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When Donald Trump and Xi Jinping met on the sidelines of the APEC summit in Busan, South Korea, in October 2025, the immediate goal was simple: stop the relationship between the world’s two biggest economies from spiraling into a full-scale economic confrontation. The meeting, their first face-to-face interaction in six years, came after months of tariff threats, semiconductor restrictions, and rare earth export controls that had shaken global markets.&nbsp;The Busan summit produced what both sides called a temporary stabilisation. Trump agreed to pause new punitive tariffs and ease some pressure on Chinese imports, while Beijing signalled that it would restore purchases of American agricultural goods and soften restrictions on rare earth exports. Both countries also agreed to continue talks on fentanyl cooperation and high-tech trade controls. But the truce never fully resolved the deeper conflict.&nbsp;Since Busan, Washington, and Beijing have continued to clash over semiconductors, artificial intelligence, supply chains, and Taiwan. The United States maintained restrictions on advanced chip exports to China, arguing they were necessary for national security. China, in return, used its dominance over rare earth minerals as leverage, reminding Washington how dependent American technology and defence industries remain on Chinese supply chains.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-and-xi-aim-to-ease-trade-war-in-first-meeting-since-south-korea-summit-1778542696834">Trump and Xi aim to ease trade war in first meeting since South Korea summit</a>&nbsp;Taiwan has emerged as another major sticking point ahead of Wednesday’s summit in Beijing. China has grown increasingly frustrated with US military support and arms sales to Taiwan, while Washington insists its policy remains aimed at maintaining regional stability. Taiwanese officials themselves have expressed concerns about possible ‘surprises’ emerging from the Trump-Xi talks. Trade, however, remains the centerpiece of the relationship.&nbsp;Trump continues to push for what he calls ‘fair trade’, with his administration pressing China to buy more American soybeans, poultry, beef, and Boeing aircraft. Beijing, meanwhile, wants relief from US export controls, especially restrictions tied to semiconductors and advanced technology. There is also a larger geopolitical backdrop shaping the meeting. Since the Busan summit, tensions in the Middle East and the Iran conflict have changed the balance between the two powers. China’s dependence on oil flows through the Strait of Hormuz and America’s military commitments in the region have added new urgency to the relationship. Trump is expected to pressure Xi over China’s purchases of Iranian oil and Beijing’s broader ties with Tehran.&nbsp;<a href="https://www.wionews.com/videos/uk-prime-minister-keir-starmer-faces-pressure-amid-major-loss-in-local-elections-1778519265924/embed">https://www.wionews.com/videos/uk-prime-minister-keir-starmer-faces-pressure-amid-major-loss-in-local-elections-1778519265924/embed</a>&nbsp;Artificial intelligence and technology security are also expected to feature prominently during the summit. Analysts believe both countries are increasingly worried about cyber risks, AI competition, and the strategic race for technological dominance. What makes this summit particularly significant is that both leaders now see the relationship differently than they did in Busan. China enters the talks projecting confidence, believing it has strengthened its global standing economically and strategically. Trump, meanwhile, arrives looking for deals that can demonstrate economic wins back home while avoiding another destabilising trade war.&nbsp;That means Wednesday’s meeting is unlikely to produce a grand breakthrough. Instead, the focus may be on preventing fresh escalation, extending the tariff truce, and finding enough common ground to keep the US-China relationship from tipping back into open economic confrontation.

Ahead of the Trump-Xi Beijing summit, here’s how US-China relations evolved since the Busan summit in South Korea, including trade tensions, tariffs, Taiwan, rare earths, AI competition, and the biggest sticking points between Washington and Beijing

When Donald Trump and Xi Jinping met on the sidelines of the APEC summit in Busan, South Korea, in October 2025, the immediate goal was simple: stop the relationship between the world’s two biggest economies from spiraling into a full-scale economic confrontation. The meeting, their first face-to-face interaction in six years, came after months of tariff threats, semiconductor restrictions, and rare earth export controls that had shaken global markets. The Busan summit produced what both sides called a temporary stabilisation. Trump agreed to pause new punitive tariffs and ease some pressure on Chinese imports, while Beijing signalled that it would restore purchases of American agricultural goods and soften restrictions on rare earth exports. Both countries also agreed to continue talks on fentanyl cooperation and high-tech trade controls. But the truce never fully resolved the deeper conflict. Since Busan, Washington, and Beijing have continued to clash over semiconductors, artificial intelligence, supply chains, and Taiwan. The United States maintained restrictions on advanced chip exports to China, arguing they were necessary for national security. China, in return, used its dominance over rare earth minerals as leverage, reminding Washington how dependent American technology and defence industries remain on Chinese supply chains. Also Read: Trump and Xi aim to ease trade war in first meeting since South Korea summit Taiwan has emerged as another major sticking point ahead of Wednesday’s summit in Beijing. China has grown increasingly frustrated with US military support and arms sales to Taiwan, while Washington insists its policy remains aimed at maintaining regional stability. Taiwanese officials themselves have expressed concerns about possible ‘surprises’ emerging from the Trump-Xi talks. Trade, however, remains the centerpiece of the relationship. Trump continues to push for what he calls ‘fair trade’, with his administration pressing China to buy more American soybeans, poultry, beef, and Boeing aircraft. Beijing, meanwhile, wants relief from US export controls, especially restrictions tied to semiconductors and advanced technology. There is also a larger geopolitical backdrop shaping the meeting. Since the Busan summit, tensions in the Middle East and the Iran conflict have changed the balance between the two powers. China’s dependence on oil flows through the Strait of Hormuz and America’s military commitments in the region have added new urgency to the relationship. Trump is expected to pressure Xi over China’s purchases of Iranian oil and Beijing’s broader ties with Tehran. https://www.wionews.com/videos/uk-prime-minister-keir-starmer-faces-pressure-amid-major-loss-in-local-elections-1778519265924/embed Artificial intelligence and technology security are also expected to feature prominently during the summit. Analysts believe both countries are increasingly worried about cyber risks, AI competition, and the strategic race for technological dominance. What makes this summit particularly significant is that both leaders now see the relationship differently than they did in Busan. China enters the talks projecting confidence, believing it has strengthened its global standing economically and strategically. Trump, meanwhile, arrives looking for deals that can demonstrate economic wins back home while avoiding another destabilising trade war. That means Wednesday’s meeting is unlikely to produce a grand breakthrough. Instead, the focus may be on preventing fresh escalation, extending the tariff truce, and finding enough common ground to keep the US-China relationship from tipping back into open economic confrontation.

From Busan to Beijing, Donald Trump and Xi Jinping face fresh tensions over tariffs, Taiwan, AI, rare earths, and global trade dominance

Trump-Xi 2.0: Trade peace or temporary pause? Can Beijing and Washington avoid another trade shock?

Google has introduced a new screenless fitness tracker called Fitbit Air, along with a redesigned Health app aimed at improving how users track and manage their health. The device focuses on continuous monitoring and minimal distractions, offering a different approach compared to traditional smartwatches.The Fitbit Air is designed for 24/7 wear and aims to function as a long-term health companion rather than a notification-based device. According to the company, the wearable is built to deliver accurate data while keeping the user experience simple.&nbsp;<h2>Screenless design with focus on health tracking</h2>The Fitbit Air comes with a compact and lightweight design, making it suitable for continuous use. It is around 25 per cent smaller than Fitbit Luxe and 50 per cent smaller than Inspire 3, according to Google.The company has removed the screen to reduce distractions and encourage users to focus on overall wellness instead of constantly checking stats. Despite its simple design, the device includes several advanced health features such as heart rate monitoring, heart rhythm tracking with atrial fibrillation alerts, blood oxygen levels, sleep tracking and heart rate variability.<h2>AI-powered Health app replaces Fitbit app</h2>Alongside the wearable, Google has launched a new Health app that replaces the earlier Fitbit app. The app includes an AI-based health coach that provides personalised recommendations based on user data.The system can also analyse images of gym equipment or workout routines to log activities. This feature is aimed at simplifying fitness tracking by reducing manual input and improving accuracy over time.<h2>Smart tracking and battery performance</h2>The Fitbit Air supports automatic workout detection using machine learning. This allows the device to learn from user behaviour and improve tracking accuracy over time.The wearable offers up to one week of battery life, with fast charging that can provide a full day’s usage in about five minutes. It is also compatible with both Android and iOS devices, making it accessible to a wider range of users.<h2>Price and availability details</h2>The Fitbit Air is priced at $99.99 (around Rs 9,400) and is available for pre-order globally. The official sale is expected to begin on May 26.Buyers will also receive a three-month trial of Google Health Premium, which includes access to advanced health insights and coaching features.<h2>What this means for wearable technology</h2>The launch of Fitbit Air reflects a shift in wearable devices towards simpler and more focused designs. Instead of adding more features and screens, companies are now exploring ways to improve long-term health tracking with minimal distractions.By combining continuous monitoring with AI-based insights, Google is positioning Fitbit Air as a device that supports everyday wellness rather than just fitness tracking.&nbsp;&nbsp;&nbsp;

Google has introduced a new screenless fitness tracker called Fitbit Air, along with a redesigned Health app aimed at improving how users track and manage their health. The device focuses on continuous monitoring and minimal distractions.

Google has introduced a new screenless fitness tracker called Fitbit Air, along with a redesigned Health app aimed at improving how users track and manage their health. The device focuses on continuous monitoring and minimal distractions, offering a different approach compared to traditional smartwatches. The Fitbit Air is designed for 24/7 wear and aims to function as a long-term health companion rather than a notification-based device. According to the company, the wearable is built to deliver accurate data while keeping the user experience simple. Screenless design with focus on health tracking The Fitbit Air comes with a compact and lightweight design, making it suitable for continuous use. It is around 25 per cent smaller than Fitbit Luxe and 50 per cent smaller than Inspire 3, according to Google. The company has removed the screen to reduce distractions and encourage users to focus on overall wellness instead of constantly checking stats. Despite its simple design, the device includes several advanced health features such as heart rate monitoring, heart rhythm tracking with atrial fibrillation alerts, blood oxygen levels, sleep tracking and heart rate variability. AI-powered Health app replaces Fitbit app Alongside the wearable, Google has launched a new Health app that replaces the earlier Fitbit app. The app includes an AI-based health coach that provides personalised recommendations based on user data. The system can also analyse images of gym equipment or workout routines to log activities. This feature is aimed at simplifying fitness tracking by reducing manual input and improving accuracy over time. Smart tracking and battery performance The Fitbit Air supports automatic workout detection using machine learning. This allows the device to learn from user behaviour and improve tracking accuracy over time. The wearable offers up to one week of battery life, with fast charging that can provide a full day’s usage in about five minutes. It is also compatible with both Android and iOS devices, making it accessible to a wider range of users. Price and availability details The Fitbit Air is priced at $99.99 (around Rs 9,400) and is available for pre-order globally. The official sale is expected to begin on May 26. Buyers will also receive a three-month trial of Google Health Premium, which includes access to advanced health insights and coaching features. What this means for wearable technology The launch of Fitbit Air reflects a shift in wearable devices towards simpler and more focused designs. Instead of adding more features and screens, companies are now exploring ways to improve long-term health tracking with minimal distractions. By combining continuous monitoring with AI-based insights, Google is positioning Fitbit Air as a device that supports everyday wellness rather than just fitness tracking.

Google has introduced a new screenless fitness tracker called Fitbit Air, along with a redesigned Health app aimed at improving how users track and manage their health. The device focuses on continuous monitoring and minimal distractions.

Google enters screenless wearables market: Key details about Fitbit Air

Anthropic’s Mythos model has drawn global attention after reports suggested it could identify thousands of software vulnerabilities. The release led to concerns among governments, banks and technology firms about the possibility of a new phase of AI-driven cyberattacks.However, cybersecurity experts say that the capabilities highlighted by Mythos are not entirely new. According to researchers, similar results can already be achieved using existing AI models, including those from Anthropic and OpenAI.&nbsp;<h2>What Mythos revealed about cybersecurity risks</h2>Mythos gained attention because of its ability to detect large numbers of vulnerabilities in software systems. Some of these issues had remained unnoticed for years, raising concerns about how widely such flaws may exist.The model was released in a limited way to selected organisations, including major companies, to reduce the risk of misuse. This controlled rollout reflects the sensitivity of tools that can identify weaknesses in critical systems.&nbsp;<h2>Experts say similar capabilities already exist</h2>Despite the attention around Mythos, researchers say that the ability to detect vulnerabilities at scale has been possible for some time.Cybersecurity firms have shown that by using a method known as orchestration, multiple AI models can work together to analyse code and find similar vulnerabilities. In tests, older models from both Anthropic and OpenAI were able to detect many of the same issues identified by Mythos.Experts note that this suggests the main difference is not just the model itself, but how effectively tools are combined and used.&nbsp;<h2>What are ‘zero-day’ vulnerabilities</h2>One of the key concerns in cybersecurity is the detection of “zero-day” vulnerabilities. These are flaws in software that are unknown to developers and have not yet been fixed.Such vulnerabilities can be exploited by attackers before patches are released, making them particularly risky. Researchers say current AI tools are already capable of identifying these weaknesses, which adds to concerns about how quickly they can be used.&nbsp;Growing concern among governments and companiesThe release of Mythos has increased discussions around cybersecurity risks at the highest levels. Reports indicate that policymakers and industry leaders are considering stronger oversight of advanced AI systems.At the same time, organisations are concerned about the balance between detecting vulnerabilities and fixing them. While AI can identify issues quickly, addressing them still requires time and human effort.<h2>Offence may have an early advantage</h2>Experts suggest that the current situation may favour attackers in the short term. While AI tools can help defenders identify risks, they also make it easier for malicious actors to discover and exploit vulnerabilities.Cybersecurity professionals note that hackers already have the skills needed to use such techniques, and AI could reduce the time required to carry out attacks. This could lead to an increase in the number of attempts on systems that were previously not targeted.<h2>Challenges in fixing vulnerabilities</h2>Even before AI tools became widely available, organisations faced challenges in managing software vulnerabilities. Fixing issues often requires testing, updates and sometimes taking systems offline, which can be complex and time-consuming.Experts say that while AI has increased the number of vulnerabilities being identified, tools to fix them automatically are still limited. This creates a gap between detection and resolution.<h2>What this means for the future</h2>The discussion around Mythos highlights a broader trend in cybersecurity. AI is making it easier to identify risks, but it is also raising new challenges in how those risks are managed.Experts believe that collaboration between companies, governments and researchers will be important in addressing these issues. As AI tools continue to improve, the focus will likely shift towards building systems that can not only detect vulnerabilities but also help fix them efficiently.For now, the key takeaway is that the cybersecurity risks linked to AI are not entirely new, but they are becoming more visible and more urgent to address.&nbsp;

Anthropic’s Mythos model has drawn global attention after reports suggested it could identify thousands of software vulnerabilities. The release led to concerns among governments, banks and technology firms about the possibility of a new phase of AI-driven cyberattacks.


Anthropic’s Mythos model has drawn global attention after reports suggested it could identify thousands of software vulnerabilities. The release led to concerns among governments, banks and technology firms about the possibility of a new phase of AI-driven cyberattacks. However, cybersecurity experts say that the capabilities highlighted by Mythos are not entirely new. According to researchers, similar results can already be achieved using existing AI models, including those from Anthropic and OpenAI. What Mythos revealed about cybersecurity risks Mythos gained attention because of its ability to detect large numbers of vulnerabilities in software systems. Some of these issues had remained unnoticed for years, raising concerns about how widely such flaws may exist. The model was released in a limited way to selected organisations, including major companies, to reduce the risk of misuse. This controlled rollout reflects the sensitivity of tools that can identify weaknesses in critical systems. Experts say similar capabilities already exist Despite the attention around Mythos, researchers say that the ability to detect vulnerabilities at scale has been possible for some time. Cybersecurity firms have shown that by using a method known as orchestration, multiple AI models can work together to analyse code and find similar vulnerabilities. In tests, older models from both Anthropic and OpenAI were able to detect many of the same issues identified by Mythos. Experts note that this suggests the main difference is not just the model itself, but how effectively tools are combined and used. What are ‘zero-day’ vulnerabilities One of the key concerns in cybersecurity is the detection of “zero-day” vulnerabilities. These are flaws in software that are unknown to developers and have not yet been fixed. Such vulnerabilities can be exploited by attackers before patches are released, making them particularly risky. Researchers say current AI tools are already capable of identifying these weaknesses, which adds to concerns about how quickly they can be used. Growing concern among governments and companies The release of Mythos has increased discussions around cybersecurity risks at the highest levels. Reports indicate that policymakers and industry leaders are considering stronger oversight of advanced AI systems. At the same time, organisations are concerned about the balance between detecting vulnerabilities and fixing them. While AI can identify issues quickly, addressing them still requires time and human effort. Offence may have an early advantage Experts suggest that the current situation may favour attackers in the short term. While AI tools can help defenders identify risks, they also make it easier for malicious actors to discover and exploit vulnerabilities. Cybersecurity professionals note that hackers already have the skills needed to use such techniques, and AI could reduce the time required to carry out attacks. This could lead to an increase in the number of attempts on systems that were previously not targeted. Challenges in fixing vulnerabilities Even before AI tools became widely available, organisations faced challenges in managing software vulnerabilities. Fixing issues often requires testing, updates and sometimes taking systems offline, which can be complex and time-consuming. Experts say that while AI has increased the number of vulnerabilities being identified, tools to fix them automatically are still limited. This creates a gap between detection and resolution. What this means for the future The discussion around Mythos highlights a broader trend in cybersecurity. AI is making it easier to identify risks, but it is also raising new challenges in how those risks are managed. Experts believe that collaboration between companies, governments and researchers will be important in addressing these issues. As AI tools continue to improve, the focus will likely shift towards building systems that can not only detect vulnerabilities but also help fix them efficiently. For now, the key takeaway is that the cybersecurity risks linked to AI are not entirely new, but they are becoming more visible and more urgent to address.

