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The US bond market is in a severe sell-off; the 10-year US Treasury yield has surpassed 5.2%, the highest in 19 years. The 30-year yield jumped to over 5.5%. The Fed raised interest rates by 25 bps in September, while more than 70% in the market are predicting another rate hike by October. Investors, economists and fund managers are suggesting a structural macroeconomic shift; the era of cheap money is effectively over.&nbsp;Dr David Kelly, Chief Strategist at JP Morgan Asset Management, wrote earlier this month that the post-GFC (Global Financial Crisis) "New Normal" of low growth and ultra-cheap money has been shattered. He states the global economy has decisively pivoted into a structurally higher real-rate regime characterised by tougher long-term debt affordability.“The bond market is simply normalising after two decades of abnormally low interest rates,” Daniel Harenberg, lead global economist at Oxford Economics, wrote this month.<h2>Are higher interest rates unusual?</h2>Higher interest rates were characteristic of the great inflation era, when the US dollar shifted from the gold standard following the Vietnam War. 10-year yields ranged from 8% to over 15%. The period saw out-of-control inflation as high as over 14% in the US in 1980. This followed the great Paul Volcker Shock, which controlled the money supply and pushed rates over 20% in 1981; it resulted in a recession, but inflation was back to normal. Then followed by an era of moderation: the 1987 stock market crash, the fall of the Berlin Wall in 1989, the dotcom bubble, 9/11, wars in Iraq and Afghanistan and three recessions, where yields were controlled between roughly 4.5-6.5% and maintained moderate growth until the global financial crisis of 2008.&nbsp;For a long-term investor who had been investing before the subprime crisis of 2008, high interest rates were actually quite usual. 10-year US Treasury yield over 5% was quite ordinary; if anything, the post-crisis period was quite bizarre: a zero interest rate, which fuelled the practice of carry trade, when fund managers in Japan and Europe would borrow cheaply and exchange it for US Treasuries and earn interest that was basically "free money". &nbsp;Then the "Negative Interest Rate Policy" &nbsp;era, where investors actually paid interest when borrowing from the European Central Bank and the Bank of Japan. This carry trade and cheap money ballooned global debt to over $365 trillion. Developed economies from the OECD, including the US, UK, Japan, and France, are running huge deficits; they spent more than $3.3 trillion in bond interest collectively in 2025, more than their combined defence spending and their AI buildout.Also Read: <a href="https://www.wionews.com/world/israeli-settlers-attack-jalud-west-bank-palestinian-homes-1790682568830">Over 100 Israeli settlers attack West Bank village, burn Palestinian homes</a><h2>Why are high interest rates the new normal?</h2>The case for high interest rates rests on big deficits, sticky inflation, and restricted supply, keeping long-term yields structurally higher than after the GFC. Some strategists at JP Morgan and Goldman Sachs are already discussing 10-year yields reaching 6%. We are seeing the same oil shock which was seen after the US dollar shifted from the gold standard. The Iran war is not coming to any conclusion, nor is the global oil trade being reset to the previous phase.&nbsp;The US suffers from a “total lack of fiscal discipline,” with deficits growing during both booms and busts, warned Howard Marks, co-founder of Oaktree Capital Management. US consumers are still spending money which they can't afford, with collective household debt rising over $18 trillion. Companies are issuing large amounts of debt to finance the data centres. Stock markets are slowing down, but the tech stocks are fighting the feds; the NASDAQ 100 and the Magnificent Seven are keeping the fight alive. Specifically, semiconductor stocks shrugged off rate hike and yield concerns as they rose by roughly 3%, with Anthropic's newly revealed IPO prospectus looming.&nbsp;Higher yields are making bonds a real competitor for equity money and raising the discount rate on future profits, which hits richly valued growth stocks hardest. Now the Feds, who will be expecting equity pain, are unlikely to stop until the AI capex spending softens. There is weakness in the AI buildout, which is its profit model; if the spending softens, there is a real risk of a bubble pop. The reverse can also be the case that US miraculously opens the Hormuz and oil flow is restored, and the Feds slash rates, the AI growth story continues.&nbsp;&nbsp;

US Treasury yields are at multi-year highs as inflation, oil prices, deficits and heavy debt challenge the post-2008 era of ultra-cheap money.

The US bond market is in a severe sell-off; the 10-year US Treasury yield has surpassed 5.2%, the highest in 19 years. The 30-year yield jumped to over 5.5%. The Fed raised interest rates by 25 bps in September, while more than 70% in the market are predicting another rate hike by October. Investors, economists and fund managers are suggesting a structural macroeconomic shift; the era of cheap money is effectively over. Dr David Kelly, Chief Strategist at JP Morgan Asset Management, wrote earlier this month that the post-GFC (Global Financial Crisis) "New Normal" of low growth and ultra-cheap money has been shattered. He states the global economy has decisively pivoted into a structurally higher real-rate regime characterised by tougher long-term debt affordability. “The bond market is simply normalising after two decades of abnormally low interest rates,” Daniel Harenberg, lead global economist at Oxford Economics, wrote this month. Are higher interest rates unusual? Higher interest rates were characteristic of the great inflation era, when the US dollar shifted from the gold standard following the Vietnam War. 10-year yields ranged from 8% to over 15%. The period saw out-of-control inflation as high as over 14% in the US in 1980. This followed the great Paul Volcker Shock, which controlled the money supply and pushed rates over 20% in 1981; it resulted in a recession, but inflation was back to normal. Then followed by an era of moderation: the 1987 stock market crash, the fall of the Berlin Wall in 1989, the dotcom bubble, 9/11, wars in Iraq and Afghanistan and three recessions, where yields were controlled between roughly 4.5-6.5% and maintained moderate growth until the global financial crisis of 2008. For a long-term investor who had been investing before the subprime crisis of 2008, high interest rates were actually quite usual. 10-year US Treasury yield over 5% was quite ordinary; if anything, the post-crisis period was quite bizarre: a zero interest rate, which fuelled the practice of carry trade, when fund managers in Japan and Europe would borrow cheaply and exchange it for US Treasuries and earn interest that was basically "free money". Then the "Negative Interest Rate Policy" era, where investors actually paid interest when borrowing from the European Central Bank and the Bank of Japan. This carry trade and cheap money ballooned global debt to over $365 trillion. Developed economies from the OECD, including the US, UK, Japan, and France, are running huge deficits; they spent more than $3.3 trillion in bond interest collectively in 2025, more than their combined defence spending and their AI buildout. Also Read: Over 100 Israeli settlers attack West Bank village, burn Palestinian homes Why are high interest rates the new normal? The case for high interest rates rests on big deficits, sticky inflation, and restricted supply, keeping long-term yields structurally higher than after the GFC. Some strategists at JP Morgan and Goldman Sachs are already discussing 10-year yields reaching 6%. We are seeing the same oil shock which was seen after the US dollar shifted from the gold standard. The Iran war is not coming to any conclusion, nor is the global oil trade being reset to the previous phase. The US suffers from a “total lack of fiscal discipline,” with deficits growing during both booms and busts, warned Howard Marks, co-founder of Oaktree Capital Management. US consumers are still spending money which they can't afford, with collective household debt rising over $18 trillion. Companies are issuing large amounts of debt to finance the data centres. Stock markets are slowing down, but the tech stocks are fighting the feds; the NASDAQ 100 and the Magnificent Seven are keeping the fight alive. Specifically, semiconductor stocks shrugged off rate hike and yield concerns as they rose by roughly 3%, with Anthropic's newly revealed IPO prospectus looming. Higher yields are making bonds a real competitor for equity money and raising the discount rate on future profits, which hits richly valued growth stocks hardest. Now the Feds, who will be expecting equity pain, are unlikely to stop until the AI capex spending softens. There is weakness in the AI buildout, which is its profit model; if the spending softens, there is a real risk of a bubble pop. The reverse can also be the case that US miraculously opens the Hormuz and oil flow is restored, and the Feds slash rates, the AI growth story continues.

US Treasury yields are at multi-year highs as inflation, oil prices, deficits and heavy debt challenge the post-2008 era of ultra-cheap money.

US bond yields surge above 5.2%: Is the era of cheap money finally over?

China recently expanded the scope of overseas travel restrictions on some of its most important private-sector artificial intelligence and semiconductor executives to include their spouses and children, reports claimed. The aim is to limit the flight of sensitive technology and expertise from the country, according to reports in Bloomberg, Reuters and other outlets. Chinese government agencies notified relevant people that direct relatives of certain AI and chip executives must obtain official approval before travelling abroad. This includes even short trips, according to the reports. The measures would cover Chinese startup founders, senior researchers and executives at tech firms considered strategically important.<h2>The restrictions have been in place since earlier this year</h2>In May, China imposed overseas travel restrictions on some key and influential tech workers. They include AI professionals at Alibaba and DeepSeek. The additional move has now extended the restrictions to their spouses and children. Citing people familiar with the matter, Bloomberg reported that several executives have been informed that family travel requires government clearance. It is not clear if these curbs apply to every relative of every person, or only to immediate family members.<a href="https://www.wionews.com/videos/china-reviews-meta-s-2-billion-manus-ai-deal-1775207661367/embed">https://www.wionews.com/videos/china-reviews-meta-s-2-billion-manus-ai-deal-1775207661367/embed</a><h2>China is strengthening its legal framework on the movement of talent</h2>China has been tightening controls on the movement of people linked to sensitive technologies, the latest of which is the new exit-and-entry rules that took effect on September 15. As per these restrictions, authorities can prevent citizens from leaving China in cases involving potential threats to industrial or technological security.A Reuters report said the rules can apply to people accused of violating technology import or export regulations when their conduct is seen as a threat to technology security. China’s State Council framed the regulations as safeguarding “national sovereignty, security, and development interests”.Also read: <a href="https://www.wionews.com/world/the-us-and-china-set-up-an-ai-red-telephone-but-skipped-the-rulebook-1790523313514">The US and China set up an AI 'red telephone', but skipped the rulebook</a><h2>China worries about the transfer of Chinese technology and talent</h2>In March this year, the co-founders of Chinese AI startup Manus were blocked from leaving the country, as recorded by Human Rights Watch. At the time, US tech giant Meta was in talks to acquire Manus, a deal that was later blocked by the Chinese government.Chinese companies are accelerating investment in AI and advanced chips as Beijing treats elite AI and semiconductor expertise as a strategic asset amid its technology rivalry with the US. In this direction, Alibaba unveiled its Zhenwu V900 AI chip, which the Chinese company called a major step towards building domestic computing capacity and reducing reliance on foreign semiconductor technology.Beijing is now carefully monitoring and controlling the movement of people considered central to those capabilities. The measures do not amount to an outright ban on foreign travel, but they add a new layer of state approval for private-sector technology professionals and their immediate families.

China expanded the already-existing overseas travel curbs on top AI and semiconductor talent to their spouses and children. Prioritising tech security, China is tightening controls amid the US-China AI rivalry.

China recently expanded the scope of overseas travel restrictions on some of its most important private-sector artificial intelligence and semiconductor executives to include their spouses and children, reports claimed. The aim is to limit the flight of sensitive technology and expertise from the country, according to reports in Bloomberg, Reuters and other outlets. Chinese government agencies notified relevant people that direct relatives of certain AI and chip executives must obtain official approval before travelling abroad. This includes even short trips, according to the reports. The measures would cover Chinese startup founders, senior researchers and executives at tech firms considered strategically important. The restrictions have been in place since earlier this year In May, China imposed overseas travel restrictions on some key and influential tech workers. They include AI professionals at Alibaba and DeepSeek. The additional move has now extended the restrictions to their spouses and children. Citing people familiar with the matter, Bloomberg reported that several executives have been informed that family travel requires government clearance. It is not clear if these curbs apply to every relative of every person, or only to immediate family members. https://www.wionews.com/videos/china-reviews-meta-s-2-billion-manus-ai-deal-1775207661367/embed China is strengthening its legal framework on the movement of talent China has been tightening controls on the movement of people linked to sensitive technologies, the latest of which is the new exit-and-entry rules that took effect on September 15. As per these restrictions, authorities can prevent citizens from leaving China in cases involving potential threats to industrial or technological security. A Reuters report said the rules can apply to people accused of violating technology import or export regulations when their conduct is seen as a threat to technology security. China’s State Council framed the regulations as safeguarding “national sovereignty, security, and development interests”. Also read: The US and China set up an AI 'red telephone', but skipped the rulebook China worries about the transfer of Chinese technology and talent In March this year, the co-founders of Chinese AI startup Manus were blocked from leaving the country, as recorded by Human Rights Watch. At the time, US tech giant Meta was in talks to acquire Manus, a deal that was later blocked by the Chinese government. Chinese companies are accelerating investment in AI and advanced chips as Beijing treats elite AI and semiconductor expertise as a strategic asset amid its technology rivalry with the US. In this direction, Alibaba unveiled its Zhenwu V900 AI chip, which the Chinese company called a major step towards building domestic computing capacity and reducing reliance on foreign semiconductor technology. Beijing is now carefully monitoring and controlling the movement of people considered central to those capabilities. The measures do not amount to an outright ban on foreign travel, but they add a new layer of state approval for private-sector technology professionals and their immediate families.

China expanded the already-existing overseas travel curbs on top AI and semiconductor talent to their spouses and children. Prioritising tech security, China is tightening controls amid the US-China AI rivalry.

The Great AI talent Firewall: China curbs foreign travel of top engineers, executives and their families

Argentina's President Javier Milei on Monday (Sep 28) threatened to take the United Kingdom to an international tribunal over an offshore oil development near the Falkland Islands, escalating a long-running sovereignty dispute between Buenos Aires and London.Taking to X, Milei said that he had instructed Argentina's Foreign Ministry and government legal teams to begin arbitration proceedings over the Sea Lion project in the North Falkland Basin, which Buenos Aires considers an unlawful exploitation of resources in territory it claims as its own. Argentina's presidency confirmed that the proceedings would be initiated under Annex VII of the UN Convention on the Law of the Sea.“If within two weeks the United Kingdom does not stop the illegitimate exploitation, we will go to the International Tribunal for the Law of the Sea,” Milei wrote on X.Also read | <a href="https://www.wionews.com/world/arrogant-parasites-milei-blasts-un-over-falklands-dispute-warns-argentina-will-take-matters-into-our-own-hands-1790216586682">'Arrogant parasites': Milei blasts UN over Falklands dispute, warns Argentina will ‘take matters into our own hands’</a>

<blockquote class="twitter-tweet">DEFENDIENDO CON HECHOS Instruí a la Cancillería y a nuestros equipos jurídicos a iniciar el arbitraje internacional contra el Reino Unido por el saqueo ilegal de nuestros recursos a través del Proyecto Sea Lion en la Cuenca Malvinas Norte. Si en 2 semanas el Reino Unido no… <a href="https://t.co/JTaBcQ7RGT">https://t.co/JTaBcQ7RGT</a>&mdash; Javier Milei (@JMilei) <a href="https://x.com/JMilei/status/2104663036107641145?ref_src=twsrc%5Etfw">September 28, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

<h2>What is the Sea Lion oil project?</h2>Sea Lion is an offshore oil field located about 220 kilometres north of the Falkland Islands, known as the Malvinas in Argentina.The project is operated by Israel's Navitas Petroleum, which holds a 65 per cent interest, while Britain's Rockhopper Exploration owns the remaining 35 per cent. The companies say they operate under petroleum licences granted by the Falkland Islands government.Navitas says the project has received final investment approval and that first oil is planned for March 2028. The first phase involves 11 subsea wells connected to a floating production, storage and offloading vessel.The companies have rejected Argentina's position and said their licences were lawfully issued by the Falkland Islands government with UK backing.Also read | <a href="https://www.wionews.com/world/uss-dwight-d-eisenhower-mishap-4-sailors-injured-2-aviators-eject-during-aircraft-recovery-1790662951742">USS Dwight D. Eisenhower mishap: 4 sailors injured, 2 aviators eject during aircraft recovery</a><h2>Why Argentina is challenging the project</h2>Buenos Aires argues that unilateral development of natural resources in the disputed territory violates UN resolutions calling on Argentina and Britain to avoid actions that could complicate efforts to resolve their sovereignty dispute.Milei's government has already taken measures against companies and individuals linked to hydrocarbon activities around the Falklands. The latest move would take the dispute into international arbitration under the Law of the Sea Convention.<h2>UK backs Falkland Islanders' right to develop resources</h2>Britain maintains that the Falkland Islands are a British Overseas Territory and supports the islanders' right to develop their natural resources.The UK government earlier said that the Falkland Islands have the right to develop hydrocarbons for their own economic benefit and that it fully supports companies conducting lawful business there.&nbsp;

Argentina has escalated its long-running Falklands dispute with the UK, giving London two weeks to halt the Sea Lion oil project or face international arbitration. Javier Milei says the offshore development amounts to unauthorised exploitation of resources claimed by Argentina.

Argentina's President Javier Milei on Monday (Sep 28) threatened to take the United Kingdom to an international tribunal over an offshore oil development near the Falkland Islands, escalating a long-running sovereignty dispute between Buenos Aires and London. Taking to X, Milei said that he had instructed Argentina's Foreign Ministry and government legal teams to begin arbitration proceedings over the Sea Lion project in the North Falkland Basin, which Buenos Aires considers an unlawful exploitation of resources in territory it claims as its own. Argentina's presidency confirmed that the proceedings would be initiated under Annex VII of the UN Convention on the Law of the Sea. “If within two weeks the United Kingdom does not stop the illegitimate exploitation, we will go to the International Tribunal for the Law of the Sea,” Milei wrote on X. Also read | 'Arrogant parasites': Milei blasts UN over Falklands dispute, warns Argentina will ‘take matters into our own hands’

Argentina has escalated its long-running Falklands dispute with the UK, giving London two weeks to halt the Sea Lion oil project or face international arbitration. Javier Milei says the offshore development amounts to unauthorised exploitation of resources claimed by Argentina.

Falklands oil row: Argentina threatens legal action against UK over Sea Lion project, says ‘if within two weeks…’

Nvidia has announced a record $150 billion share buyback, taking its total repurchase authorisation to $235 billion as the chipmaker continues to benefit from strong demand for artificial intelligence infrastructure. The latest authorisation represents the largest increase in a US corporate share-buyback program, surpassing Apple's $110 billion buyback authorisation announced in 2024.<h2>Nvidia expands share buyback program</h2>A share buyback is when a company uses its own cash to purchase shares from the market. By reducing the number of shares in circulation, buybacks can increase earnings per share while returning capital to existing shareholders. NVIDIA plans to deploy the newly authorized funds through fiscal 2028. CEO Jensen Huang said the company's strong cash generation will allow it to invest in new technologies while also returning capital to shareholders. The announcement comes as NVIDIA continues to generate substantial cash from its expanding AI business. The company has also been using its financial resources to invest in AI companies and provide financing to some of its major customers.<h2>Nvidia's valuation and AI growth</h2>The buyback comes as NVIDIA's valuation has declined despite strong earnings growth. Its forward price-to-earnings multiple has fallen significantly from earlier levels, while NVIDIA's shares have gained more than 20 per cent this year. The company also forecasts around 70 per cent revenue growth for fiscal 2028, reinforcing its outlook amid questions over how long the current AI investment boom can continue.&nbsp;Also Read: <a href="https://www.wionews.com/world/uss-dwight-d-eisenhower-mishap-4-sailors-injured-2-aviators-eject-during-aircraft-recovery-1790662951742">USS Dwight D. Eisenhower mishap: 4 sailors injured, 2 aviators eject during aircraft recovery</a><h2>Nvidia launches AI security platform</h2>Alongside the buyback announcement, NVIDIA has unveiled an open-source AI security platform designed to prevent autonomous AI agents from carrying out unauthorised actions. The platform, called Open Agent Safety, includes Open Shell, which limits the access and authority of AI agents, and Sentry, a security layer designed to monitor their activities. The launch comes amid growing attention to the security risks associated with autonomous AI systems, particularly as AI agents become capable of interacting with external networks, applications and other digital systems.<h2>AI spending faces growing scrutiny</h2>NVIDIA's latest capital-allocation strategy comes as investors continue to assess the sustainability of heavy spending on AI infrastructure. The company is using its strong cash flows to fund investments, support its customers and return capital to shareholders through buybacks. At the same time, questions remain around the pace and durability of AI demand as technology companies continue committing billions of dollars to data centres, advanced chips and other AI infrastructure.

