One of the key arguments whenever the US becomes involved in a Middle East conflict is that “it’s about the oil”. However, over the past decade, the US has quietly shifted from being an importer to one of the world’s largest producers of oil and natural gas. As the country becomes embroiled in yet another Middle East conflict, this time with Iran, the latest production data is striking.<h2>US oil production has now surpassed that of Saudi Arabia and Russia combined</h2>US oil production has reached 24 million barrels per day, exceeding the combined output of Saudi Arabia (10.9 million) and Russia (10.5 mn), according to March 2026 data from the US Energy Information Administration (EIA).The surge in oil and gas production has largely been driven by shale innovation.<a href="https://www.wionews.com/videos/india-has-50-days-of-oil-supply-amid-global-tensions-govt-sources-1772554455350/embed">https://www.wionews.com/videos/india-has-50-days-of-oil-supply-amid-global-tensions-govt-sources-1772554455350/embed</a><h2>US natural gas production now matches Russia, Iran and China combined</h2>Since exporting its first cargo in 2016, the US has become the world’s largest LNG exporter now. Exports have recently averaged 15–16 billion cubic feet per day (Bcf/d). US natural gas output has surpassed 110 Bcf/d as of March 2026. The US remains the world’s leading producer of dry natural gas, a position it has held since around 2009.Also read: <a href="https://www.wionews.com/world/iran-hits-oil-tanker-with-15-indian-crew-members-in-strait-of-hormuz-4-injured-1772367871326">Iran hits oil tanker with 15 Indian crew members in Strait of Hormuz; 4 injured</a>&nbsp;Recent estimates place US annual gas production at roughly 1 trillion cubic metres. Russia ranks second at 618–642 billion cubic metres, followed by Iran and China. US production is roughly 1.5 to 1.7 times higher than Russia’s.In daily terms, US dry natural gas production averaged around 107–108 Bcf/d in 2025, a record at the time. The EIA's Febatruary 2026 Short-Term Energy Outlook projects dry production rising to about 110 Bcf/d in 2026, with marketed production reaching approximately 120 Bcf/d in 2026 and 122 Bcf/d in 2027.This exceeds rivals’ combined output of roughly 117 Bcf/d, including traditional LNG leader Qatar.Also read: <a href="https://www.wionews.com/world/iraq-kuwait-could-stop-oil-exports-in-days-3-3-million-barrels-per-day-of-crude-supply-to-be-hit-if-iran-vs-israel-us-conflict-drags-on-1772630833266">Iraq, Kuwait could stop oil exports in days; 3.3 million barrels per day of crude supply to be hit if Iran vs Israel-US conflict drags on</a><h2>Is Trump’s ‘drill, baby, drill’ policy paying off?</h2>One could argue that it is, despite the environmental consequences. Since his first term, Trump has emphasised energy deregulation. Some estimates suggest energy output rose by 60 per cent during his 2016–2020 term. While sharing the new data, the US Interior Secretary Doug Burgum credited Trump’s “American Energy Dominance” agenda.He contrasted this with Biden-era resource restrictions and strengthening economic security and geopolitical influence through expanded drilling on federal lands.

US oil output has surpassed Saudi Arabia and Russia combined, while gas production leads globally. New data makes one wonder if the US energy dominance is a result of Trump’s ‘drill baby drill’ push

One of the key arguments whenever the US becomes involved in a Middle East conflict is that “it’s about the oil”. However, over the past decade, the US has quietly shifted from being an importer to one of the world’s largest producers of oil and natural gas. As the country becomes embroiled in yet another Middle East conflict, this time with Iran, the latest production data is striking. US oil production has now surpassed that of Saudi Arabia and Russia combined US oil production has reached 24 million barrels per day, exceeding the combined output of Saudi Arabia (10.9 million) and Russia (10.5 mn), according to March 2026 data from the US Energy Information Administration (EIA). The surge in oil and gas production has largely been driven by shale innovation. https://www.wionews.com/videos/india-has-50-days-of-oil-supply-amid-global-tensions-govt-sources-1772554455350/embed US natural gas production now matches Russia, Iran and China combined Since exporting its first cargo in 2016, the US has become the world’s largest LNG exporter now. Exports have recently averaged 15–16 billion cubic feet per day (Bcf/d). US natural gas output has surpassed 110 Bcf/d as of March 2026. The US remains the world’s leading producer of dry natural gas, a position it has held since around 2009. Also read: Iran hits oil tanker with 15 Indian crew members in Strait of Hormuz; 4 injured Recent estimates place US annual gas production at roughly 1 trillion cubic metres. Russia ranks second at 618–642 billion cubic metres, followed by Iran and China. US production is roughly 1.5 to 1.7 times higher than Russia’s. In daily terms, US dry natural gas production averaged around 107–108 Bcf/d in 2025, a record at the time. The EIA's Febatruary 2026 Short-Term Energy Outlook projects dry production rising to about 110 Bcf/d in 2026, with marketed production reaching approximately 120 Bcf/d in 2026 and 122 Bcf/d in 2027. This exceeds rivals’ combined output of roughly 117 Bcf/d, including traditional LNG leader Qatar. Also read: Iraq, Kuwait could stop oil exports in days; 3.3 million barrels per day of crude supply to be hit if Iran vs Israel-US conflict drags on Is Trump’s ‘drill, baby, drill’ policy paying off? One could argue that it is, despite the environmental consequences. Since his first term, Trump has emphasised energy deregulation. Some estimates suggest energy output rose by 60 per cent during his 2016–2020 term. While sharing the new data, the US Interior Secretary Doug Burgum credited Trump’s “American Energy Dominance” agenda. He contrasted this with Biden-era resource restrictions and strengthening economic security and geopolitical influence through expanded drilling on federal lands.