Anthropic’s Mythos model has drawn global attention after reports suggested it could identify thousands of software vulnerabilities. The release led to concerns among governments, banks and technology firms about the possibility of a new phase of AI-driven cyberattacks.

‘AI cyber risk’: Why existing AI models are already powerful

India’s electronics exports have emerged as one of the top three export categories, signalling a shift in the country’s trade pattern, according to Ashwini Vaishnaw. Speaking at the CII Annual Business Summit 2026, the minister said that smartphones have now become the largest exported item from India, highlighting the growing role of electronics in the economy.&nbsp;He noted that traditional export items such as diesel, gems and jewellery, textiles and engineering goods have long dominated India’s exports, but the situation is now changing. The rise of electronics exports reflects increased manufacturing capacity and integration with global supply chains.<h2>Shift in India’s export landscape</h2>According to the minister, India exported around Rs 30,000 crore worth of electronics components to neighbouring countries in the last financial year. This marks a notable change, as the country moves from being largely dependent on imports in this sector to becoming an exporter.Vaishnaw said that electronics is now among the top three export categories and is expected to grow further in the coming years. This growth is linked to increasing investments and policy support aimed at strengthening domestic manufacturing.&nbsp;<h2>Expansion of manufacturing capacity</h2>The minister highlighted that there are currently 71 manufacturing facilities for electronics components across India. Many of these units are in advanced stages of development and are expected to support both domestic demand and exports.He added that several components will soon meet 100 per cent of domestic demand, while Indian companies are also expected to become part of global value chains. The focus, he said, is on improving quality standards through methods such as Six Sigma and lean manufacturing to ensure long-term competitiveness.<h2>Progress in semiconductor and new technologies</h2>On semiconductor manufacturing, Vaishnaw said that two factories are already in commercial production, while a third is expected to begin operations in July and a fourth later in the year.He also pointed to opportunities in emerging technologies such as micro LED displays. According to him, India could begin production of micro LED screens within the next 22 months, positioning itself in a developing segment of the electronics industry.&nbsp;<h2>Railways infrastructure sees major growth</h2>The minister also spoke about developments in railway infrastructure. Capital expenditure in the sector has increased from about Rs 66,000 crore a few years ago to nearly Rs 2,72,000 crore in the last financial year.He said that around 49,000 kilometres of railway tracks have been electrified and 36,000 kilometres of new tracks have been added. These improvements are expected to reduce travel time significantly across major routes.<h2>Impact on travel patterns</h2>With faster trains, the minister said that passengers may increasingly prefer rail travel over air travel on certain routes. For example, travel time between Bengaluru and Chennai is expected to reduce to about 78 minutes, while Delhi to Varanasi could take around 3 hours and 50 minutes.He added that such improvements could change travel patterns, with railways becoming a more preferred option for short and medium distances.<h2>What this means for India</h2>The rise of electronics exports alongside improvements in infrastructure reflects broader economic changes. Increased manufacturing, better connectivity and new technologies are contributing to this shift.As India continues to expand its capabilities in electronics and transportation, these developments may play an important role in shaping long-term economic growth and global competitiveness.&nbsp;&nbsp;

India’s electronics exports have emerged as one of the top three export categories, signalling a shift in the country’s trade pattern, according to Ashwini Vaishnaw. Speaking at the CII Annual Business Summit 2026.


India’s electronics exports have emerged as one of the top three export categories, signalling a shift in the country’s trade pattern, according to Ashwini Vaishnaw. Speaking at the CII Annual Business Summit 2026, the minister said that smartphones have now become the largest exported item from India, highlighting the growing role of electronics in the economy. He noted that traditional export items such as diesel, gems and jewellery, textiles and engineering goods have long dominated India’s exports, but the situation is now changing. The rise of electronics exports reflects increased manufacturing capacity and integration with global supply chains. Shift in India’s export landscape According to the minister, India exported around Rs 30,000 crore worth of electronics components to neighbouring countries in the last financial year. This marks a notable change, as the country moves from being largely dependent on imports in this sector to becoming an exporter. Vaishnaw said that electronics is now among the top three export categories and is expected to grow further in the coming years. This growth is linked to increasing investments and policy support aimed at strengthening domestic manufacturing. Expansion of manufacturing capacity The minister highlighted that there are currently 71 manufacturing facilities for electronics components across India. Many of these units are in advanced stages of development and are expected to support both domestic demand and exports. He added that several components will soon meet 100 per cent of domestic demand, while Indian companies are also expected to become part of global value chains. The focus, he said, is on improving quality standards through methods such as Six Sigma and lean manufacturing to ensure long-term competitiveness. Progress in semiconductor and new technologies On semiconductor manufacturing, Vaishnaw said that two factories are already in commercial production, while a third is expected to begin operations in July and a fourth later in the year. He also pointed to opportunities in emerging technologies such as micro LED displays. According to him, India could begin production of micro LED screens within the next 22 months, positioning itself in a developing segment of the electronics industry. Railways infrastructure sees major growth The minister also spoke about developments in railway infrastructure. Capital expenditure in the sector has increased from about Rs 66,000 crore a few years ago to nearly Rs 2,72,000 crore in the last financial year. He said that around 49,000 kilometres of railway tracks have been electrified and 36,000 kilometres of new tracks have been added. These improvements are expected to reduce travel time significantly across major routes. Impact on travel patterns With faster trains, the minister said that passengers may increasingly prefer rail travel over air travel on certain routes. For example, travel time between Bengaluru and Chennai is expected to reduce to about 78 minutes, while Delhi to Varanasi could take around 3 hours and 50 minutes. He added that such improvements could change travel patterns, with railways becoming a more preferred option for short and medium distances. What this means for India The rise of electronics exports alongside improvements in infrastructure reflects broader economic changes. Increased manufacturing, better connectivity and new technologies are contributing to this shift. As India continues to expand its capabilities in electronics and transportation, these developments may play an important role in shaping long-term economic growth and global competitiveness.

India’s electronics exports have emerged as one of the top three export categories, signalling a shift in the country’s trade pattern, according to Ashwini Vaishnaw. Speaking at the CII Annual Business Summit 2026.

‘Smartphones lead exports’: What’s driving India’s electronics growth

Luxury travel is undergoing a clear shift as wealthy travellers, business leaders and royal families increasingly focus on privacy, flexibility and personalised experiences. The idea of luxury is no longer limited to five-star hotels or popular destinations. Instead, it is now centred around exclusivity, seamless planning and discreet travel arrangements.Travel experts say this transformation reflects a broader global trend, where high-net-worth individuals are choosing experiences that are tailored to their personal needs rather than standard luxury packages. Companies like TRAVELOSEI are playing a growing role in shaping this new approach to elite travel in India.

Travel experts say this transformation reflects a broader global trend

<h2>Privacy and exclusivity becoming key priorities</h2>One of the biggest changes in luxury travel is the growing importance of privacy. Wealthy travellers are moving away from crowded tourist destinations and choosing private villas, remote islands and members-only resorts.Luxury travel advisers note that clients, especially public figures and business leaders, now prioritise secure and discreet environments. Many high-end properties offer private entrances, dedicated staff and restricted access areas to ensure guests can travel without public attention. This shift highlights how privacy has become a central part of modern luxury travel.<h2>Private aviation remains a preferred choice</h2>Private aviation continues to play a major role in elite travel. Private jets are widely preferred by billionaires, CEOs and royal families because they offer flexible schedules, direct routes and a higher level of comfort.Industry reports indicate that demand for private charter services remains strong even after global travel recovery. For many travellers, private aviation is not just about luxury but also about saving time and maintaining confidentiality during travel.<h2>Personalised travel replacing standard itineraries</h2>Another key trend is the move towards personalised travel experiences. According to TRAVELOSEI founder Mr Shariq, elite travellers are now choosing customised itineraries that match their personal interests. These journeys are often designed around fine dining, cultural experiences, wellness activities or adventure. Instead of following fixed schedules, travellers prefer flexible plans that align with their routines, dietary preferences and family needs. This shift shows how personalisation is becoming a defining feature of luxury travel.<h2>Wellness tourism gaining popularity</h2>Wellness-focused travel is also seeing strong growth among wealthy individuals and senior executives. Luxury resorts in destinations such as India, Thailand and the Maldives are offering programmes centred on mental health, fitness, sleep therapy and medical recovery.These retreats combine privacy with specialised services, making them attractive for travellers seeking both relaxation and health benefits. Longer stays focused on well-being are becoming more common as people look for more meaningful travel experiences.<h2>Security planning becomes part of travel</h2>Security has become an important part of luxury travel planning. Travel companies note that high-profile clients often arrange private security, confidential transfers and carefully selected accommodation well in advance. Hotels catering to elite guests now provide features such as private beach access, restricted floors and non-disclosure agreements. These measures ensure that travellers can maintain privacy while also addressing safety concerns.<h2>Exclusive experiences over traditional tourism</h2>Luxury travellers are increasingly focusing on rare and unique experiences rather than standard sightseeing. This includes activities such as Arctic expeditions, private access to meditation spaces in the Himalayas and curated cultural events.Experts say that exclusivity and authenticity are now more valuable than traditional luxury. Travellers are willing to spend more on experiences that are not easily accessible to the general public, reflecting a shift in how luxury is defined.<h2>What this means for the future of travel</h2>The evolution of luxury travel shows a move towards more thoughtful and personalised journeys. Privacy, flexibility and exclusive access are becoming the key factors shaping decisions.As companies continue to adapt to these changing preferences, luxury travel is likely to focus more on individual experiences rather than standard offerings, redefining how high-end tourism operates globally.&nbsp;

Luxury travel is undergoing a clear shift as wealthy travellers, business leaders and royal families increasingly focus on privacy, flexibility and personalised experiences. The idea of luxury is no longer limited to five-star hotels or popular destinations. 

Luxury travel is undergoing a clear shift as wealthy travellers, business leaders and royal families increasingly focus on privacy, flexibility and personalised experiences. The idea of luxury is no longer limited to five-star hotels or popular destinations. Instead, it is now centred around exclusivity, seamless planning and discreet travel arrangements. Travel experts say this transformation reflects a broader global trend, where high-net-worth individuals are choosing experiences that are tailored to their personal needs rather than standard luxury packages. Companies like TRAVELOSEI are playing a growing role in shaping this new approach to elite travel in India.

Luxury travel is undergoing a clear shift as wealthy travellers, business leaders and royal families increasingly focus on privacy, flexibility and personalised experiences. The idea of luxury is no longer limited to five-star hotels or popular destinations.&nbsp;

‘Travel Secrets of the World’s Elites’: How global icons, CEOs, and royals plan holidays

Prime Minister Narendra Modi on Sunday directed people to help the nation conserve petrol, diesel and foreign exchange reserves by using public transport, avoiding unnecessary foreign travel and the use of non-essential gold purchases. PM Modi's appeal came while addressing a BJP rally in Hyderabad as US President Donald Trump rejected the latest peace proposals of Iran, resulting in rise of a global crude oil prices to more than $105 a barrel and intensifying concerns over inflation and energy security worldwide. The escalating tension in West Asia has kept the Strait of Hormuz, one of the world’s most critical oil shipping routes, disrupted for weeks, prompting fears of a prolonged crisis in the supply chain.<h3>Why does PM Modi appeals citizens to avoid buying gold?</h3>PM Modi on Sunday also appealed to citizens to avoid buying gold for at least one year, claiming that gold imports put additional pressure on India’s foreign exchange reserves amid a global crisis. India is one of the largest importers of gold in the world, where its demand rises exponentially during weddings and festive seasons.&nbsp;India consumes an estimated 700 to 800 tonnes of gold annually, accounting for nearly 9 per cent of its total import bill, after crude oil. The rise in gold demand led to the import of the item in large amounts, which put pressure on India's currency as it increased dollar outflow and widened the country’s import bill.<h3>How does gold affect India's economy?</h3>As we know, gold influences the strength of a currency. When a large amount of gold is imported, it increases dollar demand and weakens the Indian currency, as gold shapes money in more ways than most people think of it. Gold in India is considered a cultural symbol, a store of value and a silent indicator of economic stability.&nbsp;&nbsp;The best part of the item is that, despite modern economies which run on digital systems and complex policies, gold still decides how strong or weak a currency is. The import behaviour of gold directly affects the currency. When gold prices rise at the global level, the import bill of the item rises too, increasing the outflow of foreign exchange money from the country. If this outflow grows and exceeds more than required, it can put heavy pressure on the currency and may lead to depreciation.<h3>Here are some of the major areas impacted by rising gold imports in India:</h3><h3>1. Huge Drain on Foreign Exchange Reserves</h3>India is the world’s second-largest consumer of gold, yet it depends almost entirely on imports to meet demand. Since gold purchases are made in US dollars, large-scale imports lead to a significant outflow of foreign currency. The issue has become more significant as India’s foreign exchange reserves, which had risen close to $728.49 billion, have experienced volatility and declined toward the $690.69 billion mark due to increasing import costs and currency-related pressures. A weaker rupee further raises the domestic cost of imports, particularly crude oil and gold, increasing the country’s external economic vulnerabilities. Every increase in gold imports puts additional pressure on the Reserve Bank of India’s foreign exchange reserves, which are also required for critical imports such as crude oil.<h3>2. Increasing Pressure on the Indian Rupee</h3>Strong demand for US dollars to finance gold imports has added strain on the Indian rupee, which has fallen to historic lows. As of May 11, 2026, the rupee was trading near Rs 95.25 against the US dollar. To import gold, Indian buyers exchange rupees for dollars, increasing the supply of rupees in the market and weakening their value. A weaker rupee raises the cost of other imported goods, including fuel, electronics, and medicines. Over the past few years, the rupee has depreciated significantly—from around Rs 74–75 per dollar in 2021 to below Rs 95 in 2026, marking a decline of nearly 27–28 per cent. The pressure has intensified amid rising crude oil prices, tensions in the Middle East, and higher dollar outflows linked to imports and uncertainty over global energy supply routes.<h3>3. Trade and Current Account Deficit (CAD)</h3>A trade deficit occurs when a country’s imports exceed the value of its exports. In FY26, India’s trade deficit climbed to $333.2 billion. The Reserve Bank of India (RBI)'s data indicates that India's CAD stood at $13.2 billion, or 1.3 per cent of GDP, in the October-December quarter of FY26, compared to $11.5 billion in the last quarter. Precious metals such as gold and silver now make up over 5 per cent of the country’s total imports. By reducing gold purchases, the government aims to shrink this deficit, which could help stabilise and strengthen the Indian rupee.&nbsp;Also read:<a href="https://www.wionews.com/india-news/watch-pm-modi-attends-thrilling-iaf-surya-kiran-airshow-at-somnath-temple-celebrations-1778482456792"> WATCH: PM Modi attends thrilling IAF Surya Kiran airshow at Somnath Temple celebrations</a>

PM Modi has urged citizens to avoid gold purchases and unnecessary travel to protect foreign reserves. High gold demand drains dollars, weakens the Rupee, and widens the trade deficit, threatening economic stability.

Prime Minister Narendra Modi on Sunday directed people to help the nation conserve petrol, diesel and foreign exchange reserves by using public transport, avoiding unnecessary foreign travel and the use of non-essential gold purchases. PM Modi's appeal came while addressing a BJP rally in Hyderabad as US President Donald Trump rejected the latest peace proposals of Iran, resulting in rise of a global crude oil prices to more than $105 a barrel and intensifying concerns over inflation and energy security worldwide. The escalating tension in West Asia has kept the Strait of Hormuz, one of the world’s most critical oil shipping routes, disrupted for weeks, prompting fears of a prolonged crisis in the supply chain. Why does PM Modi appeals citizens to avoid buying gold? PM Modi on Sunday also appealed to citizens to avoid buying gold for at least one year, claiming that gold imports put additional pressure on India’s foreign exchange reserves amid a global crisis. India is one of the largest importers of gold in the world, where its demand rises exponentially during weddings and festive seasons. India consumes an estimated 700 to 800 tonnes of gold annually, accounting for nearly 9 per cent of its total import bill, after crude oil. The rise in gold demand led to the import of the item in large amounts, which put pressure on India's currency as it increased dollar outflow and widened the country’s import bill. How does gold affect India's economy? As we know, gold influences the strength of a currency. When a large amount of gold is imported, it increases dollar demand and weakens the Indian currency, as gold shapes money in more ways than most people think of it. Gold in India is considered a cultural symbol, a store of value and a silent indicator of economic stability. The best part of the item is that, despite modern economies which run on digital systems and complex policies, gold still decides how strong or weak a currency is. The import behaviour of gold directly affects the currency. When gold prices rise at the global level, the import bill of the item rises too, increasing the outflow of foreign exchange money from the country. If this outflow grows and exceeds more than required, it can put heavy pressure on the currency and may lead to depreciation. Here are some of the major areas impacted by rising gold imports in India: 1. Huge Drain on Foreign Exchange Reserves India is the world’s second-largest consumer of gold, yet it depends almost entirely on imports to meet demand. Since gold purchases are made in US dollars, large-scale imports lead to a significant outflow of foreign currency. The issue has become more significant as India’s foreign exchange reserves, which had risen close to $728.49 billion, have experienced volatility and declined toward the $690.69 billion mark due to increasing import costs and currency-related pressures. A weaker rupee further raises the domestic cost of imports, particularly crude oil and gold, increasing the country’s external economic vulnerabilities. Every increase in gold imports puts additional pressure on the Reserve Bank of India’s foreign exchange reserves, which are also required for critical imports such as crude oil. 2. Increasing Pressure on the Indian Rupee Strong demand for US dollars to finance gold imports has added strain on the Indian rupee, which has fallen to historic lows. As of May 11, 2026, the rupee was trading near Rs 95.25 against the US dollar. To import gold, Indian buyers exchange rupees for dollars, increasing the supply of rupees in the market and weakening their value. A weaker rupee raises the cost of other imported goods, including fuel, electronics, and medicines. Over the past few years, the rupee has depreciated significantly—from around Rs 74–75 per dollar in 2021 to below Rs 95 in 2026, marking a decline of nearly 27–28 per cent. The pressure has intensified amid rising crude oil prices, tensions in the Middle East, and higher dollar outflows linked to imports and uncertainty over global energy supply routes. 3. Trade and Current Account Deficit (CAD) A trade deficit occurs when a country’s imports exceed the value of its exports. In FY26, India’s trade deficit climbed to $333.2 billion. The Reserve Bank of India (RBI)'s data indicates that India's CAD stood at $13.2 billion, or 1.3 per cent of GDP, in the October-December quarter of FY26, compared to $11.5 billion in the last quarter. Precious metals such as gold and silver now make up over 5 per cent of the country’s total imports. By reducing gold purchases, the government aims to shrink this deficit, which could help stabilise and strengthen the Indian rupee. Also read: WATCH: PM Modi attends thrilling IAF Surya Kiran airshow at Somnath Temple celebrations

PM Modi has urged citizens to avoid gold purchases and unnecessary travel to protect foreign reserves. High gold demand drains dollars, weakens the Rupee, and widens the trade deficit, threatening economic stability.