Nvidia announces a record $150 billion share buyback, taking its total repurchase authorization to $235 billion, while expanding AI investments

Nvidia has announced a record $150 billion share buyback, taking its total repurchase authorisation to $235 billion as the chipmaker continues to benefit from strong demand for artificial intelligence infrastructure. The latest authorisation represents the largest increase in a US corporate share-buyback program, surpassing Apple's $110 billion buyback authorisation announced in 2024. Nvidia expands share buyback program A share buyback is when a company uses its own cash to purchase shares from the market. By reducing the number of shares in circulation, buybacks can increase earnings per share while returning capital to existing shareholders. NVIDIA plans to deploy the newly authorized funds through fiscal 2028. CEO Jensen Huang said the company's strong cash generation will allow it to invest in new technologies while also returning capital to shareholders. The announcement comes as NVIDIA continues to generate substantial cash from its expanding AI business. The company has also been using its financial resources to invest in AI companies and provide financing to some of its major customers. Nvidia's valuation and AI growth The buyback comes as NVIDIA's valuation has declined despite strong earnings growth. Its forward price-to-earnings multiple has fallen significantly from earlier levels, while NVIDIA's shares have gained more than 20 per cent this year. The company also forecasts around 70 per cent revenue growth for fiscal 2028, reinforcing its outlook amid questions over how long the current AI investment boom can continue. Also Read: USS Dwight D. Eisenhower mishap: 4 sailors injured, 2 aviators eject during aircraft recovery Nvidia launches AI security platform Alongside the buyback announcement, NVIDIA has unveiled an open-source AI security platform designed to prevent autonomous AI agents from carrying out unauthorised actions. The platform, called Open Agent Safety, includes Open Shell, which limits the access and authority of AI agents, and Sentry, a security layer designed to monitor their activities. The launch comes amid growing attention to the security risks associated with autonomous AI systems, particularly as AI agents become capable of interacting with external networks, applications and other digital systems. AI spending faces growing scrutiny NVIDIA's latest capital-allocation strategy comes as investors continue to assess the sustainability of heavy spending on AI infrastructure. The company is using its strong cash flows to fund investments, support its customers and return capital to shareholders through buybacks. At the same time, questions remain around the pace and durability of AI demand as technology companies continue committing billions of dollars to data centres, advanced chips and other AI infrastructure.

Nvidia announces a record $150 billion share buyback, taking its total authorisation to $235 billion amid strong AI growth and rising scrutiny

AI giant Nvidia announces $150billion share buyback. Here's what it means for shareholders

Tata Trusts has proposed merging two operating companies with the Tata Group’s holding company in a move aimed at taking Tata Sons out of the Reserve Bank of India’s regulatory framework for non-banking financial companies and core investment companies and letting it remain unlisted.&nbsp;Tata Trusts, which holds a 66 per cent stake in Tata Sons, has proposed merging Tata Electronics Systems Solutions Private Limited (TESS) and Tata Consulting Engineers (TCE) with Tata Sons Private Limited, in the restructuring bid.&nbsp;The proposal would allow Tata Sons to retain its status as an unlisted private company if approved by the Tata Sons board and the Reserve Bank of India (RBI).&nbsp;Tata Trusts has written to the company’s board asking it to approve the restructuring and apply to the RBI for the necessary no-objection certificate. “The Tata Trusts, along with TSPL, will engage with the RBI on all aspects of the proposed reorganisation,” the Trusts said in a statement.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/technology/indian-origin-chirantan-cj-desai-to-lead-meta-s-enterprise-platform-report-directly-to-zuckerberg-1790611558019">Indian-origin Chirantan ‘CJ’ Desai to lead Meta’s Enterprise Platform, report directly to Zuckerberg</a>&nbsp;The plan aims to avoid public listing of Tata Sons after the RBI rejected its application to surrender its registration as a CIC earlier this month.&nbsp;As an upper-layer NBFC, Tata Sons is subject to enhanced regulatory requirements, including mandatory listing.&nbsp;The proposed restructuring would enlarge the company by absorbing two operating, non-financial businesses and give Tata Sons substantial operating revenues in addition to the income it earns from its investments in Tata Group companies.&nbsp;&nbsp;As per Tata Trusts, the amalgamated entity would have had operating revenues of Rs 1,05,043 crore as of March 31, 2026, compared with an income of Rs 40,072 crore from financial assets.Operating revenues would constitute 64.3 per cent of the resultant entity’s total income, and on this basis, the restructured Tata Sons would not meet the RBI’s “principal business criteria” for classification as an NBFC.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/all-five-men-arrested-near-raf-fairford-over-suspected-bomb-plot-are-uk-nationals-from-london-police-1790603862339">All five men arrested near RAF Fairford over suspected bomb plot released on bail: Police</a>&nbsp;The restructuring will also take Tata Sons outside the definition of a CIC, as the entity would have aggregate net assets of Rs 2,00,158 crore, of which Rs 1,77,120 crore—or around 88.5 per cent—would comprise investments in group companies.&nbsp;&nbsp;This would bring the proportion below the 90-per cent threshold applicable to CICs. If the merger is completed, Tata Sons would operate businesses directly while continuing to act as the principal holding company of the Tata group.For nearly 80 years of its existence, Tata Sons had operating businesses and revenues that helped fund newer ventures of the group.&nbsp;Also Read: <a href="https://www.wionews.com/world/mojtaba-khamenei-says-enemy-forces-will-soon-be-driven-out-of-arabian-sea-1790598022820">Mojtaba Khamenei says ‘enemy forces’ will soon be driven out of Arabian Sea</a>&nbsp;The proposed merger can be implemented only after regulatory clearance. Tata Sons will have to obtain the RBI’s prior no-objection certificate. Once the restructuring is completed, Tata Sons will cease to qualify as a CIC and will be required to surrender its certificate of registration.&nbsp;&nbsp;The Trusts also linked the proposal to unanimous resolutions passed by the boards of the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust in July 2025. The two boards had agreed that all efforts should be made to preserve Tata Sons’ status as an unlisted private company.

The proposed restructuring would enlarge the company by absorbing two operating, non-financial businesses and give Tata Sons substantial operating revenues in addition to the income it earns from its investments in Tata Group companies.

Tata Trusts has proposed merging two operating companies with the Tata Group’s holding company in a move aimed at taking Tata Sons out of the Reserve Bank of India’s regulatory framework for non-banking financial companies and core investment companies and letting it remain unlisted. Tata Trusts, which holds a 66 per cent stake in Tata Sons, has proposed merging Tata Electronics Systems Solutions Private Limited (TESS) and Tata Consulting Engineers (TCE) with Tata Sons Private Limited, in the restructuring bid. The proposal would allow Tata Sons to retain its status as an unlisted private company if approved by the Tata Sons board and the Reserve Bank of India (RBI). Tata Trusts has written to the company’s board asking it to approve the restructuring and apply to the RBI for the necessary no-objection certificate. “The Tata Trusts, along with TSPL, will engage with the RBI on all aspects of the proposed reorganisation,” the Trusts said in a statement. Also Read: Indian-origin Chirantan ‘CJ’ Desai to lead Meta’s Enterprise Platform, report directly to Zuckerberg The plan aims to avoid public listing of Tata Sons after the RBI rejected its application to surrender its registration as a CIC earlier this month. As an upper-layer NBFC, Tata Sons is subject to enhanced regulatory requirements, including mandatory listing. The proposed restructuring would enlarge the company by absorbing two operating, non-financial businesses and give Tata Sons substantial operating revenues in addition to the income it earns from its investments in Tata Group companies. As per Tata Trusts, the amalgamated entity would have had operating revenues of Rs 1,05,043 crore as of March 31, 2026, compared with an income of Rs 40,072 crore from financial assets. Operating revenues would constitute 64.3 per cent of the resultant entity’s total income, and on this basis, the restructured Tata Sons would not meet the RBI’s “principal business criteria” for classification as an NBFC. Also Read: All five men arrested near RAF Fairford over suspected bomb plot released on bail: Police The restructuring will also take Tata Sons outside the definition of a CIC, as the entity would have aggregate net assets of Rs 2,00,158 crore, of which Rs 1,77,120 crore—or around 88.5 per cent—would comprise investments in group companies. This would bring the proportion below the 90-per cent threshold applicable to CICs. If the merger is completed, Tata Sons would operate businesses directly while continuing to act as the principal holding company of the Tata group. For nearly 80 years of its existence, Tata Sons had operating businesses and revenues that helped fund newer ventures of the group. Also Read: Mojtaba Khamenei says ‘enemy forces’ will soon be driven out of Arabian Sea The proposed merger can be implemented only after regulatory clearance. Tata Sons will have to obtain the RBI’s prior no-objection certificate. Once the restructuring is completed, Tata Sons will cease to qualify as a CIC and will be required to surrender its certificate of registration. The Trusts also linked the proposal to unanimous resolutions passed by the boards of the Sir Dorabji Tata Trust and the Sir Ratan Tata Trust in July 2025. The two boards had agreed that all efforts should be made to preserve Tata Sons’ status as an unlisted private company.

The proposed restructuring would enlarge the company by absorbing two operating, non-financial businesses and give Tata Sons substantial operating revenues in addition to the income it earns from its investments in Tata Group companies.

Tata Trusts proposes Tata Sons rejig, merging two firms with it to avoid listing

Washington and Beijing have officially announced a "30-for-30" trade framework and published a list of goods that the US and China could tax at lower rates. The list covers about $30bn worth of "non-sensitive" goods on each side. This comes following the trade deal struck at last week's summit between the US President Donald Trump and China's President Xi Jinping. The US have listed 77 categories of Chinese goods while China have listed 1,619 categories of American products. Neither nation has specified the exact new tariff percentages or an absolute activation date.Under the new Board of Trade, the two countries will consider the products "with a view toward providing reduced tariff treatment to those goods in a reciprocal manner."&nbsp;"The Trump Administration will continue to pursue fair, balanced, and reciprocal trade with China by ensuring compliance with commitments on agricultural and energy purchases, pursuing balanced trade in non-sensitive goods, and securing market access for American farmers, manufacturers, businesses, and workers," said US Trade Representative Jamieson Greer in a statement.Also Read: <a href="https://www.wionews.com/india-news/indian-stock-market-crash-sensex-nifty-six-month-low-oil-fpi-rupee-1790610541704">Indian stock market crashes, 7.4 lakh crore wiped out: What is driving the fall?</a><h2>What items are in the lists?</h2>China's list is dominated by food and farm goods, from beef, pork, poultry and seafood to cheese, grains, corn, wheat, butter, wine, and whiskey. The list also features around 150 varieties of wood and timber products. China will also import $10 million worth of US coal annually across both 2027 and 2028. China will also import high-value medical technology such as MRI scanners, pacemakers, surgical robots, and stents. However, US Soybeans, historically the largest American agricultural export to China, were excluded from the tariff cuts, it appears only as seeds for planting.The US list is far shorter; it features Chinese consumer commodities like toys, children's car seats, and holiday or Christmas decorations, microwave ovens, toasters, coffee makers, bed linen, tennis balls and fishing hooks.The Chinese Ministry of Commerce officially confirmed the product lists on Monday, saying that the sides would discuss “a reciprocal tariff reduction framework of $30 billion for $30 billion, aiming to reach a consensus”.“This arrangement will help stabilise China-US trade, create better conditions for Chinese exports of relevant products to the US, meet domestic market demand, and strengthen trade cooperation in agricultural products, energy, manufactured goods, and consumer goods,” the ministry said in a statement.&nbsp;

The US and China have unveiled lists covering $30 billion of goods each for possible reciprocal tariff cuts under a new ‘30-for-30’ trade framework.

Washington and Beijing have officially announced a "30-for-30" trade framework and published a list of goods that the US and China could tax at lower rates. The list covers about $30bn worth of "non-sensitive" goods on each side. This comes following the trade deal struck at last week's summit between the US President Donald Trump and China's President Xi Jinping. The US have listed 77 categories of Chinese goods while China have listed 1,619 categories of American products. Neither nation has specified the exact new tariff percentages or an absolute activation date. Under the new Board of Trade, the two countries will consider the products "with a view toward providing reduced tariff treatment to those goods in a reciprocal manner." "The Trump Administration will continue to pursue fair, balanced, and reciprocal trade with China by ensuring compliance with commitments on agricultural and energy purchases, pursuing balanced trade in non-sensitive goods, and securing market access for American farmers, manufacturers, businesses, and workers," said US Trade Representative Jamieson Greer in a statement. Also Read: Indian stock market crashes, 7.4 lakh crore wiped out: What is driving the fall? What items are in the lists? China's list is dominated by food and farm goods, from beef, pork, poultry and seafood to cheese, grains, corn, wheat, butter, wine, and whiskey. The list also features around 150 varieties of wood and timber products. China will also import $10 million worth of US coal annually across both 2027 and 2028. China will also import high-value medical technology such as MRI scanners, pacemakers, surgical robots, and stents. However, US Soybeans, historically the largest American agricultural export to China, were excluded from the tariff cuts, it appears only as seeds for planting. The US list is far shorter; it features Chinese consumer commodities like toys, children's car seats, and holiday or Christmas decorations, microwave ovens, toasters, coffee makers, bed linen, tennis balls and fishing hooks. The Chinese Ministry of Commerce officially confirmed the product lists on Monday, saying that the sides would discuss “a reciprocal tariff reduction framework of $30 billion for $30 billion, aiming to reach a consensus”. “This arrangement will help stabilise China-US trade, create better conditions for Chinese exports of relevant products to the US, meet domestic market demand, and strengthen trade cooperation in agricultural products, energy, manufactured goods, and consumer goods,” the ministry said in a statement.

The US and China have unveiled lists covering $30 billion of goods each for possible reciprocal tariff cuts under a new ‘30-for-30’ trade framework.

US, China unveil ‘30-for-30’ trade framework: Which goods could get lower tariffs?

The Indian stock market crashed severely on September 28, dragging both BSE and NSE to a six-month low. The BSE Sensex fell by 1,124.02 points, 1.52%, to close at 72,771.72, while NSE Nifty 50 crashed 360.25 points, 1.56%, closing at 22,780.25, wiping out roughly ₹7.4 lakh crore in market cap in a single day.&nbsp;"Brent crude at $106 and the US 10-year yield at 5.2 per cent are strong headwinds that are weighing on markets. FPIs, after turning buyers in July and August, have again turned sellers in September. This scenario will keep the market under pressure in the near term," said Dr V K Vijayakumar, Chief Investment Strategist, Geojit Investments.<h2>Markets underperforming for seven straight weeks&nbsp;</h2>The indices had already fallen for seven straight weeks, losing nearly 6%, now kicking off their eighth week with a crash on Monday, one of their longest such streaks on record. Out of 30 Sensex stocks, 29 closed lower. L&amp;T and Power Grid were among the major losers, while Adani Ports, HDFC Bank, Hindustan Unilever, Reliance Industries and SBI also declined more than 2%. Almost all of the top 10 Nifty 50 heavyweight stocks fell; out of the 50-stock pack, only 3 stocks managed to finish in the green: Infosys, Dr Reddy's Laboratories, and HDFC Life.&nbsp;Also Read: <a href="https://www.wionews.com/world/eu-seeks-more-warships-red-sea-operation-aspides-bab-al-mandeb-1790608248696">EU seeks more warships for Red Sea mission as Bab al-Mandeb security worsens</a>If the market fails to recover by the end of this current week, it will officially mark an 8-week losing streak. According to historical data from Reuters, the longest consecutive weekly losing streak for the Nifty 50 over the last 25 years was nine weeks, recorded back in 2001, during a toxic combination of the Ketan Parekh securities scam, the global Dot-com bubble burst, and the global shock of the September 11 terrorist attacks at the World Trade Centre.&nbsp;<h2>What is happening in Dalal Street?</h2>The sell-off highlights how India's strong domestic growth story cannot insulate its financial markets from global shocks. External shockwaves are overpowering domestic strength. Today's crash, according to experts, has global triggers, but India is also falling harder because of its own weak spots.&nbsp;Trump rejected Iran's proposal on the Strait of Hormuz, pushing Brent Crude futures over $107 per barrel; US Treasury 10-year yields are at multiyear highs over 5.2%. Higher US bond yields can make dollar-denominated assets more attractive relative to emerging-market equities, pulling money out of emerging markets. Foreign investors sold ₹3,696 crore on Friday and about ₹18,500 crore through September 25.&nbsp;At the same time, it is also increasing pressure on the rupee; dropping 28 paise to a record closing low of 96.03 against the US Dollar. It tested an intraday low of 96.14; state-run banks reportedly sold US dollars on behalf of the RBI throughout the trading session.&nbsp;Prolonged energy shocks will inevitably trigger higher domestic inflation and force the RBI to tighten policy and hike interest rates at the October MPC meeting. Both FPI and a weakening rupee are collectively bringing down one another, accelerating the market crash. India's energy bill, which is largely dependent on imports, will increase and ultimately push more and more foreign investors out.&nbsp;

Sensex and Nifty plunged over 1.5% to six-month lows as crude oil, US bond yields, FPI selling and rupee weakness put pressure on Indian markets.

The Indian stock market crashed severely on September 28, dragging both BSE and NSE to a six-month low. The BSE Sensex fell by 1,124.02 points, 1.52%, to close at 72,771.72, while NSE Nifty 50 crashed 360.25 points, 1.56%, closing at 22,780.25, wiping out roughly ₹7.4 lakh crore in market cap in a single day. "Brent crude at $106 and the US 10-year yield at 5.2 per cent are strong headwinds that are weighing on markets. FPIs, after turning buyers in July and August, have again turned sellers in September. This scenario will keep the market under pressure in the near term," said Dr V K Vijayakumar, Chief Investment Strategist, Geojit Investments. Markets underperforming for seven straight weeks The indices had already fallen for seven straight weeks, losing nearly 6%, now kicking off their eighth week with a crash on Monday, one of their longest such streaks on record. Out of 30 Sensex stocks, 29 closed lower. L&T and Power Grid were among the major losers, while Adani Ports, HDFC Bank, Hindustan Unilever, Reliance Industries and SBI also declined more than 2%. Almost all of the top 10 Nifty 50 heavyweight stocks fell; out of the 50-stock pack, only 3 stocks managed to finish in the green: Infosys, Dr Reddy's Laboratories, and HDFC Life. Also Read: EU seeks more warships for Red Sea mission as Bab al-Mandeb security worsens If the market fails to recover by the end of this current week, it will officially mark an 8-week losing streak. According to historical data from Reuters, the longest consecutive weekly losing streak for the Nifty 50 over the last 25 years was nine weeks, recorded back in 2001, during a toxic combination of the Ketan Parekh securities scam, the global Dot-com bubble burst, and the global shock of the September 11 terrorist attacks at the World Trade Centre. What is happening in Dalal Street? The sell-off highlights how India's strong domestic growth story cannot insulate its financial markets from global shocks. External shockwaves are overpowering domestic strength. Today's crash, according to experts, has global triggers, but India is also falling harder because of its own weak spots. Trump rejected Iran's proposal on the Strait of Hormuz, pushing Brent Crude futures over $107 per barrel; US Treasury 10-year yields are at multiyear highs over 5.2%. Higher US bond yields can make dollar-denominated assets more attractive relative to emerging-market equities, pulling money out of emerging markets. Foreign investors sold ₹3,696 crore on Friday and about ₹18,500 crore through September 25. At the same time, it is also increasing pressure on the rupee; dropping 28 paise to a record closing low of 96.03 against the US Dollar. It tested an intraday low of 96.14; state-run banks reportedly sold US dollars on behalf of the RBI throughout the trading session. Prolonged energy shocks will inevitably trigger higher domestic inflation and force the RBI to tighten policy and hike interest rates at the October MPC meeting. Both FPI and a weakening rupee are collectively bringing down one another, accelerating the market crash. India's energy bill, which is largely dependent on imports, will increase and ultimately push more and more foreign investors out.

Sensex and Nifty plunged over 1.5% to six-month lows as crude oil, US bond yields, FPI selling and rupee weakness put pressure on Indian markets.

Indian stock market crashes, 7.4 lakh crore wiped out: What is driving the fall?

Meta has appointed Indian-origin executive Chirantan Desai, aka CJ Desai, to lead its new Enterprise Platform as the company looks to bring its AI models, agents and technology stack to businesses. Desai, who was president and CEO of database company MongoDB Inc., has stepped down, effective immediately, to join Meta Platforms, where he will report directly to Meta CEO Mark Zuckerberg.&nbsp;A release from Meta said that Chirantan Desai will head its new Enterprise Platform, which will help businesses use AI to grow and transform in new ways.Meta plans to leverage strengths that few other companies have, including advanced models, leading agents, large-scale infrastructure, and years of working closely with businesses.&nbsp;Meta aims to bring its full technology stack, including Muse Agent, Meta Business Agent, Muse API, Muse Code, and more, to businesses and developers to help them grow.&nbsp;&nbsp;

<blockquote class="twitter-tweet">Today we are starting Meta Enterprise Platform to help businesses use AI to grow and transform in new ways, and Chirantan &quot;CJ&quot; Desai will join Meta as Chief Enterprise Platform Officer. <a href="https://t.co/8VjGBu2WFK">https://t.co/8VjGBu2WFK</a>&mdash; Meta Newsroom (@MetaNewsroom) <a href="https://x.com/MetaNewsroom/status/2104551228709691504?ref_src=twsrc%5Etfw">September 28, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

&nbsp;Also Read: <a href="https://www.wionews.com/world/all-five-men-arrested-near-raf-fairford-over-suspected-bomb-plot-are-uk-nationals-from-london-police-1790603862339">All five men arrested near RAF Fairford over suspected bomb plot released on bail: Police</a>&nbsp;Before MongoDB, Desai led product and engineering at Cloudflare and spent nearly eight years at ServiceNow as president and COO.&nbsp;With Desai on board, Meta Enterprise Platform will focus on turning its AI stack into products and services that companies can easily deploy across their businesses.“As with Muse, security and privacy are built into Meta’s enterprise products from the outset. Our goal is to make Meta the place enterprises come to scale their businesses. I’m incredibly grateful for the opportunity and looking forward to working with our customers along this journey,” Desai said.&nbsp;Also Read: <a href="https://www.wionews.com/world/mojtaba-khamenei-says-enemy-forces-will-soon-be-driven-out-of-arabian-sea-1790598022820">Mojtaba Khamenei says ‘enemy forces’ will soon be driven out of Arabian Sea</a>&nbsp;The social media giant’s push into the AI agent market with its Muse personal AI assistant has seen a rush of consumer demand, overtaking OpenAI’s ChatGPT as the leading free iOS app.&nbsp;MongoDB’s board is looking for Desai’s replacement and has, for now, brought back Dev Ittycheria as interim president and CEO, the company said in its release on Monday.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/muslim-marriage-cannot-shield-sex-with-minor-wife-from-prosecution-under-pocso-delhi-hc-1790518457378">Muslim marriage cannot shield sex with minor wife from prosecution under POCSO: Delhi HC</a>&nbsp;MongoDB said in a statement that it “remains confident” in its business outlook and reaffirmed its guidance for Q3FY27 that it provided earlier this month.&nbsp;Desai’s move to Meta comes amid the Silicon Valley giant’s big bets on artificial intelligence (AI) and investor expectation of high returns on billions spent on AI infrastructure.&nbsp;Last week, Meta announced it is moving into the AI agent market with the Muse personal AI assistant. The product saw large demand and overtook OpenAI’s ChatGPT as the leading free iOS app.