US oil output has surpassed Saudi Arabia and Russia combined, while gas production leads globally. New data makes one wonder if the US energy dominance is a result of Trump’s ‘drill baby drill’ push

Meanwhile, US oil production surpasses Saudi, Russia combined; natural gas output crosses total of Russia, China and Iran

If the conflict involving Iran and the Gulf states, resulting from the Israel-US joint operation and retaliatory strikes by Tehran, does not stop by Friday, there could be a supply cut of 3.3 million barrels per day of crude oil. The warning from JP Morgan came amid disruptions in the Strait of Hormuz, the strategic waterway between the Persian Gulf and the Gulf of Oman, which is the world’s key oil transit chokepoint. The strait carries nearly a fifth of global oil and liquefied natural gas flows.<h2>Iran Revolutionary Guards claim to have taken total control of Strait of Hormuz</h2>The situation escalated amid Iranian media reports that the Islamic Revolutionary Guards have closed the Strait of Hormuz and that Iran would fire on any ship attempting to pass. If the waterway is closed for long, &nbsp;the losses could escalate to 3.8 million bpd around day 15 since the start of the conflict on February 27. By day 18, it could reach 4.7 million bpd, JP Morgan said in a note.<a href="https://www.wionews.com/videos/us-iran-war-can-israel-us-replenish-interceptors-faster-than-iran-makes-drones-1772607562517/embed">https://www.wionews.com/videos/us-iran-war-can-israel-us-replenish-interceptors-faster-than-iran-makes-drones-1772607562517/embed</a><h2>Iraq, Kuwait would be forced to shut oil production</h2>If oil tankers cannot move freely through the strait, production will have to be cut by countries with low storage capacity. Iraq will be forced to reduce oil production by more than 3 million bpd within a few days in such a scenario, Reuters news agency reported, citing Iraqi oil officials.Iraq can hold roughly three days of storage before it is forced to halt exports through the strait, making it most vulnerable due to its limited onshore storage capacity.&nbsp;Iraq has reportedly already begun partial shut-ins, with around 1.5 million bpd affected so far.Kuwait, meanwhile, could continue for roughly 14 days before it is also forced to halt production.Saudi Arabia has more storage facilities, possibly sufficient for 30 days.Also read: <a href="https://www.wionews.com/world/live-blog-us-israel-iran-war-live-updates-donald-trump-benjamin-netanyahu-ali-khamenei-mojtaba-khamenei-new-supreme-leader-assembly-of-experts-march-2026-1772584866186">US-Israel-Iran war LIVE updates: 'We can sustain this fight easily', says Hegseth</a><h2>Storage capacity could be exhausted in 25 days if crude does not move across the Strait&nbsp;</h2>The combined onshore crude storage capacity across seven major Gulf producers – Saudi Arabia, UAE, Iraq, Kuwait, Qatar, Oman and Iran – is estimated at about 343 million barrels.This equates to nearly 22 days of stranded production buffer, though additional offshore and empty tanker capacity could add a few more days, extending it to around 25 days.After this, widespread mandatory production shut-ins would have to begin, simply because there would be no place to store the crude oil.Also read: <a href="https://www.wionews.com/world/-struck-covert-underground-nuclear-site-in-iran-used-for-secret-weapons-development-says-israel-1772573229766">'Struck ‘covert underground’ nuclear site in Iran used for secret weapons-development', says Israel</a><h2>A chain reaction that could increase crude oil prices</h2>Production shut-ins could raise oil prices, with Brent potentially reaching 100–120 dollars per barrel in severe, prolonged cases, according to reports.The Strait of Hormuz normally handles 16–20 million bpd of crude equivalent under typical conditions. The JP Morgan note emphasised that “speed and decisiveness” in response are critical, as delays quickly translate into forced shut-ins, particularly for lower-storage countries such as Iraq.Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