Why PM Modi asked Indians not to buy gold for a year? WION explains

New Delhi: Portugal has thrown its weight behind the long-awaited India-EU Free Trade Agreement, with a key minister declaring the pact is now in its “last mile” and on track to take effect on 1 January 2027.&nbsp;João Rui Ferreira, Portugal’s Secretary of State for Economy, told WION’s Sidhant Sibal that Lisbon had backed the agreement “since day one” and remained a strong supporter. “We believe we are in the last mile now,” he said. “We are confident… it will be in place on the first of January 2027.”&nbsp;The presence in India of the Presidents of the European Commission and Council, alongside the Trade Commissioner, demonstrated the strength of European commitment, Mr Ferreira added. “In a complex world, in uncertainty [at this] moment, agreements like this will give companies, businesses a new opportunity,” he said, pointing to India’s rapid growth as the world’s fourth-largest economy, on course to become the third.&nbsp;With its young population and ambitious infrastructure and manufacturing plans under “Make in India” and the 2047 vision, India offers major scope for collaboration, he argued. Portuguese firms could bring know-how in decarbonised industry, clean energy technologies and sustainable manufacturing. “I think we can bring… complementarity to that ambition,” Mr Ferreira said.&nbsp;Portuguese companies eye infrastructure and tech partnerships. The minister drew a clear distinction between infrastructure and industrial opportunities. Portuguese companies were keen to participate as contractors in energy, electrical systems, waste management and broader infrastructure projects. Industrial firms and a growing cohort of startups showcase the potential in advanced technologies and joint ventures.&nbsp;“For Portuguese companies to succeed… local partnerships, local joint ventures [are key],” he stressed. “India is a continent, so the market is huge. Companies need to focus on sectors, or regions or cities.”&nbsp;Mr Ferreira said that the recent reopening of Portugal’s trade and investment agency office in New Delhi is a sign of long-term commitment. “This is just the beginning of a journey,” he said.&nbsp;&nbsp;Indian companies have been invited to invest in Portugal across several high-growth sectors. Mr Ferreira highlighted space and defence, including satellites, aeronautics and drones; pharmaceuticals and life sciences; advanced manufacturing backed by strong STEM education; battery value chains from lithium to production; data centres; and digital technologies.&nbsp;Energy stood out as a particular strength. “Eighty per cent of our energy comes from renewable sources at a very competitive price,” he said, describing Portugal as well-positioned for industrial development. Portugal is also open to skilled Indian workers. “Qualified, skilled workers will always have an opportunity in Portugal,” the minister said, citing programmes with companies and sector associations, supported by the embassy and consulate in India.&nbsp;&nbsp;Mr Ferreira acknowledged the deep historical and cultural ties between the two nations but insisted the focus was now firmly on the future. “We are proud of our history, but we are looking to the future… The numbers are still far from the potential we have and that’s what we want to change,” he said.

Portuguese companies are eyeing infrastructure and tech partnerships and are keen to participate as contractors in energy, electrical systems, waste management and broader infrastructure projects, said Portugal’s Secretary of State for Economy João Rui Ferreira.

New Delhi: Portugal has thrown its weight behind the long-awaited India-EU Free Trade Agreement, with a key minister declaring the pact is now in its “last mile” and on track to take effect on 1 January 2027. João Rui Ferreira, Portugal’s Secretary of State for Economy, told WION’s Sidhant Sibal that Lisbon had backed the agreement “since day one” and remained a strong supporter. “We believe we are in the last mile now,” he said. “We are confident… it will be in place on the first of January 2027.” The presence in India of the Presidents of the European Commission and Council, alongside the Trade Commissioner, demonstrated the strength of European commitment, Mr Ferreira added. “In a complex world, in uncertainty [at this] moment, agreements like this will give companies, businesses a new opportunity,” he said, pointing to India’s rapid growth as the world’s fourth-largest economy, on course to become the third. With its young population and ambitious infrastructure and manufacturing plans under “Make in India” and the 2047 vision, India offers major scope for collaboration, he argued. Portuguese firms could bring know-how in decarbonised industry, clean energy technologies and sustainable manufacturing. “I think we can bring… complementarity to that ambition,” Mr Ferreira said. Portuguese companies eye infrastructure and tech partnerships. The minister drew a clear distinction between infrastructure and industrial opportunities. Portuguese companies were keen to participate as contractors in energy, electrical systems, waste management and broader infrastructure projects. Industrial firms and a growing cohort of startups showcase the potential in advanced technologies and joint ventures. “For Portuguese companies to succeed… local partnerships, local joint ventures [are key],” he stressed. “India is a continent, so the market is huge. Companies need to focus on sectors, or regions or cities.” Mr Ferreira said that the recent reopening of Portugal’s trade and investment agency office in New Delhi is a sign of long-term commitment. “This is just the beginning of a journey,” he said. Indian companies have been invited to invest in Portugal across several high-growth sectors. Mr Ferreira highlighted space and defence, including satellites, aeronautics and drones; pharmaceuticals and life sciences; advanced manufacturing backed by strong STEM education; battery value chains from lithium to production; data centres; and digital technologies. Energy stood out as a particular strength. “Eighty per cent of our energy comes from renewable sources at a very competitive price,” he said, describing Portugal as well-positioned for industrial development. Portugal is also open to skilled Indian workers. “Qualified, skilled workers will always have an opportunity in Portugal,” the minister said, citing programmes with companies and sector associations, supported by the embassy and consulate in India. Mr Ferreira acknowledged the deep historical and cultural ties between the two nations but insisted the focus was now firmly on the future. “We are proud of our history, but we are looking to the future… The numbers are still far from the potential we have and that’s what we want to change,” he said.

Portuguese companies are eyeing infrastructure and tech partnerships and are keen to participate as contractors in energy, electrical systems, waste management and broader infrastructure projects, said Portugal’s Secretary of State for Economy João Rui Ferreira.

Portugal confident India-EU trade deal will enter force in 2027; sees investments growing

US President Donald Trump's Secretary of War Pete Hegseth has resorted to using cartoons to justify the US Department of Defence's $1.5 trillion budget proposal. Hegseth on X posted an over two-minute video plea for funding after lawmakers turned down the Trump administration's bid to boost the Pentagon's budget by a staggering 50 per cent from this year. This comes as the conflict between the US and Iran continues, with Tehran launching fresh strikes on three American vessels in the Strait of Hormuz on Thursday (May 7).Also read | <a href="https://www.wionews.com/world/trump-dismisses-iranian-attack-on-three-us-warships-as-a-trifle-insists-ceasefire-still-in-place-1778205065513">Trump dismisses Iranian attack on three US warships in Strait of Hormuz as 'a trifle,' insists ceasefire still in place</a><h2>Cartoon jets and animated Trump plead for a higher Pentagon budget</h2>The two minutes and 35 seconds long video shared by Hegseth shows him standing awkwardly in front of a green screen as animated graphics play in the background. Pitching the massive $1.5 trillion proposed budget as a "generational investment" in America's "Arsenal of Freedom," Hegseth claims that the "investment will secure and protect the homeland and ensure America's military remains the most lethal fighting force on earth for generations to come".Sticking to the Trump administration's script of blaming Trump predecessors, Hegseth claimed, "A broken Pentagon bureaucracy was doing the same thing for decades. When our warfighters needed more weapons, aircraft and ships, the Department of Defence allowed contractors to double dip at your expense. They charged you, the taxpayer, to build their factories and then charged you again for the final product."Also read | <a href="https://www.wionews.com/world/rubio-s-turns-vatican-visit-awkward-with-odd-football-gift-pope-leo-s-wow-okay-steals-the-spotlight-1778213667220">Rubio turns Vatican visit awkward with odd football gift; Pope Leo's 'wow, okay' steals the spotlight</a>At one point in the bizarre video, an animated Trump makes an appearance, giving a thumbs up as one negotiator from his team dubbed "Deal Team Six" blows smoke at imaginary businessmen, the War Secretary accused of "delays in production or cost overruns". Watch it here:

<blockquote class="twitter-tweet">Thanks to President Trump’s $1.5 trillion defense budget, this War Department has moved from bureaucracy to business. This is a FISCALLY RESPONSIBLE INVESTMENT in our Arsenal of Freedom—ensuring our military remains the most lethal fighting force in the world. <a href="https://t.co/ykIfMw3kuU">pic.twitter.com/ykIfMw3kuU</a>&mdash; Secretary of War Pete Hegseth (@SecWar) <a href="https://twitter.com/SecWar/status/2052396775797891417?ref_src=twsrc%5Etfw">May 7, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<h2>Moving from "bureaucracy to business"</h2>The video carries the caption, "Thanks to President Trump’s $1.5 trillion defence budget, this War Department has moved from bureaucracy to business." Earlier, Trump on Truth Social had argued that the $1.5 trillion Pentagon budget will "allow us to build the ‘Dream Military’ that we have long been entitled to". However, the proposed budget faces an uphill battle from both sides of the aisle.Notably, to offset the funding increase in defence, Trump is proposing to cut domestic spending by $73 billion. Sen. Patty Murray, of Washington, the top Democrat on the Senate Appropriations Committee, while denouncing the proposed budget, described it as "morally bankrupt," and said she would ensure Congress wrote a new one instead.&nbsp;&nbsp;

Pete Hegseth is now using animated jets, cartoon dealmakers and even a thumbs-up Trump cameo to sell a staggering $1.5 trillion Pentagon budget, after Congress pushed back. All you need to know.

US President Donald Trump's Secretary of War Pete Hegseth has resorted to using cartoons to justify the US Department of Defence's $1.5 trillion budget proposal. Hegseth on X posted an over two-minute video plea for funding after lawmakers turned down the Trump administration's bid to boost the Pentagon's budget by a staggering 50 per cent from this year. This comes as the conflict between the US and Iran continues, with Tehran launching fresh strikes on three American vessels in the Strait of Hormuz on Thursday (May 7). Also read | Trump dismisses Iranian attack on three US warships in Strait of Hormuz as 'a trifle,' insists ceasefire still in place Cartoon jets and animated Trump plead for a higher Pentagon budget The two minutes and 35 seconds long video shared by Hegseth shows him standing awkwardly in front of a green screen as animated graphics play in the background. Pitching the massive $1.5 trillion proposed budget as a "generational investment" in America's "Arsenal of Freedom," Hegseth claims that the "investment will secure and protect the homeland and ensure America's military remains the most lethal fighting force on earth for generations to come". Sticking to the Trump administration's script of blaming Trump predecessors, Hegseth claimed, "A broken Pentagon bureaucracy was doing the same thing for decades. When our warfighters needed more weapons, aircraft and ships, the Department of Defence allowed contractors to double dip at your expense. They charged you, the taxpayer, to build their factories and then charged you again for the final product." Also read | Rubio turns Vatican visit awkward with odd football gift; Pope Leo's 'wow, okay' steals the spotlight At one point in the bizarre video, an animated Trump makes an appearance, giving a thumbs up as one negotiator from his team dubbed "Deal Team Six" blows smoke at imaginary businessmen, the War Secretary accused of "delays in production or cost overruns". Watch it here:

Pete Hegseth is now using animated jets, cartoon dealmakers and even a thumbs-up Trump cameo to sell a staggering $1.5 trillion Pentagon budget, after Congress pushed back. All you need to know.

Hegseth launches bizarre plea for 'morally bankrupt' $1.5 Trillion Pentagon budget; uses animated Trump to pitch ‘Arsenal of Freedom’

Cloudflare, the tech giant which deals with AI agents, has decided to fire 1,100 employees across its offices in the world. The founders admitted to their staff that the company has become one of its own biggest customers, and the use of AI has exploded by more than 600 per cent in just three months. An internal memo seen by Business Insider, sent by co-founders Matthew Prince and Michelle Zatlyn, reads, "The way we work at Cloudflare has fundamentally changed. We don’t just build and sell AI tools and platforms. We are our own most demanding customer." They admitted AI has taken over the scene at Cloudflare and that workers across engineering, HR, finance, and marketing are running "thousands of AI agent sessions each day." The memo shows that the company is shaping for the future, as it wrote, it has to be “intentional in how we architect our company for the agentic AI era.”<h2>Cloudflare layoffs: Total number of employees at the company</h2>On Thursday, the cloud networking firm reported $639.8 million in its first-quarter revenue, a 34 per cent increase from a year earlier. Cloudflare claims that the global layoffs are not a cost-cutting measure but part of an effort to “reimagine every internal process, team, and role across the company.” It has announced that it intends to become an AI-first company. At the end of 2025, the company had 5,156 full-time employees, which means the layoffs will affect nearly one-fifth of its global workforce. The Cloudflare founders insist that it is a one-time reset to avoid &nbsp;“smaller, repeated cuts”. “We’ve asked the team to do this only once.” The employees were reportedly notified directly through email about the restructuring and firings.Also Read: <a href="https://www.wionews.com/world/meta-layoffs-8-000-employees-to-lose-job-in-may-amid-massive-ai-push-1776997672113">Meta layoffs: 8,000 employees to lose jobs in May amid massive AI push</a><h2>Severance package at Cloudflare</h2> The affected employees are being offered generous severance packages. They will be given full base pay and health coverage for US employees through the end of 2026, and equity vesting through August 15. The restructuring, comprising mainly of severance and other benefits, is expected to cost Cloudflare $140 million to $150 million. It plans to complete the exercise by the end of the third quarter.&nbsp;

Cloudflare has announced its intention to become an AI-first company and will undertake massive restructuring that will cost around $150 million. It will fire 1,100 employees as it admitted that AI use has exploded at the company.

Cloudflare, the tech giant which deals with AI agents, has decided to fire 1,100 employees across its offices in the world. The founders admitted to their staff that the company has become one of its own biggest customers, and the use of AI has exploded by more than 600 per cent in just three months. An internal memo seen by Business Insider, sent by co-founders Matthew Prince and Michelle Zatlyn, reads, "The way we work at Cloudflare has fundamentally changed. We don’t just build and sell AI tools and platforms. We are our own most demanding customer." They admitted AI has taken over the scene at Cloudflare and that workers across engineering, HR, finance, and marketing are running "thousands of AI agent sessions each day." The memo shows that the company is shaping for the future, as it wrote, it has to be “intentional in how we architect our company for the agentic AI era.” Cloudflare layoffs: Total number of employees at the company On Thursday, the cloud networking firm reported $639.8 million in its first-quarter revenue, a 34 per cent increase from a year earlier. Cloudflare claims that the global layoffs are not a cost-cutting measure but part of an effort to “reimagine every internal process, team, and role across the company.” It has announced that it intends to become an AI-first company. At the end of 2025, the company had 5,156 full-time employees, which means the layoffs will affect nearly one-fifth of its global workforce. The Cloudflare founders insist that it is a one-time reset to avoid “smaller, repeated cuts”. “We’ve asked the team to do this only once.” The employees were reportedly notified directly through email about the restructuring and firings. Also Read: Meta layoffs: 8,000 employees to lose jobs in May amid massive AI push Severance package at Cloudflare The affected employees are being offered generous severance packages. They will be given full base pay and health coverage for US employees through the end of 2026, and equity vesting through August 15. The restructuring, comprising mainly of severance and other benefits, is expected to cost Cloudflare $140 million to $150 million. It plans to complete the exercise by the end of the third quarter.

Cloudflare has announced its intention to become an AI-first company and will undertake massive restructuring that will cost around $150 million. It will fire 1,100 employees as it admitted that AI use has exploded at the company.

Cloudflare announces mega layoffs as AI use explodes by 600%. 'Thousands of AI agent sessions...'

President Donald Trump on Thursday (May 7) warned the European Union to finalise and ratify its trade agreement with the United States by July 4 or face significantly higher tariffs. Trump said he recently spoke with European Commission President Ursula von der Leyen regarding delays in approving the agreement and issued a firm deadline tied to America’s Independence Day celebrations. The president said that he and von der Leyen 'agreed to give her until our Country's 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels'.&nbsp;This year’s Fourth of July marks 250 years since the American colonies declared independence from Britain. The United States and the 27-member European Union reached a preliminary trade agreement last July that imposed tariffs of 15 per cent on most European goods entering the US market. However, the final version of the deal still requires approval from EU member states, creating growing frustration in Washington. Trump intensified pressure last week by threatening to raise tariffs on European cars and trucks to 25 per cent, arguing that the EU had failed to honor its commitments under the agreement.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-s-project-freedom-gets-boost-as-saudi-arabia-kuwait-lift-curbs-in-strait-of-hormuz-report-1778181678178">Trump's 'Project Freedom' gets boost as Saudi Arabia, Kuwait lift curbs in Strait of Hormuz: Report</a>

Cyprus, which currently holds the rotating presidency of the Council of the European Union, said it hopes to maintain “positive momentum” during discussions with Members of the European Parliament on May 19. In a post on Truth Social, Trump expressed frustration over the slow progress of the deal. "I've been waiting patiently for the EU to fulfill their side of the Historic Trade Deal we agreed in Turnberry, Scotland, the largest Trade Deal, ever!" Trump wrote.&nbsp;<a href="https://www.wionews.com/videos/russia-ukraine-war-will-zelensky-cross-putin-s-red-line-1778179513339/embed">https://www.wionews.com/videos/russia-ukraine-war-will-zelensky-cross-putin-s-red-line-1778179513339/embed</a>&nbsp;“A promise was made that the EU would deliver their side of the Deal and, as per the Agreement, cut their Tariffs to ZERO!” Earlier this year, the European Parliament approved the tariff agreement in principle but requested additional safeguards before full implementation. Although lawmakers gave conditional backing to the deal in March, negotiations with individual EU member states must still be completed before the agreement can officially take effect across the bloc.