Meta plans to leverage strengths that few other companies have, including advanced models, leading agents, infrastructure, and years of working closely with businesses. It aims to bring its full stack, including Muse Agent, Meta Business Agent, Muse API, Muse Code, to businesses.

Meta has appointed Indian-origin executive Chirantan Desai, aka CJ Desai, to lead its new Enterprise Platform as the company looks to bring its AI models, agents and technology stack to businesses. Desai, who was president and CEO of database company MongoDB Inc., has stepped down, effective immediately, to join Meta Platforms, where he will report directly to Meta CEO Mark Zuckerberg. A release from Meta said that Chirantan Desai will head its new Enterprise Platform, which will help businesses use AI to grow and transform in new ways. Meta plans to leverage strengths that few other companies have, including advanced models, leading agents, large-scale infrastructure, and years of working closely with businesses. Meta aims to bring its full technology stack, including Muse Agent, Meta Business Agent, Muse API, Muse Code, and more, to businesses and developers to help them grow.

Meta plans to leverage strengths that few other companies have, including advanced models, leading agents, infrastructure, and years of working closely with businesses. It aims to bring its full stack, including Muse Agent, Meta Business Agent, Muse API, Muse Code, to businesses.

Indian-origin Chirantan ‘CJ’ Desai to lead Meta’s Enterprise Platform, report directly to Zuckerberg

The recent summit of US President Donald Trump and visiting Chinese President Xi Jinping was widely watched as heralding cooperation on key areas like critical minerals and artificial intelligence. While the two nations agreed on new mechanisms for cooperation on artificial intelligence and trade, no substantive comprehensive pacts were signed. So what's the reality compared to the buzz?<h2>No new supply deal on rare earths</h2>China controls roughly 90 per cent of global rare-earth processing capacity. A fact sheet issued by the White House on September 25 said the two sides will continue to work on the US concerns over shortages of rare earths and other critical minerals, aimed at returning shipments to “appropriate levels”. There was no mention of specific supply targets or commitments to eliminate export licensing controls. An official readout from China also did not highlight rare earths.<a href="https://www.wionews.com/videos/trump-xi-summit-xi-wraps-up-us-visit-with-21-gun-salute-as-trump-xi-lock-in-strategic-stability-1790391939259/embed">https://www.wionews.com/videos/trump-xi-summit-xi-wraps-up-us-visit-with-21-gun-salute-as-trump-xi-lock-in-strategic-stability-1790391939259/embed</a>Chinese rare-earth exports to the US remained below historical levels ahead of the summit. The US had earlier raised concerns over China not fully meeting its prior commitments, with compliance estimated at around two-thirds. Chinese shipments of rare earth magnets to the US averaged about 504 tonnes a month in 2026, compared with 621 tonnes in 2024.Also read: <a href="https://www.wionews.com/world/trump-xi-summit-startling-omissions-behind-the-great-meeting-1790483239695">Trump-Xi Summit: Startling omissions behind the ‘great meeting’</a><h2>AI dialogue continues, without a clear deal</h2>The Trump-Xi summit did not produce a formal agreement on AI development, safety standards, semiconductor exports or technology transfers, in spite of widespread anticipation.Perhaps the most significant outcome was a name change: from artificial intelligence to Super Intelligence, a term that the two leaders agreed to use for the relevant emerging technologies.The two sides will establish a US-China Super Intelligence Dialogue to discuss the risks and benefits of emerging technologies, with the next exchange expected in November 2026. A bilateral communication channel for super-intelligence incidents will be established.These arrangements came after the September 20–21 talks between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng.&nbsp;China, meanwhile, sought relief from US semiconductor controls affecting advanced AI models.Also read: <a href="https://www.wionews.com/world/trump-xi-china-iran-war-strait-hormuz-pressure-tehran-1790531547788">Trump asked Xi to pressure Iran. China did not say yes — here’s what Beijing wants</a><h2>So, what was actually agreed upon?</h2>There has been progress on some other aspects of the bilateral ties, particularly on trade. The US and China extended their trade truce to January 10, 2027. Under the Board of Trade, the two sides agreed on more favourable tariff treatment covering $30 billion of non-sensitive goods.China agreed to import at least 10 million metric tonnes of US coal in 2027 and 2028.In November 2025, China had committed to suspend expanded rare-earth export controls and issue general licences covering several critical minerals, and in May 2026, it committed to address US concerns over supply shortages of minerals like yttrium, scandium, neodymium and indium.Shipment levels and licensing remain concerns for the US when it comes to rare earths. On AI, dialogue advanced, while semiconductor controls and technology transfers remained unresolved.&nbsp;

Trump-Xi summit produced an AI dialogue channel but no substantive pacts on rare-earth or AI technology. Rare-earth shipments, export licensing, and semiconductor controls remained unresolved.

The recent summit of US President Donald Trump and visiting Chinese President Xi Jinping was widely watched as heralding cooperation on key areas like critical minerals and artificial intelligence. While the two nations agreed on new mechanisms for cooperation on artificial intelligence and trade, no substantive comprehensive pacts were signed. So what's the reality compared to the buzz? No new supply deal on rare earths China controls roughly 90 per cent of global rare-earth processing capacity. A fact sheet issued by the White House on September 25 said the two sides will continue to work on the US concerns over shortages of rare earths and other critical minerals, aimed at returning shipments to “appropriate levels”. There was no mention of specific supply targets or commitments to eliminate export licensing controls. An official readout from China also did not highlight rare earths. https://www.wionews.com/videos/trump-xi-summit-xi-wraps-up-us-visit-with-21-gun-salute-as-trump-xi-lock-in-strategic-stability-1790391939259/embed Chinese rare-earth exports to the US remained below historical levels ahead of the summit. The US had earlier raised concerns over China not fully meeting its prior commitments, with compliance estimated at around two-thirds. Chinese shipments of rare earth magnets to the US averaged about 504 tonnes a month in 2026, compared with 621 tonnes in 2024. Also read: Trump-Xi Summit: Startling omissions behind the ‘great meeting’ AI dialogue continues, without a clear deal The Trump-Xi summit did not produce a formal agreement on AI development, safety standards, semiconductor exports or technology transfers, in spite of widespread anticipation. Perhaps the most significant outcome was a name change: from artificial intelligence to Super Intelligence, a term that the two leaders agreed to use for the relevant emerging technologies. The two sides will establish a US-China Super Intelligence Dialogue to discuss the risks and benefits of emerging technologies, with the next exchange expected in November 2026. A bilateral communication channel for super-intelligence incidents will be established. These arrangements came after the September 20–21 talks between US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng. China, meanwhile, sought relief from US semiconductor controls affecting advanced AI models. Also read: Trump asked Xi to pressure Iran. China did not say yes — here’s what Beijing wants So, what was actually agreed upon? There has been progress on some other aspects of the bilateral ties, particularly on trade. The US and China extended their trade truce to January 10, 2027. Under the Board of Trade, the two sides agreed on more favourable tariff treatment covering $30 billion of non-sensitive goods. China agreed to import at least 10 million metric tonnes of US coal in 2027 and 2028. In November 2025, China had committed to suspend expanded rare-earth export controls and issue general licences covering several critical minerals, and in May 2026, it committed to address US concerns over supply shortages of minerals like yttrium, scandium, neodymium and indium. Shipment levels and licensing remain concerns for the US when it comes to rare earths. On AI, dialogue advanced, while semiconductor controls and technology transfers remained unresolved.

Trump-Xi summit produced an AI dialogue channel but no substantive pacts on rare earths or AI technology. Rare-earth shipments, export licensing, and semiconductor controls remained unresolved.

Trump-Xi Summit: What happened to AI and rare earths agreements? Buzz vs reality

The three-day crippling nationwide bank strike scheduled to begin from Monday has been deferred at the eleventh hour, giving a sigh of relief to businesses and customers after the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UFBU) reached an understanding on key issues, the union body said in a statement on Sunday night.&nbsp;All bank branches across the nation will now open and function as usual on Monday.&nbsp;The strike deferment decision was arrived at after a meeting between the IBA and UFBU at 9.30 pm on Sunday.&nbsp;As per the decision taken at the talks, a high-level committee comprising representatives of the IBA and UFBU will be formed immediately to discuss the demand for declaring all Saturdays of the month as holidays.&nbsp;The panel will examine all possible alternatives, consult stakeholders and seek to find a solution that is acceptable to all parties, including bank customers, the UFBU said.&nbsp;&nbsp;

<blockquote class="twitter-tweet">Bank strike deferred after the meeting between the Indian Banks&#39; Association (IBA) and the United Forum of Bank Unions (UFBU) tonight. <a href="https://t.co/SPJUwp63p2">pic.twitter.com/SPJUwp63p2</a>&mdash; ANI (@ANI) <a href="https://x.com/ANI/status/2104264537168019510?ref_src=twsrc%5Etfw">September 27, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

The committee will also discuss the Performance Linked Incentive (PLI) scheme for Scale IV and above officers. The September 28 to 30 strike was called mainly over the demand of unions for a five-day working week. The UFBU, which represents a large share of bank employees, argues that staff face long working hours and should get off on every Saturday. Banks currently remain closed on the second and fourth Saturdays of each month. The Finance Ministry had appealed to bank employees to avoid a strike, warning of disruption to banking services. It said other demands of the union had been addressed in previous talks, including changes concerning family pensions, while a proposed performance-linked incentive scheme had been kept in abeyance. The proposed strike would have coincided with the half-yearly closing of banks on September 30. All public sector banks and regional rural banks had remained open on Sunday, September 27, to ensure that customers get an additional day for branch transactions to ensure their financial needs ahead of the strike for three consecutive days.

The strike deferment decision was arrived at after a meeting between the IBA and UFBU on Sunday. As per the decision, a high-level committee comprising representatives of the IBA and UFBU will be formed to discuss the demand for declaring all Saturdays of the month as holidays.

The three-day crippling nationwide bank strike scheduled to begin from Monday has been deferred at the eleventh hour, giving a sigh of relief to businesses and customers after the Indian Banks’ Association (IBA) and the United Forum of Bank Unions (UFBU) reached an understanding on key issues, the union body said in a statement on Sunday night. All bank branches across the nation will now open and function as usual on Monday. The strike deferment decision was arrived at after a meeting between the IBA and UFBU at 9.30 pm on Sunday. As per the decision taken at the talks, a high-level committee comprising representatives of the IBA and UFBU will be formed immediately to discuss the demand for declaring all Saturdays of the month as holidays. The panel will examine all possible alternatives, consult stakeholders and seek to find a solution that is acceptable to all parties, including bank customers, the UFBU said.

The strike deferment decision was arrived at after a meeting between the IBA and UFBU on Sunday. As per the decision, a high-level committee comprising representatives of the IBA and UFBU will be formed to discuss the demand for declaring all Saturdays of the month as holidays.

Bank unions defer 3-day strike from tomorrow after talks with IBA, committee set up

The US economy is facing renewed pressure from rising housing and energy costs, with mortgage rates climbing above 7 per cent as oil prices surged past $107 a barrel following fresh attacks linked to the Iran war. The average 30-year fixed mortgage rate, the most common home loan in the United States, rose to 7.03 per cent this week, up from 6.3 per cent a year ago, according to Freddie Mac. The rate crossed the 7 per cent threshold for the first time since January 2025, adding another hurdle for prospective homebuyers.&nbsp;Mortgage rates had fallen below 6 per cent in late February, raising hopes that the US housing market could begin recovering from its prolonged slowdown. But rates subsequently moved higher after the United States and Israel launched attacks on Iran on February 28. The increase has come as Americans are also dealing with elevated energy costs and broader economic uncertainty linked to the war in the Middle East. Since the conflict began, disruptions to oil shipments through the Persian Gulf have pushed up the cost of gasoline, diesel and heating oil.&nbsp;&nbsp;Economists have warned that sustained energy-price increases could eventually feed into prices across the wider US economy.The pressure is also visible in the bond market, which plays a key role in determining mortgage rates. The 10-year US Treasury yield has moved above 5 per cent, increasing borrowing costs for consumers and businesses. Inflation remains elevated as well. Consumer prices rose at an annual rate of 3.4 per cent in August, adding to concerns over how much longer interest rates will need to remain restrictive.&nbsp;Higher borrowing costs are already weighing on the housing market. Existing-home sales fell 2 percent in August from July, reaching their lowest level since June last year. At the same time, home prices continued to rise, increasing 1.5 percent annually in June, according to Cotality. The current housing environment is a sharp contrast to the pandemic-era boom. Mortgage rates fell as low as 2.65 percent in January 2021, triggering a wave of home buying, bidding wars and rapid price increases. As rates subsequently climbed, homeowners increasingly became reluctant to sell and give up historically low mortgage rates.&nbsp;Also Read: <a href="https://www.wionews.com/photos/netanyahu-at-un-mass-walkout-attack-on-mamdani-and-iran-threats-in-pics-1790284630014">Netanyahu at UN: Mass walkout, attack on Mamdani and Iran threats | In Pics</a><h2>Oil prices surge above $107</h2>The housing pressure comes as energy markets face another bout of volatility. Brent crude traded near $107 a barrel on Thursday, after earlier climbing above $108, as fresh attacks by Iran-aligned Houthi militants in Yemen against Saudi Arabia raised concerns about further disruption to oil supplies. US West Texas Intermediate crude also moved back above $95 a barrel.&nbsp;Saudi Arabia said it intercepted six ballistic missiles fired by the Houthis toward areas including Taif and the Yanbu region. Yanbu is home to a major oil export terminal on Saudi Arabia's Red Sea coast. Oil prices had initially eased earlier in the week on reports that Washington and Tehran could be exploring a diplomatic path to restore exports through the Persian Gulf. But renewed attacks and uncertainty surrounding the talks quickly pushed prices higher.&nbsp;The Strait of Hormuz remains central to the supply outlook. Saudi Arabia has been seeking alternative routes for exports, but those routes have also faced higher war-risk insurance costs. Only 10 commodity vessels crossed the Strait of Hormuz on Wednesday, below the 10-day moving average of 17, according to the information provided.<h2>Natural gas adds to energy pressure</h2>US natural gas prices have also moved sharply higher, adding another layer to the energy squeeze. Natural gas prices surged more than 6 percent following a pipeline-related disruption, taking prices roughly 28 per cent above their April 2026 low. The move comes at a sensitive time for energy markets, with investors already watching the impact of the Middle East conflict on global fuel supplies. Natural gas is particularly important for the US power sector, heating demand and industrial users.

US mortgage rates hit 7% as Brent crude tops $107 and natural gas prices surge, adding to housing, energy and inflation pressures on Americans

The US economy is facing renewed pressure from rising housing and energy costs, with mortgage rates climbing above 7 per cent as oil prices surged past $107 a barrel following fresh attacks linked to the Iran war. The average 30-year fixed mortgage rate, the most common home loan in the United States, rose to 7.03 per cent this week, up from 6.3 per cent a year ago, according to Freddie Mac. The rate crossed the 7 per cent threshold for the first time since January 2025, adding another hurdle for prospective homebuyers. Mortgage rates had fallen below 6 per cent in late February, raising hopes that the US housing market could begin recovering from its prolonged slowdown. But rates subsequently moved higher after the United States and Israel launched attacks on Iran on February 28. The increase has come as Americans are also dealing with elevated energy costs and broader economic uncertainty linked to the war in the Middle East. Since the conflict began, disruptions to oil shipments through the Persian Gulf have pushed up the cost of gasoline, diesel and heating oil. Economists have warned that sustained energy-price increases could eventually feed into prices across the wider US economy. The pressure is also visible in the bond market, which plays a key role in determining mortgage rates. The 10-year US Treasury yield has moved above 5 per cent, increasing borrowing costs for consumers and businesses. Inflation remains elevated as well. Consumer prices rose at an annual rate of 3.4 per cent in August, adding to concerns over how much longer interest rates will need to remain restrictive. Higher borrowing costs are already weighing on the housing market. Existing-home sales fell 2 percent in August from July, reaching their lowest level since June last year. At the same time, home prices continued to rise, increasing 1.5 percent annually in June, according to Cotality. The current housing environment is a sharp contrast to the pandemic-era boom. Mortgage rates fell as low as 2.65 percent in January 2021, triggering a wave of home buying, bidding wars and rapid price increases. As rates subsequently climbed, homeowners increasingly became reluctant to sell and give up historically low mortgage rates. Also Read: Netanyahu at UN: Mass walkout, attack on Mamdani and Iran threats | In Pics Oil prices surge above $107 The housing pressure comes as energy markets face another bout of volatility. Brent crude traded near $107 a barrel on Thursday, after earlier climbing above $108, as fresh attacks by Iran-aligned Houthi militants in Yemen against Saudi Arabia raised concerns about further disruption to oil supplies. US West Texas Intermediate crude also moved back above $95 a barrel. Saudi Arabia said it intercepted six ballistic missiles fired by the Houthis toward areas including Taif and the Yanbu region. Yanbu is home to a major oil export terminal on Saudi Arabia's Red Sea coast. Oil prices had initially eased earlier in the week on reports that Washington and Tehran could be exploring a diplomatic path to restore exports through the Persian Gulf. But renewed attacks and uncertainty surrounding the talks quickly pushed prices higher. The Strait of Hormuz remains central to the supply outlook. Saudi Arabia has been seeking alternative routes for exports, but those routes have also faced higher war-risk insurance costs. Only 10 commodity vessels crossed the Strait of Hormuz on Wednesday, below the 10-day moving average of 17, according to the information provided. Natural gas adds to energy pressure US natural gas prices have also moved sharply higher, adding another layer to the energy squeeze. Natural gas prices surged more than 6 percent following a pipeline-related disruption, taking prices roughly 28 per cent above their April 2026 low. The move comes at a sensitive time for energy markets, with investors already watching the impact of the Middle East conflict on global fuel supplies. Natural gas is particularly important for the US power sector, heating demand and industrial users.

US faces a fresh cost squeeze as mortgage rates top 7%, Brent crude surges above $107 and natural gas prices jump amid energy disruptions

US faces fresh cost crunch as mortgage rates hit 7%, oil tops $107 and gas prices surge

Oracle shares fell nearly 5% in pre-market trading on Thursday after reports that the company had invoked force majeure on a massive AI data centre project in New Mexico. The move is reportedly aimed at protecting Oracle from financial exposure if construction delays push the facility beyond its planned launch in 2028.&nbsp;&nbsp;The development puts a spotlight on the growing costs and risks behind the artificial intelligence boom. Oracle is not reportedly walking away from the project. Instead, it is seeking flexibility over payments as its infrastructure ambitions face construction, regulatory and financing challenges.<h2>Why has Oracle invoked force majeure?</h2>According to a Bloomberg report cited by Reuters, Oracle sent a force majeure notice to the project's developer, a unit of Blue Owl Capital. The notice is reportedly intended to delay payment obligations if the data centre, known as Project Jupiter, is delayed and fails to come online as planned.&nbsp;MarketScreener&nbsp;Force majeure is a contractual provision that can offer relief from certain obligations when extraordinary circumstances beyond a party's control disrupt a project. Whether it applies depends on the contract and the circumstances.&nbsp;Oracle is reportedly seeking to protect itself against delays and additional costs, rather than give up its role as the facility's main tenant. Reuters said it could not independently verify Bloomberg's report. Oracle and Blue Owl did not immediately respond to Reuters' requests for comment.&nbsp;<h2>What is Project Jupiter and why does it matter?</h2>Project Jupiter is a major data centre campus in Doña Ana County, New Mexico, linked to Oracle's wider AI infrastructure expansion and its partnership with OpenAI. The facility is designed to support enormous computing workloads needed to train and run AI models. Such projects require substantial investment in buildings, power supply, cooling systems and specialised computing equipment.&nbsp;The New Mexico project has faced regulatory and local opposition, including disputes involving the proposed power infrastructure. Oracle said in a September 14 statement that the data centre campus and a proposed microgrid are separate facilities, and that construction of the data centre buildings does not require the air-quality permit at the centre of a separate legal proceeding.&nbsp;Oracle.<h2>Is Oracle abandoning its AI data centre plans?</h2>There is no confirmation that Oracle is exiting Project Jupiter. In fact, the reported notice appears aimed at protecting the company if the timeline slips, rather than cancelling its role.&nbsp;Oracle has said the project remains on schedule and that it is committed to New Mexico, according to a Bloomberg report cited by Yahoo Finance.&nbsp;Yahoo Finance The distinction matters. A payment delay would not necessarily mean the project is cancelled, nor does the reported notice establish the final cost or the extent of any financial relief. For investors, the key questions are whether construction can stay on schedule, how much the project will ultimately cost and whether Oracle's growing AI infrastructure commitments can deliver returns that justify the spending.&nbsp;The latest development underlines a central challenge for the AI industry: demand for computing power is rising rapidly, but building the facilities to meet it is proving complex, expensive and exposed to delays.