If the Strait of Hormuz is disrupted by Iran, countries like Iraq and Kuwait could cut 3.3 million bpd of crude oil production. This risks Gulf crude supply losses and a sharp spike in global oil prices

If the conflict involving Iran and the Gulf states, resulting from the Israel-US joint operation and retaliatory strikes by Tehran, does not stop by Friday, there could be a supply cut of 3.3 million barrels per day of crude oil. The warning from JP Morgan came amid disruptions in the Strait of Hormuz, the strategic waterway between the Persian Gulf and the Gulf of Oman, which is the world’s key oil transit chokepoint. The strait carries nearly a fifth of global oil and liquefied natural gas flows. Iran Revolutionary Guards claim to have taken total control of Strait of Hormuz The situation escalated amid Iranian media reports that the Islamic Revolutionary Guards have closed the Strait of Hormuz and that Iran would fire on any ship attempting to pass. If the waterway is closed for long, the losses could escalate to 3.8 million bpd around day 15 since the start of the conflict on February 27. By day 18, it could reach 4.7 million bpd, JP Morgan said in a note. https://www.wionews.com/videos/us-iran-war-can-israel-us-replenish-interceptors-faster-than-iran-makes-drones-1772607562517/embed Iraq, Kuwait would be forced to shut oil production If oil tankers cannot move freely through the strait, production will have to be cut by countries with low storage capacity. Iraq will be forced to reduce oil production by more than 3 million bpd within a few days in such a scenario, Reuters news agency reported, citing Iraqi oil officials. Iraq can hold roughly three days of storage before it is forced to halt exports through the strait, making it most vulnerable due to its limited onshore storage capacity. Iraq has reportedly already begun partial shut-ins, with around 1.5 million bpd affected so far. Kuwait, meanwhile, could continue for roughly 14 days before it is also forced to halt production. Saudi Arabia has more storage facilities, possibly sufficient for 30 days. Also read: US-Israel-Iran war LIVE updates: 'We can sustain this fight easily', says Hegseth Storage capacity could be exhausted in 25 days if crude does not move across the Strait The combined onshore crude storage capacity across seven major Gulf producers – Saudi Arabia, UAE, Iraq, Kuwait, Qatar, Oman and Iran – is estimated at about 343 million barrels. This equates to nearly 22 days of stranded production buffer, though additional offshore and empty tanker capacity could add a few more days, extending it to around 25 days. After this, widespread mandatory production shut-ins would have to begin, simply because there would be no place to store the crude oil. Also read: 'Struck ‘covert underground’ nuclear site in Iran used for secret weapons-development', says Israel A chain reaction that could increase crude oil prices Production shut-ins could raise oil prices, with Brent potentially reaching 100–120 dollars per barrel in severe, prolonged cases, according to reports. The Strait of Hormuz normally handles 16–20 million bpd of crude equivalent under typical conditions. The JP Morgan note emphasised that “speed and decisiveness” in response are critical, as delays quickly translate into forced shut-ins, particularly for lower-storage countries such as Iraq. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

If the Strait of Hormuz is disrupted by Iran, countries like Iraq and Kuwait could cut 3.3 million bpd of crude oil production. This risks Gulf crude supply losses and a sharp spike in global oil prices

Iraq, Kuwait could stop oil exports in days; 3.3 million barrels per day of crude supply to be hit if Iran vs Israel-US conflict drags on

