOD FORTUNE’
In August of 2021, Gautam Adani had the first of several meetings with an official in the southern state of Andhra Pradesh, to whom he allegedly ultimately promised $228 million in bribes in exchange for agreeing to have the state buy the power, according to the Justice Department’s indictment.
By December, Andhra Pradesh had agreed to buy the power, and other states with smaller contracts soon followed. Other states’ officials were promised bribes as well, U.S. authorities said.
During a Dec. 6, 2021 meeting at a coffee shop, Azure executives allegedly discussed “rumors that the Adanis had somehow facilitated signing” of the deals, according to the SEC.
Gautam Adani said, opens new tab on Dec. 14, 2021, the company was on track “to become the world’s largest renewables player by 2030.”
“The sudden good fortune for Azure and Adani Green prompted speculation in the marketplace about the contract awards,” the SEC wrote in its complaint.
LETTER FROM THE SEC
Before long, the SEC began to probe. The agency sent a “general inquiry” letter to Azure – which at the time traded on the New York Stock Exchange – on March 17, 2022, asking about its recent contracts and if foreign officials had sought anything of value, according to the Justice Department indictment.
According to the Department of Justice, Gautam Adani told representatives of Azure during a meeting in his Ahmedabad, India office the next month that he expected to be reimbursed more than $80 million for the bribes he had paid officials that ultimately benefited Azure’s contracts.
Some Azure representatives and a leading investor in the company decided to pay Adani back by allowing his company to take over a potentially profitable project. The representatives and investor allegedly agreed to tell Azure’s board of directors that Adani had requested bribe money, but hid their role in the scheme, prosecutors said.
All the while, Adani’s companies were raising billions of dollars in loans and bonds through international banks, including from U.S. investors. In four separate fundraising transactions between 2021 and 2024, the companies sent investors documents indicating that they had not paid bribes – statements prosecutors say are false and constitute fraud.

Source: https://www.reuters.com/world/india/how-indian-billionaire-gautam-adanis-alleged-bribery-scheme-took-off-unraveled-2024-11-22/

Such changes would essentially result in Google being highly regulated for 10 years, subjecting it to oversight by the same Washington federal court that ruled the company maintained an illegal monopoly in online search and related advertising.

Alphabet’s Google must sell its Chrome browser to restore competition in the online search market it dominates, and take a broad range of other corrective actions, including sharing data and search results with competitors, US prosecutors argued to a judge on Wednesday.

Such changes would essentially result in Google being highly regulated for 10 years, subjecting it to oversight by the same Washington federal court that ruled the company maintained an illegal monopoly in online search and related advertising.

Google controls about 90 per cent of the online search market and 95 per cent on smartphones.

Court papers filed Wednesday night expand on an earlier outline for what prosecutors argued would dilute that monopoly. Google called the proposals radical at the time, saying they would harm US consumers and businesses and shake American competitiveness in AI. The company has said it will appeal.

Source: https://www.deccanherald.com/business/companies/google-must-divest-chrome-to-restore-competition-in-online-search-doj-says-3285344

Elon Musk’s SpaceX launched its giant Starship rocket to space from Texas on Tuesday, advancing the ship’s spaceflight abilities but botching an attempt to bring its booster back to land as U.S. President-elect Donald Trump watched from the company’s rocket facilities.
The roughly 400-foot-tall (122-meter-tall) rocket system, designed to land astronauts on the moon and ferry crews to Mars, lifted off at 4 p.m. CT (2200 GMT) from SpaceX’s sprawling rocket development site in Boca Chica, Texas.

The rocket’s 233-foot-tall (71-metre-tall) first stage booster, called Super Heavy, detached from its second stage, Starship, at roughly 40 miles (62 km) in altitude, sending the craft into space.
Super Heavy unexpectedly splashed down in the Gulf of Mexico instead of returning to land, where it was expected to fall into large mechanical arms attached to the tower it launched from. The last-minute diversion to water indicated something went wrong.

A live stream separate from SpaceX’s and hosted by space blogger Everyday Astronaut showed the Super Heavy booster exploding into a massive fireball on the Gulf horizon after splashing down.
Starship last month demonstrated the novel catch-landing method for the first time, achieving a key milestone in its reusable design. Tuesday’s catch-landing was supposed to be “faster/harder,” Musk had written on social media before the launch.

After the Oct. 14 Starship test, Trump was intrigued, fixating on the booster’s novel catch-landing technique – “Did you see the way that sucker landed today?,” he said at a rally that day.
The rest of the mission appeared successful.
In space, Starship traveled around Earth for a daytime splashdown in the Indian Ocean roughly an hour later. It reignited one of its onboard engines in space for the first time, an early test of its maneuverability in space that SpaceX had tried but failed to do in past flights.
NASA chief Bill Nelson, who is expected to leave his role once Trump takes office in January, congratulated SpaceX in a post on X and said Starship’s in-space engine reignition marked “major progress towards orbital flight.”

Trump’s attendance signals a deepening alliance with Musk, who stands to benefit from Trump’s election victory. The billionaire entrepreneur and CEO of SpaceX and Tesla is expected to wield extraordinary influence to help his companies and secure favorable government treatment.
The world’s wealthiest person, Musk was a prominent supporter of Trump’s presidential election campaign, appearing with him at rallies and backing him with at least $119 million in political support.
“I’m heading to the Great State of Texas to watch the launch of the largest object ever to be elevated, not only to Space, but simply by lifting off the ground,” Trump wrote on social media, wishing Musk luck on the launch.
Trump on Nov. 13 appointed Musk as co-leader of a new government efficiency project that the SpaceX founder and Tesla CEO has said will rid the federal government of wasteful spending and regulations he has called burdensome.
The U.S. Federal Aviation Administration’s regulation of commercial rocket launches has been a source of frustration for Musk, who has complained that the agency impedes his company’s progress in getting to Mars.
But the FAA’s license approval of Tuesday’s Starship launch a little over a month after the rocket’s previous flight was its quickest regulatory turnaround yet for SpaceX, as the agency develops new launch-approval processes meant to keep pace with the U.S. space industry’s growth.