Donald Trump warned the European Union to finalize its US trade deal by July 4 or face higher tariffs as negotiations with EU member states continue

President Donald Trump on Thursday (May 7) warned the European Union to finalise and ratify its trade agreement with the United States by July 4 or face significantly higher tariffs. Trump said he recently spoke with European Commission President Ursula von der Leyen regarding delays in approving the agreement and issued a firm deadline tied to America’s Independence Day celebrations. The president said that he and von der Leyen 'agreed to give her until our Country's 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels'. This year’s Fourth of July marks 250 years since the American colonies declared independence from Britain. The United States and the 27-member European Union reached a preliminary trade agreement last July that imposed tariffs of 15 per cent on most European goods entering the US market. However, the final version of the deal still requires approval from EU member states, creating growing frustration in Washington. Trump intensified pressure last week by threatening to raise tariffs on European cars and trucks to 25 per cent, arguing that the EU had failed to honor its commitments under the agreement. Also Read: Trump's 'Project Freedom' gets boost as Saudi Arabia, Kuwait lift curbs in Strait of Hormuz: Report

Donald Trump warns the European Union to approve its US trade deal by July 4 or face sharply higher tariffs on European exports

Trump's warning to EU: Ratify trade agreement by July 4 or face 'much higher' tariffs

The latest Truecaller Insights report ranked India as the fifth most spam-affected country globally, with a spam intensity of 66 per cent. This means 66 per cent of unknown calls received by Truecaller users in India in 2025 were identified as spam. Why did the problem get so big and never-ending? What are the government and telecom operators dong about it? How are spammers bypassing the restrictions like Do Not Disturb or DND?<h2>Truecaller identified over 68 billion spam and fraud calls worldwide in 2025. Where does India stand?</h2>India is among the top countries for spam calls recorded on Truecaller. Indonesia topped the list of spam intensity, at 79 per cent, while Chile came second, at 70 per cent intensity. This was followed by Vietnam, Brazil and then India.Truecaller users in India identified 41.68 billion spam calls and an even worse 129.03 billion spam messages in 2025. The Truecaller community blocked 11.89 billion spam calls. Fraud calls were around 7.7 billion, out of which sales and telemarketing accounted for 36 per cent, financial services 18 per cent, and scams 12 per cent.<a href="https://www.wionews.com/videos/whatsapp-bans-9-400-scam-accounts-in-india-amid-major-fraud-crackdown-1777405084665/embed">https://www.wionews.com/videos/whatsapp-bans-9-400-scam-accounts-in-india-amid-major-fraud-crackdown-1777405084665/embed</a><h2>So what happened to India's Do Not Disturb policies and measures against spam calls?</h2>The Indian government's National Customer Preference Register (NCPR) still exists and works reasonably well against registered telemarketers (RTMs). They are required to use specific number series or prefixes like 140 for calls and respect user preferences. One can register on DND by dialling or messaging 1909 or by using the TRAI DND app of the Telecom Regulatory Authority of India.But DND is largely bypassed by Unregistered Telemarketers or UTMs, who use ordinary 10-digit mobile numbers, often via bulk SIMs or "SIM farms". These callers ignore DND entirely because they are not registered and do not follow the rules, becoming the main cause of spam persistence despite DND measures.Also read: <a href="https://www.wionews.com/technology/x-removed-over-1-7-million-bots-dm-spam-next-says-product-head-nikita-bier-1760344720045">X removed over 1.7 million bots; DM spam next, says product head Nikita Bier</a><h2>What the Indian government and telecom operators are doing to fight the spam menace</h2>TRAI, the Department of Telecom and mobile network operators have taken several steps. As of early 2026, TRAI slapped penalties worth 1.5 billion rupees on telecom companies for failing to curb spam. More than 2.1 million mobile numbers and 100,000 entities were either disconnected or blacklisted based on complaints as of late 2025. In 2025 alone, 731,000 notices were sent to UTMs, with restrictions imposed on hundreds of thousands of entities.TRAI strongly encouraged reporting spam, even without DND registration, in order to help trace and disconnect the calls at the source, unlike phone-level blocking.In 2025, tighter consent rules and faster action on complaints, with response timelines of up to five days for providers, were introduced. DLT, or Distributed Ledger Technology, was introduced for tracking promotional messages.Some measures were also taken against AI-generated or robo-calling, with detection systems also using AI. Restrictions were imposed on bulk calling, and campaigns were held urging spam reporting.Also read: <a href="https://www.wionews.com/india-news/delhi-elderly-nri-couple-duped-of-rs-15-crore-in-digitally-arrest-cyber-scam-say-our-biggest-mistake-was-1768205410164">Delhi elderly NRI couple duped of Rs 15 crore in ‘digitally arrest’ cyber scam; say 'our biggest mistake was...'</a><h2>How are spam callers bypassing restrictions?</h2>Though these actions helped disconnect many numbers, the problem is scaling faster. SIMs are cheaper, automation is easily available, and spammers use new tactics, always staying one step ahead, even as telecom operators face pressure and fines.&nbsp;One major issue is UTMs using normal-looking phone numbers, thus bypassing the 140-series rules and DND. New technologies like spoofing and number rotation are also being deployed. This means frequent changes in spam caller numbers, with spammers using SIM farms and bulk cheap connections.AI is widely used for automation, including robo-diallers and voice cloning for scale and realism.There is also cross-border or VoIP routing of spam calls. Spammers get numbers from data leaks involving apps, websites or breaches. A2P, or application-to-person calling, is also on the rise.In short, DND registration is not enough, and phone blocking alone does not help fight the spam ecosystem. The government and telecom operators are acting more aggressively than before, but low operational costs and evolving technology continue to keep spam volumes high.

Indian users of Truecaller recorded 41.68 billion spam calls in 2025. India is the fifth-worst affected country for spam calls and messages. Spammers are bypassing DND rules using new techniques. 

The latest Truecaller Insights report ranked India as the fifth most spam-affected country globally, with a spam intensity of 66 per cent. This means 66 per cent of unknown calls received by Truecaller users in India in 2025 were identified as spam. Why did the problem get so big and never-ending? What are the government and telecom operators dong about it? How are spammers bypassing the restrictions like Do Not Disturb or DND? Truecaller identified over 68 billion spam and fraud calls worldwide in 2025. Where does India stand? India is among the top countries for spam calls recorded on Truecaller. Indonesia topped the list of spam intensity, at 79 per cent, while Chile came second, at 70 per cent intensity. This was followed by Vietnam, Brazil and then India. Truecaller users in India identified 41.68 billion spam calls and an even worse 129.03 billion spam messages in 2025. The Truecaller community blocked 11.89 billion spam calls. Fraud calls were around 7.7 billion, out of which sales and telemarketing accounted for 36 per cent, financial services 18 per cent, and scams 12 per cent. https://www.wionews.com/videos/whatsapp-bans-9-400-scam-accounts-in-india-amid-major-fraud-crackdown-1777405084665/embed So what happened to India's Do Not Disturb policies and measures against spam calls? The Indian government's National Customer Preference Register (NCPR) still exists and works reasonably well against registered telemarketers (RTMs). They are required to use specific number series or prefixes like 140 for calls and respect user preferences. One can register on DND by dialling or messaging 1909 or by using the TRAI DND app of the Telecom Regulatory Authority of India. But DND is largely bypassed by Unregistered Telemarketers or UTMs, who use ordinary 10-digit mobile numbers, often via bulk SIMs or "SIM farms". These callers ignore DND entirely because they are not registered and do not follow the rules, becoming the main cause of spam persistence despite DND measures. Also read: X removed over 1.7 million bots; DM spam next, says product head Nikita Bier What the Indian government and telecom operators are doing to fight the spam menace TRAI, the Department of Telecom and mobile network operators have taken several steps. As of early 2026, TRAI slapped penalties worth 1.5 billion rupees on telecom companies for failing to curb spam. More than 2.1 million mobile numbers and 100,000 entities were either disconnected or blacklisted based on complaints as of late 2025. In 2025 alone, 731,000 notices were sent to UTMs, with restrictions imposed on hundreds of thousands of entities. TRAI strongly encouraged reporting spam, even without DND registration, in order to help trace and disconnect the calls at the source, unlike phone-level blocking. In 2025, tighter consent rules and faster action on complaints, with response timelines of up to five days for providers, were introduced. DLT, or Distributed Ledger Technology, was introduced for tracking promotional messages. Some measures were also taken against AI-generated or robo-calling, with detection systems also using AI. Restrictions were imposed on bulk calling, and campaigns were held urging spam reporting. Also read: Delhi elderly NRI couple duped of Rs 15 crore in ‘digitally arrest’ cyber scam; say 'our biggest mistake was...' How are spam callers bypassing restrictions? Though these actions helped disconnect many numbers, the problem is scaling faster. SIMs are cheaper, automation is easily available, and spammers use new tactics, always staying one step ahead, even as telecom operators face pressure and fines. One major issue is UTMs using normal-looking phone numbers, thus bypassing the 140-series rules and DND. New technologies like spoofing and number rotation are also being deployed. This means frequent changes in spam caller numbers, with spammers using SIM farms and bulk cheap connections. AI is widely used for automation, including robo-diallers and voice cloning for scale and realism. There is also cross-border or VoIP routing of spam calls. Spammers get numbers from data leaks involving apps, websites or breaches. A2P, or application-to-person calling, is also on the rise. In short, DND registration is not enough, and phone blocking alone does not help fight the spam ecosystem. The government and telecom operators are acting more aggressively than before, but low operational costs and evolving technology continue to keep spam volumes high.

Indian users of Truecaller recorded 41.68 billion spam calls in 2025. India is the fifth-worst affected country for spam calls and messages. Spammers are bypassing DND rules using new techniques.&nbsp;

41.68 billion spam calls in India: 66 per cent of unknown numbers on Truecaller were spam. Whatever happened to Do Not Disturb?

The initial public offer (IPO) of Value 360 Communications, a full-service communications and marketing solutions provider, concluded on Wednesday with an oversubscription of 1.19 times the equity on offer. The Rs 41.69 crore public offer had opened on Monday, May 11.&nbsp;The offering saw participation from all categories of investors, including retail individual investors (RIIs), non-institutional investors (NIIs), and qualified institutional buyers (QIBs).As part of the SME IPO, the company issued up to 42,54,000 equity shares with a face value of ₹10 each in the price band of Rs 95 and Rs 98 per share.&nbsp;The IPO witnessed varied participation across different investor categories. Qualified Institutional Buyers (QIBs) showed the strongest interest, subscribing 17 times their allotted portion, with applications for 12,24,000 shares against 72,000 shares offered.&nbsp;Non-institutional investors subscribed 1.24 times their quota, applying for 14,60,400 shares compared to 11,77,200 shares available.&nbsp;Retail Individual Investors (RIIs), however, showed relatively lower interest, subscribing only 0.77 times, with bids for 21,48,000 shares against 27,91,200 shares offered.&nbsp;The market maker portion was fully subscribed at 1 time, with the entire 2,13,600 shares both offered and applied for.&nbsp;Overall, the IPO was subscribed 1.19 times, with total applications for 50,46,000 shares compared to 42,54,000 shares available.&nbsp;The company’s shares are set to be listed on NSE Emerge, the SME platform of the National Stock Exchange.Value 360 Communications Limited is a comprehensive communications and marketing solutions provider, offering&nbsp;end-to-end services across public relations, digital marketing, influencer marketing, and strategic communications.&nbsp;&nbsp;Founded in 2009, the company has grown into a full-service platform offering data-driven and AI-enabled marketing solutions to clients across various industries, said a press release.The company has received multiple industry awards and recognitions and continues to focus on scalable, asset-light growth driven by technology, creativity and strategic partnerships, , the release added.It remains committed to helping brands build reputation, enhance engagement, and drive measurable business outcomes in an increasingly digital-first landscape.

Value 360 Communications Limited is a comprehensive communications and marketing solutions provider, offering end-to-end services across public relations, digital marketing, influencer marketing, and strategic communications. 

The initial public offer (IPO) of Value 360 Communications, a full-service communications and marketing solutions provider, concluded on Wednesday with an oversubscription of 1.19 times the equity on offer. The Rs 41.69 crore public offer had opened on Monday, May 11. The offering saw participation from all categories of investors, including retail individual investors (RIIs), non-institutional investors (NIIs), and qualified institutional buyers (QIBs). As part of the SME IPO, the company issued up to 42,54,000 equity shares with a face value of ₹10 each in the price band of Rs 95 and Rs 98 per share. The IPO witnessed varied participation across different investor categories. Qualified Institutional Buyers (QIBs) showed the strongest interest, subscribing 17 times their allotted portion, with applications for 12,24,000 shares against 72,000 shares offered. Non-institutional investors subscribed 1.24 times their quota, applying for 14,60,400 shares compared to 11,77,200 shares available. Retail Individual Investors (RIIs), however, showed relatively lower interest, subscribing only 0.77 times, with bids for 21,48,000 shares against 27,91,200 shares offered. The market maker portion was fully subscribed at 1 time, with the entire 2,13,600 shares both offered and applied for. Overall, the IPO was subscribed 1.19 times, with total applications for 50,46,000 shares compared to 42,54,000 shares available. The company’s shares are set to be listed on NSE Emerge, the SME platform of the National Stock Exchange. Value 360 Communications Limited is a comprehensive communications and marketing solutions provider, offering end-to-end services across public relations, digital marketing, influencer marketing, and strategic communications. Founded in 2009, the company has grown into a full-service platform offering data-driven and AI-enabled marketing solutions to clients across various industries, said a press release. The company has received multiple industry awards and recognitions and continues to focus on scalable, asset-light growth driven by technology, creativity and strategic partnerships, , the release added. It remains committed to helping brands build reputation, enhance engagement, and drive measurable business outcomes in an increasingly digital-first landscape.

Value 360 Communications Limited is a comprehensive communications and marketing solutions provider, offering&nbsp;end-to-end services across public relations, digital marketing, influencer marketing, and strategic communications.&nbsp;

Value 360 Communications’ Rs 41.69-crore IPO oversubscribed 1.19 times

GameStop has made an audacious bid to buy legacy e-commerce giant eBay, several times its size in market cap. How did this brick-and-mortar retailer of video games become so big? Part of the story is about the Robin Hood image it got during the meme stock phenomenon. Here is the interesting story:<h2>What is GameStop? A story from traditional retailer to meme stock</h2>Until just a few years ago, GameStop was a declining retailer of new and used video games.Its stores sold video games, consoles and accessories across America. In the heydays of video game popularity a decade ago, its revenues peaked. Since then, with digital downloads replacing traditional CDs and DVDs of games, profits declined, leading GameStop to shut down many stores. Its lowest moment was when it moved to selling collectibles, trading cards and toys.But then came the 'meme stock' phenomenon of the post-pandemic era. In 2021, activist investor Ryan Cohen pushed for an e-commerce transformation of GameStop. Groups of small retail investors talked up the GameStop stock on various platforms, mainly on Reddit's r/WallStreetBets. This led to coordinated buying of the stock, causing it to surge over 1,500 per cent in weeks.Many of the GameStop investors were not finance experts, but teens and gaming enthusiasts cooped up at home during Covid shutdowns, trying to make a quick buck. GameStop became the symbol of 'meme stocks', wherein retail investors were fighting Wall Street heavyweights. It even inspired the film Dumb Money.Cohen, the largest individual investor of GameStop, &nbsp;became its chairman in 2021 and CEO in 2023. During the peak of meme stock interest in GameStop, the company used share offerings, managing to eliminate most of its debt and amass cash. It also implemented cost-cutting measures to become profitable despite falling sales. By early 2026, GameStop had $9.4 billion in cash or liquid investments. It still had low revenue but reported positive net income of $418 million for the year ended 31 January, and nearly $4.2 billion in long-term convertible debt.<h2>GameStop market cap gave it the courage to bid for eBay</h2>Sitting on a market capitalisation of around $12 billion, GameStop made an unsolicited, non-binding bid to buy eBay at $125 a share this week. The planned acquisition is valued at around $56 billion, &nbsp;a 20 per cent premium on the eBay stock. The deal offered is 50 per cent in cash and 50 per cent in stock. It will use GameStop's existing cash reserves and a $20 billion financing commitment from TD Bank.Cohen is trying to synergise GameStop's brick-and-mortar stores with eBay's online presence, while also envisaging cost cuts of $2 billion a year. The plan is to develop a rival to Amazon in the collectibles and recommerce space.But Does GameStop have the moolah to take on eBay? It's a trick question. GameStop's revenue of $3.63 billion is down 5 per cent year on year, but it is still profitable with a strong balance sheet for a company of its size.<h2>From pioneer to also-ran: How eBay went from first e-commerce giant to acquisition target</h2>Founded in 1995 by Pierre Omidyar, eBay pioneered consumer-to-consumer e-commerce and popularised online auctions and marketplaces, before Amazon became the giant in this space. Omidyar famously sold a broken laser pointer as the first transaction on the site.&nbsp;In the late 1990s and early 2000s, eBay experienced phenomenal growth and listed on stock exchanges in 1998. It acquired other firms like PayPal and Skype. But over the years, eBay lost ground to Amazon, whose seamless shopping experience proved far superior.In 2015, it spun off PayPal and sold StubHub to focus on its core marketplace. It still grew in collectibles, recommerce, advertising, and international markets, but continued to be a slow-growing business.Interestingly, eBay is still a far bigger company than GameStop. Its FY2025 revenue was approximately $11.1 billion, up 8 per cent. Its Gross Merchandise Value (GMV) stands at $79.6 billion. eBay had a strong first quarter in 2026, with revenue of $3.1 billion, up 19 per cent, and net income of $512 million.The market capitalisation of eBay is far higher than GameStop's, at around $46 billion. While eBay is still profitable with solid margins, its growth is modest relative to its peak innovation years.The enthusiasm for GameStop acquiring eBay comes mainly from the hope that eBay can be better than it is today. It is seen as undervalued or under-optimised. It still has a valuable brand, user base, and GMV, but faces competitive pressures from the likes of Amazon.<h2>How times have changed. What GameStop bid for eBay means</h2>In a way, GameStop's bid for eBay—successful or not—is an inflection point in internet history. A brick-and-mortar company that was helped by retail investors during the Covid-era meme stock boom is trying to buy a pioneer of the Web 1 era. Can things get more ironic than that?For all practical purposes, this bid might still not work out due to the size difference between the companies and questions around financing as well as regulatory hurdles. But it is definitely a reflection of the interesting times we live in.