A ‘cause and effect’ analysis has suggested that President Donald Trump may have indirectly hit China through the US joint military operations with Israel targeting Iran, as the Asian giant now stands to lose another source of cheap oil. This is the second such blow for China, as Trump has also removed the leader of another source of fuel for China, namely Venezuela. The analysis, published in Newsweek, argued that the Iran strike is part of a broader geopolitical strategy aimed not just at the Middle East, but at pressuring China, the main global adversary of the US. Both Iran and Venezuela were close friends and strategic allies of China, having supplied it with oil on favourable terms.Madi Kapparov, head of research at the London-based Centre for Information Defence and Strategies, told the website that the US objective was to “choke out the primary source of cheap oil to China”.Also read: <a href="https://www.wionews.com/photos/did-china-s-hq-9b-fall-short-in-iran-how-us-israel-airstrikes-broke-through-tehran-s-air-defence-network-1772366608613">Did China’s HQ-9B fall short in Iran? How US–Israel airstrikes broke through Tehran’s air defence network</a><h2>How the US may have targeted China’s energy lifeline</h2>China’s energy security is central to its rivalry with the US, having bought more than 80 per cent of Iran’s shipped oil in 2025, according to analytics firm Kpler. Kapparov noted that estimates of China’s Iranian oil imports range “from 0 to 18 per cent” of its total imports, since Beijing stopped reporting Iran deliveries since 2022. Reuters news agency estimated that about 13 per cent of China’s seaborne crude came from Iran, often through covert ship-to-ship transfers, including off Malaysia.Also read: <a href="https://www.wionews.com/world/a-flying-jigsaw-with-hidden-pieces-as-us-iran-conflict-slides-on-slippery-oil-russia-and-china-remain-critical-1772531721841">A flying jigsaw with hidden pieces: As US-Iran conflict slides on slippery oil, Russia and China remain critical</a> Meanwhile, Venezuela supplied about 4 per cent of China’s oil needs until January, when the US removed its leader, Nicolas Maduro. China may have expected that Iranian imports would offset Venezuelan losses, a hope which now appears dashed.Even though China has invested heavily in coal and renewables, a military cannot run on coal or renewables, Kapparov noted. Disrupting Iranian oil supplies for China could therefore directly affect Beijing’s defence readiness.<h2>A broader ‘authoritarians’ domino effect' theory</h2>Speaking to Newsweek, Ross Babbage, CEO of Strategic Forum, suggested that the Iran strike fits into a wider strategic pattern, implying that another authoritarian leader had fallen.“The countries that have been authoritarian strongholds…are falling over. The partners that Beijing and Moscow have are reducing in number and in strategic weight,” Babbage was quoted as saying.<a href="https://www.wionews.com/videos/china-intel-on-us-deployment-aids-iran-as-talks-hover-between-war-peace-1772126951959/embed">https://www.wionews.com/videos/china-intel-on-us-deployment-aids-iran-as-talks-hover-between-war-peace-1772126951959/embed</a><h2>Is China a reliable partner?</h2>Assessing the relatively slow and tepid reaction of China to US interventions in Venezuela and Iran, Babbage argued that these events raise doubts about the reliability of China as a partner. Despite grandiose rhetoric about allied regimes, he said, “when push comes to shove, what have they done to support Venezuela against the United States? The answer is they really couldn’t do anything. And I think it’s the same…with Iran.”Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Trump’s Iran strikes, just a month after Venezuela military operation, may have indirectly hit China by choking yet another source of cheap oil supplies. This could affect the energy security of China, the key adversary of the US

A ‘cause and effect’ analysis has suggested that President Donald Trump may have indirectly hit China through the US joint military operations with Israel targeting Iran, as the Asian giant now stands to lose another source of cheap oil. This is the second such blow for China, as Trump has also removed the leader of another source of fuel for China, namely Venezuela. The analysis, published in Newsweek, argued that the Iran strike is part of a broader geopolitical strategy aimed not just at the Middle East, but at pressuring China, the main global adversary of the US. Both Iran and Venezuela were close friends and strategic allies of China, having supplied it with oil on favourable terms. Madi Kapparov, head of research at the London-based Centre for Information Defence and Strategies, told the website that the US objective was to “choke out the primary source of cheap oil to China”. Also read: Did China’s HQ-9B fall short in Iran? How US–Israel airstrikes broke through Tehran’s air defence network How the US may have targeted China’s energy lifeline China’s energy security is central to its rivalry with the US, having bought more than 80 per cent of Iran’s shipped oil in 2025, according to analytics firm Kpler. Kapparov noted that estimates of China’s Iranian oil imports range “from 0 to 18 per cent” of its total imports, since Beijing stopped reporting Iran deliveries since 2022. Reuters news agency estimated that about 13 per cent of China’s seaborne crude came from Iran, often through covert ship-to-ship transfers, including off Malaysia. Also read: A flying jigsaw with hidden pieces: As US-Iran conflict slides on slippery oil, Russia and China remain critical Meanwhile, Venezuela supplied about 4 per cent of China’s oil needs until January, when the US removed its leader, Nicolas Maduro. China may have expected that Iranian imports would offset Venezuelan losses, a hope which now appears dashed. Even though China has invested heavily in coal and renewables, a military cannot run on coal or renewables, Kapparov noted. Disrupting Iranian oil supplies for China could therefore directly affect Beijing’s defence readiness. A broader ‘authoritarians’ domino effect' theory Speaking to Newsweek, Ross Babbage, CEO of Strategic Forum, suggested that the Iran strike fits into a wider strategic pattern, implying that another authoritarian leader had fallen. “The countries that have been authoritarian strongholds…are falling over. The partners that Beijing and Moscow have are reducing in number and in strategic weight,” Babbage was quoted as saying. https://www.wionews.com/videos/china-intel-on-us-deployment-aids-iran-as-talks-hover-between-war-peace-1772126951959/embed Is China a reliable partner? Assessing the relatively slow and tepid reaction of China to US interventions in Venezuela and Iran, Babbage argued that these events raise doubts about the reliability of China as a partner. Despite grandiose rhetoric about allied regimes, he said, “when push comes to shove, what have they done to support Venezuela against the United States? The answer is they really couldn’t do anything. And I think it’s the same…with Iran.” Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Trump’s Iran strikes, just a month after Venezuela military operation, may have indirectly hit China by choking yet another source of cheap oil supplies. This could affect the energy security of China, the key adversary of the US&nbsp;