Oracle shares fell nearly 5% in pre-market trading after reports it issued a force majeure notice on its New Mexico Project Jupiter data centre. The move could allow payment delays if construction setbacks push the AI facility beyond its planned 2028 launch

Oracle shares fell nearly 5% in pre-market trading on Thursday after reports that the company had invoked force majeure on a massive AI data centre project in New Mexico. The move is reportedly aimed at protecting Oracle from financial exposure if construction delays push the facility beyond its planned launch in 2028. The development puts a spotlight on the growing costs and risks behind the artificial intelligence boom. Oracle is not reportedly walking away from the project. Instead, it is seeking flexibility over payments as its infrastructure ambitions face construction, regulatory and financing challenges. Why has Oracle invoked force majeure? According to a Bloomberg report cited by Reuters, Oracle sent a force majeure notice to the project's developer, a unit of Blue Owl Capital. The notice is reportedly intended to delay payment obligations if the data centre, known as Project Jupiter, is delayed and fails to come online as planned. MarketScreener Force majeure is a contractual provision that can offer relief from certain obligations when extraordinary circumstances beyond a party's control disrupt a project. Whether it applies depends on the contract and the circumstances. Oracle is reportedly seeking to protect itself against delays and additional costs, rather than give up its role as the facility's main tenant. Reuters said it could not independently verify Bloomberg's report. Oracle and Blue Owl did not immediately respond to Reuters' requests for comment. What is Project Jupiter and why does it matter? Project Jupiter is a major data centre campus in Doña Ana County, New Mexico, linked to Oracle's wider AI infrastructure expansion and its partnership with OpenAI. The facility is designed to support enormous computing workloads needed to train and run AI models. Such projects require substantial investment in buildings, power supply, cooling systems and specialised computing equipment. The New Mexico project has faced regulatory and local opposition, including disputes involving the proposed power infrastructure. Oracle said in a September 14 statement that the data centre campus and a proposed microgrid are separate facilities, and that construction of the data centre buildings does not require the air-quality permit at the centre of a separate legal proceeding. Oracle. Is Oracle abandoning its AI data centre plans? There is no confirmation that Oracle is exiting Project Jupiter. In fact, the reported notice appears aimed at protecting the company if the timeline slips, rather than cancelling its role. Oracle has said the project remains on schedule and that it is committed to New Mexico, according to a Bloomberg report cited by Yahoo Finance. Yahoo Finance The distinction matters. A payment delay would not necessarily mean the project is cancelled, nor does the reported notice establish the final cost or the extent of any financial relief. For investors, the key questions are whether construction can stay on schedule, how much the project will ultimately cost and whether Oracle's growing AI infrastructure commitments can deliver returns that justify the spending. The latest development underlines a central challenge for the AI industry: demand for computing power is rising rapidly, but building the facilities to meet it is proving complex, expensive and exposed to delays.

Oracle shares fell nearly 5% in pre-market trading after reports it issued a force majeure notice on its New Mexico Project Jupiter data centre. The move could allow payment delays if construction setbacks push the AI facility beyond its planned 2028 launch

Oracle shares fall 5% as costly AI infrastructure project raises investor questions

The Union government on Wednesday cut basic customs duty (BCD) on crude and refined edible oils to lower import costs for cooking oils and provide some relief to consumers ahead of the festive season.The Centre has reduced the BCD on crude soybean oil and crude palm oil to 5% from 10%, according to a Finance Ministry notification issued on Wednesday.&nbsp;The basic customs duty for crude sunflower oil has been brought down to nil from 10%, while the duty on refined sunflower oil has been lowered to 22.5% from 32.5%.&nbsp;The duty on refined soybean and refined palm oil has also been reduced to 27.5% from 32.5%. The revised duties will take effect from Thursday, September 24.&nbsp;Also Read: <a href="https://www.wionews.com/world/jaishankar-meets-rubio-on-unga-sidelines-raises-delhi-s-concern-over-russia-sanctions-law-1790179886768">Jaishankar meets Rubio on UNGA sidelines, raises Delhi’s concern over Russia sanctions law</a>&nbsp;The government has made the changes by amending its earlier customs notification of 24 October 2025.&nbsp;&nbsp;

<blockquote class="twitter-tweet">The Central Government has reduced the basic customs duty (BCD) on crude Soybean Oil and crude Palm Oil from 10% to 5% and on refined Soybean Oil and refined Palm Oil from 32.5% to 27.5%. Further, the BCD on crude Sunflower Oil has been reduced from 10% to Nil, while the BCD on… <a href="https://t.co/uCbfaFouTS">pic.twitter.com/uCbfaFouTS</a>&mdash; ANI (@ANI) <a href="https://x.com/ANI/status/2102805283215225040?ref_src=twsrc%5Etfw">September 23, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

<h2>Edible oil prices rose sharply over the past year</h2> The government has slashed duties as edible oil prices have risen sharply over the past year in a bid to ease pressure on household budgets ahead of the festive season, with Navratri beginning on 11 October, followed by Dussehra on 20 October and Diwali on 8 November. As per data from the consumer affairs ministry, as of 23 September, retail prices of soybean oil rose to Rs 166.87 per kg from Rs 146.44 per kg a year ago. Sunflower oil price had risen to Rs 194.26 a kg from Rs 162.56 a kg a year ago, while palm oil was at Rs 153.89 a kg from Rs 132.28 per kg. Also Read: <a href="https://www.wionews.com/india-news/unwarranted-factually-incorrect-no-locus-standi-india-hits-back-at-oic-over-kashmir-remarks-1790171577064">‘Unwarranted, factually incorrect, no locus standi’: India hits back at OIC over Kashmir remarks</a><h2>Domestic production covers only 40% of demand</h2> India’s edible oil demand is around 26 million tonnes annually, while domestic production can cover only up to 40% of this requirement. India’s heavy dependence on imports leaves domestic edible oil prices exposed to global price movements, freight costs and currency fluctuations. Edible oil imports jumped to 1.48 million tonnes in July from 1.1 million tonnes in June, an increase of about 35% month-on-month.

The Central government has slashed basic customs duty as edible oil prices have risen sharply over the past year. The move is a bid to ease pressure on household budgets in the festive season, with Navratri beginning on 11 October, followed by Dussehra on 20 October and Diwali on 8 November.

The Union government on Wednesday cut basic customs duty (BCD) on crude and refined edible oils to lower import costs for cooking oils and provide some relief to consumers ahead of the festive season. The Centre has reduced the BCD on crude soybean oil and crude palm oil to 5% from 10%, according to a Finance Ministry notification issued on Wednesday. The basic customs duty for crude sunflower oil has been brought down to nil from 10%, while the duty on refined sunflower oil has been lowered to 22.5% from 32.5%. The duty on refined soybean and refined palm oil has also been reduced to 27.5% from 32.5%. The revised duties will take effect from Thursday, September 24. Also Read: Jaishankar meets Rubio on UNGA sidelines, raises Delhi’s concern over Russia sanctions law The government has made the changes by amending its earlier customs notification of 24 October 2025.

The Central government has slashed basic customs duty as edible oil prices have risen sharply over the past year. The move is a bid to ease pressure on household budgets in the festive season, with Navratri beginning on 11 October, followed by Dussehra on 20 October and Diwali on 8 November.

Govt slashes duty on edible oils to curb price rise ahead of festive season

US President Donald Trump and Chinese President Xi Jinping are set to meet in Washington on Thursday (Sep 24), with trade once again at the centre of a relationship that has swung between tariff escalation and uneasy truces.The two countries have pulled back from the extraordinary tariff battle that pushed US duties on Chinese imports as high as 145 per cent and China's retaliatory tariffs to 125 per cent. But the underlying disputes have not disappeared. Tariffs, rare earths, agricultural purchases and technology controls remain unresolved, while new disagreements over artificial intelligence and sanctions linked to Iran are adding fresh complications.The latest talks are expected to focus on keeping the current trade truce intact. That arrangement is due to expire on November 10 unless Washington and Beijing extend it. Treasury Secretary Scott Bessent has said maintaining the truce was a focus of recent discussions with Chinese officials.Here are the main economic disputes Trump and Xi will have to navigate.Also read | <a href="https://www.wionews.com/world/us-russia-sanctions-bill-trump-100-percent-tariff-india-china-1789610901670">Trump gets new power to hit India, China with up to 100% tariffs as US Senate clears Russia sanctions bill</a><h2>Tariffs: the biggest unresolved trade fight</h2>Tariffs remain the most visible sign of the US-China trade conflict. Trump's return to the White House triggered a new round of tariff action in 2025, followed by Chinese retaliation. At the height of that confrontation, Washington's tariffs on Chinese goods reached 145 per cent while Beijing's duties on American imports climbed to 125 per cent. Talks in Geneva and later negotiations in South Korea brought those rates down and created a temporary ceasefire.That truce remains fragile. Different US estimates show that Chinese goods still face substantially higher tariffs than imports from many other major trading partners.The question now is whether Trump and Xi will simply extend the existing arrangement or try to widen it into a more durable trade framework.The US has also been discussing a proposed $30 billion reduction package covering so-called non-critical goods, while Beijing could make additional purchases of American products.Also read | <a href="https://www.wionews.com/world/spy-vs-spy-as-xi-meets-trump-a-12-year-history-of-us-china-espionage-accusations-wion-decodes-1790071582437">SPY VS SPY: As Xi meets Trump, a 12-year history of US-China espionage accusations | WION Decodes</a><h2>Rare earths: China's leverage over US industry</h2>Rare earths have emerged as one of Beijing's most powerful economic levers. These minerals and the magnets made from them are essential to products ranging from electronics and electric vehicles to advanced military equipment. China dominates the processing of many critical minerals, a dependency that Washington has increasingly treated as a national security concern. The US Commerce Department has described China's position in critical-mineral processing as a vulnerability for American industry.China tightened export controls on rare earths in 2025 during the trade confrontation. Those restrictions became a major bargaining point in negotiations with Washington.As part of the late-2025 agreement, Beijing suspended the implementation of broader export restrictions and agreed to facilitate exports of rare earths and other critical minerals to US users. Washington, in return, suspended or reduced some of its trade measures.But the issue is not settled. Ahead of the latest summit, US officials have been pushing for more consistent supplies, while Chinese shipments of rare earth magnets to the United States fell in August, according to Chinese customs data cited by the Financial Times.For Washington, the dispute is about reducing dependence on China. For Beijing, rare earths provide leverage in negotiations because alternative supply chains cannot be built quickly.Also read | <a href="https://www.wionews.com/world/china-may-have-gained-access-to-us-s-classified-f-35-jets-parts-meant-for-repairs-diverted-to-hong-kong-sparking-pentagon-inquiry-1789789538070">China may have gained access to US's classified F-35 jets; parts meant for repairs diverted to Hong Kong, sparking Pentagon inquiry</a><h2>Agriculture: promises versus deliveries</h2>American farm exports have repeatedly featured in Trump-Xi negotiations, particularly soybeans. The two countries have used agricultural purchases as part of broader trade bargains, with China agreeing to buy US farm products in exchange for changes in American tariffs and restrictions.But Washington has continued to question whether Beijing has fully met some commitments from previous agreements. Bessent said this week that “some deliverables” under an earlier Trump-Xi agreement had not been completely fulfilled.Agriculture is therefore both a commercial issue and a political one for the Trump administration, because China is a major market for American farmers.Recent talks have included expectations of further US agricultural purchases. Reuters reported that China was on track to meet a commitment to buy 25 million metric tonnes of US agricultural products annually through 2028, while additional imports were also being discussed.The broader disagreement is over whether purchase commitments can produce a lasting rebalancing of trade or merely form part of temporary summit deals.<h2>Semiconductors and AI: trade is becoming technology policy</h2>The US-China trade dispute is no longer just about goods crossing borders. It increasingly extends to the technology needed to produce them.Washington has restricted China's access to some advanced semiconductors and chipmaking technologies, citing national security concerns. Beijing has responded with its own controls and measures affecting foreign companies and strategic technologies.The US Trade Representative's 2026 report said it had determined that China's targeting of the semiconductor industry for dominance creates economic and national security risks for the United States. Washington has announced a Section 301 tariff measure on Chinese semiconductors, initially set at zero but scheduled to rise from June 2027.Artificial intelligence has now been added to that technology dispute.Bessent said recent US-China discussions included creating a mechanism for the two countries to notify each other about AI incidents with national security implications. The upcoming summit is also expected to address AI safety and the rules surrounding increasingly powerful models.<h2>Fentanyl chemicals and trade restrictions</h2>The flow of chemicals used to manufacture illicit fentanyl has been another source of tension.Washington has accused Chinese suppliers of being a major source of precursor chemicals and has used tariffs and other trade measures to pressure Beijing.China agreed in late 2025 to tighten controls on designated chemicals and take measures to curb the flow of fentanyl precursors. The United States subsequently reduced part of its fentanyl-related tariff burden.But the issue remains active. China has introduced additional export controls on precursor chemicals ahead of Xi's visit, showing that the subject remains part of the wider economic relationship.Also read | <a href="https://www.wionews.com/world/trump-signs-greenland-security-deal-with-denmark-paving-way-for-two-new-us-military-bases-1790128313245">Trump signs Greenland security deal with Denmark, paving way for two new US military bases</a><h2>Iran sanctions add another layer</h2>The Iran conflict is not traditionally a US-China trade dispute, but it is increasingly tied to the economic relationship.The Trump administration's sanctions campaign against Iran has put pressure on Chinese companies and financial institutions that conduct business with Tehran. Washington has so far avoided directly targeting Beijing, but US officials have held discussions with their Chinese counterparts over the issue.Bessent said the subject was raised during recent talks with Chinese officials and that Chinese financial authorities had been engaged in discussions.That creates another potential point of friction just as Washington is trying to preserve its trade truce with Beijing.<h2>What is at stake at the Trump-Xi meeting?</h2>The US and China remain deeply economically intertwined despite the trade war. US goods trade with China totalled $414.6 billion in 2025, while services trade added another $80 billion, according to US government figures. The US goods deficit with China was $202.7 billion that year.The immediate issue is whether the two leaders can keep the current truce from unravelling before its November 10 expiry. Beyond that lies a much harder question: whether the world's two largest economies can manage their competition without repeatedly returning to tariffs, export controls and retaliatory measures.

Donald Trump and Xi Jinping meet in Washington on Thursday with a fragile US-China trade truce at stake. Tariffs remain unresolved, but rare earths, farm purchases, semiconductors, AI and Iran sanctions could make the talks far more complicated.

US President Donald Trump and Chinese President Xi Jinping are set to meet in Washington on Thursday (Sep 24), with trade once again at the centre of a relationship that has swung between tariff escalation and uneasy truces. The two countries have pulled back from the extraordinary tariff battle that pushed US duties on Chinese imports as high as 145 per cent and China's retaliatory tariffs to 125 per cent. But the underlying disputes have not disappeared. Tariffs, rare earths, agricultural purchases and technology controls remain unresolved, while new disagreements over artificial intelligence and sanctions linked to Iran are adding fresh complications. The latest talks are expected to focus on keeping the current trade truce intact. That arrangement is due to expire on November 10 unless Washington and Beijing extend it. Treasury Secretary Scott Bessent has said maintaining the truce was a focus of recent discussions with Chinese officials. Here are the main economic disputes Trump and Xi will have to navigate. Also read | Trump gets new power to hit India, China with up to 100% tariffs as US Senate clears Russia sanctions bill Tariffs: the biggest unresolved trade fight Tariffs remain the most visible sign of the US-China trade conflict. Trump's return to the White House triggered a new round of tariff action in 2025, followed by Chinese retaliation. At the height of that confrontation, Washington's tariffs on Chinese goods reached 145 per cent while Beijing's duties on American imports climbed to 125 per cent. Talks in Geneva and later negotiations in South Korea brought those rates down and created a temporary ceasefire. That truce remains fragile. Different US estimates show that Chinese goods still face substantially higher tariffs than imports from many other major trading partners. The question now is whether Trump and Xi will simply extend the existing arrangement or try to widen it into a more durable trade framework. The US has also been discussing a proposed $30 billion reduction package covering so-called non-critical goods, while Beijing could make additional purchases of American products. Also read | SPY VS SPY: As Xi meets Trump, a 12-year history of US-China espionage accusations | WION Decodes Rare earths: China's leverage over US industry Rare earths have emerged as one of Beijing's most powerful economic levers. These minerals and the magnets made from them are essential to products ranging from electronics and electric vehicles to advanced military equipment. China dominates the processing of many critical minerals, a dependency that Washington has increasingly treated as a national security concern. The US Commerce Department has described China's position in critical-mineral processing as a vulnerability for American industry. China tightened export controls on rare earths in 2025 during the trade confrontation. Those restrictions became a major bargaining point in negotiations with Washington. As part of the late-2025 agreement, Beijing suspended the implementation of broader export restrictions and agreed to facilitate exports of rare earths and other critical minerals to US users. Washington, in return, suspended or reduced some of its trade measures. But the issue is not settled. Ahead of the latest summit, US officials have been pushing for more consistent supplies, while Chinese shipments of rare earth magnets to the United States fell in August, according to Chinese customs data cited by the Financial Times. For Washington, the dispute is about reducing dependence on China. For Beijing, rare earths provide leverage in negotiations because alternative supply chains cannot be built quickly. Also read | China may have gained access to US's classified F-35 jets; parts meant for repairs diverted to Hong Kong, sparking Pentagon inquiry Agriculture: promises versus deliveries American farm exports have repeatedly featured in Trump-Xi negotiations, particularly soybeans. The two countries have used agricultural purchases as part of broader trade bargains, with China agreeing to buy US farm products in exchange for changes in American tariffs and restrictions. But Washington has continued to question whether Beijing has fully met some commitments from previous agreements. Bessent said this week that “some deliverables” under an earlier Trump-Xi agreement had not been completely fulfilled. Agriculture is therefore both a commercial issue and a political one for the Trump administration, because China is a major market for American farmers. Recent talks have included expectations of further US agricultural purchases. Reuters reported that China was on track to meet a commitment to buy 25 million metric tonnes of US agricultural products annually through 2028, while additional imports were also being discussed. The broader disagreement is over whether purchase commitments can produce a lasting rebalancing of trade or merely form part of temporary summit deals. Semiconductors and AI: trade is becoming technology policy The US-China trade dispute is no longer just about goods crossing borders. It increasingly extends to the technology needed to produce them. Washington has restricted China's access to some advanced semiconductors and chipmaking technologies, citing national security concerns. Beijing has responded with its own controls and measures affecting foreign companies and strategic technologies. The US Trade Representative's 2026 report said it had determined that China's targeting of the semiconductor industry for dominance creates economic and national security risks for the United States. Washington has announced a Section 301 tariff measure on Chinese semiconductors, initially set at zero but scheduled to rise from June 2027. Artificial intelligence has now been added to that technology dispute. Bessent said recent US-China discussions included creating a mechanism for the two countries to notify each other about AI incidents with national security implications. The upcoming summit is also expected to address AI safety and the rules surrounding increasingly powerful models. Fentanyl chemicals and trade restrictions The flow of chemicals used to manufacture illicit fentanyl has been another source of tension. Washington has accused Chinese suppliers of being a major source of precursor chemicals and has used tariffs and other trade measures to pressure Beijing. China agreed in late 2025 to tighten controls on designated chemicals and take measures to curb the flow of fentanyl precursors. The United States subsequently reduced part of its fentanyl-related tariff burden. But the issue remains active. China has introduced additional export controls on precursor chemicals ahead of Xi's visit, showing that the subject remains part of the wider economic relationship. Also read | Trump signs Greenland security deal with Denmark, paving way for two new US military bases Iran sanctions add another layer The Iran conflict is not traditionally a US-China trade dispute, but it is increasingly tied to the economic relationship. The Trump administration's sanctions campaign against Iran has put pressure on Chinese companies and financial institutions that conduct business with Tehran. Washington has so far avoided directly targeting Beijing, but US officials have held discussions with their Chinese counterparts over the issue. Bessent said the subject was raised during recent talks with Chinese officials and that Chinese financial authorities had been engaged in discussions. That creates another potential point of friction just as Washington is trying to preserve its trade truce with Beijing. What is at stake at the Trump-Xi meeting? The US and China remain deeply economically intertwined despite the trade war. US goods trade with China totalled $414.6 billion in 2025, while services trade added another $80 billion, according to US government figures. The US goods deficit with China was $202.7 billion that year. The immediate issue is whether the two leaders can keep the current truce from unravelling before its November 10 expiry. Beyond that lies a much harder question: whether the world's two largest economies can manage their competition without repeatedly returning to tariffs, export controls and retaliatory measures.