GameStop’s bold bid to buy eBay marks the rise of a struggling video game retailer to a meme stock powerhouse. Recommerce giant eBay’s journey was almost the reverse, from pioneer to second-best as it lost ground to Amazon despite steady growth.

GameStop has made an audacious bid to buy legacy e-commerce giant eBay, several times its size in market cap. How did this brick-and-mortar retailer of video games become so big? Part of the story is about the Robin Hood image it got during the meme stock phenomenon. Here is the interesting story: What is GameStop? A story from traditional retailer to meme stock Until just a few years ago, GameStop was a declining retailer of new and used video games. Its stores sold video games, consoles and accessories across America. In the heydays of video game popularity a decade ago, its revenues peaked. Since then, with digital downloads replacing traditional CDs and DVDs of games, profits declined, leading GameStop to shut down many stores. Its lowest moment was when it moved to selling collectibles, trading cards and toys. But then came the 'meme stock' phenomenon of the post-pandemic era. In 2021, activist investor Ryan Cohen pushed for an e-commerce transformation of GameStop. Groups of small retail investors talked up the GameStop stock on various platforms, mainly on Reddit's r/WallStreetBets. This led to coordinated buying of the stock, causing it to surge over 1,500 per cent in weeks. Many of the GameStop investors were not finance experts, but teens and gaming enthusiasts cooped up at home during Covid shutdowns, trying to make a quick buck. GameStop became the symbol of 'meme stocks', wherein retail investors were fighting Wall Street heavyweights. It even inspired the film Dumb Money. Cohen, the largest individual investor of GameStop, became its chairman in 2021 and CEO in 2023. During the peak of meme stock interest in GameStop, the company used share offerings, managing to eliminate most of its debt and amass cash. It also implemented cost-cutting measures to become profitable despite falling sales. By early 2026, GameStop had $9.4 billion in cash or liquid investments. It still had low revenue but reported positive net income of $418 million for the year ended 31 January, and nearly $4.2 billion in long-term convertible debt. GameStop market cap gave it the courage to bid for eBay Sitting on a market capitalisation of around $12 billion, GameStop made an unsolicited, non-binding bid to buy eBay at $125 a share this week. The planned acquisition is valued at around $56 billion, a 20 per cent premium on the eBay stock. The deal offered is 50 per cent in cash and 50 per cent in stock. It will use GameStop's existing cash reserves and a $20 billion financing commitment from TD Bank. Cohen is trying to synergise GameStop's brick-and-mortar stores with eBay's online presence, while also envisaging cost cuts of $2 billion a year. The plan is to develop a rival to Amazon in the collectibles and recommerce space. But Does GameStop have the moolah to take on eBay? It's a trick question. GameStop's revenue of $3.63 billion is down 5 per cent year on year, but it is still profitable with a strong balance sheet for a company of its size. From pioneer to also-ran: How eBay went from first e-commerce giant to acquisition target Founded in 1995 by Pierre Omidyar, eBay pioneered consumer-to-consumer e-commerce and popularised online auctions and marketplaces, before Amazon became the giant in this space. Omidyar famously sold a broken laser pointer as the first transaction on the site. In the late 1990s and early 2000s, eBay experienced phenomenal growth and listed on stock exchanges in 1998. It acquired other firms like PayPal and Skype. But over the years, eBay lost ground to Amazon, whose seamless shopping experience proved far superior. In 2015, it spun off PayPal and sold StubHub to focus on its core marketplace. It still grew in collectibles, recommerce, advertising, and international markets, but continued to be a slow-growing business. Interestingly, eBay is still a far bigger company than GameStop. Its FY2025 revenue was approximately $11.1 billion, up 8 per cent. Its Gross Merchandise Value (GMV) stands at $79.6 billion. eBay had a strong first quarter in 2026, with revenue of $3.1 billion, up 19 per cent, and net income of $512 million. The market capitalisation of eBay is far higher than GameStop's, at around $46 billion. While eBay is still profitable with solid margins, its growth is modest relative to its peak innovation years. The enthusiasm for GameStop acquiring eBay comes mainly from the hope that eBay can be better than it is today. It is seen as undervalued or under-optimised. It still has a valuable brand, user base, and GMV, but faces competitive pressures from the likes of Amazon. How times have changed. What GameStop bid for eBay means In a way, GameStop's bid for eBay—successful or not—is an inflection point in internet history. A brick-and-mortar company that was helped by retail investors during the Covid-era meme stock boom is trying to buy a pioneer of the Web 1 era. Can things get more ironic than that? For all practical purposes, this bid might still not work out due to the size difference between the companies and questions around financing as well as regulatory hurdles. But it is definitely a reflection of the interesting times we live in.

GameStop’s bold bid to buy eBay marks the rise of a struggling video game retailer to a meme stock powerhouse. Recommerce giant eBay’s journey is almost the reverse, from pioneer to second-best as it lost ground to Amazon despite steady growth.

'Meme stock' GameStop's brave bid for ecommerce giant eBay is confusing many. How times have changed

American drivers are paying more than $4.50 a gallon for gasoline for the first time since July 2022, with the national average hitting $4.52 on Wednesday (May 6) morning, according to GasBuddy. This sharp escalation in fuel prices lands directly on the White House's political doorstep just five months before the US Midterm elections, where US President Donald Trump faces a tough challenge. This comes as a new ABC News/Washington Post/Ipsos poll showed that Trump's approval ratings have reached the lowest level of his second term, with Americans voicing growing dissatisfaction over the economy, inflation and the escalating Iran conflict.<h2>US gas prices over $4.5 for the first time in almost 4 years</h2>The surge in gas prices is being driven by ongoing disruptions to global oil flows through the Strait of Hormuz, where the US-Israeli conflict with Iran has rattled energy markets for weeks.Brent crude benchmark has climbed roughly 58 per cent since the conflict began. According to GasBuddy data, gas prices in the US first crossed the $4 mark in late March. They have accelerated sharply since.Also read | <a href="https://www.wionews.com/world/strait-of-hormuz-alert-us-reroutes-global-shipping-to-omani-waters-to-avoid-iranian-minefields-1778049002177">Strait of Hormuz alert: US reroutes global shipping to Omani waters to avoid Iranian 'minefields'</a><h2>Why the timing matters</h2>The timing couldn't be worse politically. Memorial Day weekend, the traditional start of the US summer driving season and historically the moment when fuel prices land hardest in the public consciousness, is just weeks away. Analysts warn that without de-escalation in the region, prices could push toward or beyond the records set during the 2022 energy crisis that followed Russia's invasion of Ukraine.Oil prices pulled back Tuesday and continued falling Wednesday, with West Texas Intermediate dropping 3.1 per cent to $99.12 a barrel and Brent declining 2.6 per cent to $107.01. But gasoline inventory data suggests the relief may be short-lived.US gasoline stocks fell by more than 6 million barrels last week to 222.3 million barrels, the lowest level since December and below the five-year seasonal average. Morgan Stanley estimates stocks could drop by 200 million barrels by late August if current trends hold.Also read | <a href="https://www.wionews.com/world/london-police-form-dedicated-jewish-protection-unit-amid-deeply-troubling-rise-in-antisemitic-incidents-1778039035896">London police form dedicated Jewish protection unit amid 'deeply troubling rise in antisemitic incidents'</a><h2>Trump's approval ratings fall miserably</h2>A new ABC News/Washington Post/Ipsos survey puts his approval rating at 37 per cent, the lowest of his second term, with 62 per cent disapproving, the highest disapproval rating recorded across both of his presidencies.The numbers on economic issues are particularly brutal. Around 76 per cent of Americans disapprove of how Trump is handling the cost of living. Some 72 per cent disapprove of his management of inflation, a significant rise from February. Nearly two-thirds, 65 per cent, disapprove of his handling of the economy overall, matching the worst economic ratings ever recorded for Joe Biden in earlier ABC/Post polling.Personal trust and confidence metrics are also poor. Roughly seven in ten Americans said Trump is not honest or trustworthy. Two-thirds said he does not carefully consider important decisions. About 60 per cent said he lacks the mental sharpness required to serve as president, and 55 per cent questioned his physical fitness for the role. More than half said he is not a strong leader.On the congressional battlefield, Democrats hold a modest edge. Among registered voters, 49 per cent said they would back a Democratic candidate if elections were held today, compared to 44 per cent for Republicans.&nbsp;&nbsp;<figure class="image"><img src="https://cdn1.wionews.com/prod/wion/images/2026/20260506/image-1778055412785.png"><figcaption>Image: GasBuddy</figcaption></figure>

As US gas prices surge past $4.50 a gallon for the first time in nearly four years, Donald Trump is heading into the midterm season facing a painful political squeeze: rising fuel costs, deep economic frustration and the worst approval ratings of his second term. Scroll down.

American drivers are paying more than $4.50 a gallon for gasoline for the first time since July 2022, with the national average hitting $4.52 on Wednesday (May 6) morning, according to GasBuddy. This sharp escalation in fuel prices lands directly on the White House's political doorstep just five months before the US Midterm elections, where US President Donald Trump faces a tough challenge. This comes as a new ABC News/Washington Post/Ipsos poll showed that Trump's approval ratings have reached the lowest level of his second term, with Americans voicing growing dissatisfaction over the economy, inflation and the escalating Iran conflict. US gas prices over $4.5 for the first time in almost 4 years The surge in gas prices is being driven by ongoing disruptions to global oil flows through the Strait of Hormuz, where the US-Israeli conflict with Iran has rattled energy markets for weeks. Brent crude benchmark has climbed roughly 58 per cent since the conflict began. According to GasBuddy data, gas prices in the US first crossed the $4 mark in late March. They have accelerated sharply since. Also read | Strait of Hormuz alert: US reroutes global shipping to Omani waters to avoid Iranian 'minefields' Why the timing matters The timing couldn't be worse politically. Memorial Day weekend, the traditional start of the US summer driving season and historically the moment when fuel prices land hardest in the public consciousness, is just weeks away. Analysts warn that without de-escalation in the region, prices could push toward or beyond the records set during the 2022 energy crisis that followed Russia's invasion of Ukraine. Oil prices pulled back Tuesday and continued falling Wednesday, with West Texas Intermediate dropping 3.1 per cent to $99.12 a barrel and Brent declining 2.6 per cent to $107.01. But gasoline inventory data suggests the relief may be short-lived. US gasoline stocks fell by more than 6 million barrels last week to 222.3 million barrels, the lowest level since December and below the five-year seasonal average. Morgan Stanley estimates stocks could drop by 200 million barrels by late August if current trends hold. Also read | London police form dedicated Jewish protection unit amid 'deeply troubling rise in antisemitic incidents' Trump's approval ratings fall miserably A new ABC News/Washington Post/Ipsos survey puts his approval rating at 37 per cent, the lowest of his second term, with 62 per cent disapproving, the highest disapproval rating recorded across both of his presidencies. The numbers on economic issues are particularly brutal. Around 76 per cent of Americans disapprove of how Trump is handling the cost of living. Some 72 per cent disapprove of his management of inflation, a significant rise from February. Nearly two-thirds, 65 per cent, disapprove of his handling of the economy overall, matching the worst economic ratings ever recorded for Joe Biden in earlier ABC/Post polling. Personal trust and confidence metrics are also poor. Roughly seven in ten Americans said Trump is not honest or trustworthy. Two-thirds said he does not carefully consider important decisions. About 60 per cent said he lacks the mental sharpness required to serve as president, and 55 per cent questioned his physical fitness for the role. More than half said he is not a strong leader. On the congressional battlefield, Democrats hold a modest edge. Among registered voters, 49 per cent said they would back a Democratic candidate if elections were held today, compared to 44 per cent for Republicans. Image: GasBuddy

As US gas prices surge past $4.50 a gallon for the first time in nearly four years, Donald Trump is heading into the midterm season facing a painful political squeeze: rising fuel costs, deep economic frustration and the worst approval ratings of his second term. Scroll down.

Gas hits $4.50 a gallon as Trump's approval ratings sink to record low ahead of US midterms

Jerome Powell said on Wednesday (April 29) that he plans to remain at the Federal Reserve as a governor after his term as chair ends, as the institution faces legal and political pressure under the Donald Trump administration. "After my term as chair ends on May 15, I will continue to serve as a governor for a period of time to be determined," Powell said at what he described as his final press conference as Fed chair. He added that he intends to keep a low profile as a governor and will step down when it is appropriate to do so, saying this is uncommon but not without precedent. Powell remains eligible to serve as governor until 2028.&nbsp;He emphasised that his decision was not driven by political criticism but by concerns over legal pressure on the institution. Powell has frequently been criticised by Trump, who has pushed for faster interest rate cuts. The administration has also taken actions involving Fed officials, including attempts to remove Governor Lisa Cook over mortgage-related allegations. Meanwhile, the Justice Department opened, and later dropped, a probe into Powell and the Fed over renovation costs, which he described as an attempt to undermine central bank independence.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-says-iran-talks-now-telephonic-amid-stalled-peace-talks-warns-no-deal-if-tehran-s-nuclear-weapons-pursuit-continues-1777491465479">Trump says Iran talks now 'telephonic' amid stalled peace talks; warns no deal if Tehran's nuclear weapons pursuit continues</a>&nbsp;Powell said he would remain at the Fed until the matter is well and truly over, stressing the importance of keeping the institution free of political influence. He also acknowledged the Senate's advancement of Kevin Warsh, expected to become his successor, saying he expects him to be capable of building consensus. Earlier in the day, the Fed voted to hold interest rates steady for a third straight meeting amid global uncertainty. The rate remains at 3.50%–3.75%. "Inflation is elevated, in part reflecting the recent increase in global energy prices," the central bank said.&nbsp;<a href="https://www.wionews.com/videos/us-to-issue-special-limited-edition-passport-featuring-trump-s-face-1777485565579/embed">https://www.wionews.com/videos/us-to-issue-special-limited-edition-passport-featuring-trump-s-face-1777485565579/embed</a>&nbsp;Four of 12 officials dissented, the highest level since 1992, reflecting deep divisions within the Fed. The disagreement comes as energy shocks linked to the US-Israel conflict with Iran continue to pressure global markets, raising concerns over inflation and potential future rate hikes. Senate debate over Warsh’s nomination also highlighted political tensions. Senator Elizabeth Warren accused the administration of attempting to seize control of the Fed, while Senator Raphael Warnock warned of persistent threats to central bank independence.&nbsp;Republican Senator Thom Tillis ultimately backed Warsh after the Justice Department dropped its probe into the Fed. Powell said of Warsh: “He testified very strongly to that effect in his hearing, and I'll take him at his word.”

Jerome Powell says he will remain a Federal Reserve governor after his term ends, as the Fed faces political pressure, legal scrutiny, and rate divisions

Jerome Powell said on Wednesday (April 29) that he plans to remain at the Federal Reserve as a governor after his term as chair ends, as the institution faces legal and political pressure under the Donald Trump administration. "After my term as chair ends on May 15, I will continue to serve as a governor for a period of time to be determined," Powell said at what he described as his final press conference as Fed chair. He added that he intends to keep a low profile as a governor and will step down when it is appropriate to do so, saying this is uncommon but not without precedent. Powell remains eligible to serve as governor until 2028. He emphasised that his decision was not driven by political criticism but by concerns over legal pressure on the institution. Powell has frequently been criticised by Trump, who has pushed for faster interest rate cuts. The administration has also taken actions involving Fed officials, including attempts to remove Governor Lisa Cook over mortgage-related allegations. Meanwhile, the Justice Department opened, and later dropped, a probe into Powell and the Fed over renovation costs, which he described as an attempt to undermine central bank independence. Also Read: Trump says Iran talks now 'telephonic' amid stalled peace talks; warns no deal if Tehran's nuclear weapons pursuit continues Powell said he would remain at the Fed until the matter is well and truly over, stressing the importance of keeping the institution free of political influence. He also acknowledged the Senate's advancement of Kevin Warsh, expected to become his successor, saying he expects him to be capable of building consensus. Earlier in the day, the Fed voted to hold interest rates steady for a third straight meeting amid global uncertainty. The rate remains at 3.50%–3.75%. "Inflation is elevated, in part reflecting the recent increase in global energy prices," the central bank said. https://www.wionews.com/videos/us-to-issue-special-limited-edition-passport-featuring-trump-s-face-1777485565579/embed Four of 12 officials dissented, the highest level since 1992, reflecting deep divisions within the Fed. The disagreement comes as energy shocks linked to the US-Israel conflict with Iran continue to pressure global markets, raising concerns over inflation and potential future rate hikes. Senate debate over Warsh’s nomination also highlighted political tensions. Senator Elizabeth Warren accused the administration of attempting to seize control of the Fed, while Senator Raphael Warnock warned of persistent threats to central bank independence. Republican Senator Thom Tillis ultimately backed Warsh after the Justice Department dropped its probe into the Fed. Powell said of Warsh: “He testified very strongly to that effect in his hearing, and I'll take him at his word.”