Did Trump also hit China via Iran strikes? Cheap oil sources choked for the second time after Venezuela

Wall Street stocks fell sharply early on Tuesday (March 3), extending a global market sell-off as investors grew concerned that a prolonged Middle East conflict could drive oil prices higher and fuel inflation. Around 20 minutes after the opening bell, the Dow Jones Industrial Average dropped 2.2 per cent to 47,837.16. The broad S&amp;P 500 declined 1.9 percent to 6,749.42, while the tech-heavy Nasdaq Composite slid 2.0 percent to 22,300.67.&nbsp;US equities had also opened lower on Monday but recovered through the session, as traders initially wagered that tensions would ease quickly without causing sustained increases in energy costs. By Tuesday (March 2), sentiment had shifted. "Overnight, what we realized was that this is not going away so quickly" and is "meeting the standards of having a broad geopolitical impact," said Steve Sosnick of Interactive Brokers.&nbsp;Also Read: <a href="https://www.wionews.com/world/-too-late-for-iran-to-trump-says-tehran-s-military-and-leadership-eliminated-1772545595964">'TOO LATE for Iran to...': Trump says Tehran's military and leadership eliminated</a>&nbsp;Oil prices climbed again after Iran targeted additional energy infrastructure. Drones hit a fuel tank in Oman, while debris from an intercepted drone struck an oil storage area in the UAE. The Strait of Hormuz, a vital global shipping route for crude, remained largely empty.&nbsp;"US investors can only trust their positive psychology to some extent before they realize that, 'Wait a minute, if this is a problem for everyone else in the world, maybe this should be a problem here too,'" Sosnick said. We're talking about "something that could have an important inflationary impact," he added.&nbsp;<a href="https://www.wionews.com/videos/iran-israel-war-us-embassy-in-riyadh-warns-of-a-fresh-attack-1772551781542/embed">https://www.wionews.com/videos/iran-israel-war-us-embassy-in-riyadh-warns-of-a-fresh-attack-1772551781542/embed</a>&nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

US-Iran-Israel war: Dow falls 2.2% as geopolitical fear grip US markets

Wall Street stocks fell sharply early on Tuesday (March 3), extending a global market sell-off as investors grew concerned that a prolonged Middle East conflict could drive oil prices higher and fuel inflation. Around 20 minutes after the opening bell, the Dow Jones Industrial Average dropped 2.2 per cent to 47,837.16. The broad S&P 500 declined 1.9 percent to 6,749.42, while the tech-heavy Nasdaq Composite slid 2.0 percent to 22,300.67. US equities had also opened lower on Monday but recovered through the session, as traders initially wagered that tensions would ease quickly without causing sustained increases in energy costs. By Tuesday (March 2), sentiment had shifted. "Overnight, what we realized was that this is not going away so quickly" and is "meeting the standards of having a broad geopolitical impact," said Steve Sosnick of Interactive Brokers. Also Read: 'TOO LATE for Iran to...': Trump says Tehran's military and leadership eliminated Oil prices climbed again after Iran targeted additional energy infrastructure. Drones hit a fuel tank in Oman, while debris from an intercepted drone struck an oil storage area in the UAE. The Strait of Hormuz, a vital global shipping route for crude, remained largely empty. "US investors can only trust their positive psychology to some extent before they realize that, 'Wait a minute, if this is a problem for everyone else in the world, maybe this should be a problem here too,'" Sosnick said. We're talking about "something that could have an important inflationary impact," he added. https://www.wionews.com/videos/iran-israel-war-us-embassy-in-riyadh-warns-of-a-fresh-attack-1772551781542/embed Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Wall Street sinks as the ongoing Middle East tensions lift oil prices, raising fears of prolonged conflict and renewed inflation pressures