Donald Trump and Xi Jinping meet in Washington on Thursday with a fragile US-China trade truce at stake. Tariffs remain unresolved, but rare earths, farm purchases, semiconductors, AI and Iran sanctions could make the talks far more complicated.

Trump-Xi Jinping Meeting 2026: What are the biggest trade disputes between the US and China?

Praxis announced plans to create tech-focused enclaves powered by artificial intelligence and cryptocurrency in Uruguay. The first phase of the plan will be at +Colonia, with $1 billion in investment mobilised over the next three years. The first residents are likely to move in mid-2027, when the community will come together with exceptional homes, hospitality, and cultural institutions shaped by artificial general intelligence. The company, Praxis, led by a 30-year-old chief executive officer, is considered one of the most famous groups targeting South America to establish an internet-native nation. The movement focus to setup physical communities under decentralised systems and shared ideologies rather than traditional municipal frameworks.<h3>Why Praxis chose Uruguay?</h3>Praxis considered Uruguay for the project because of its natural beauty, political and economic stability, strong democratic institutions, and the opportunity to set up alongside an established local community and development partner. The first phase of the plan, +Colonia, is a waterfront urban development site which adjoins Colonia del Sacramento. The project focuses on connecting international investment and talent with Uruguay’s creative life, enterprise, and enduring appeal as a place to live. Praxis’s ambition is to bring the architectural care, privacy, and intuitive service of the world’s finest resorts to everyday life. The vision for the residences centres on generous proportions, natural materials, carefully composed landscapes, and a close relationship to the waterfront. Dining, wellness, and hospitality are intended to be integral to the community, with the same attention given to the experience of living there as to the homes themselves.&nbsp;Also read: <a href="https://www.wionews.com/world/taiwan-and-human-rights-are-red-lines-china-warns-us-ahead-of-xi-trump-visit-1790136901948">'Taiwan and human rights are red lines': China warns US ahead of Xi-Trump visit</a> The proposed investment initiative would fund housing, infrastructure, hospitality facilities, and venues for cultural and commercial use. As the project moves forward, Praxis intends to generate opportunities for local construction workers, hospitality staff, suppliers, and creative enterprises in Uruguay. Key areas for local partnership include training the workforce, involving Uruguayan artists and architects, and building ties with educational and cultural organisations. As planning progresses, more detailed programs will be worked out together with local partners. Praxis is designed with a future in mind, one where artificial general intelligence handles much of the economic work currently done by people, generating immense wealth and reshaping why people choose to live in cities at all. In a world where intelligence is plentiful and work no longer dictates location, Praxis believes that factors like striking surroundings, thoughtful architecture, close-knit communities, and vibrant culture will increasingly shape where people decide to settle. The company's goal is to channel some of the wealth generated by this shift into enduring places, institutions, and opportunities for the future.&nbsp;

Praxis’s ambition is to bring the architectural care, privacy, and intuitive service of the world’s finest resorts to everyday life. The vision for the residences centres on generous proportions, natural materials, carefully composed landscapes, and a close relationship to the waterfront.

Praxis announced plans to create tech-focused enclaves powered by artificial intelligence and cryptocurrency in Uruguay. The first phase of the plan will be at +Colonia, with $1 billion in investment mobilised over the next three years. The first residents are likely to move in mid-2027, when the community will come together with exceptional homes, hospitality, and cultural institutions shaped by artificial general intelligence. The company, Praxis, led by a 30-year-old chief executive officer, is considered one of the most famous groups targeting South America to establish an internet-native nation. The movement focus to setup physical communities under decentralised systems and shared ideologies rather than traditional municipal frameworks. Why Praxis chose Uruguay? Praxis considered Uruguay for the project because of its natural beauty, political and economic stability, strong democratic institutions, and the opportunity to set up alongside an established local community and development partner. The first phase of the plan, +Colonia, is a waterfront urban development site which adjoins Colonia del Sacramento. The project focuses on connecting international investment and talent with Uruguay’s creative life, enterprise, and enduring appeal as a place to live. Praxis’s ambition is to bring the architectural care, privacy, and intuitive service of the world’s finest resorts to everyday life. The vision for the residences centres on generous proportions, natural materials, carefully composed landscapes, and a close relationship to the waterfront. Dining, wellness, and hospitality are intended to be integral to the community, with the same attention given to the experience of living there as to the homes themselves. Also read: 'Taiwan and human rights are red lines': China warns US ahead of Xi-Trump visit The proposed investment initiative would fund housing, infrastructure, hospitality facilities, and venues for cultural and commercial use. As the project moves forward, Praxis intends to generate opportunities for local construction workers, hospitality staff, suppliers, and creative enterprises in Uruguay. Key areas for local partnership include training the workforce, involving Uruguayan artists and architects, and building ties with educational and cultural organisations. As planning progresses, more detailed programs will be worked out together with local partners. Praxis is designed with a future in mind, one where artificial general intelligence handles much of the economic work currently done by people, generating immense wealth and reshaping why people choose to live in cities at all. In a world where intelligence is plentiful and work no longer dictates location, Praxis believes that factors like striking surroundings, thoughtful architecture, close-knit communities, and vibrant culture will increasingly shape where people decide to settle. The company's goal is to channel some of the wealth generated by this shift into enduring places, institutions, and opportunities for the future.

Praxis’s ambition is to bring the architectural care, privacy, and intuitive service of the world’s finest resorts to everyday life. The vision for the residences centres on generous proportions, natural materials, carefully composed landscapes, and a close relationship to the waterfront.

Startup Praxis to build $1 billion AI-powered city in Uruguay, first residents by 2027

The UK banking sector is rethinking how it detects financial crime, moving beyond a traditional reliance on large volumes of alerts and rule-based systems towards more intelligent, risk-based models. Vedanarayan Bhat, a banking professional with expertise in customer risk-rating and financial crime data models, has worked on banking programmes in the UK and globally. His experience includes helping financial institutions rethink how customer risk is assessed and how financial crime teams can focus their attention on more meaningful alerts.&nbsp;For years, financial crime detection in banking has largely been a story of volume: greater numbers of alerts, more rules and more analysts hired to deal with backlogs that continue to grow faster than the number of people available to investigate them. That approach is now changing, with banks increasingly exploring risk models that are evaluated not only by the number of alerts they generate, but also by the accuracy and usefulness of those alerts.&nbsp;The shift is significant. Legacy customer risk-rating systems developed over the past decade to support Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements were intentionally designed to be cautious, based on the assumption that a false alarm was preferable to a missed one. The result has been investigators dealing with large numbers of poor-quality alerts, potentially making it harder to identify the broader picture of suspicious activity.As Bhat explains, the industry developed systems that were very useful for alert generation, but not necessarily as effective for alert identification.&nbsp;Instead of relying on increasingly sophisticated rule sets alone, many financial institutions are now turning towards risk models that consider multiple factors, including geography, transaction behaviour and customer type, to produce more accurate risk assessments. The objective is not to reduce scrutiny, but to provide investigators with better-informed alerts.&nbsp;A UK banking programme involving Bhat's work on a revamped customer risk-rating system illustrates this approach. The project focused on more intelligent weighting of different aspects of risk according to customer type, geography and other factors. According to the article, this enabled the organisation to reduce false positives by 35%, while giving Financial Crime teams approximately 40% more capacity to work on suspicious transactions. “The objective is not to decrease alerts. It's better alerts that investigators can investigate and act on in a timely manner,” Bhat says.&nbsp;The commercial importance of this approach is also becoming increasingly evident. Financial crime and compliance (FC&amp;C) teams are among the more resource-intensive functions within a bank, while manual reviews can add time and friction to the customer experience. A transaction that is ultimately found to be valid can nevertheless result in payment delays, account freezes or additional customer inquiries when it has been flagged for investigation.&nbsp;At the same time, regulatory expectations continue to evolve. The Financial Conduct Authority has indicated the importance of risk models that are effective, transparent and auditable. Organisations are increasingly expected to demonstrate how customer-risk decisions are reached rather than relying solely on conservative rule-based approaches.&nbsp;“Explainability isn't a nice-to-have anymore,” Bhat says. “But if you don't present a regulator with the reasoning behind a risk score, then it's not because you are being cautious that you are safe. It's because you don't have something defensible.”&nbsp;The emerging approach represents a shift from the long-standing focus on generating more alerts to using better data, stronger risk modelling and more transparent decision-making. For banks dealing with increasingly digital and transaction-heavy environments, more intelligent, risk-based financial crime detection can help investigators focus on relevant cases while supporting customer protection and compliance objectives.

For years, financial crime detection in banking has largely been a story of volume: greater numbers of alerts, more rules and more analysts hired to deal with backlogs that continue to grow faster than the number of people available to investigate them.

The UK banking sector is rethinking how it detects financial crime, moving beyond a traditional reliance on large volumes of alerts and rule-based systems towards more intelligent, risk-based models. Vedanarayan Bhat, a banking professional with expertise in customer risk-rating and financial crime data models, has worked on banking programmes in the UK and globally. His experience includes helping financial institutions rethink how customer risk is assessed and how financial crime teams can focus their attention on more meaningful alerts. For years, financial crime detection in banking has largely been a story of volume: greater numbers of alerts, more rules and more analysts hired to deal with backlogs that continue to grow faster than the number of people available to investigate them. That approach is now changing, with banks increasingly exploring risk models that are evaluated not only by the number of alerts they generate, but also by the accuracy and usefulness of those alerts. The shift is significant. Legacy customer risk-rating systems developed over the past decade to support Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements were intentionally designed to be cautious, based on the assumption that a false alarm was preferable to a missed one. The result has been investigators dealing with large numbers of poor-quality alerts, potentially making it harder to identify the broader picture of suspicious activity. As Bhat explains, the industry developed systems that were very useful for alert generation, but not necessarily as effective for alert identification. Instead of relying on increasingly sophisticated rule sets alone, many financial institutions are now turning towards risk models that consider multiple factors, including geography, transaction behaviour and customer type, to produce more accurate risk assessments. The objective is not to reduce scrutiny, but to provide investigators with better-informed alerts. A UK banking programme involving Bhat's work on a revamped customer risk-rating system illustrates this approach. The project focused on more intelligent weighting of different aspects of risk according to customer type, geography and other factors. According to the article, this enabled the organisation to reduce false positives by 35%, while giving Financial Crime teams approximately 40% more capacity to work on suspicious transactions. “The objective is not to decrease alerts. It's better alerts that investigators can investigate and act on in a timely manner,” Bhat says. The commercial importance of this approach is also becoming increasingly evident. Financial crime and compliance (FC&C) teams are among the more resource-intensive functions within a bank, while manual reviews can add time and friction to the customer experience. A transaction that is ultimately found to be valid can nevertheless result in payment delays, account freezes or additional customer inquiries when it has been flagged for investigation. At the same time, regulatory expectations continue to evolve. The Financial Conduct Authority has indicated the importance of risk models that are effective, transparent and auditable. Organisations are increasingly expected to demonstrate how customer-risk decisions are reached rather than relying solely on conservative rule-based approaches. “Explainability isn't a nice-to-have anymore,” Bhat says. “But if you don't present a regulator with the reasoning behind a risk score, then it's not because you are being cautious that you are safe. It's because you don't have something defensible.” The emerging approach represents a shift from the long-standing focus on generating more alerts to using better data, stronger risk modelling and more transparent decision-making. For banks dealing with increasingly digital and transaction-heavy environments, more intelligent, risk-based financial crime detection can help investigators focus on relevant cases while supporting customer protection and compliance objectives.

For years, financial crime detection in banking has largely been a story of volume: greater numbers of alerts, more rules and more analysts hired to deal with backlogs that continue to grow faster than the number of people available to investigate them.

UK banks are rethinking financial crime detection because of algorithm

Bank customers in India could face a five-day disruption in branch services at the end of September as bank unions have called a three-day nationwide strike from September 28 to 30. The proposed strike by the United Forum of Bank Unions (UFBU) comes amid demands for the implementation of a five-day banking week, which unions say was promised to them in 2024.While the proposed strike itself would last three days, it comes immediately after the weekend, which means customers could be facing five days without any in-person banking services.The situation could be particularly concerning for customers with payments, cash withdrawals, document work or other transactions that normally require a branch visit.Also read | <a href="https://www.wionews.com/india-news/iit-bombay-student-death-cctv-footage-becomes-key-evidence-as-police-reconstruct-sahil-wakode-s-final-hours-1790049754320">IIT Bombay student death: CCTV footage emerges as key evidence</a><h2>When will banks be closed?</h2>The UFBU has called the strike from Monday, September 28, to Wednesday, September 30, 2026.Before that, banks are closed on:Saturday, September 26: Second Saturday Sunday, September 27: Weekly holiday Monday, September 28: Strike Tuesday, September 29: Strike Wednesday, September 30: StrikeAs a result, customers could face five consecutive days without regular branch operations.The government has also warned that the strike would coincide with the half-yearly closing period on September 30, when banks handle reconciliation, provisioning and treasury and market-related work.<h2>Is SBI open during the bank strike?</h2>State Bank of India has advised customers to complete essential banking transactions before the proposed strike dates.SBI said it was making efforts to provide essential banking services during the strike period, but customers should plan their branch-related work in advance.

<blockquote class="twitter-tweet"><a href="https://t.co/UA0wJrsOMI">pic.twitter.com/UA0wJrsOMI</a>&mdash; State Bank of India (@TheOfficialSBI) <a href="https://x.com/TheOfficialSBI/status/2101323536438853640?ref_src=twsrc%5Etfw">September 19, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

The bank has advised customers to use:<ul><li>ATMs and ADWMs for cash requirements</li><li>Customer service centres</li><li>Internet banking</li><li>YONO</li><li>Mobile banking</li><li>UPI and other digital banking channels</li></ul>Also read | <a href="https://www.wionews.com/india-news/jaishankar-at-unga-india-pushes-for-reformed-multilateralism-reforms-to-global-institutions-1790046860281">India at UNGA81: Jaishankar pushes for ‘reformed multilateralism’</a><h2>What about Union Bank branches?</h2>Union Bank of India has also asked customers to use alternative banking channels for routine transactions during the strike.The bank said the following services would remain available:<ul><li>Mobile banking</li><li>Internet banking</li><li>ATMs and ADWMs</li><li>Business Correspondent points</li><li>UPI and other digital banking channels</li><li>Customer service centres</li></ul>However, Union Bank has cautioned that branch operations may be affected on all three strike days.

<blockquote class="twitter-tweet">Public Announcement! <a href="https://t.co/338AYPjqNC">pic.twitter.com/338AYPjqNC</a>&mdash; Union Bank of India (@UnionBankTweets) <a href="https://x.com/UnionBankTweets/status/2101572713093660953?ref_src=twsrc%5Etfw">September 20, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

<h2>Will ATMs and UPI work?</h2>Customers will be able to continue using digital banking services such as UPI, internet banking and mobile banking for transactions that do not require a branch visit.ATMs and cash withdrawal facilities will also be available, according to the advisories issued by SBI and Union Bank. Customers who anticipate needing cash should consider withdrawing it before the strike period rather than depending on a branch during those days.Digital payments can continue for regular purchases, transfers and other transactions.<h2>Why are bank employees striking?</h2>The UFBU, an umbrella body representing nine bank employees' and officers' unions, is demanding a five-day banking week and withdrawal of the Performance Linked Incentive (PLI) scheme.The government has said it has already decided to keep the PLI scheme in abeyance after discussions with the unions. The remaining demand for a five-day workweek is still under consideration.A one-day strike was held on September 11, while unions have warned of a continuous indefinite strike from October 26 if the five-day workweek issue is not resolved.<h2>What should bank customers do?</h2>Customers who need to visit a branch for important work should try to complete it before September 26.For routine transactions during the possible five-day disruption, customers can rely on UPI, internet banking, mobile banking, ATMs, ADWMs, customer service centres and Business Correspondent points where available.Govt urges bank employees to refrain from strikeThe government has urged employees of public sector banks and regional rural banks to refrain from participating in the strike and resolve issues through dialogue.&nbsp;

A three-day nationwide bank strike has been proposed from September 28 to 30, coming immediately after the September 26-27 weekend. SBI and other banks have warned customers to complete important branch work early, as services could be disrupted. All you need to know.

Bank customers in India could face a five-day disruption in branch services at the end of September as bank unions have called a three-day nationwide strike from September 28 to 30. The proposed strike by the United Forum of Bank Unions (UFBU) comes amid demands for the implementation of a five-day banking week, which unions say was promised to them in 2024. While the proposed strike itself would last three days, it comes immediately after the weekend, which means customers could be facing five days without any in-person banking services. The situation could be particularly concerning for customers with payments, cash withdrawals, document work or other transactions that normally require a branch visit. Also read | IIT Bombay student death: CCTV footage emerges as key evidence When will banks be closed? The UFBU has called the strike from Monday, September 28, to Wednesday, September 30, 2026. Before that, banks are closed on: Saturday, September 26: Second Saturday Sunday, September 27: Weekly holiday Monday, September 28: Strike Tuesday, September 29: Strike Wednesday, September 30: Strike As a result, customers could face five consecutive days without regular branch operations. The government has also warned that the strike would coincide with the half-yearly closing period on September 30, when banks handle reconciliation, provisioning and treasury and market-related work. Is SBI open during the bank strike? State Bank of India has advised customers to complete essential banking transactions before the proposed strike dates. SBI said it was making efforts to provide essential banking services during the strike period, but customers should plan their branch-related work in advance.

A three-day nationwide bank strike has been proposed from September 28 to 30, coming immediately after the September 26-27 weekend. SBI and other banks have warned customers to complete important branch work early, as services could be disrupted. All you need to know.

Bank strike September 28-30: Could banks be closed for 5 days? Check SBI, Union Bank details

Bitcoin is back above $85,000 but the bigger question is whether this is the beginning of a lasting crypto recovery. The world's largest cryptocurrency briefly crossed $85,000 on Monday, reaching its highest level since January and gaining more than 5% in 24 hours. The move came alongside a huge wave of forced liquidations, with more than $750 million in crypto positions wiped out over the same period. Most were short positions betting that prices would fall. The rally has pushed Bitcoin sharply higher from its recent September lows around $75,000. But calling it a confirmed new bull market would be premature. The latest move is being driven partly by a short squeeze, alongside changing macroeconomic conditions and renewed buying.<h2>Why is Bitcoin suddenly rising?</h2>A major trigger has been the clearing of resistance around the $82,000-$85,000 area. As Bitcoin moved higher, traders betting against it were forced to close their positions. That meant exchanges automatically bought Bitcoin to cover those trades, creating more upward pressure. CoinGlass data showed roughly $648 million of short positions were liquidated in 24 hours, according to The Block. Bitcoin accounted for about $361 million of those liquidations. That creates a familiar crypto-market chain reaction: rising prices trigger liquidations, liquidations create forced buying, and forced buying pushes prices higher.<h2>Is the crypto winter finally over?</h2>Bitcoin's recovery is certainly significant, but one strong move does not prove that a new bull market has begun. Bitcoin also ended last week above its 50-week moving average, a closely watched technical indicator. Some analysts view that as an important sign that the market may have stabilised after its recent weakness. At the same time, the rally still faces macroeconomic risks. The US Federal Reserve raised interest rates last week, while markets remain sensitive to inflation, oil prices and the possibility of another rate increase. There is also a notable gap between Bitcoin's current price and its previous record high of roughly $126,000.<h2>What happens next?</h2>The next test could be whether Bitcoin can hold above the levels it has just reclaimed without relying heavily on forced liquidations. That distinction matters. A rally driven mainly by short sellers being squeezed can fade once those positions are cleared. Sustained gains would require continued demand from spot buyers and investors.So, is the crypto winter over? The market is clearly showing signs of recovery, but the latest rally is not enough on its own to declare a new bull market. Bitcoin has regained important ground. Now traders will be watching whether it can hold it.

Bitcoin has surged above $85,000 for the first time since January as more than $750 million in crypto positions were liquidated in 24 hours, mostly short bets. The recovery is significant, but it is too early to call it a confirmed new bull market.