Source: https://www.reuters.com/business/aerospace-defense/spacex-launch-sixth-starship-test-texas-with-trump-attending-2024-11-19/

Two undersea fibre-optic communications cables in the Baltic Sea, including one linking Finland and Germany, were severed, raising suspicions of sabotage by bad actors, countries and companies involved said on Monday.
The episode recalled other incidents in the same waterway that authorities have probed as potentially malicious including damage to a gas pipeline and undersea cables last year and the 2022 explosions of the Nord Sea gas pipelines.

Foxconn, which employs thousands of women at the iPhone factory at Sriperumbudur, near Chennai, outsources recruitment of assembly-line workers to third-party vendors. These agents scout for and screen candidates, who ultimately are interviewed and selected by Foxconn.

Sriperumbudur, India: Apple supplier Foxconn has ordered the hiring agents that help recruit iPhone assembly workers in India to remove age, gender and marital criteria as well as the manufacturer’s name in job advertisements, according to three people familiar with the matter and almost a dozen ads reviewed by Reuters. The moves follow a Reuters investigation published June 25, which found that Foxconn excluded married women from jobs at its main India iPhone assembly plant, though it relaxed the practice during high-production periods.

Foxconn, which employs thousands of women at the iPhone factory at Sriperumbudur, near Chennai, outsources recruitment of assembly-line workers to third-party vendors. These agents scout for and screen candidates, who ultimately are interviewed and selected by Foxconn.

For the June story, Reuters reviewed job ads posted by Foxconn’s Indian hiring vendors between January 2023 and May 2024 which stated that only unmarried women of specified ages were eligible for smartphone assembly roles, contravening Apple and Foxconn anti-discrimination policies.

Days after the story’s publication, Foxconn HR executives instructed many of the Indian vendors to standardize recruitment materials in accordance with templates provided by the company, two of the three hiring agency sources told Reuters. They also told the vendors not to speak to the media, these people said.

At a meeting in late June, Foxconn HR executives cited media coverage of the company’s hiring practices and “warned us not to use Foxconn’s name in any ads going forward, and told us our contracts would be terminated if we did,” one agent said.

“The instructions for ads were: Don’t mention the unmarried requirement, don’t mention age, nor male or female either,” said the person, who like the other sources spoke on the condition of anonymity for fear of backlash from Foxconn.

Foxconn did not respond to Reuters questions about its directives to recruiters, nor whether it had ended restrictions on the employment of married women for iPhone assembly roles. Apple declined to comment on similar questions. Both companies have previously said that Foxconn hires married women in India.

Reuters could not independently determine whether Foxconn had begun to hire greater numbers of married women for the roles in question. But recent changes to advertising content aligned with the recruiters’ accounts.

One new Foxconn template ad reviewed by Reuters described smartphone assembly positions but made no mention of Foxconn, nor age, gender or marital criteria. It listed benefits: “Air conditioned workplace, free transport, canteen facility, free hostel” and a monthly salary of 14,974 rupees, or about $177.

In October, Reuters visited Sriperumbudur and reviewed nine Foxconn vendor ads, some in the Tamil language, that were posted on walls and circulated on WhatsApp. The text matched the template provided to the vendors.

Source: https://www.deccanherald.com/business/companies/foxconn-tells-india-recruiters-nix-marital-status-in-iphone-job-ads-3280675 

As of November 16, 24K gold in India stands at Rs 75,650 per 10 grams, down by Rs 110 from the previous day. The 22K variant dipped to Rs 69,350 per 10 grams, while 18K gold now costs Rs 56,740, marking a steady decline.

Gold in India has hit a surprising twist—it’s now cheaper than in popular gold-buying hubs like the United Arab Emirates, Qatar, Oman, and Singapore.

As of November 16, 24K gold in India stands at Rs 75,650 per 10 grams, down by Rs 110 from the previous day. The 22K variant dipped to Rs 69,350 per 10 grams, while 18K gold now costs Rs 56,740, marking a steady decline. Meanwhile, in Oman, gold saw a sharp rise, with 24K gold priced at Rs 75,763 for 10 grams, up by Rs 220, while in Qatar, the same 24K rate jumped to Rs 76,293.

Source : https://www.businesstoday.in/personal-finance/investment/story/gold-in-india-now-cheaper-than-uae-qatar-oman-and-singapore-what-is-happening-453989-2024-11-16

The withdrawals are concentrated in the secondary market, with FPIs offloading Rs 32,351 crore through exchanges this month, while still investing selectively in the primary market to the tune of Rs 9,931 crore.

Foreign Portfolio Investors (FPIs) aren’t just dipping out of Indian markets—they’re stampeding. As of mid-November, FPIs have pulled Rs 22,420 crore from India’s stock exchanges, following an even larger October selloff that saw Rs 1,13,858 crore exit the market, according to NSDL data.

The withdrawals are concentrated in the secondary market, with FPIs offloading Rs 32,351 crore through exchanges this month, while still investing selectively in the primary market to the tune of Rs 9,931 crore.

Adding pressure, FPIs have scaled back on Indian debt markets, pulling Rs 4,717 crore so far this month.

Source : https://www.businesstoday.in/markets/stocks/story/rs22420-crore-vanishes-from-indian-markets-whats-spooking-foreign-investors-454003-2024-11-16