Iran-Israel war: Dow falls 2.2% as geopolitical fear grip US markets

The global shipping industry is facing tens of billions of dollars in estimated costs and losses per day after just three days of regional conflict arising from the US-Israel attack on Iran and Tehran's retaliatory strikes on Gulf nations, coupled with disruptions at the Strait of Hormuz. Freight charges have surged given security risks, with some reports citing increases of up to $400,000 per day. The Strait of Hormuz handles roughly 20 per cent of global seaborne oil, approximately 20–21 million barrels per day before the conflict began. It also handles a similar share of LNG exports, primarily from Qatar.<h2>At least 750 ships hit by congestion</h2>As Iran effectively shut down the Strait of Hormuz, nearly 750 ships are reportedly impacted by congestion in and around the waterway,. Only a few tankers were transiting compared with the normal 130 per day, as ship traffic through the strait plunged by about 86 per cent. Hundreds of vessels are queued on either side.Some 100 container ships, representing about 10 per cent of the global container fleet, are caught in the backups and unable to transit normally because insurers have withdrawn war-risk coverage and carriers are avoiding the area.<h2>Maersk and other major carriers suspend operations</h2>Maersk, one of the world’s largest container carriers, suspended acceptance of new bookings on key routes in and out of the Middle East, including Gulf states like UAE and Oman, and has paused some operations to safeguard cargo and crews. Other major carriers such as MSC, CMA CGM, Hapag-Lloyd, and COSCO have also stopped transits through the Strait of Hormuz or rerouted services to avoid the affected waters.<h2>From freight rates to war-risk premiums, shipping costs shoot through the roof</h2>Freight rates for oil tankers have surged to record highs, reportedly up to $400,000 per day in the case of Very Large Crude Carriers or VLCCs transporting crude from the Middle East to China due to route disruptions and elevated risk. LNG tanker rates have surged more than 40 per cent, with some routes reaching $41,000–$61,500 per day according to reports.Shipping companies have introduced emergency conflict surcharges of up to $4,000 per container to offset added risks and expenses. War-risk insurance premiums have risen sharply or been cancelled entirely for vessels in the region, forcing carriers to either pay much higher insurance or avoid the strait altogether.<h2>Ripple effect: A sharp rise in oil and gas prices</h2>The fuel transit disruption, along with Iran’s attacks on oil and gas facilities in producer nations like Qatar and Saudi Arabia, has contributed to sharply rising oil and gas prices, which in turn increase operating costs for ships worldwide. Brent crude futures spiked nearly 10–13 per cent in direct response to the conflict, trading nearly $77–$85 per barrel, with fears of $100 or even $200 per barrel in prolonged disruption scenarios.Indirect costs include higher freight rates, insurance surcharges, longer detour routes, and idle vessels, potentially amounting to tens of billions of dollars.&nbsp;All these factors point to mounting economic stress across the shipping and freight industry.More than 150 oil and LNG tankers and other vessels are currently stranded or forced to anchor outside the strait due to the escalating conflict and safety concerns. Idling loaded LNG vessels also incur significant boil-off losses, which could be up to 100 tonnes per day per large vessel, impacting fuel and cargo value.<h2>Longer routes bleed the shipping industry</h2>There is a de facto closure of the Strait of Hormuz despite no official full blockade by Iran. Direct attacks on vessels, threats to close the strait, and GPS jamming have led to the rerouting of vessels, often around the Cape of Good Hope, or anchoring in safer waters. These developments have contributed to a near-total halt in commercial traffic, with tanker and bulk traffic dropping by 80 per cent or more.<h2>A dire prognosis: Strait of Hormuz could be disrupted for weeks. Another oil shock in the making?</h2>Analysts warn that if the strait remains disrupted for weeks, costs to global goods and energy markets could grow larger. Some estimates suggest global oil supply disruptions equivalent to 20 per cent of daily world consumption. A one-day full blockade of Hormuz could spike potentially double the oil prices in extreme scenarios, translating to billions in daily global economic costs. Clearly, the clock is ticking as stranded ships, surcharges, higher insurance and rate spikes are leading to mouting costs &nbsp;Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.&nbsp;&nbsp;

Global shipping costs have gone up since the US-Israel attacks on Iran, its retaliatory strikes on Gulf nations and the Strait of Hormuz disruptions. Maersk and other carriers suspended operations, freight rates are soaring, war-risk insurance spiking, and vessels stranded.