Jerome Powell says he will stay as Fed governor after his term, amid Trump-era legal pressure, rate divisions, and rising political tensions

Jerome Powell: 'After my term as chair ends on May 15, I will continue to serve as a governor' amid Fed pressure

A divided Federal Reserve kept interest rates unchanged for the third consecutive meeting on Wednesday (April 29), citing uncertainty driven by the Middle East conflict. The decision, made under Chair Jerome Powell, may mark his final meeting as the central bank's leader. "Inflation is elevated, in part reflecting the recent increase in global energy prices," the Fed said. Rates remain in the 3.50% to 3.75% range. However, dissent was notable; four of 12 voting members opposed the decision. Stephen Miran pushed for a quarter-point rate cut, while Beth Hammack, Neel Kashkari, and Lorie Logan supported holding rates but rejected the Fed’s signal toward future cuts. This marks the highest level of dissent since 1992, highlighting growing divisions within the central bank.&nbsp;The Fed had been gradually cutting rates since late last year, but the ongoing US-Israel conflict involving Iran has increased energy costs and disrupted supply chains. Analysts now warn inflation risks could shift policy back toward rate hikes. The decision comes during a volatile economic period. Donald Trump has repeatedly criticized Powell for not cutting rates faster. Powell is also expected to address whether he will remain on the board after his term as chair ends on May 15. Meanwhile, Trump’s nominee for Fed chair, Kevin Warsh, moved closer to confirmation after the Senate Banking Committee approved his nomination.&nbsp;Also Read: <a href="https://www.wionews.com/world/salim-dola-deportation-india-and-turkey-continue-cooperation-on-terrorism-and-transnational-crime-1777482772814">Salim Dola deportation: India and Turkey continue cooperation on terrorism and transnational crime</a>&nbsp;Democrats, including Elizabeth Warren, warned the move could undermine Fed independence, while Raphael Warnock cited "persistent threats" from Trump toward the central bank. Trump has also targeted Fed officials, including Lisa Cook, and backed a Justice Department probe into the Fed, later dropped, raising concerns about political interference.&nbsp;<a href="https://www.wionews.com/videos/can-king-charles-repair-strained-uk-us-relations-1777483360335/embed">https://www.wionews.com/videos/can-king-charles-repair-strained-uk-us-relations-1777483360335/embed</a>&nbsp;Despite pressure, Powell has pledged transparency and may remain on the board until 2028. Analysts suggest his continued presence could stabilize the institution during the leadership transition. The Fed continues to balance its dual mandate—controlling inflation and supporting employment—as rising energy costs threaten both price stability and economic growth.

US Federal Reserve keeps rates unchanged amid inflation concerns and Middle East tensions. Rising dissent and Powell's uncertain future draw attention

A divided Federal Reserve kept interest rates unchanged for the third consecutive meeting on Wednesday (April 29), citing uncertainty driven by the Middle East conflict. The decision, made under Chair Jerome Powell, may mark his final meeting as the central bank's leader. "Inflation is elevated, in part reflecting the recent increase in global energy prices," the Fed said. Rates remain in the 3.50% to 3.75% range. However, dissent was notable; four of 12 voting members opposed the decision. Stephen Miran pushed for a quarter-point rate cut, while Beth Hammack, Neel Kashkari, and Lorie Logan supported holding rates but rejected the Fed’s signal toward future cuts. This marks the highest level of dissent since 1992, highlighting growing divisions within the central bank. The Fed had been gradually cutting rates since late last year, but the ongoing US-Israel conflict involving Iran has increased energy costs and disrupted supply chains. Analysts now warn inflation risks could shift policy back toward rate hikes. The decision comes during a volatile economic period. Donald Trump has repeatedly criticized Powell for not cutting rates faster. Powell is also expected to address whether he will remain on the board after his term as chair ends on May 15. Meanwhile, Trump’s nominee for Fed chair, Kevin Warsh, moved closer to confirmation after the Senate Banking Committee approved his nomination. Also Read: Salim Dola deportation: India and Turkey continue cooperation on terrorism and transnational crime Democrats, including Elizabeth Warren, warned the move could undermine Fed independence, while Raphael Warnock cited "persistent threats" from Trump toward the central bank. Trump has also targeted Fed officials, including Lisa Cook, and backed a Justice Department probe into the Fed, later dropped, raising concerns about political interference. https://www.wionews.com/videos/can-king-charles-repair-strained-uk-us-relations-1777483360335/embed Despite pressure, Powell has pledged transparency and may remain on the board until 2028. Analysts suggest his continued presence could stabilize the institution during the leadership transition. The Fed continues to balance its dual mandate—controlling inflation and supporting employment—as rising energy costs threaten both price stability and economic growth.

Fed holds rates amid inflation fears and war uncertainty; dissent rises as Jerome Powell’s tenure nears end and leadership transition looms

US Fed holds rates in Jerome Powell's likely last meeting as Chair amid rising inflation and rare internal split

The United Arab Emirates announced on Tuesday (April 28) that it will exit the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance, with the decision taking effect from May 1. The UAE’s state news agency cited Abu Dhabi’s long-term economic strategy as the key reason behind the move, coming at a time of heightened volatility in global energy markets amid ongoing geopolitical tensions linked to the US-Iran conflict. The decision marks a major shift for a country that has been part of OPEC for more than five decades. Analysts say it could reshape global oil supply dynamics.<h2>What is OPEC? When did the UAE join?</h2>OPEC was founded in September 1960 at the Baghdad Conference by five countries: Iran, Kuwait, Iraq, Saudi Arabia, and Venezuela. Before its formation, Western oil companies, known as the “Seven Sisters”, controlled global oil pricing. OPEC was created to give producing nations greater control over prices and supply. The UAE joined the organisation in 1967, just years before the 1973 oil embargo that dramatically increased global oil prices and strengthened OPEC’s geopolitical influence.<h2>Rise of OPEC+</h2>In 2016, OPEC+ was formed, bringing in major non-OPEC producers led by Russia. The alliance now accounts for around 40% of global crude production and nearly 60% of internationally traded oil, according to the US Energy Information Administration.&nbsp;Also Read: <a href="https://www.wionews.com/world/alleged-china-linked-hacker-extradited-to-us-in-rare-case-kash-patel-defends-italy-trip-role-1777415475972">Alleged China-linked hacker extradited to US in rare case; Kash Patel defends Italy trip role</a><h2>How does OPEC influence global oil markets?</h2>OPEC functions like a coordinating body that manages oil prices by setting production quotas for member countries. This system helps prevent oversupply during weak demand periods, stabilising prices and protecting revenues for oil-dependent economies. At the same time, it allows production increases when supply shortages threaten price spikes.<h2>Impact of regional conflict and the US-Iran war</h2>The UAE’s exit also comes amid growing instability in West Asia. The Strait of Hormuz, a critical route for nearly one-fifth of global oil shipments, has seen disruptions due to escalating tensions. The conflict has also raised security concerns over Gulf energy infrastructure. With Iran also a founding OPEC member, consensus-based decision-making has sometimes limited the UAE's flexibility in managing exports during geopolitical crises.<h2>Strategic shift and economic vision</h2>The UAE has been pushing to expand its oil production capacity while also diversifying its economy. Energy Minister Mohamed al-Mazrouei told Reuters that “A careful look at current and future policies related to the level of production” influenced the decision. State energy giant ADNOC is investing heavily to raise production capacity to five million barrels per day by 2027. However, OPEC quotas have restricted full utilisation of the UAE’s infrastructure, pushing Abu Dhabi toward a more independent energy strategy. The country is also accelerating its transition toward a knowledge-based economy focused on technology, education, and investment sectors.&nbsp;<a href="https://www.wionews.com/videos/norway-fa-urges-fifa-to-scrap-controversial-peace-prize-after-trump-award-1777401480796/embed">https://www.wionews.com/videos/norway-fa-urges-fifa-to-scrap-controversial-peace-prize-after-trump-award-1777401480796/embed</a><h2>Impact on global oil prices</h2>The UAE’s exit is expected to weaken OPEC’s collective control over supply management. This could increase competition among oil producers, potentially putting downward pressure on global crude prices while also increasing volatility. For oil-importing countries such as India, this may initially reduce fuel costs. However, longer-term market instability could widen price fluctuations and supply options. Analysts also suggest other producers, including Saudi Arabia, could reassess their participation in the future.

UAE exits OPEC and OPEC+, citing long-term economic goals, oil production limits, and global instability, reshaping future crude oil markets worldwide

The United Arab Emirates announced on Tuesday (April 28) that it will exit the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance, with the decision taking effect from May 1. The UAE’s state news agency cited Abu Dhabi’s long-term economic strategy as the key reason behind the move, coming at a time of heightened volatility in global energy markets amid ongoing geopolitical tensions linked to the US-Iran conflict. The decision marks a major shift for a country that has been part of OPEC for more than five decades. Analysts say it could reshape global oil supply dynamics. What is OPEC? When did the UAE join? OPEC was founded in September 1960 at the Baghdad Conference by five countries: Iran, Kuwait, Iraq, Saudi Arabia, and Venezuela. Before its formation, Western oil companies, known as the “Seven Sisters”, controlled global oil pricing. OPEC was created to give producing nations greater control over prices and supply. The UAE joined the organisation in 1967, just years before the 1973 oil embargo that dramatically increased global oil prices and strengthened OPEC’s geopolitical influence. Rise of OPEC+ In 2016, OPEC+ was formed, bringing in major non-OPEC producers led by Russia. The alliance now accounts for around 40% of global crude production and nearly 60% of internationally traded oil, according to the US Energy Information Administration. Also Read: Alleged China-linked hacker extradited to US in rare case; Kash Patel defends Italy trip role How does OPEC influence global oil markets? OPEC functions like a coordinating body that manages oil prices by setting production quotas for member countries. This system helps prevent oversupply during weak demand periods, stabilising prices and protecting revenues for oil-dependent economies. At the same time, it allows production increases when supply shortages threaten price spikes. Impact of regional conflict and the US-Iran war The UAE’s exit also comes amid growing instability in West Asia. The Strait of Hormuz, a critical route for nearly one-fifth of global oil shipments, has seen disruptions due to escalating tensions. The conflict has also raised security concerns over Gulf energy infrastructure. With Iran also a founding OPEC member, consensus-based decision-making has sometimes limited the UAE's flexibility in managing exports during geopolitical crises. Strategic shift and economic vision The UAE has been pushing to expand its oil production capacity while also diversifying its economy. Energy Minister Mohamed al-Mazrouei told Reuters that “A careful look at current and future policies related to the level of production” influenced the decision. State energy giant ADNOC is investing heavily to raise production capacity to five million barrels per day by 2027. However, OPEC quotas have restricted full utilisation of the UAE’s infrastructure, pushing Abu Dhabi toward a more independent energy strategy. The country is also accelerating its transition toward a knowledge-based economy focused on technology, education, and investment sectors. https://www.wionews.com/videos/norway-fa-urges-fifa-to-scrap-controversial-peace-prize-after-trump-award-1777401480796/embed Impact on global oil prices The UAE’s exit is expected to weaken OPEC’s collective control over supply management. This could increase competition among oil producers, potentially putting downward pressure on global crude prices while also increasing volatility. For oil-importing countries such as India, this may initially reduce fuel costs. However, longer-term market instability could widen price fluctuations and supply options. Analysts also suggest other producers, including Saudi Arabia, could reassess their participation in the future.

UAE exits OPEC and OPEC+, citing economic strategy and oil control limits, reshaping global supply dynamics amid US-Iran tensions and market volatility

UAE exits OPEC: What is OPEC and how does it operate? Here’s all you need to know

Gasoline prices across the United States climbed to a four-year high on Tuesday (April 28) as negotiations between the US and Iran showed little progress. According to AAA, the national average price for a gallon of regular gasoline reached $4.18. This is the highest level since April 2022, shortly after Russia invaded Ukraine. Prices rose 1.6 per cent on Tuesday alone, marking the sharpest daily increase in over a month. Crude oil prices continued their upward trend as talks remained stalled over reopening the Strait of Hormuz and limiting Iran’s nuclear activities.&nbsp;Over the past week, oil prices have surged steadily. Brent crude, the global benchmark, has increased in six of the last seven sessions and is now more than 40 per cent higher than before the initial U.S.-Israeli strikes on Iran in late February. Despite rising energy costs, stock markets remain near record highs, supported by strong corporate earnings. Investors are closely watching upcoming reports from major technology firms investing heavily in artificial intelligence. Oil prices saw further gains on Tuesday. Brent crude rose 4 per cent to above $105 per barrel for July delivery before easing to $104 after the United Arab Emirates announced plans to exit OPEC next month. Over the past week, Brent has climbed roughly $10 per barrel, while June delivery prices briefly exceeded $110.&nbsp;Also Read: <a href="https://www.wionews.com/world/athens-shootings-89-year-old-gunman-arrested-after-office-court-attacks-1777391579416">Athens shootings: 89-year-old gunman arrested after office, court attacks</a>&nbsp;Meanwhile, West Texas Intermediate crude increased 5 percent to about $101 per barrel for June delivery. Market participants are closely monitoring disruptions in the Strait of Hormuz, a crucial route between Iran and Oman that typically handles about one-fifth of global oil supply. Stock markets showed some weakness ahead of key economic events. The S&amp;P 500 dropped 0.6 percent on Tuesday after a slight gain the previous day, as investors awaited tech earnings and the Federal Reserve’s interest rate decision. Asian markets were mixed. South Korea’s Kospi rose 0.4 percent, while Taiwan’s Sensex fell 0.4 percent. Japan’s Nikkei 225 declined 1 per cent after the Bank of Japan kept rates unchanged, though some policymakers signaled concern about inflation linked to the Iran conflict.&nbsp;<a href="https://www.wionews.com/videos/mexico-captures-drug-kingpin-el-mencho-s-possible-successor-el-jardinero-1777396967753/embed">https://www.wionews.com/videos/mexico-captures-drug-kingpin-el-mencho-s-possible-successor-el-jardinero-1777396967753/embed</a>&nbsp;In Europe, the Stoxx 600 index slipped 0.5 per cent. Gasoline prices continued to edge higher, with the national average reaching $4.18 per gallon, up about 40 per cent since the conflict began. Diesel prices have risen even faster, reaching $5.46 per gallon, a 45 per cent increase. Gas prices typically lag behind changes in crude oil, rather than moving in direct sync.&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

U.S. gas prices surge to a four-year high amid Iran tensions, rising oil prices, and Strait of Hormuz disruptions impacting global markets

Gasoline prices across the United States climbed to a four-year high on Tuesday (April 28) as negotiations between the US and Iran showed little progress. According to AAA, the national average price for a gallon of regular gasoline reached $4.18. This is the highest level since April 2022, shortly after Russia invaded Ukraine. Prices rose 1.6 per cent on Tuesday alone, marking the sharpest daily increase in over a month. Crude oil prices continued their upward trend as talks remained stalled over reopening the Strait of Hormuz and limiting Iran’s nuclear activities. Over the past week, oil prices have surged steadily. Brent crude, the global benchmark, has increased in six of the last seven sessions and is now more than 40 per cent higher than before the initial U.S.-Israeli strikes on Iran in late February. Despite rising energy costs, stock markets remain near record highs, supported by strong corporate earnings. Investors are closely watching upcoming reports from major technology firms investing heavily in artificial intelligence. Oil prices saw further gains on Tuesday. Brent crude rose 4 per cent to above $105 per barrel for July delivery before easing to $104 after the United Arab Emirates announced plans to exit OPEC next month. Over the past week, Brent has climbed roughly $10 per barrel, while June delivery prices briefly exceeded $110. Also Read: Athens shootings: 89-year-old gunman arrested after office, court attacks Meanwhile, West Texas Intermediate crude increased 5 percent to about $101 per barrel for June delivery. Market participants are closely monitoring disruptions in the Strait of Hormuz, a crucial route between Iran and Oman that typically handles about one-fifth of global oil supply. Stock markets showed some weakness ahead of key economic events. The S&P 500 dropped 0.6 percent on Tuesday after a slight gain the previous day, as investors awaited tech earnings and the Federal Reserve’s interest rate decision. Asian markets were mixed. South Korea’s Kospi rose 0.4 percent, while Taiwan’s Sensex fell 0.4 percent. Japan’s Nikkei 225 declined 1 per cent after the Bank of Japan kept rates unchanged, though some policymakers signaled concern about inflation linked to the Iran conflict. https://www.wionews.com/videos/mexico-captures-drug-kingpin-el-mencho-s-possible-successor-el-jardinero-1777396967753/embed In Europe, the Stoxx 600 index slipped 0.5 per cent. Gasoline prices continued to edge higher, with the national average reaching $4.18 per gallon, up about 40 per cent since the conflict began. Diesel prices have risen even faster, reaching $5.46 per gallon, a 45 per cent increase. Gas prices typically lag behind changes in crude oil, rather than moving in direct sync. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations, and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos, and videos.