Bitcoin is back above $85,000 but the bigger question is whether this is the beginning of a lasting crypto recovery. The world's largest cryptocurrency briefly crossed $85,000 on Monday, reaching its highest level since January and gaining more than 5% in 24 hours. The move came alongside a huge wave of forced liquidations, with more than $750 million in crypto positions wiped out over the same period. Most were short positions betting that prices would fall. The rally has pushed Bitcoin sharply higher from its recent September lows around $75,000. But calling it a confirmed new bull market would be premature. The latest move is being driven partly by a short squeeze, alongside changing macroeconomic conditions and renewed buying. Why is Bitcoin suddenly rising? A major trigger has been the clearing of resistance around the $82,000-$85,000 area. As Bitcoin moved higher, traders betting against it were forced to close their positions. That meant exchanges automatically bought Bitcoin to cover those trades, creating more upward pressure. CoinGlass data showed roughly $648 million of short positions were liquidated in 24 hours, according to The Block. Bitcoin accounted for about $361 million of those liquidations. That creates a familiar crypto-market chain reaction: rising prices trigger liquidations, liquidations create forced buying, and forced buying pushes prices higher. Is the crypto winter finally over? Bitcoin's recovery is certainly significant, but one strong move does not prove that a new bull market has begun. Bitcoin also ended last week above its 50-week moving average, a closely watched technical indicator. Some analysts view that as an important sign that the market may have stabilised after its recent weakness. At the same time, the rally still faces macroeconomic risks. The US Federal Reserve raised interest rates last week, while markets remain sensitive to inflation, oil prices and the possibility of another rate increase. There is also a notable gap between Bitcoin's current price and its previous record high of roughly $126,000. What happens next? The next test could be whether Bitcoin can hold above the levels it has just reclaimed without relying heavily on forced liquidations. That distinction matters. A rally driven mainly by short sellers being squeezed can fade once those positions are cleared. Sustained gains would require continued demand from spot buyers and investors. So, is the crypto winter over? The market is clearly showing signs of recovery, but the latest rally is not enough on its own to declare a new bull market. Bitcoin has regained important ground. Now traders will be watching whether it can hold it.

Bitcoin has surged above $85,000 for the first time since January as more than $750 million in crypto positions were liquidated in 24 hours, mostly short bets. The recovery is significant, but it is too early to call it a confirmed new bull market.

Bitcoin surges above $85,000 as nearly $900 million in crypto positions are liquidated: Is the crypto winter over?

New Delhi: India and New Zealand’s free trade agreement will come into force on 20 October, coinciding with Dussehra, after both governments completed ratification and exchanged diplomatic notes.Commerce and Industry Minister Piyush Goyal announced the date in a video conference with New Zealand’s Trade and Investment Minister Todd McClay, describing it as the next milestone in a partnership given fresh political impetus by recent prime ministerial visits.&nbsp;“I’m delighted that we are taking forward the next important milestone in our bilateral economic partnership: the entry into force of the India-New Zealand Free Trade Agreement, which will come into force on the auspicious occasion of Dussehra on 20th of October 2026,” Goyal said. He called the festival “the celebration of good over evil” and “a very auspicious day when people start something new,” adding that both sides had chosen it to open markets to each other.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-says-russia-has-lost-control-of-its-diesel-industry-calls-for-end-to-ridiculous-never-ending-war-1789999050401">Trump says Russia has ‘lost control’ of its diesel industry, calls for end to ‘ridiculous, never-ending’ war</a>&nbsp;The pact, signed in New Delhi on 27 April after talks launched in March 2025 and concluded in nine months, gives Indian exporters duty-free access on 100% of tariff lines from day one. New Zealand has also committed to facilitate $20 billion of investment into India over 15 years and agreed an agriculture productivity partnership so that its farm technology can meet Indian demand.&nbsp;Goyal said the deal was “an important moment for our businesses, for our farmers, for our exporters and MSMEs, for our professionals and consumers who will all benefit from the commitments undertaken in this agreement.”The two countries have set an aspirational goal of doubling bilateral trade in goods and services within four to five years. India has kept dairy and several other farm products outside tariff cuts.&nbsp;McClay called it “a great day of celebration” that sent “a clear signal to the world” that like-minded countries can still conclude ambitious deals quickly amid rising tariffs and uncertainty.&nbsp;Also Read: <a href="https://www.wionews.com/world/russian-document-details-broad-iran-cooperation-plan-across-finance-nuclear-and-aviation-sectors-report-1789995702968">Russian document details broad Iran cooperation plan across finance, nuclear and aviation sectors: Report</a>&nbsp;“Both New Zealand and India can be proud of the very high-quality agreement that will deliver significant benefits for the citizens of our two countries,” he said. “This is one of the highest quality agreements our two nations have been able to negotiate.”&nbsp;Talks were completed in nine months after Prime Minister Christopher Luxon took New Zealand’s largest-ever trade delegation to India. “It’s actually the start, the beginning of a new era in the relationship,” McClay added.The FTA is the latest in a run of trade deals New Delhi has pushed this year. It follows the UK pact already in force and sits alongside a concluded EU agreement that could be signed in December during an expected visit of PM Modi to Brussels. Talks with Canada are also being fast-tracked, with a fifth negotiating round due on 5 October and a year-end target.

The pact, signed in New Delhi on 27 April after talks launched in March 2025 and concluded in nine months, gives Indian exporters duty-free access on 100% of tariff lines from day one. New Zealand has also committed to facilitate $20 billion of investment into India over 15 years.

New Delhi: India and New Zealand’s free trade agreement will come into force on 20 October, coinciding with Dussehra, after both governments completed ratification and exchanged diplomatic notes. Commerce and Industry Minister Piyush Goyal announced the date in a video conference with New Zealand’s Trade and Investment Minister Todd McClay, describing it as the next milestone in a partnership given fresh political impetus by recent prime ministerial visits. “I’m delighted that we are taking forward the next important milestone in our bilateral economic partnership: the entry into force of the India-New Zealand Free Trade Agreement, which will come into force on the auspicious occasion of Dussehra on 20th of October 2026,” Goyal said. He called the festival “the celebration of good over evil” and “a very auspicious day when people start something new,” adding that both sides had chosen it to open markets to each other. Also Read: Trump says Russia has ‘lost control’ of its diesel industry, calls for end to ‘ridiculous, never-ending’ war The pact, signed in New Delhi on 27 April after talks launched in March 2025 and concluded in nine months, gives Indian exporters duty-free access on 100% of tariff lines from day one. New Zealand has also committed to facilitate $20 billion of investment into India over 15 years and agreed an agriculture productivity partnership so that its farm technology can meet Indian demand. Goyal said the deal was “an important moment for our businesses, for our farmers, for our exporters and MSMEs, for our professionals and consumers who will all benefit from the commitments undertaken in this agreement.” The two countries have set an aspirational goal of doubling bilateral trade in goods and services within four to five years. India has kept dairy and several other farm products outside tariff cuts. McClay called it “a great day of celebration” that sent “a clear signal to the world” that like-minded countries can still conclude ambitious deals quickly amid rising tariffs and uncertainty. Also Read: Russian document details broad Iran cooperation plan across finance, nuclear and aviation sectors: Report “Both New Zealand and India can be proud of the very high-quality agreement that will deliver significant benefits for the citizens of our two countries,” he said. “This is one of the highest quality agreements our two nations have been able to negotiate.” Talks were completed in nine months after Prime Minister Christopher Luxon took New Zealand’s largest-ever trade delegation to India. “It’s actually the start, the beginning of a new era in the relationship,” McClay added. The FTA is the latest in a run of trade deals New Delhi has pushed this year. It follows the UK pact already in force and sits alongside a concluded EU agreement that could be signed in December during an expected visit of PM Modi to Brussels. Talks with Canada are also being fast-tracked, with a fifth negotiating round due on 5 October and a year-end target.

The pact, signed in New Delhi on 27 April after talks launched in March 2025 and concluded in nine months, gives Indian exporters duty-free access on 100% of tariff lines from day one. New Zealand has also committed to facilitate $20 billion of investment into India over 15 years.

India-New Zealand trade deal to take effect on Dussehra, 20 October

As global travel undergoes rapid transformation driven by technology, evolving traveller expectations and changing mobility frameworks, leaders from across government, diplomacy, tourism, aviation, hospitality and technology will convene in New Delhi on 23 September for the WION Iconic Tourism Summit &amp; Awards 2026.The summit will explore some of the most pressing issues shaping global mobility today, from visa policy and border management to biometric travel, digital transformation, and the growing role of artificial intelligence in enhancing traveller experiences. The event will conclude with the Iconic Awards 2026, recognising outstanding individuals and organisations that have made significant contributions to the travel and tourism industry.Part of the WION World Conferences series, the event at ITC Maurya, New Delhi, is presented by VFS Global, the global leader in trusted technology services enabling secure international mobility, which this year marks 25 years of facilitating seamless cross-border travel.The event is being organised in association with Red Hat Communications.&nbsp;Speaking about the event, Zubin Karkaria, Founder and CEO, VFS Global said:&nbsp;“As technology continues to reshape industries and customer expectations, meaningful conversations on innovation have never been more important. We are pleased to be associated with the WION-Red Hat Iconic Tourism Summit 2026, a platform that brings together leaders and changemakers to discuss the technologies, ideas, and partnerships driving the future. At VFS Global, we remain committed to leveraging innovation and digital transformation to enhance customer experiences that enable secure and seamless mobility solutions worldwide.”&nbsp;Raktim Das, CEO, Zee Media Corporation Limited, said: “Travel is one of the few ecosystems that brings the world together — connecting destinations with people, cultures with experiences, and businesses with new possibilities. At WION — World Is One — this idea of a connected world is at the heart of what we do. The Iconic Tourism Summit &amp; Awards is one such initiative – it has been envisioned to bring together the entire travel ecosystem into one conversation — from tourism boards, hospitality and aviation to technology, experiences, investors and innovators shaping the future of travel.”&nbsp;Jyoti Mayal, CEO of Red Hat Communications and Chairperson of THSC said: “At ICONIC, we believe progress begins with inspired minds and is sustained by celebrated achievements. Through the ICONIC Tourism Summit and Awards, we bring together the finest industry voices to share knowledge, exchange learnings, challenge perspectives, and inspire new possibilities, while honouring the individuals and organisations who transform these ideas into impact. This event creates a platform that inspires minds, celebrates excellence, and strengthens the future of tourism and beyond.”&nbsp;<h2>The Summit sessions</h2><h3>Borders without barriers: The diplomacy of visas and mobility</h3>This session focuses on one of the most powerful enablers of global travel and tourism: seamless cross-border mobility. It will explore how countries are enhancing travel access for Indian travellers through initiatives such as e-visas, visa-free arrangements, accelerated processing, and digital travel credentials. The discussion will also examine how greater ease of movement can strengthen tourism, foster deeper business and trade engagement, expand educational opportunities, and reinforce people-to-people connections between India and the world.<h3>Soft power on the move: Tourism, culture and bilateral ties</h3>Tourism is arguably the most durable form of diplomatic relations. This session discusses how nations use cultural exchange, film, cuisine and travel promotion to deepen bilateral relationships, and how Indian outbound tourism has become a soft-power constituency, not just a commercial opportunity.<h3>The business of travel: Aviation, hospitality and India's tourism infrastructure story</h3>This session covers airline capacity, airport expansion, hospitality investment and the infrastructure race to serve India's growing outbound and inbound travel demand. The focus is on whether supply is arriving fast enough to meet the demand.<h2>Travel Tech frontiers&nbsp;</h2>This discussion will take a broader look at how technology is transforming travel, from use of AI in trip planning and biometric airport experiences to digital visas, smart border control and fraud-resistant travel documentation.&nbsp;<h3>Iconic Awards 2026: An evening of excellence</h3>The Iconic Awards 2026, the closing event of the summit, will recognise achievement across travel, hospitality and luxury.&nbsp;The Iconic Tourism Summit &amp; Awards 2026&nbsp;will see a large presence of diplomats from close to 20 countries.It’s going to be a wholesome experience where India's top voices in travel, tourism and hospitality explore the journeys, experiences and ideas defining the destinations of tomorrow: a single stack of discussions, debate, appreciation and fireside conversations.

Ministers, ambassadors, leaders from the visa, aviation and hospitality sectors, along with technology innovators, will gather in New Delhi on 23 September for the WION Iconic Tourism Summit & Awards 2026 to discuss the future of global mobility and travel.

As global travel undergoes rapid transformation driven by technology, evolving traveller expectations and changing mobility frameworks, leaders from across government, diplomacy, tourism, aviation, hospitality and technology will convene in New Delhi on 23 September for the WION Iconic Tourism Summit & Awards 2026. The summit will explore some of the most pressing issues shaping global mobility today, from visa policy and border management to biometric travel, digital transformation, and the growing role of artificial intelligence in enhancing traveller experiences. The event will conclude with the Iconic Awards 2026, recognising outstanding individuals and organisations that have made significant contributions to the travel and tourism industry. Part of the WION World Conferences series, the event at ITC Maurya, New Delhi, is presented by VFS Global, the global leader in trusted technology services enabling secure international mobility, which this year marks 25 years of facilitating seamless cross-border travel. The event is being organised in association with Red Hat Communications. Speaking about the event, Zubin Karkaria, Founder and CEO, VFS Global said: “As technology continues to reshape industries and customer expectations, meaningful conversations on innovation have never been more important. We are pleased to be associated with the WION-Red Hat Iconic Tourism Summit 2026, a platform that brings together leaders and changemakers to discuss the technologies, ideas, and partnerships driving the future. At VFS Global, we remain committed to leveraging innovation and digital transformation to enhance customer experiences that enable secure and seamless mobility solutions worldwide.” Raktim Das, CEO, Zee Media Corporation Limited, said: “Travel is one of the few ecosystems that brings the world together — connecting destinations with people, cultures with experiences, and businesses with new possibilities. At WION — World Is One — this idea of a connected world is at the heart of what we do. The Iconic Tourism Summit & Awards is one such initiative – it has been envisioned to bring together the entire travel ecosystem into one conversation — from tourism boards, hospitality and aviation to technology, experiences, investors and innovators shaping the future of travel.” Jyoti Mayal, CEO of Red Hat Communications and Chairperson of THSC said: “At ICONIC, we believe progress begins with inspired minds and is sustained by celebrated achievements. Through the ICONIC Tourism Summit and Awards, we bring together the finest industry voices to share knowledge, exchange learnings, challenge perspectives, and inspire new possibilities, while honouring the individuals and organisations who transform these ideas into impact. This event creates a platform that inspires minds, celebrates excellence, and strengthens the future of tourism and beyond.” The Summit sessions Borders without barriers: The diplomacy of visas and mobility This session focuses on one of the most powerful enablers of global travel and tourism: seamless cross-border mobility. It will explore how countries are enhancing travel access for Indian travellers through initiatives such as e-visas, visa-free arrangements, accelerated processing, and digital travel credentials. The discussion will also examine how greater ease of movement can strengthen tourism, foster deeper business and trade engagement, expand educational opportunities, and reinforce people-to-people connections between India and the world. Soft power on the move: Tourism, culture and bilateral ties Tourism is arguably the most durable form of diplomatic relations. This session discusses how nations use cultural exchange, film, cuisine and travel promotion to deepen bilateral relationships, and how Indian outbound tourism has become a soft-power constituency, not just a commercial opportunity. The business of travel: Aviation, hospitality and India's tourism infrastructure story This session covers airline capacity, airport expansion, hospitality investment and the infrastructure race to serve India's growing outbound and inbound travel demand. The focus is on whether supply is arriving fast enough to meet the demand. Travel Tech frontiers This discussion will take a broader look at how technology is transforming travel, from use of AI in trip planning and biometric airport experiences to digital visas, smart border control and fraud-resistant travel documentation. Iconic Awards 2026: An evening of excellence The Iconic Awards 2026, the closing event of the summit, will recognise achievement across travel, hospitality and luxury. The Iconic Tourism Summit & Awards 2026 will see a large presence of diplomats from close to 20 countries. It’s going to be a wholesome experience where India's top voices in travel, tourism and hospitality explore the journeys, experiences and ideas defining the destinations of tomorrow: a single stack of discussions, debate, appreciation and fireside conversations.

Ministers, ambassadors, leaders from the visa, aviation and hospitality sectors, along with technology innovators, will gather in New Delhi on 23 September for the WION Iconic Tourism Summit &amp; Awards 2026 to discuss the future of global mobility and travel.

WION Iconic Tourism Summit and Iconic Awards 2026: India's travel economy leaders gather in Delhi

Saudi Arabia has withdrawn from the China-led digital currency platform Project mBridge aimed at facilitating cross-border payments outside the US dollar, the Financial Times reported. The Saudi Central Bank, SAMA, confirmed that it ceased its participation after the formal completion of the proof-of-concept phase on May 13, 2025.&nbsp;Riyadh said that the withdrawl from Mbridge was part of its original plan. The platform Mbridge had drawn intense scrutiny from Washington over concerns it could help countries bypass traditional Western payment networks like SWIFT. Riyadh did not clarify if the decision to withdraw had anything to do with US pressure.The Financial Times report quoted Cornell University professor and Brookings senior fellow Eswar Prasad, suggesting that US allies are facing a delicate geopolitical balancing act while exploring projects like mBridge. They view these initiatives as highly beneficial for their domestic economies. &nbsp;These nations remain "acutely sensitive to US pushback against initiatives seen as potentially reducing the dollar's importance and, even worse, boosting the Chinese renminbi's role in international finance."Also Read: <a href="https://www.wionews.com/world/pentagon-us-iran-war-deaths-hegseth-washington-post-1789898473628">Pentagon accused of hiding US Iran war deaths as Hegseth denies report</a>Saudi Arabia joined mBridge in 2024 with China, Hong Kong, Thailand, the United Arab Emirates and the Bank for International Settlements. The platform uses blockchain technology that allows central banks to make transactions directly via digital currencies, which could reduce transaction costs and offer them a tangible infrastructure to reduce excessive dependence on the traditional, US dollar-dominated global financial system. This was especially evident since the US froze $300 billion worth of Russian assets, roughly the size of Pakistan's economy, and blocked it out of the US financial system since its war on Ukraine in 2022. Other nations became wary of the possibility of similar retalliation if they did not concur with US foreign policies or financial interests.The report emerged as Houthis have launched an extensive offensive against the Kingdom of Saudi Arabia and made significant gains in the vital trade choke point of Bab al-Mandeb. Saudi Crown Prince Mohammed bin Salman reportedly contacted US President Donald Trump twice in rapid succession to request urgent American air operations against advancing Houthi forces. The US denied the requests for direct military strikes, choosing instead to offer only intelligence and targeting assistance. Meanwhile, US officials and Houthi representatives held a confidential meeting in Muscat, Oman. The Houthis assured Washington that US-linked shipping would not be targeted and that they would abide by the pre-existing 2025 ceasefire limits on the condition that the US stays out of the Saudi-led conflict.

Saudi Arabia has withdrawn from China-led mBridge after completing its proof-of-concept phase, amid US concerns over alternatives to dollar-based payments.

Saudi Arabia has withdrawn from the China-led digital currency platform Project mBridge aimed at facilitating cross-border payments outside the US dollar, the Financial Times reported. The Saudi Central Bank, SAMA, confirmed that it ceased its participation after the formal completion of the proof-of-concept phase on May 13, 2025. Riyadh said that the withdrawl from Mbridge was part of its original plan. The platform Mbridge had drawn intense scrutiny from Washington over concerns it could help countries bypass traditional Western payment networks like SWIFT. Riyadh did not clarify if the decision to withdraw had anything to do with US pressure. The Financial Times report quoted Cornell University professor and Brookings senior fellow Eswar Prasad, suggesting that US allies are facing a delicate geopolitical balancing act while exploring projects like mBridge. They view these initiatives as highly beneficial for their domestic economies. These nations remain "acutely sensitive to US pushback against initiatives seen as potentially reducing the dollar's importance and, even worse, boosting the Chinese renminbi's role in international finance." Also Read: Pentagon accused of hiding US Iran war deaths as Hegseth denies report Saudi Arabia joined mBridge in 2024 with China, Hong Kong, Thailand, the United Arab Emirates and the Bank for International Settlements. The platform uses blockchain technology that allows central banks to make transactions directly via digital currencies, which could reduce transaction costs and offer them a tangible infrastructure to reduce excessive dependence on the traditional, US dollar-dominated global financial system. This was especially evident since the US froze $300 billion worth of Russian assets, roughly the size of Pakistan's economy, and blocked it out of the US financial system since its war on Ukraine in 2022. Other nations became wary of the possibility of similar retalliation if they did not concur with US foreign policies or financial interests. The report emerged as Houthis have launched an extensive offensive against the Kingdom of Saudi Arabia and made significant gains in the vital trade choke point of Bab al-Mandeb. Saudi Crown Prince Mohammed bin Salman reportedly contacted US President Donald Trump twice in rapid succession to request urgent American air operations against advancing Houthi forces. The US denied the requests for direct military strikes, choosing instead to offer only intelligence and targeting assistance. Meanwhile, US officials and Houthi representatives held a confidential meeting in Muscat, Oman. The Houthis assured Washington that US-linked shipping would not be targeted and that they would abide by the pre-existing 2025 ceasefire limits on the condition that the US stays out of the Saudi-led conflict.

Saudi Arabia has withdrawn from China-led mBridge after completing its proof-of-concept phase, amid US concerns over alternatives to dollar-based payments.