The global shipping industry is facing tens of billions of dollars in estimated costs and losses per day after just three days of regional conflict arising from the US-Israel attack on Iran and Tehran's retaliatory strikes on Gulf nations, coupled with disruptions at the Strait of Hormuz. Freight charges have surged given security risks, with some reports citing increases of up to $400,000 per day. The Strait of Hormuz handles roughly 20 per cent of global seaborne oil, approximately 20–21 million barrels per day before the conflict began. It also handles a similar share of LNG exports, primarily from Qatar. At least 750 ships hit by congestion As Iran effectively shut down the Strait of Hormuz, nearly 750 ships are reportedly impacted by congestion in and around the waterway,. Only a few tankers were transiting compared with the normal 130 per day, as ship traffic through the strait plunged by about 86 per cent. Hundreds of vessels are queued on either side. Some 100 container ships, representing about 10 per cent of the global container fleet, are caught in the backups and unable to transit normally because insurers have withdrawn war-risk coverage and carriers are avoiding the area. Maersk and other major carriers suspend operations Maersk, one of the world’s largest container carriers, suspended acceptance of new bookings on key routes in and out of the Middle East, including Gulf states like UAE and Oman, and has paused some operations to safeguard cargo and crews. Other major carriers such as MSC, CMA CGM, Hapag-Lloyd, and COSCO have also stopped transits through the Strait of Hormuz or rerouted services to avoid the affected waters. From freight rates to war-risk premiums, shipping costs shoot through the roof Freight rates for oil tankers have surged to record highs, reportedly up to $400,000 per day in the case of Very Large Crude Carriers or VLCCs transporting crude from the Middle East to China due to route disruptions and elevated risk. LNG tanker rates have surged more than 40 per cent, with some routes reaching $41,000–$61,500 per day according to reports. Shipping companies have introduced emergency conflict surcharges of up to $4,000 per container to offset added risks and expenses. War-risk insurance premiums have risen sharply or been cancelled entirely for vessels in the region, forcing carriers to either pay much higher insurance or avoid the strait altogether. Ripple effect: A sharp rise in oil and gas prices The fuel transit disruption, along with Iran’s attacks on oil and gas facilities in producer nations like Qatar and Saudi Arabia, has contributed to sharply rising oil and gas prices, which in turn increase operating costs for ships worldwide. Brent crude futures spiked nearly 10–13 per cent in direct response to the conflict, trading nearly $77–$85 per barrel, with fears of $100 or even $200 per barrel in prolonged disruption scenarios. Indirect costs include higher freight rates, insurance surcharges, longer detour routes, and idle vessels, potentially amounting to tens of billions of dollars. All these factors point to mounting economic stress across the shipping and freight industry. More than 150 oil and LNG tankers and other vessels are currently stranded or forced to anchor outside the strait due to the escalating conflict and safety concerns. Idling loaded LNG vessels also incur significant boil-off losses, which could be up to 100 tonnes per day per large vessel, impacting fuel and cargo value. Longer routes bleed the shipping industry There is a de facto closure of the Strait of Hormuz despite no official full blockade by Iran. Direct attacks on vessels, threats to close the strait, and GPS jamming have led to the rerouting of vessels, often around the Cape of Good Hope, or anchoring in safer waters. These developments have contributed to a near-total halt in commercial traffic, with tanker and bulk traffic dropping by 80 per cent or more. A dire prognosis: Strait of Hormuz could be disrupted for weeks. Another oil shock in the making? Analysts warn that if the strait remains disrupted for weeks, costs to global goods and energy markets could grow larger. Some estimates suggest global oil supply disruptions equivalent to 20 per cent of daily world consumption. A one-day full blockade of Hormuz could spike potentially double the oil prices in extreme scenarios, translating to billions in daily global economic costs. Clearly, the clock is ticking as stranded ships, surcharges, higher insurance and rate spikes are leading to mouting costs Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Global shipping costs have gone up since the US-Israel attacks on Iran, its retaliatory strikes on Gulf nations and the Strait of Hormuz disruptions. Maersk and other carriers suspended operations, freight rates are soaring, war-risk insurance spiking, and vessels stranded.&nbsp;

$400,000 freight rate for large vessels, hundreds of ships stranded: Shipping, freight industries face rude shock from Israel-US vs Iran conflict