US gas prices hit $4.18, a 4-year high, as ongoing Iran tensions disrupt oil supply and push crude prices above $100 per barrel globally

Energy shock: US gas prices hit 4-year high as Iran tensions push oil above $100

The Indian government has ensured 100 per cent continuous supply for domestic LPG consumers, Piped Natural Gas (PNG) users, and Compressed Natural Gas (CNG) transport services despite the crisis amid ongoing West Asia conflicts, said Sujata Sharma, Joint Secretary (Marketing &amp; Oil Refinery) in the Ministry of Petroleum &amp; Natural Gas.&nbsp;Speaking at an inter-ministerial briefing on Tuesday, she said that although the current geopolitical tensions have affected crude oil and gas imports, the government is actively working to reduce the impact on domestic consumers.&nbsp;"As you know, due to the West Asia crisis, our country has also been affected by the import of crude oil, LPG and PNG. But the Indian government has been trying to reduce the problems faced by our domestic consumers. As you know, 100% supply has been ensured for domestic LPG consumers, PNG consumers and CNG transport," Sharma said.<h3>Commercial LPG restoration crosses 70%</h3>The official added that commercial LPG restoration has reached 70 per cent, with priority being given to key sectors. Hospitals and educational institutions are first in line for supply, followed by the pharmaceutical, steel, agriculture, and seed sectors.&nbsp;"Apart from this, commercial LPG has also been restored up to 70%. Supply of commercial LPG is being given priority to hospitals and educational institutions. Apart from this, the pharma, steel, seed, agriculture, etc., sectors are also being given priority. And for migrant labour, the supply of 5 kg FTL cylinders has been almost doubled. Because of all this, our LPG supply is normal, and there is no dry-out report on any distributor," she added.&nbsp;Sales data for April shows a rise in demand, with nearly 175,000 tonnes of commercial LPG sold during the month. Daily averages for public sector undertakings have touched 353 tonnes in April, which marks an increased amount to 177 tonnes daily in January and February.&nbsp;Also read: <a href="https://www.wionews.com/world/uae-announces-exit-from-opec-and-opec-effective-may-1-1777380156470">UAE announces exit from OPEC and OPEC+ effective May 1</a>

Sujata Sharma said that although the current geopolitical tensions have affected crude oil and gas imports, the government is actively working to reduce the impact on domestic consumers.

The Indian government has ensured 100 per cent continuous supply for domestic LPG consumers, Piped Natural Gas (PNG) users, and Compressed Natural Gas (CNG) transport services despite the crisis amid ongoing West Asia conflicts, said Sujata Sharma, Joint Secretary (Marketing & Oil Refinery) in the Ministry of Petroleum & Natural Gas. Speaking at an inter-ministerial briefing on Tuesday, she said that although the current geopolitical tensions have affected crude oil and gas imports, the government is actively working to reduce the impact on domestic consumers. "As you know, due to the West Asia crisis, our country has also been affected by the import of crude oil, LPG and PNG. But the Indian government has been trying to reduce the problems faced by our domestic consumers. As you know, 100% supply has been ensured for domestic LPG consumers, PNG consumers and CNG transport," Sharma said. Commercial LPG restoration crosses 70% The official added that commercial LPG restoration has reached 70 per cent, with priority being given to key sectors. Hospitals and educational institutions are first in line for supply, followed by the pharmaceutical, steel, agriculture, and seed sectors. "Apart from this, commercial LPG has also been restored up to 70%. Supply of commercial LPG is being given priority to hospitals and educational institutions. Apart from this, the pharma, steel, seed, agriculture, etc., sectors are also being given priority. And for migrant labour, the supply of 5 kg FTL cylinders has been almost doubled. Because of all this, our LPG supply is normal, and there is no dry-out report on any distributor," she added. Sales data for April shows a rise in demand, with nearly 175,000 tonnes of commercial LPG sold during the month. Daily averages for public sector undertakings have touched 353 tonnes in April, which marks an increased amount to 177 tonnes daily in January and February. Also read: UAE announces exit from OPEC and OPEC+ effective May 1

Sujata Sharma said that although the current geopolitical tensions have affected crude oil and gas imports, the government is actively working to reduce the impact on domestic consumers.

Indian govt ensures 100% uninterrupted domestic LPG, PNG, CNG supply, urges public not to panic

The Federal Reserve's policy-making committee began its scheduled two-day meeting today, Tuesday, April 28, 2026. This is widely expected to be the final meeting of Jerome Powell as Fed Chair after eight years at the helm. The committee will announce its third-rate decision of 2026 on Wednesday. He will be replaced by Trump's nominee Kevin Warsh on May 15.&nbsp;<h2>What to expect from the Fed's meeting?</h2>The overwhelming consensus from the economists is that the Federal Open Market Committee, or FOMC, will hold rates steady, within its current range of 3.5 per cent to 3.75 per cent. While the Fed's own projections earlier this year signalled a single 0.25 per cent rate cut sometime in 2026, recent geopolitical and economic shocks have made that less certain. The war in West Asia has pushed energy prices and inflation to their highest level in almost two years. &nbsp;With Brent crude near $110 per barrel, analysts from StoneX report that markets now see only a 35% chance of even one rate cut this year.Also Read: <a href="https://www.wionews.com/photos/irgc-subsea-cables-strait-of-hormuz-digital-chokepoint-1777373875901">Hormuz is a digital chokepoint: How can the US-Iran war threaten internet connectivity?</a>"The FOMC is likely to reiterate its wait-and-see message at its April meeting this week because the war with Iran continues to cloud the economic outlook and to present risks to both inflation and activity," said economists at Goldman Sachs. While a rate cut would make it easier for US consumers to borrow easily, it would push inflation even higher, which would be pushed into all other economies. It seems extremely unlikely as officials confront a lacklustre job market. However, a rate cut might help businesses to hire more workers, but the job market is not in that dire need of a push that they would risk further inflation. "The labour market is plugging along without much steam, but it's still plugging along," said Elizabeth Renter, a senior analyst at NerdWallet, to CBS News. The CPI Index for March was at 3.3 per cent on an annual basis, well above the Fed's target rate of 2 per cent, and the highest since May 2024.<h2>Kevin Warsh to deliver Trump's rate cut?</h2>Trump's nominee, Warsh, says that he is looking for a "good family fight" at the policy-making table once he takes over the US central bank, as Trump is urging for an interest rate cut. Of the 19 Fed officials who set interest rates, about a third are solidly centrist, and only three have agreed to a near-term cut in borrowing rates. Warsh, at his confirmation hearing, did not reiterate his support for rate cuts, which he promised to deliver when US President Donald Trump was considering his nominee for the Fed Chair.&nbsp;

The Federal Reserve begins its two-day meeting, likely holding rates steady as Jerome Powell prepares to step down and Kevin Warsh takes over.

The Federal Reserve's policy-making committee began its scheduled two-day meeting today, Tuesday, April 28, 2026. This is widely expected to be the final meeting of Jerome Powell as Fed Chair after eight years at the helm. The committee will announce its third-rate decision of 2026 on Wednesday. He will be replaced by Trump's nominee Kevin Warsh on May 15. What to expect from the Fed's meeting? The overwhelming consensus from the economists is that the Federal Open Market Committee, or FOMC, will hold rates steady, within its current range of 3.5 per cent to 3.75 per cent. While the Fed's own projections earlier this year signalled a single 0.25 per cent rate cut sometime in 2026, recent geopolitical and economic shocks have made that less certain. The war in West Asia has pushed energy prices and inflation to their highest level in almost two years. With Brent crude near $110 per barrel, analysts from StoneX report that markets now see only a 35% chance of even one rate cut this year. Also Read: Hormuz is a digital chokepoint: How can the US-Iran war threaten internet connectivity? "The FOMC is likely to reiterate its wait-and-see message at its April meeting this week because the war with Iran continues to cloud the economic outlook and to present risks to both inflation and activity," said economists at Goldman Sachs. While a rate cut would make it easier for US consumers to borrow easily, it would push inflation even higher, which would be pushed into all other economies. It seems extremely unlikely as officials confront a lacklustre job market. However, a rate cut might help businesses to hire more workers, but the job market is not in that dire need of a push that they would risk further inflation. "The labour market is plugging along without much steam, but it's still plugging along," said Elizabeth Renter, a senior analyst at NerdWallet, to CBS News. The CPI Index for March was at 3.3 per cent on an annual basis, well above the Fed's target rate of 2 per cent, and the highest since May 2024. Kevin Warsh to deliver Trump's rate cut? Trump's nominee, Warsh, says that he is looking for a "good family fight" at the policy-making table once he takes over the US central bank, as Trump is urging for an interest rate cut. Of the 19 Fed officials who set interest rates, about a third are solidly centrist, and only three have agreed to a near-term cut in borrowing rates. Warsh, at his confirmation hearing, did not reiterate his support for rate cuts, which he promised to deliver when US President Donald Trump was considering his nominee for the Fed Chair.

The Federal Reserve begins its two-day meeting, likely holding rates steady as Jerome Powell prepares to step down and Kevin Warsh takes over.

Fed third meeting of 2026: Final Powell decision, rates likely unchanged

Amid West Asia tensions, LPG prices may be revised on May 1 after recent hikes. The government has tightened booking rules, introduced OTP-based delivery checks, and mandated Aadhaar eKYC for Pradhan Mantri Ujjwala Yojana users to ensure subsidy benefits.

Amid West Asia tensions, LPG prices may be revised on May 1 after recent hikes. The government has tightened booking rules, introduced OTP-based delivery checks, and mandated Aadhaar eKYC for Pradhan Mantri Ujjwala Yojana users to ensure subsidy benefits.

LPG rule changes: Price hike likely from May 1? New booking and eKYC rules kick in: All you need to know

Global military spending hit $2,887 billion in 2025. This was the eleventh year in a row that defence spending grew, marking the highest level since SIPRI started tracking. The report says the rise was caused by faster defence spending in Europe and Asia, as governments reacted to wars, unstable politics, and a more unpredictable security situation.<h2>India becomes one of the top defence spenders</h2>In the year that was marked by the tragic Pahalgam terror attack, India increased its military spending to $92.1 billion. According to the Stockholm International Peace Research Institute's annual report released Monday, for the first time, India has entered the list of top five military spenders. The five largest spenders, i.e., the United States, China, Russia, Germany and India, together accounted for 58 per cent of global military expenditure, at a combined $1,686 billion.Also read | <a href="https://www.wionews.com/india-news/fact-check-will-petrol-diesel-get-25-28-more-expensive-govt-breaks-silence-on-fuel-price-hike-reports-1776927218947">FACT CHECK: Will petrol, diesel get ₹25-28 more expensive? India breaks silence on fuel price hike reports</a><h2>Is Pakistan behind India's increased military spending?</h2>India increased its military spending by 8.9 per cent to $92.1 billion in 2025. According to SIPRI, this can directly be linked to the armed conflict with Pakistan in May 2025. India's Operation Sindoor against terror outfits in Pakistan involved combat aircraft, drones and missiles.Meanwhile, Pakistan's spending grew by 11 per cent to $11.9 billion over the same period, driven largely by new orders for aircraft and missiles placed with China following the conflict, as well as payments on earlier procurement contracts nearing completion.<h2>Europe leads the global surge</h2>The single biggest driver of the global increase was Europe, where military spending rose 14 per cent to $864 billion, the sharpest annual growth in Central and Western Europe since the end of the Cold War. Russia and Ukraine both continued to increase spending in the fourth year of their war, while NATO members across the continent accelerated rearmament programmes that have been building since Russia's 2022 invasion.Also read | <a href="https://www.wionews.com/world/-extreme-situation-images-of-starving-ukrainian-soldiers-go-viral-kyiv-says-logistics-are-complicated-1777005967440">'Extreme situation': Images of starving Ukrainian soldiers go viral, Kyiv says 'logistics are complicated'</a><h2>US spending fell; the reason may surprise you</h2>The United States remained the world's largest military spender at $954 billion, but that figure was 7.5 per cent lower than 2024. The drop was largely mechanical: no new financial military assistance for Ukraine was approved during the year, a sharp contrast to the previous three years in which a combined $127 billion had been authorised.&nbsp;

India becomes one of the world’s top five military spenders: With defence spending hitting $92.1 billion after Pahalgam terror attack and Operation Sindoor, India’s security priorities have clearly shifted.

How much did Pakistan, Europe and the US spend? Scroll down to find out.

Global military spending hit $2,887 billion in 2025. This was the eleventh year in a row that defence spending grew, marking the highest level since SIPRI started tracking. The report says the rise was caused by faster defence spending in Europe and Asia, as governments reacted to wars, unstable politics, and a more unpredictable security situation. India becomes one of the top defence spenders In the year that was marked by the tragic Pahalgam terror attack, India increased its military spending to $92.1 billion. According to the Stockholm International Peace Research Institute's annual report released Monday, for the first time, India has entered the list of top five military spenders. The five largest spenders, i.e., the United States, China, Russia, Germany and India, together accounted for 58 per cent of global military expenditure, at a combined $1,686 billion. Also read | FACT CHECK: Will petrol, diesel get ₹25-28 more expensive? India breaks silence on fuel price hike reports Is Pakistan behind India's increased military spending? India increased its military spending by 8.9 per cent to $92.1 billion in 2025. According to SIPRI, this can directly be linked to the armed conflict with Pakistan in May 2025. India's Operation Sindoor against terror outfits in Pakistan involved combat aircraft, drones and missiles. Meanwhile, Pakistan's spending grew by 11 per cent to $11.9 billion over the same period, driven largely by new orders for aircraft and missiles placed with China following the conflict, as well as payments on earlier procurement contracts nearing completion. Europe leads the global surge The single biggest driver of the global increase was Europe, where military spending rose 14 per cent to $864 billion, the sharpest annual growth in Central and Western Europe since the end of the Cold War. Russia and Ukraine both continued to increase spending in the fourth year of their war, while NATO members across the continent accelerated rearmament programmes that have been building since Russia's 2022 invasion. Also read | 'Extreme situation': Images of starving Ukrainian soldiers go viral, Kyiv says 'logistics are complicated' US spending fell; the reason may surprise you The United States remained the world's largest military spender at $954 billion, but that figure was 7.5 per cent lower than 2024. The drop was largely mechanical: no new financial military assistance for Ukraine was approved during the year, a sharp contrast to the previous three years in which a combined $127 billion had been authorised.

India becomes one of the world’s top five military spenders: With defence spending hitting $92.1 billion after Pahalgam terror attack and Operation Sindoor, India’s security priorities have clearly shifted.How much did Pakistan, Europe and the US spend? Scroll down to find out.

India overtakes major powers to become one of top 5 global military spenders; what about Pakistan?

Prediction markets, platforms that allow users to wager on future events, are facing growing scrutiny as suspicious trading activity raises concerns about insider information. The spotlight intensified after a US Army special forces soldier involved in a mission targeting Venezuelan President Nicolas Maduro was charged with using classified intelligence to place bets tied to the operation. Here’s a closer look at how these platforms work and why they are drawing attention.<h2>What are prediction markets?</h2>Prediction markets such as Polymarket and Kalshi function similarly to gambling platforms, but instead of focusing on sports, users bet on real-world events. These can range from political outcomes and global events to weather forecasts and even social media activity. For example, users might bet on when Keir Starmer could leave office, how frequently Elon Musk might post online, or temperature trends in cities like Paris. Participants profit if their predictions are correct, while platforms earn revenue by charging transaction fees. With millions of users, these markets now handle billions of dollars in wagers across topics like elections, tariffs, and oil prices.&nbsp;Also Read: <a href="https://www.wionews.com/world/shocking-kash-patel-was-arrested-twice-before-fbi-role-details-from-2005-letter-resurface-amid-new-allegations-1777071901768">Shocking! Kash Patel was arrested twice before FBI role. Details from 2005 letter resurface amid new allegations</a><h2>Are these markets legal?</h2>Globally, prediction markets are largely legal. However, the situation is more complex in the United States. Polymarket had been unavailable domestically for years but recently resumed limited operations. Meanwhile, Kalshi operates under regulation by the Commodity Futures Trading Commission, offering a wider selection of markets to American users. Some users bypass restrictions by using VPNs to access international platforms. Unlike traditional bookmakers, these platforms argue they function as exchanges, facilitating “trades” rather than setting odds.<h2>Can they predict real-world events?</h2>Possibly. Research suggests that collective forecasting, often referred to as “the wisdom of crowds”, can outperform individual experts. As a result, prediction market data can offer insights into likely outcomes in politics, economics, and global affairs.&nbsp;<a href="https://www.wionews.com/videos/israel-ignores-lebanon-truce-war-rages-with-hezbollah-un-says-lebanon-cannot-be-another-gaza-1777055411706/embed">https://www.wionews.com/videos/israel-ignores-lebanon-truce-war-rages-with-hezbollah-un-says-lebanon-cannot-be-another-gaza-1777055411706/embed</a><h2>What are the risks?</h2>Concerns have grown over the potential misuse of insider information. In the latest case, a US soldier allegedly earned over $400,000 by betting on outcomes tied to a military operation in Venezuela. Similar concerns arose before major events like the American-Israeli strikes on Iran and the Oscars, where unusual betting patterns correctly anticipated outcomes. An analysis by The New York Times found a surge in bets predicting a US strike on Iran shortly before it occurred, raising suspicions of privileged information being used.<h2>Regulatory backlash grows</h2>In response, several US states have moved to restrict or ban prediction markets. Both Polymarket and Kalshi say they are strengthening safeguards. Kalshi recently banned political candidates from betting on their own races. The White House has also warned staff against using insider knowledge to place bets tied to geopolitical events.<h2>A concept with a long history</h2>While prediction markets are gaining traction today, the concept is not new. The Iowa Electronic Markets, launched in 1988, is an early example focused on political forecasting. In 2003, the Pentagon explored launching a platform to predict events such as terrorist attacks. However, the idea faced strong backlash and was quickly abandoned.