Saudi Arabia exits China-led mBridge digital currency platform amid Saudi-Houthi conflict

Amid rising buyer expectations, construction quality, stricter regulations, and long-term value, India's real estate market is shifting toward customer-focused development. The sector is moving towards a more mature phase, aiming to provide quality over quantity. With the advent of time, the industry measured success through launch volumes, inventory creation and the pace at which new projects entered the market, but this metric is changing rapidly. The development comes as buyers, investors and occupiers are giving more importance to execution quality, sustainability, design efficiency and operational reliability. The transition is unfolding along with strong market expansion, focusing more on customer-oriented development. India's real estate sector, valued at close to $585 billion in 2026, is expected to nearly double to $926 billion by 2031, according to a report by market research firm Modor Intelligence. This growth is being fueled by increasing institutional investment, the rise of REIT-backed properties, growing corporate leasing activity, and the continued expansion of Global Capability Centres in major cities across the country. However, behind these robust growth projections lies a deeper shift in the market itself. Rather than chasing volume, the sector is increasingly focused on quality and value. This shift is most visible in the residential segment. While total housing sales fell in 2025, the premium housing category bucked the trend and continued to grow. According to a news report, homes priced above Rs 1 crore increased their share of overall residential sales from 53 per cent in 2024 to 63 per cent in 2025, a clear signal that buyers are gravitating toward higher-value properties even as overall demand softens.&nbsp;Also read: <a href="https://www.wionews.com/trending/from-financial-awareness-to-financial-entertainment-how-india-s-money-mindset-is-changing-in-the-age-of-ai-1788432396144">From financial awareness to financial entertainment: How India's money mindset is changing in the age of AI</a><h3>Consumer-driven shift shapes development process</h3>Experts also indicated that India's real estate sector is undergoing a consumer-driven shift, with buyers now playing a central role in shaping the development process. It has been observed that today's buyers are more informed and conscious, and while location and price remain important, expectations now extend to construction quality, design, functionality, amenities, sustainability, and community living. Karan Agarwal, Associate Director, Srijan Realty, said, "The real estate market of India is witnessing an interesting evolution wherein the consumer is gaining importance as the key player in the entire development cycle. Today’s buyer is more informed, educated and conscious than before. Although location and price still hold significance, there is a lot more that the customer expects from the property developer in terms of construction, design, functionality, amenities, sustainability, community living and value of investment. This change is pushing real estate companies to look at things in a completely different way, wherein instead of concentrating on creating products, developers have started realising the importance of understanding the changing aspirations of the customers. Today, it is no longer about creating physical space but also creating an experience which the customers are looking for in line with their changing lifestyle." He also noted that being consumer-centric is crucial to developing enduring relationships and creating value. With a more customer-oriented approach, increased transparency and accountability in the development cycle, the real estate industry can create consumer trust. He said the approach is a combination of quality, innovation, and customer orientation that will help developers create sustainable projects. Highlighting similar views on the customer-centric approach in the real estate, Pawan Sawhney, MD &amp; CEO, iUSTUS, said, “India’s real estate market is steadily transitioning from a product-led to a customer-centric approach. Today’s homebuyers are more informed and discerning, looking beyond location and amenities to factors such as quality, transparency, sustainability, community and long-term value. Evolving lifestyles and rising expectations are compelling developers to rethink how homes are designed and delivered. The focus is increasingly on understanding customer needs, creating more functional and experience-led spaces and ensuring greater transparency throughout the buying journey. This shift reflects the broader evolution of Indian real estate, where customer experience is becoming central to how value is created and sustained.”<h3>The PIN code is not sufficient&nbsp;</h3>Similarly, Mohit Nawany, CEO, Nawany Group, said an Indian home or office sold itself on one line for decades: the pin code. That's no longer sufficient. He also added that two shifts are driving real estate now, and most conversations only catch one.&nbsp;&nbsp;“The first is a flight to quality. Buyers and occupiers are paying for verified scale and execution, not brochures. Grade A buildings today mean integrated campuses, office, retail and open space, with facilities teams that stick around after the lease is signed. Indian corporates and Global Capability Centres now lease as much space as multinationals once did, and they're just as demanding,” he said. “The second is that the location itself is getting democratised. Mumbai's redevelopment boom, roughly 1,100 projects in five years, has given buyers two or three developers competing in the same locality for the first time. Along the northern MMR corridor, over 8,000 industrial units in Palghar need office support that doesn't exist yet, and Metro Line 13's Cabinet approval this August finally makes that demand viable. Neither shift works alone. Cheap land far from the city isn't democratisation, it's just discount real estate. A well-built project with no connectivity is quality with nowhere to go. Put both together, and that's what's actually re-rating Indian real estate, ”Nawany added.

India's real estate sector, valued at close to $585 billion in 2026, is expected to nearly double to $926 billion by 2031, according to a report by market research firm Modor Intelligence.

Amid rising buyer expectations, construction quality, stricter regulations, and long-term value, India's real estate market is shifting toward customer-focused development. The sector is moving towards a more mature phase, aiming to provide quality over quantity. With the advent of time, the industry measured success through launch volumes, inventory creation and the pace at which new projects entered the market, but this metric is changing rapidly. The development comes as buyers, investors and occupiers are giving more importance to execution quality, sustainability, design efficiency and operational reliability. The transition is unfolding along with strong market expansion, focusing more on customer-oriented development. India's real estate sector, valued at close to $585 billion in 2026, is expected to nearly double to $926 billion by 2031, according to a report by market research firm Modor Intelligence. This growth is being fueled by increasing institutional investment, the rise of REIT-backed properties, growing corporate leasing activity, and the continued expansion of Global Capability Centres in major cities across the country. However, behind these robust growth projections lies a deeper shift in the market itself. Rather than chasing volume, the sector is increasingly focused on quality and value. This shift is most visible in the residential segment. While total housing sales fell in 2025, the premium housing category bucked the trend and continued to grow. According to a news report, homes priced above Rs 1 crore increased their share of overall residential sales from 53 per cent in 2024 to 63 per cent in 2025, a clear signal that buyers are gravitating toward higher-value properties even as overall demand softens. Also read: From financial awareness to financial entertainment: How India's money mindset is changing in the age of AI Consumer-driven shift shapes development process Experts also indicated that India's real estate sector is undergoing a consumer-driven shift, with buyers now playing a central role in shaping the development process. It has been observed that today's buyers are more informed and conscious, and while location and price remain important, expectations now extend to construction quality, design, functionality, amenities, sustainability, and community living. Karan Agarwal, Associate Director, Srijan Realty, said, "The real estate market of India is witnessing an interesting evolution wherein the consumer is gaining importance as the key player in the entire development cycle. Today’s buyer is more informed, educated and conscious than before. Although location and price still hold significance, there is a lot more that the customer expects from the property developer in terms of construction, design, functionality, amenities, sustainability, community living and value of investment. This change is pushing real estate companies to look at things in a completely different way, wherein instead of concentrating on creating products, developers have started realising the importance of understanding the changing aspirations of the customers. Today, it is no longer about creating physical space but also creating an experience which the customers are looking for in line with their changing lifestyle." He also noted that being consumer-centric is crucial to developing enduring relationships and creating value. With a more customer-oriented approach, increased transparency and accountability in the development cycle, the real estate industry can create consumer trust. He said the approach is a combination of quality, innovation, and customer orientation that will help developers create sustainable projects. Highlighting similar views on the customer-centric approach in the real estate, Pawan Sawhney, MD & CEO, iUSTUS, said, “India’s real estate market is steadily transitioning from a product-led to a customer-centric approach. Today’s homebuyers are more informed and discerning, looking beyond location and amenities to factors such as quality, transparency, sustainability, community and long-term value. Evolving lifestyles and rising expectations are compelling developers to rethink how homes are designed and delivered. The focus is increasingly on understanding customer needs, creating more functional and experience-led spaces and ensuring greater transparency throughout the buying journey. This shift reflects the broader evolution of Indian real estate, where customer experience is becoming central to how value is created and sustained.” The PIN code is not sufficient Similarly, Mohit Nawany, CEO, Nawany Group, said an Indian home or office sold itself on one line for decades: the pin code. That's no longer sufficient. He also added that two shifts are driving real estate now, and most conversations only catch one. “The first is a flight to quality. Buyers and occupiers are paying for verified scale and execution, not brochures. Grade A buildings today mean integrated campuses, office, retail and open space, with facilities teams that stick around after the lease is signed. Indian corporates and Global Capability Centres now lease as much space as multinationals once did, and they're just as demanding,” he said. “The second is that the location itself is getting democratised. Mumbai's redevelopment boom, roughly 1,100 projects in five years, has given buyers two or three developers competing in the same locality for the first time. Along the northern MMR corridor, over 8,000 industrial units in Palghar need office support that doesn't exist yet, and Metro Line 13's Cabinet approval this August finally makes that demand viable. Neither shift works alone. Cheap land far from the city isn't democratisation, it's just discount real estate. A well-built project with no connectivity is quality with nowhere to go. Put both together, and that's what's actually re-rating Indian real estate, ”Nawany added.

India's real estate sector, valued at close to $585 billion in 2026, is expected to nearly double to $926 billion by 2031, according to a report by market research firm Modor Intelligence.

Why is India’s real estate market moving towards more customer-focused development? Experts weigh-in

US President Donald Trump on Friday (Sep 18) signed into law a sweeping Russia sanctions package that gives Washington new authority to impose tariffs of up to 100 per cent on major buyers of Russian oil and gas, putting India among the countries that could face fresh trade pressure.The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 was signed by Trump shortly after it cleared both chambers of Congress. The House passed the measure 262-159 on Wednesday (Sep 16), following an 86-11 vote in the Senate in August. The White House said the law expands sanctions, tariffs and other restrictions on Russia while extending existing sanctions on Iran.<h2>Why it matters for India</h2>For India, the bill brings a threat of tariffs. A key provision of the bill gives Trump the authority to impose tariffs of up to 100 per cent on imports from countries that meet specified criteria linked to purchases of Russian crude oil or natural gas and sanctions evasion.The law does not automatically impose a 100 per cent tariff on Indian goods. Instead, it creates a statutory route for the Trump administration to impose such duties on countries among the five largest importers of Russian crude oil or natural gas, subject to the law's conditions.Also read | <a href="https://www.wionews.com/india-news/india-breaks-silence-on-us-russia-sanctions-bill-100-tariff-threat-committed-to-energy-security-for-1-4-billion-1789619754941">India breaks silence on US Russia sanctions bill, 100% tariff threat: ‘Committed to energy security’ for 1.4 billion</a><h2>India says energy security remains priority</h2>India had previously reacted to the passage of the bill in the Senate, before Trump signed it. New Delhi reaffirmed that its energy policy would continue to be guided by the needs of its population and changing market conditions.“The Government of India has noted the passage of the Sanctioning Russia and Iran Act in the US Congress. We are monitoring further developments on this matter,” the Ministry of External Affairs said on Thursday.“As stated on several earlier occasions, India remains firmly committed to ensuring energy security for its 1.4 billion people. It will continue to do so through diversified sourcing and on the basis of evolving market dynamics,” the ministry added.New Delhi also said it had discussed the issue with senior US interlocutors in recent months and had clearly outlined the possible implications for both bilateral ties and the international energy market.“The Indian side has also made clear its determination to take all necessary measures to protect its trade and economic interests,” the MEA said, adding that the government would work with Indian trade and industry bodies to deal with the consequences.<h2>What the new US law means for India</h2>India is one of the world's major buyers of Russian crude. Reuters reported on Friday that Russian oil accounted for more than 40 per cent of India's overall oil supplies and that Indian refiners had already secured September and October supplies that include Russian crude.Also read | <a href="https://www.wionews.com/world/us-russia-sanctions-bill-trump-100-percent-tariff-india-china-1789610901670">Trump gets new power to hit India, China with up to 100% tariffs as US Senate clears Russia sanctions bill</a>The new law gives Trump considerable discretion over whether and how to use the tariff authority. It also contains waiver provisions under specified conditions, meaning the signing of the legislation does not by itself establish a new tariff rate on Indian imports.The measure simultaneously targets Russian officials, financial institutions, defence networks and vessels associated with Moscow's so-called shadow fleet, which is used to transport Russian energy while circumventing Western restrictions. It also extends the Iran Sanctions Act for five years.<h2>Washington's pressure on Russian oil buyers</h2>The legislation is part of the US effort to restrict revenue flowing to Moscow from its energy exports and increase economic pressure over the war in Ukraine.India's continued Russian oil purchases have already been a point of friction with Washington. The White House had previously imposed an additional 25 per cent tariff on Indian imports in 2025 over Russian oil purchases, before removing that additional duty in February 2026 after saying India had committed to stop purchasing Russian oil.Reuters reported that Indian purchases of Russian crude subsequently increased again, particularly following disruptions to Middle Eastern energy supplies.

Donald Trump has signed a sweeping Russia sanctions law that gives his administration new authority to impose tariffs of up to 100% on major Russian energy buyers. India, a major purchaser of Russian crude, could be affected. All you need to know.

US President Donald Trump on Friday (Sep 18) signed into law a sweeping Russia sanctions package that gives Washington new authority to impose tariffs of up to 100 per cent on major buyers of Russian oil and gas, putting India among the countries that could face fresh trade pressure. The Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 was signed by Trump shortly after it cleared both chambers of Congress. The House passed the measure 262-159 on Wednesday (Sep 16), following an 86-11 vote in the Senate in August. The White House said the law expands sanctions, tariffs and other restrictions on Russia while extending existing sanctions on Iran. Why it matters for India For India, the bill brings a threat of tariffs. A key provision of the bill gives Trump the authority to impose tariffs of up to 100 per cent on imports from countries that meet specified criteria linked to purchases of Russian crude oil or natural gas and sanctions evasion. The law does not automatically impose a 100 per cent tariff on Indian goods. Instead, it creates a statutory route for the Trump administration to impose such duties on countries among the five largest importers of Russian crude oil or natural gas, subject to the law's conditions. Also read | India breaks silence on US Russia sanctions bill, 100% tariff threat: ‘Committed to energy security’ for 1.4 billion India says energy security remains priority India had previously reacted to the passage of the bill in the Senate, before Trump signed it. New Delhi reaffirmed that its energy policy would continue to be guided by the needs of its population and changing market conditions. “The Government of India has noted the passage of the Sanctioning Russia and Iran Act in the US Congress. We are monitoring further developments on this matter,” the Ministry of External Affairs said on Thursday. “As stated on several earlier occasions, India remains firmly committed to ensuring energy security for its 1.4 billion people. It will continue to do so through diversified sourcing and on the basis of evolving market dynamics,” the ministry added. New Delhi also said it had discussed the issue with senior US interlocutors in recent months and had clearly outlined the possible implications for both bilateral ties and the international energy market. “The Indian side has also made clear its determination to take all necessary measures to protect its trade and economic interests,” the MEA said, adding that the government would work with Indian trade and industry bodies to deal with the consequences. What the new US law means for India India is one of the world's major buyers of Russian crude. Reuters reported on Friday that Russian oil accounted for more than 40 per cent of India's overall oil supplies and that Indian refiners had already secured September and October supplies that include Russian crude. Also read | Trump gets new power to hit India, China with up to 100% tariffs as US Senate clears Russia sanctions bill The new law gives Trump considerable discretion over whether and how to use the tariff authority. It also contains waiver provisions under specified conditions, meaning the signing of the legislation does not by itself establish a new tariff rate on Indian imports. The measure simultaneously targets Russian officials, financial institutions, defence networks and vessels associated with Moscow's so-called shadow fleet, which is used to transport Russian energy while circumventing Western restrictions. It also extends the Iran Sanctions Act for five years. Washington's pressure on Russian oil buyers The legislation is part of the US effort to restrict revenue flowing to Moscow from its energy exports and increase economic pressure over the war in Ukraine. India's continued Russian oil purchases have already been a point of friction with Washington. The White House had previously imposed an additional 25 per cent tariff on Indian imports in 2025 over Russian oil purchases, before removing that additional duty in February 2026 after saying India had committed to stop purchasing Russian oil. Reuters reported that Indian purchases of Russian crude subsequently increased again, particularly following disruptions to Middle Eastern energy supplies.

Donald Trump has signed a sweeping Russia sanctions law that gives his administration new authority to impose tariffs of up to 100% on major Russian energy buyers. India, a major purchaser of Russian crude, could be affected. All you need to know.

Trump signs Russia sanctions law: India faces fresh 100% tariff threat over Russian oil

Indian activist-lawyer Prashant Bhushan has turned the nation’s focus on how former bureaucrats join plum posts including as board directors in major conglomorates like Reliance Industries and Adani group, raising questions about the principles of safe distance between industry and government, as also the ethics of such ‘revolving doors’ in their careers. Some of these former officials had served in regulatory roles in agencies like Central Vigilance Commission and Comptroller and Auditor General of India, while others were with Public Sector Units, Bhushan pointed out.In an X post that sparked major online debate, Bhushan wrote:&nbsp;“Former, CVC chief, CAG chief, Bank chiefs, PSU chiefs, even Supreme Court judge joined Reliance, the company that they should have dealt with in some capacity as Regulators, after retirement. Shouldn’t there be a ban on such post retirement jobs which create conflicts of interest while in position?”Along with the post, Bushan shared some of the alleged names. But a larger examination revealed that his list is not exhaustive. The following are some of the top ex-offficials and regularory body chiefs who joined these industry majors, mostly post-retirement. While this is collected from publicly available information, it may not be the full picture of the ‘revolving doors’.&nbsp;

<blockquote class="twitter-tweet">Former, CVC chief, CAG chief, Bank chiefs, PSU chiefs, even Supreme Court judge joined Reliance, the company that they should have dealt with in some capacity as Regulators, after retirement. Shouldn’t there be a ban on such post retirement jobs which create conflicts of interest… <a href="https://t.co/EE0C2O0tA5">pic.twitter.com/EE0C2O0tA5</a>&mdash; Prashant Bhushan (@pbhushan1) <a href="https://x.com/pbhushan1/status/2100778991468863698?ref_src=twsrc%5Etfw">September 18, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

<h2>Former officials and regulatory body chiefs who joined Reliance and Adani groups</h2>The below list is a compilation from Prashant Bhushan’s post as well as other publicly available information:<h3>Reliance group</h3><ol><li>Arundhati Bhattacharya, the chairman of the State Bank of India until 2017, was appointed an independent director on the Reliance Industries board in October 2018.</li><li>K. V. Chowdary, a former chairman of the Central Board of Direct Taxes who went on to serve as Central Vigilance Commissioner until June 2019, joined the Reliance Industries board as an independent director four months after retiring as CVC.</li><li>Sarthak Behuria, who chaired state-run Bharat Petroleum&nbsp; Coroporation Limited and later Indian Oil Corporation before retiring in 2010, joined Reliance as a senior adviser in February 2020.</li><li>Sanjiv Singh, chairman of Indian Oil Corporation until June 2020, joined Reliance Industries as group president, two months after retirement.</li><li>Prabhat Singh, managing director and chief executive of Petronet LNG and earlier director of marketing at GAIL, superannuated in September 2020 and joined the business leadership team of India Gas Solutions, the Reliance BP joint venture.</li><li>D. Sengupta, a former chairman of the General Insurance Corporation of India, joined the board of Reliance General Insurance in 2005.</li><li>A. K. Purwar, chairman and managing director of the State Bank of India until 2006, was appointed an additional director of Reliance Communications in July 2007.</li><li>Justice Krishna Murari, who retired as a judge of the Supreme Court of India in July 2023, was appointed to Reliance-linked Vantara's independent governing council in September 2026.</li><li>Rajiv Mehrishi, a 1978 batch IAS officer who served as Comptroller and Auditor General (CAG) until 2020, was appointed a director on the Jio Financial Services board in July 2023.</li><li>M. K. Jain, who stepped down as deputy governor of the Reserve Bank of India in June 2023, joined Reliance Industries as an adviser in March 2025.</li><li>K. V. Kamath, the former chief of ICICI Bank and a veteran banker who has served on regulatory committees, is chairman of Jio Financial Services.</li></ol><h3>Adani group</h3><ol><li>V. Subramanian, a 1971 batch IAS officer of the West Bengal cadre who served as secretary for new and renewable energy before leaving government around 2008, became an independent director of Adani Enterprises in 2016 and stepped down in August 2026.</li><li>Vijaylaxmi Joshi, a 1980 batch IAS officer of the Gujarat cadre who served as secretary for panchayati raj, became an independent director of Adani Enterprises in 2016.</li><li>Narendra Mairpady, chairman and managing director of Indian Overseas Bank from 2010 to 2014 and earlier an executive director at Bank of India, left that post in 2014 and served as an independent director of Adani Enterprises until November 2023.</li><li>M. V. Bhanumathi, a 1987 batch IRS officer who was director general of income tax investigation in Mumbai until May 2022, became an independent director of Adani Ports in February 2024.</li><li>Niraj Bansal, an IRS officer who served as commissioner of income tax and earlier as chairman of Jawaharlal Nehru Port Trust, took voluntary retirement in 2021, joined the Adani group in 2022 and became chief executive of the ports business at APSEZ in June 2026.</li><li>P. K. Pujari, a 1981 batch IAS officer who was power secretary and later chairman of the Central Electricity Regulatory Commission until 2017, became an independent director of Adani Ports in August 2024.</li><li>Rajkumar Beniwal, a 2004 batch IAS officer and vice chairman and chief executive of the state-run Gujarat Maritime Board, was that board's nominee director on Adani Ports from 2023 until he resigned in January 2026.</li><li>G. K. Pillai, a former Union home secretary, earlier served as an independent director of Adani Ports.</li><li>Meera Shankar, an Indian Foreign Service officer and former ambassador to the United States and Germany, was an independent director of Adani Energy Solutions from 2015 until June 2025.</li><li>K. Jairaj, a 1976 batch IAS officer who held senior energy and urban administration roles in Karnataka, was an independent director of Adani Energy Solutions from 2015 until June 2025.</li><li>Chandra Iyengar, a 1973 batch IAS officer who was additional chief secretary for home in Maharashtra and chaired the Maharashtra Electricity Regulatory Commission, served as an independent director of Adani Total Gas from 2018 to 2023, of Adani Power from 2022 to 2025 and of Adani Energy Solutions in 2025.</li><li>Dr Amiya Chandra, a 1989 batch Indian Trade Service officer who worked in the commerce and textiles ministries and the Prime Minister's Office and served as additional director general of foreign trade, became an independent director of Adani Energy Solutions in 2025 and resigned in July 2025.</li><li>Deepak Amitabh, a 1984 batch IRS officer of the income tax cadre who was chairman and managing director of PTC India until November 2021, became chief executive of energy sales at Adani Power and later an adviser for business development in 2023.</li><li>ICP Keshri, a 1988 batch IAS officer of the Madhya Pradesh cadre, is an adviser on infrastructure and energy to the Adani group.</li><li>Shashi Shanker, a former chairman and managing director of ONGC, became an independent director of Adani Total Gas in May 2022.</li><li>Sushil Kumar Roongta, a former chairman of SAIL who also chaired International Coal Ventures Limited, served as an independent director of Adani Power and retired in November 2025.</li><li>Upendra Kumar Sinha, an IAS officer who chaired the Securities and Exchange Board of India from 2011 to 2017, was appointed independent director and chairman of Adani-owned NDTV in a non-executive capacity in March 2023.</li><li>Dinesh Kumar Mittal, a 1977 batch IAS officer of the Uttar Pradesh cadre who served as secretary for financial services and as India's chief negotiator at the World Trade Organization, became a non-executive independent director of NDTV in June 2023.</li><li>Sunil Kumar, a 1979 batch IAS officer who was chief secretary of Chhattisgarh from 2012 to 2014, was appointed an additional non-executive independent director of NDTV in December 2022 and resigned in March 2023.&nbsp;</li><li>Aman Kumar Singh, a former IRS officer who served as principal secretary to Chhattisgarh chief minister Raman Singh until November 2022, became a non-executive director of NDTV in December 2022, resigned in April 2023 and faces a Chhattisgarh Economic Offences Wing probe.</li><li>Raminder Singh Gujral is a 1976 batch IAS officer of the Haryana cadre who was Union finance secretary and earlier secretary for revenue, expenditure and road transport as well as chairman of NHAI and director general of foreign trade. After leaving government, he served as an independent director of Adani Power from 2015 to 2022, independent director of Adani Green Energy since 2020 and is reported to have been associated with Reliance's board as well.</li></ol>

Former bureaucrats joining Reliance and Adani boards has sparked debate over post-retirement jobs, regulatory conflicts and the revolving door between government and industry in India. 