Prediction markets like Polymarket face scrutiny after a US soldier allegedly used classified Maduro raid intel to earn $400K, raising legal concerns

Prediction markets, platforms that allow users to wager on future events, are facing growing scrutiny as suspicious trading activity raises concerns about insider information. The spotlight intensified after a US Army special forces soldier involved in a mission targeting Venezuelan President Nicolas Maduro was charged with using classified intelligence to place bets tied to the operation. Here’s a closer look at how these platforms work and why they are drawing attention. What are prediction markets? Prediction markets such as Polymarket and Kalshi function similarly to gambling platforms, but instead of focusing on sports, users bet on real-world events. These can range from political outcomes and global events to weather forecasts and even social media activity. For example, users might bet on when Keir Starmer could leave office, how frequently Elon Musk might post online, or temperature trends in cities like Paris. Participants profit if their predictions are correct, while platforms earn revenue by charging transaction fees. With millions of users, these markets now handle billions of dollars in wagers across topics like elections, tariffs, and oil prices. Also Read: Shocking! Kash Patel was arrested twice before FBI role. Details from 2005 letter resurface amid new allegations Are these markets legal? Globally, prediction markets are largely legal. However, the situation is more complex in the United States. Polymarket had been unavailable domestically for years but recently resumed limited operations. Meanwhile, Kalshi operates under regulation by the Commodity Futures Trading Commission, offering a wider selection of markets to American users. Some users bypass restrictions by using VPNs to access international platforms. Unlike traditional bookmakers, these platforms argue they function as exchanges, facilitating “trades” rather than setting odds. Can they predict real-world events? Possibly. Research suggests that collective forecasting, often referred to as “the wisdom of crowds”, can outperform individual experts. As a result, prediction market data can offer insights into likely outcomes in politics, economics, and global affairs. https://www.wionews.com/videos/israel-ignores-lebanon-truce-war-rages-with-hezbollah-un-says-lebanon-cannot-be-another-gaza-1777055411706/embed What are the risks? Concerns have grown over the potential misuse of insider information. In the latest case, a US soldier allegedly earned over $400,000 by betting on outcomes tied to a military operation in Venezuela. Similar concerns arose before major events like the American-Israeli strikes on Iran and the Oscars, where unusual betting patterns correctly anticipated outcomes. An analysis by The New York Times found a surge in bets predicting a US strike on Iran shortly before it occurred, raising suspicions of privileged information being used. Regulatory backlash grows In response, several US states have moved to restrict or ban prediction markets. Both Polymarket and Kalshi say they are strengthening safeguards. Kalshi recently banned political candidates from betting on their own races. The White House has also warned staff against using insider knowledge to place bets tied to geopolitical events. A concept with a long history While prediction markets are gaining traction today, the concept is not new. The Iowa Electronic Markets, launched in 1988, is an early example focused on political forecasting. In 2003, the Pentagon explored launching a platform to predict events such as terrorist attacks. However, the idea faced strong backlash and was quickly abandoned.

Prediction markets face scrutiny after a US soldier allegedly used classified Maduro raid intel to earn $400K, raising insider trading concerns

What are prediction markets? How they work and why they are under scrutiny

Donald Trump has strongly criticized a United States Supreme Court decision on tariffs, warning it could cost the country as much as $159 billion in repayments. In a social media post, Trump said the ruling would force the United States to return substantial sums to companies that had previously paid tariffs, describing the decision as “horrible and ridiculous."&nbsp;“People and companies that have taken advantage of our country for decades… are now supposed to be given back $159 billion," he wrote. Trump argued that a small change in the court’s language could have avoided the repayments. “All they had to do was one little half sentence… and our country would be $159 billion richer," he said. He added that the figure surpasses the economic size of many nations, emphasizing what he sees as the magnitude of the impact.&nbsp;Also Read: <a href="https://www.wionews.com/world/us-iran-peace-talks-iran-s-fm-abbas-araghchi-arrives-in-islamabad-for-second-round-talks-1777055882465">US-Iran peace negotiations: Iran's FM Abbas Araghchi arrives in Islamabad for second round talks</a>

The remarks come amid ongoing debates over US trade policy and court rulings affecting tariffs, which carry major implications for government revenue, global trade relations, and domestic industries. While the specific Supreme Court decision was not detailed in Trump’s post, his comments underscore continuing tensions between the executive branch and the judiciary over trade-related issues.&nbsp;<a href="https://www.wionews.com/videos/pak-terror-link-exposed-fresh-visuals-raise-questions-over-pakistan-s-terror-links-1777050491182/embed">https://www.wionews.com/videos/pak-terror-link-exposed-fresh-visuals-raise-questions-over-pakistan-s-terror-links-1777050491182/embed</a>&nbsp;On Truth Social, Trump wrote, “People and Companies that have taken advantage of our Country for decades, because of the horrible and ridiculous United States Supreme Court decision on Tariffs, are now supposed to be given back 159 Billion Dollars. All they had to do was one little half sentence, “that the United States does not have to pay back monies that were already paid” — and our Country would be 159 Billion Dollars richer. That’s more than most Countries are worth! Think of it — Just one half sentence, and we would have saved 159 Billion Dollars. Couldn’t they have done that for our Nation? President DONALD J. TRUMP.”

Donald Trump slams a US Supreme Court tariff ruling, claiming it could cost $159 billion in repayments and intensify debates over trade policy

Donald Trump has strongly criticized a United States Supreme Court decision on tariffs, warning it could cost the country as much as $159 billion in repayments. In a social media post, Trump said the ruling would force the United States to return substantial sums to companies that had previously paid tariffs, describing the decision as “horrible and ridiculous." “People and companies that have taken advantage of our country for decades… are now supposed to be given back $159 billion," he wrote. Trump argued that a small change in the court’s language could have avoided the repayments. “All they had to do was one little half sentence… and our country would be $159 billion richer," he said. He added that the figure surpasses the economic size of many nations, emphasizing what he sees as the magnitude of the impact. Also Read: US-Iran peace negotiations: Iran's FM Abbas Araghchi arrives in Islamabad for second round talks

Donald Trump has slammed the Supreme Court's tariff ruling, claiming it could cost the US $159 billion and spark a major debate over trade policy

Trump: 'One little half sentence' and ridiculous Supreme Court ruling on tariffs could have saved US $159 billion

The US Justice Department has ended its probe into Federal Reserve chair Jerome Powell, clearing a major roadblock to the confirmation of his successor Kevin Warsh. US Attorney for the District of Columbia Jeannine Pirro said on Friday that her office was ending its probe into the Fed’s extensive building renovations because the Fed’s inspector general would scrutinise them instead.&nbsp;Pirro wrote on X that the Fed’s inspector general has instead been asked to look into potential cost overruns in the central bank's renovation of its Washington, D.C., headquarters.&nbsp;“Accordingly, I have directed my office to close our investigation as the IG undertakes this inquiry,” she wrote.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/rbi-cancels-licence-of-paytm-payments-bank-to-seek-winding-up-in-court-1777048619815">RBI cancels licence of Paytm Payments Bank, to seek its winding up in court</a>&nbsp;<h2>Move could lead to swift confirmation by Senate for Kevin Warsh</h2>&nbsp;The move could lead to a swift confirmation vote by the Senate for Warsh, a former top Fed official whom President Donald Trump, a Republican, nominated in January to replace Powell. Powell’s term as chair ends May 15.&nbsp;Sen. Thom Tillis, a North Carolina Republican, had said he would oppose Warsh until the investigation was resolved, effectively blocking his confirmation.Republicans praised Warsh during a Tuesday hearing, but Democrats questioned his independence from Trump, the lack of transparency around some of his financial holdings, and his flip-flop on interest rates.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/us-blockade-of-iranian-vessels-to-continue-for-as-long-as-it-takes-defence-secretary-pete-hegseth-1777040971899">US blockade of Iranian vessels to continue for ‘as long as it takes’: Defence Secretary Pete Hegseth</a>&nbsp;The investigation was among several undertaken by the Justice Department against Trump’s perceived adversaries. It had failed to gain traction for months as prosecutors struggled to articulate a basis to suspect criminal conduct.&nbsp;A prosecutor handling the case conceded at a closed-door court hearing last month that the government hadn’t found any evidence of a crime. Consequently, a judge quashed the subpoenas issued to the Federal Reserve.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-cleric-wants-trump-to-apologise-over-ali-khamenei-killing-admit-mistake-before-world-1777036677663">Iran cleric wants Trump to apologise over Ali Khamenei killing, admit ‘mistake’ before world</a><h2>‘Prosecutors produced essentially zero evidence to suspect Powell of crime’</h2>&nbsp;The judge, James Boasberg, said prosecutors had produced “essentially zero evidence” to suspect Powell of a crime.&nbsp;&nbsp;Warsh said during the Senate hearing earlier this week that he never promised the White House that he would cut interest rates, even as the president renewed his calls for the central bank to do so.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/raghav-chadha-2-other-mps-quit-aam-aadmi-party-announce-split-with-2-3rd-mps-to-join-bjp-1777026936391">Raghav Chadha, 2 other MPs quit Aam Aadmi Party, announce split with 2/3rd MPs joining BJP</a>&nbsp;“The president never once asked me to commit to any particular interest rate decision, period,” Kevin Warsh, a former top Fed official, said during questioning by the Senate Banking Committee. “Nor would I ever agree to do so if he had. ... I will be an independent actor if confirmed as chair of the Federal Reserve.”&nbsp;The decision to abandon the investigation represents a rare pullback for a Justice Department that over the last year has moved aggressively, albeit unsuccessfully, to prosecute public figures the president does not like.

The investigation against Federal Reserve chair Jerome Powell was among several undertaken by the Justice Department against Trump’s perceived adversaries. It had failed to gain traction for months as prosecutors struggled to articulate a basis to suspect criminal conduct.

The US Justice Department has ended its probe into Federal Reserve chair Jerome Powell, clearing a major roadblock to the confirmation of his successor Kevin Warsh. US Attorney for the District of Columbia Jeannine Pirro said on Friday that her office was ending its probe into the Fed’s extensive building renovations because the Fed’s inspector general would scrutinise them instead. Pirro wrote on X that the Fed’s inspector general has instead been asked to look into potential cost overruns in the central bank's renovation of its Washington, D.C., headquarters. “Accordingly, I have directed my office to close our investigation as the IG undertakes this inquiry,” she wrote. Also Read: RBI cancels licence of Paytm Payments Bank, to seek its winding up in court Move could lead to swift confirmation by Senate for Kevin Warsh The move could lead to a swift confirmation vote by the Senate for Warsh, a former top Fed official whom President Donald Trump, a Republican, nominated in January to replace Powell. Powell’s term as chair ends May 15. Sen. Thom Tillis, a North Carolina Republican, had said he would oppose Warsh until the investigation was resolved, effectively blocking his confirmation. Republicans praised Warsh during a Tuesday hearing, but Democrats questioned his independence from Trump, the lack of transparency around some of his financial holdings, and his flip-flop on interest rates. Also Read: US blockade of Iranian vessels to continue for ‘as long as it takes’: Defence Secretary Pete Hegseth The investigation was among several undertaken by the Justice Department against Trump’s perceived adversaries. It had failed to gain traction for months as prosecutors struggled to articulate a basis to suspect criminal conduct. A prosecutor handling the case conceded at a closed-door court hearing last month that the government hadn’t found any evidence of a crime. Consequently, a judge quashed the subpoenas issued to the Federal Reserve. Also Read: Iran cleric wants Trump to apologise over Ali Khamenei killing, admit ‘mistake’ before world ‘Prosecutors produced essentially zero evidence to suspect Powell of crime’ The judge, James Boasberg, said prosecutors had produced “essentially zero evidence” to suspect Powell of a crime. Warsh said during the Senate hearing earlier this week that he never promised the White House that he would cut interest rates, even as the president renewed his calls for the central bank to do so. Also Read: Raghav Chadha, 2 other MPs quit Aam Aadmi Party, announce split with 2/3rd MPs joining BJP “The president never once asked me to commit to any particular interest rate decision, period,” Kevin Warsh, a former top Fed official, said during questioning by the Senate Banking Committee. “Nor would I ever agree to do so if he had. ... I will be an independent actor if confirmed as chair of the Federal Reserve.” The decision to abandon the investigation represents a rare pullback for a Justice Department that over the last year has moved aggressively, albeit unsuccessfully, to prosecute public figures the president does not like.

The investigation against Federal Reserve chair Jerome Powell was among several undertaken by the Justice Department against Trump’s perceived adversaries. It had failed to gain traction for months as prosecutors struggled to articulate a basis to suspect criminal conduct.

Justice Department drops criminal probe of Fed chair Jerome Powell, likely paving the way for Kevin Warsh

The Reserve Bank of India cancelled the banking licence of Paytm Payments Bank Limited on Friday, bringing an abrupt end to one of India’s most high-profile payments bank experiments.In a notification dated April 24, the RBI said the licence stands cancelled with effect from close of business on April 24, 2026, and the bank was immediately barred from carrying out the business of banking.The central bank also said it will move the High Court for the winding up of the bank.“RBI will make an application for winding up of the bank before the High Court,” the regulator said in its notification.The action marks a dramatic escalation in regulatory steps against Paytm Payments Bank, which had already faced severe business restrictions over the past two years.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/us-blockade-of-iranian-vessels-to-continue-for-as-long-as-it-takes-defence-secretary-pete-hegseth-1777040971899">US blockade of Iranian vessels to continue for ‘as long as it takes’: Defence Secretary Pete Hegseth</a><h2>Why did the RBI cancel the licence?</h2>&nbsp;The RBI listed multiple reasons for the cancellation of Paytm Payments Bank’s licence. It said the affairs of the bank were conducted in a manner detrimental to the interest of the bank and its depositors. It also said the general character of the management was prejudicial to the interest of depositors and public interest.&nbsp;The RBI also said that no useful purpose or public interest would be served by allowing the bank to continue. It further said that the bank had failed to comply with conditions stipulated in the payments bank licence, violating provisions of the Banking Regulation Act.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-cleric-wants-trump-to-apologise-over-ali-khamenei-killing-admit-mistake-before-world-1777036677663">Iran cleric wants Trump to apologise over Ali Khamenei killing, admit ‘mistake’ before world</a><h2>Restrictions had started earlier</h2>&nbsp;The licence cancellation comes after curbs were imposed by the RBI earlier.Paytm Payments Bank had been directed to stop onboarding new customers from March 11, 2022.Later, on January 31, 2024 and February 16, 2024, the RBI imposed further restrictions that barred fresh deposits, credits, and top-ups in existing customer accounts, prepaid instruments, and wallets.The curbs effectively froze the bank’s growth and significantly reduced its operating scope.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/raghav-chadha-2-other-mps-quit-aam-aadmi-party-announce-split-with-2-3rd-mps-to-join-bjp-1777026936391">Raghav Chadha, 2 other MPs quit Aam Aadmi Party, announce split with 2/3rd MPs joining BJP</a><h2>What happens to depositors?</h2>&nbsp;The RBI has reassured customers on repayment. It said Paytm Payments Bank Limited has enough liquidity to repay its entire deposit liability upon the winding up of the bank. The depositors are expected to be repaid during the winding-up process, subject to regulatory procedures.&nbsp;The cancellation is a major setback for the Paytm ecosystem, which had built significant customer adoption around wallets, merchant payments, and digital banking services.&nbsp;Also Read: <a href="https://www.wionews.com/world/-clock-is-ticking-for-iran-says-trump-as-third-us-aircraft-carrier-arrives-in-middle-east-1776976041893">‘Clock is ticking for Iran,’ says Trump as third US aircraft carrier arrives in Middle East</a>&nbsp;Payments banks were launched to expand financial inclusion by offering deposits and payments services without full lending operations.&nbsp;With the licence now cancelled, attention will shift to how parent company Paytm reorganises its banking and payments partnerships.

RBI said the affairs of the Paytm Payments Bank were conducted in a manner detrimental to the interest of the bank and its depositors. It also said the general character of the management was prejudicial to the interest of depositors and public interest.

The Reserve Bank of India cancelled the banking licence of Paytm Payments Bank Limited on Friday, bringing an abrupt end to one of India’s most high-profile payments bank experiments. In a notification dated April 24, the RBI said the licence stands cancelled with effect from close of business on April 24, 2026, and the bank was immediately barred from carrying out the business of banking. The central bank also said it will move the High Court for the winding up of the bank. “RBI will make an application for winding up of the bank before the High Court,” the regulator said in its notification. The action marks a dramatic escalation in regulatory steps against Paytm Payments Bank, which had already faced severe business restrictions over the past two years. Also Read: US blockade of Iranian vessels to continue for ‘as long as it takes’: Defence Secretary Pete Hegseth Why did the RBI cancel the licence? The RBI listed multiple reasons for the cancellation of Paytm Payments Bank’s licence. It said the affairs of the bank were conducted in a manner detrimental to the interest of the bank and its depositors. It also said the general character of the management was prejudicial to the interest of depositors and public interest. The RBI also said that no useful purpose or public interest would be served by allowing the bank to continue. It further said that the bank had failed to comply with conditions stipulated in the payments bank licence, violating provisions of the Banking Regulation Act. Also Read: Iran cleric wants Trump to apologise over Ali Khamenei killing, admit ‘mistake’ before world Restrictions had started earlier The licence cancellation comes after curbs were imposed by the RBI earlier. Paytm Payments Bank had been directed to stop onboarding new customers from March 11, 2022. Later, on January 31, 2024 and February 16, 2024, the RBI imposed further restrictions that barred fresh deposits, credits, and top-ups in existing customer accounts, prepaid instruments, and wallets. The curbs effectively froze the bank’s growth and significantly reduced its operating scope. Also Read: Raghav Chadha, 2 other MPs quit Aam Aadmi Party, announce split with 2/3rd MPs joining BJP What happens to depositors? The RBI has reassured customers on repayment. It said Paytm Payments Bank Limited has enough liquidity to repay its entire deposit liability upon the winding up of the bank. The depositors are expected to be repaid during the winding-up process, subject to regulatory procedures. The cancellation is a major setback for the Paytm ecosystem, which had built significant customer adoption around wallets, merchant payments, and digital banking services. Also Read: ‘Clock is ticking for Iran,’ says Trump as third US aircraft carrier arrives in Middle East Payments banks were launched to expand financial inclusion by offering deposits and payments services without full lending operations. With the licence now cancelled, attention will shift to how parent company Paytm reorganises its banking and payments partnerships.

RBI said the affairs of the Paytm Payments Bank were conducted in a manner detrimental to the interest of the bank and its depositors. It also said the general character of the management was prejudicial to the interest of depositors and public interest.

RBI cancels licence of Paytm Payments Bank, to seek its winding up in court