Indian activist-lawyer Prashant Bhushan has turned the nation’s focus on how former bureaucrats join plum posts including as board directors in major conglomorates like Reliance Industries and Adani group, raising questions about the principles of safe distance between industry and government, as also the ethics of such ‘revolving doors’ in their careers. Some of these former officials had served in regulatory roles in agencies like Central Vigilance Commission and Comptroller and Auditor General of India, while others were with Public Sector Units, Bhushan pointed out. In an X post that sparked major online debate, Bhushan wrote: “Former, CVC chief, CAG chief, Bank chiefs, PSU chiefs, even Supreme Court judge joined Reliance, the company that they should have dealt with in some capacity as Regulators, after retirement. Shouldn’t there be a ban on such post retirement jobs which create conflicts of interest while in position?” Along with the post, Bushan shared some of the alleged names. But a larger examination revealed that his list is not exhaustive. The following are some of the top ex-offficials and regularory body chiefs who joined these industry majors, mostly post-retirement. While this is collected from publicly available information, it may not be the full picture of the ‘revolving doors’.

Former bureaucrats joining Reliance and Adani boards has sparked debate over post-retirement jobs, regulatory conflicts and the revolving door between government and industry in India.&nbsp;

Indian activist-lawyer Prashant Bhushan's post brings focus on ‘conflict of interest’ appointments of ex-govt officials at Reliance, Adani groups

The Tata Sons board’s decision to reappoint N Chandrasekaran as chairman for another five-year term on Thursday has led to an imminent clash after Tata Trusts called the reappointment “illegal”, seemingly indicating a potential legal and governance dispute at the top of the Tata Group. The Trusts said the resolution approving Chandrasekaran’s reappointment was a “legal nullity” because Noel N Tata, chairman of Tata Trusts and one of the Trusts’ nominee directors on the Tata Sons board, voted against it.&nbsp;&nbsp;Tata Trusts also pushed back against Tata Sons’ move towards a public listing, with chairman Noel Tata saying it would be a mistake for the firm.&nbsp;Tata Trusts issued a statement saying the resolution to reappoint Chandrasekaran “is illegal” and that its chairman Noel Tata reiterated the same position during the Tata Sons board meeting.&nbsp;Also Read: <a href="https://www.wionews.com/world/china-urges-iran-to-rein-in-houthis-after-saudi-arabia-s-appeal-for-help-report-1789657903169">China urges Iran to rein in Houthis after Saudi Arabia’s appeal for help: Report</a><h2>Noel votes against Chandrasekaran’s reappointment</h2>&nbsp;Noel voted against Chandrasekaran’s reappointment, but the resolution was approved by a majority of the Tata Sons board.Tata Trusts said the resolution was a “legal nullity” in view of the provisions of the Articles of Association of Tata Sons.&nbsp;The statement mentions that the process for appointing a chairman requires a majority of the Trusts’ nominee directors to vote in favour of the resolution. It said the same process applies to both the first appointment of a chairman and the reappointment of an existing chairman.&nbsp;It added that the board cannot lawfully hold a meeting or pass a resolution on the chairman’s appointment or reappointment unless both Trust nominee directors are present. Such a resolution cannot be validly passed unless both nominee directors vote in favour, it added.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/us-drone-firm-linked-to-trump-s-sons-signs-mou-with-pakistan-army-gets-initial-order-1789648161978">US drone firm linked to Trump’s sons signs MoU with Pakistan army, gets initial order</a>&nbsp;Since Noel Tata, one of the Trust nominee directors, voted against the proposal, Tata Trusts said the resolution was rendered legally void and “without any basis”.&nbsp;“A resolution now for re-appointment moved at this meeting would therefore ask this Board to set aside three things at once: the Chairman’s own stated decision, the acceptance of that decision by the majority shareholder, and the further process which that shareholder has asked this Company to set in motion,” Noel Tata said in another statement.&nbsp;<h2>‘Board did not consider legal opinion from former CJI’&nbsp;</h2>&nbsp;The statement also said that Noel Tata had submitted a legal opinion from former Chief Justice of India Justice Dr DY Chandrachud supporting the correctness of the Trusts’ position. However, the statement said the Board did not take note of the opinion.&nbsp;The board also agreed to move ahead with the listing of Tata Sons, the holding company of the Tata Group, but both decisions will have to be approved at the company’s AGM.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/us-treasury-rallies-global-financial-institutions-for-op-economic-outcast-to-isolate-iran-1789588781387">US Treasury rallies global financial institutions for Op Economic Outcast to isolate Iran</a>&nbsp;The dispute follows the Reserve Bank of India’s rejection on September 11 of Tata Sons’ application to surrender its registration as a core investment company. The RBI had classified Tata Sons as an “upper layer” NBFC in 2022, a designation requiring the company to list within three years.&nbsp;The RBI’s decision revived the prospect of a stock-market listing for Tata Sons, and the board on Thursday agreed to move ahead with the listing.&nbsp;&nbsp;Tata Trusts, together with affiliated trusts, control about 66 per cent of Tata Sons.&nbsp;&nbsp;<h2>‘Tata Model needs to be saved, public listing would destroy character’</h2>&nbsp;However, Tata Trusts chairman Noel said that the Tata Model “needs to be saved,” and a public listing “would destroy the character and strike at the heart of this principle” of the Tata House.&nbsp;Under Ratan Tata, the matter of a public listing had reached a consensus in March 2024, that the company will remain unlisted, he added.&nbsp;Also Read: <a href="https://www.wionews.com/world/fed-raises-rates-for-first-time-in-3-years-kevin-warsh-defies-trump-as-inflation-mounts-1789583250156">Fed raises rates for first time in 3 years, Kevin Warsh defies Trump as inflation mounts</a>&nbsp;The Shapoorji Pallonji Group, which holds roughly 18 per cent of Tata Sons, has favoured a listing. The listing question has also exposed differences within the Tata Trusts.&nbsp;The Sir Dorabji Tata Trust had sought to bind nominee director Venu Srinivasan to vote against the listing, but Srinivasan refused, citing his independent duty as a director and joint nominee.&nbsp;&nbsp;Chandrasekaran has led Tata Sons since February 2017 and was unanimously reappointed for a second five-year term in 2022.&nbsp;In February 2026, Noel Tata raised concerns over losses at businesses including Air India and Tata Digital and set out conditions, including keeping Tata Sons unlisted.&nbsp;

Tata Trusts issued a statement saying the resolution to reappoint Chandrasekaran is illegal and that its chairman Noel Tata reiterated the same position in the board meeting. Tata Trusts also pushed back against Tata Sons’ move towards public listing, with Noel saying it would be a mistake.

The Tata Sons board’s decision to reappoint N Chandrasekaran as chairman for another five-year term on Thursday has led to an imminent clash after Tata Trusts called the reappointment “illegal”, seemingly indicating a potential legal and governance dispute at the top of the Tata Group. The Trusts said the resolution approving Chandrasekaran’s reappointment was a “legal nullity” because Noel N Tata, chairman of Tata Trusts and one of the Trusts’ nominee directors on the Tata Sons board, voted against it. Tata Trusts also pushed back against Tata Sons’ move towards a public listing, with chairman Noel Tata saying it would be a mistake for the firm. Tata Trusts issued a statement saying the resolution to reappoint Chandrasekaran “is illegal” and that its chairman Noel Tata reiterated the same position during the Tata Sons board meeting. Also Read: China urges Iran to rein in Houthis after Saudi Arabia’s appeal for help: Report Noel votes against Chandrasekaran’s reappointment Noel voted against Chandrasekaran’s reappointment, but the resolution was approved by a majority of the Tata Sons board. Tata Trusts said the resolution was a “legal nullity” in view of the provisions of the Articles of Association of Tata Sons. The statement mentions that the process for appointing a chairman requires a majority of the Trusts’ nominee directors to vote in favour of the resolution. It said the same process applies to both the first appointment of a chairman and the reappointment of an existing chairman. It added that the board cannot lawfully hold a meeting or pass a resolution on the chairman’s appointment or reappointment unless both Trust nominee directors are present. Such a resolution cannot be validly passed unless both nominee directors vote in favour, it added. Also Read: US drone firm linked to Trump’s sons signs MoU with Pakistan army, gets initial order Since Noel Tata, one of the Trust nominee directors, voted against the proposal, Tata Trusts said the resolution was rendered legally void and “without any basis”. “A resolution now for re-appointment moved at this meeting would therefore ask this Board to set aside three things at once: the Chairman’s own stated decision, the acceptance of that decision by the majority shareholder, and the further process which that shareholder has asked this Company to set in motion,” Noel Tata said in another statement. ‘Board did not consider legal opinion from former CJI’ The statement also said that Noel Tata had submitted a legal opinion from former Chief Justice of India Justice Dr DY Chandrachud supporting the correctness of the Trusts’ position. However, the statement said the Board did not take note of the opinion. The board also agreed to move ahead with the listing of Tata Sons, the holding company of the Tata Group, but both decisions will have to be approved at the company’s AGM. Also Read: US Treasury rallies global financial institutions for Op Economic Outcast to isolate Iran The dispute follows the Reserve Bank of India’s rejection on September 11 of Tata Sons’ application to surrender its registration as a core investment company. The RBI had classified Tata Sons as an “upper layer” NBFC in 2022, a designation requiring the company to list within three years. The RBI’s decision revived the prospect of a stock-market listing for Tata Sons, and the board on Thursday agreed to move ahead with the listing. Tata Trusts, together with affiliated trusts, control about 66 per cent of Tata Sons. ‘Tata Model needs to be saved, public listing would destroy character’ However, Tata Trusts chairman Noel said that the Tata Model “needs to be saved,” and a public listing “would destroy the character and strike at the heart of this principle” of the Tata House. Under Ratan Tata, the matter of a public listing had reached a consensus in March 2024, that the company will remain unlisted, he added. Also Read: Fed raises rates for first time in 3 years, Kevin Warsh defies Trump as inflation mounts The Shapoorji Pallonji Group, which holds roughly 18 per cent of Tata Sons, has favoured a listing. The listing question has also exposed differences within the Tata Trusts. The Sir Dorabji Tata Trust had sought to bind nominee director Venu Srinivasan to vote against the listing, but Srinivasan refused, citing his independent duty as a director and joint nominee. Chandrasekaran has led Tata Sons since February 2017 and was unanimously reappointed for a second five-year term in 2022. In February 2026, Noel Tata raised concerns over losses at businesses including Air India and Tata Digital and set out conditions, including keeping Tata Sons unlisted.

Tata Trusts issued a statement saying the resolution to reappoint Chandrasekaran is illegal and that its chairman Noel Tata reiterated the same position in the board meeting. Tata Trusts also pushed back against Tata Sons’ move towards public listing, with Noel saying it would be a mistake.

Tata Trusts chairman Noel Tata calls Chandrasekaran’s reappointment ‘illegal’, rejects Tata Sons listing

We are trying to build a dedicated space city that brings together industry, R&amp;D, talent, infrastructure, and advanced manufacturing, a whole ecosystem where companies can build, test and scale. Telangana's Minister for IT, Electronics &amp; Communications, Industries, mentioned at the 'Architects of Viksit Bharat' hosted by ZEE Media and SAP in Hyderabad. "Our space tech guys are very young... Recently, I interacted with them and appreciated their drive to do something great. They are not trying to imitate what the West is doing, they want to innovate. They want to host data centres in space and create science labs in space. Skyroot Aerospace is India's first space sector unicorn, and the company emerged from our city, Hyderabad. We see the capabilities coming together in the space sector. Space is the next emerging pillar of our economy," Sridhar Babu highlighted during his ministerial keynote address.&nbsp;&nbsp;The Indian government envisions a 'Viksit Bharat' (developed India) by 2047, and projects that our country will have a $30 trillion economy by the centenary year of our Independence. At present, a small state like Telangana contributes about 5 per cent to the national GDP. By the year 2047, we envision that Telangana should contribute 10 per cent ($3 trillion) of the country's $30 trillion economy. It may look like a herculean task for observers and economists, but we have a dream and goal; we trust our talent and infrastructure. We believe we can do it, emphasised the minister.&nbsp;Sharing a major insight gained from their 'Telangana Rising' delegation's visit to the World Economic Forum (WEF) at Davos, Minister Babu quoted the WEF Future of Jobs report of 2025: By the year 2030, 170 million jobs will be created globally, and 92 million jobs will be displaced; 39% of existing skills will change. The minister touched upon how the nature of work would keep changing in the coming years due to the disruption caused by emerging and cutting-edge tech including AI and quantum computing, among others.&nbsp;&nbsp;Following the Minister Sridhar Babu's keynote, a panel discussion themed ‘Hyderabad Hyperscales India’s Ascent into Space’ was moderated by WION's Sidharth MP, which explored Hyderabad’s growing deep-tech, aerospace, and innovation ecosystem and its role in advancing India’s ambitions in the global space economy. The discussion brought together leading voices from India’s emerging private space sector: Dr Chiranjeevi Phanindra B, Founder &amp; CEO, Cosmoserve Space, Dr Pramod Konugurthi, Founding Member &amp; CPO, XDLINX Space Labs, Nirvik Choudhury, Co-Founder, AnduraX, and Ashwin Mahavadi, Senior Vice President, Skyroot Aerospace.&nbsp;The panel examined the opportunities emerging from India’s expanding private space ecosystem, including satellite technology, launch systems, deep-tech innovation, and the growing participation of Indian enterprises in the global space economy. The panelists also put forth their specific sectoral requests and the support required from the Telangana government and their expectations from the upcoming Space City project.The Telangana edition of the Architects of 'Viksit Bharat' by ZEE Media and SAP brought together some of the state’s most accomplished business leaders and entrepreneurs, recognising their exemplary contribution to the larger mission of building a technology-driven, innovative and resilient India. Delivering a keynote at the event, Captain N. Uttam Kumar Reddy, Telangana's Minister for Irrigation, Food and Civil Supplies, shared his perspective on the state's growing prominence in the startup ecosystem and IT services sector. His keynote highlighted the state’s expanding entrepreneurial landscape and the opportunities emerging for businesses and innovators as Telangana continues to strengthen its position as a technology and enterprise hub.&nbsp;ZEE Media CEO Raktim Das felicitated Minister D Sridhar Babu with the ‘GCC Leadership Award for FY 2025,’ recognising his leadership and contribution to Telangana’s evolving GCC and technology ecosystem and Captain N. Uttam Kumar Reddy, Telangana's Minister for Irrigation, Food and Civil Supplies, was felicitated for his contribution to the broader Viksit Bharat 2047 vision. &nbsp;

Telangana IT & Industries Minister D. Sridhar Babu announced the state is evaluating plans for a dedicated 'Space City' near Hyderabad to boost space-tech testing, manufacturing, and deep-tech innovation. 

We are trying to build a dedicated space city that brings together industry, R&D, talent, infrastructure, and advanced manufacturing, a whole ecosystem where companies can build, test and scale. Telangana's Minister for IT, Electronics & Communications, Industries, mentioned at the 'Architects of Viksit Bharat' hosted by ZEE Media and SAP in Hyderabad. "Our space tech guys are very young... Recently, I interacted with them and appreciated their drive to do something great. They are not trying to imitate what the West is doing, they want to innovate. They want to host data centres in space and create science labs in space. Skyroot Aerospace is India's first space sector unicorn, and the company emerged from our city, Hyderabad. We see the capabilities coming together in the space sector. Space is the next emerging pillar of our economy," Sridhar Babu highlighted during his ministerial keynote address. The Indian government envisions a 'Viksit Bharat' (developed India) by 2047, and projects that our country will have a $30 trillion economy by the centenary year of our Independence. At present, a small state like Telangana contributes about 5 per cent to the national GDP. By the year 2047, we envision that Telangana should contribute 10 per cent ($3 trillion) of the country's $30 trillion economy. It may look like a herculean task for observers and economists, but we have a dream and goal; we trust our talent and infrastructure. We believe we can do it, emphasised the minister. Sharing a major insight gained from their 'Telangana Rising' delegation's visit to the World Economic Forum (WEF) at Davos, Minister Babu quoted the WEF Future of Jobs report of 2025: By the year 2030, 170 million jobs will be created globally, and 92 million jobs will be displaced; 39% of existing skills will change. The minister touched upon how the nature of work would keep changing in the coming years due to the disruption caused by emerging and cutting-edge tech including AI and quantum computing, among others. Following the Minister Sridhar Babu's keynote, a panel discussion themed ‘Hyderabad Hyperscales India’s Ascent into Space’ was moderated by WION's Sidharth MP, which explored Hyderabad’s growing deep-tech, aerospace, and innovation ecosystem and its role in advancing India’s ambitions in the global space economy. The discussion brought together leading voices from India’s emerging private space sector: Dr Chiranjeevi Phanindra B, Founder & CEO, Cosmoserve Space, Dr Pramod Konugurthi, Founding Member & CPO, XDLINX Space Labs, Nirvik Choudhury, Co-Founder, AnduraX, and Ashwin Mahavadi, Senior Vice President, Skyroot Aerospace. The panel examined the opportunities emerging from India’s expanding private space ecosystem, including satellite technology, launch systems, deep-tech innovation, and the growing participation of Indian enterprises in the global space economy. The panelists also put forth their specific sectoral requests and the support required from the Telangana government and their expectations from the upcoming Space City project. The Telangana edition of the Architects of 'Viksit Bharat' by ZEE Media and SAP brought together some of the state’s most accomplished business leaders and entrepreneurs, recognising their exemplary contribution to the larger mission of building a technology-driven, innovative and resilient India. Delivering a keynote at the event, Captain N. Uttam Kumar Reddy, Telangana's Minister for Irrigation, Food and Civil Supplies, shared his perspective on the state's growing prominence in the startup ecosystem and IT services sector. His keynote highlighted the state’s expanding entrepreneurial landscape and the opportunities emerging for businesses and innovators as Telangana continues to strengthen its position as a technology and enterprise hub. ZEE Media CEO Raktim Das felicitated Minister D Sridhar Babu with the ‘GCC Leadership Award for FY 2025,’ recognising his leadership and contribution to Telangana’s evolving GCC and technology ecosystem and Captain N. Uttam Kumar Reddy, Telangana's Minister for Irrigation, Food and Civil Supplies, was felicitated for his contribution to the broader Viksit Bharat 2047 vision.

Telangana IT &amp; Industries Minister D Sridhar Babu announced the state is evaluating plans for a dedicated 'Space City' near Hyderabad to boost space-tech testing, manufacturing, and deep-tech innovation.

Telangana is building a dedicated Space City: Industries Minister Sridhar Babu