Oil prices have surged for the 3rd day straight, as the US-Israel offensive on Iran has widened. One of the biggest threats of any conflict involving Iran was the spillover of the tension on the shipping route, the Strait of Hormuz, which carries one-fifth of the global oil supply.“The price of oil has reached $81/bbl, and the world is certainly waiting for it to reach at least $200. The Strait of Hormuz is closed. Our heroes in the Islamic Revolutionary Guard Corps Navy and the Army will set fire to any ships that wish to pass through this strait,” said the IRGC adviser General Ebrahim Jabari on state TV.&nbsp;The cumulative jump in crude oil prices was by at least 10 per cent following the US-Israel attacks on the Islamic Republic. On Tuesday, Brent future is trading at $79.85 per barrel, up by 2.78 per cent, WTI future is trading at $73.15 per barrel, up by 2.70 per cent, Murban future is trading at $80.41 per barrel, up by 2.37 per cent from Monday. Brent briefly touched $82.37 per barrel on Monday, then retreated before the market closed. The Spot prices have also seen a cumulative jump of 10 per cent since the pre-conflict period, with Brent at $77.82 per barrel for Brent, WTI spot at $70.90 per barrel, and Murban spot at around $79 per barrel. The surge in oil prices was apparent in US gas stations as the US had an average price of gasoline that topped $3 per gallon for the first time since November. Gasoline is being sold at $3.052 per gallon, up by 11.1 cents, and Diesel is being sold at $3.812 per gallon.&nbsp;Also Read: <a href="https://www.wionews.com/opinions/epic-fury-enduring-freedom-war-names-psychology-1772368544008">Epic Fury to Enduring Freedom: What war names reveal about power</a>&nbsp;The US Secretary of State Marco Rubio has said on Monday that they have a phased plan in place to tackle the spike in oil prices. “ We anticipated this could be an issue. And Secretary Wright and Bessent will begin to roll out those steps starting tomorrow to mitigate – to mitigate – against the impact that could have,” said Marco Rubio, referring to &nbsp;Energy Secretary Chris Wright and Treasury Secretary Scott Bessent.&nbsp;&nbsp;However, analysts predict a further surge in the volatility, as there is no proper plan in place for de-escalation in the region. The Strait of Hormuz remains technically open but functionally closed. “Traffic is down at least 80 per cent,” said Michelle Bockmann, a senior maritime intelligence analyst at Windward. Most commercial operators have withdrawn from the site, and insuarance premium have reached six years high. This could impact the Gulf countries and specifically South East Asian countries, China, India, Japan, South Korea and Europe. As some 30 per cent of Europe’s supply of jet fuel passes through the lane. The US seems immune at the beginning with the rising cost, as it likely helps the US Producers. &nbsp;Ships are compelled to reroute, and longer routes cost more in transport and insurance. A prolonged conflict might encourage South Asian countries to look at other producers in Russia. However, market analysts predict that Iran's attack on the shipping route might just work against them, as it will draw the Gulf nations into the war and might make “boots on the ground” feasible for the US.&nbsp;&nbsp;(Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.)

Oil prices jump 10% after US-Israel strikes on Iran. Brent nears $82 as Iran threatens to close the Strait of Hormuz, raising global supply fears.

Oil prices have surged for the 3rd day straight, as the US-Israel offensive on Iran has widened. One of the biggest threats of any conflict involving Iran was the spillover of the tension on the shipping route, the Strait of Hormuz, which carries one-fifth of the global oil supply. “The price of oil has reached $81/bbl, and the world is certainly waiting for it to reach at least $200. The Strait of Hormuz is closed. Our heroes in the Islamic Revolutionary Guard Corps Navy and the Army will set fire to any ships that wish to pass through this strait,” said the IRGC adviser General Ebrahim Jabari on state TV. The cumulative jump in crude oil prices was by at least 10 per cent following the US-Israel attacks on the Islamic Republic. On Tuesday, Brent future is trading at $79.85 per barrel, up by 2.78 per cent, WTI future is trading at $73.15 per barrel, up by 2.70 per cent, Murban future is trading at $80.41 per barrel, up by 2.37 per cent from Monday. Brent briefly touched $82.37 per barrel on Monday, then retreated before the market closed. The Spot prices have also seen a cumulative jump of 10 per cent since the pre-conflict period, with Brent at $77.82 per barrel for Brent, WTI spot at $70.90 per barrel, and Murban spot at around $79 per barrel. The surge in oil prices was apparent in US gas stations as the US had an average price of gasoline that topped $3 per gallon for the first time since November. Gasoline is being sold at $3.052 per gallon, up by 11.1 cents, and Diesel is being sold at $3.812 per gallon. Also Read: Epic Fury to Enduring Freedom: What war names reveal about power The US Secretary of State Marco Rubio has said on Monday that they have a phased plan in place to tackle the spike in oil prices. “ We anticipated this could be an issue. And Secretary Wright and Bessent will begin to roll out those steps starting tomorrow to mitigate – to mitigate – against the impact that could have,” said Marco Rubio, referring to Energy Secretary Chris Wright and Treasury Secretary Scott Bessent. However, analysts predict a further surge in the volatility, as there is no proper plan in place for de-escalation in the region. The Strait of Hormuz remains technically open but functionally closed. “Traffic is down at least 80 per cent,” said Michelle Bockmann, a senior maritime intelligence analyst at Windward. Most commercial operators have withdrawn from the site, and insuarance premium have reached six years high. This could impact the Gulf countries and specifically South East Asian countries, China, India, Japan, South Korea and Europe. As some 30 per cent of Europe’s supply of jet fuel passes through the lane. The US seems immune at the beginning with the rising cost, as it likely helps the US Producers. Ships are compelled to reroute, and longer routes cost more in transport and insurance. A prolonged conflict might encourage South Asian countries to look at other producers in Russia. However, market analysts predict that Iran's attack on the shipping route might just work against them, as it will draw the Gulf nations into the war and might make “boots on the ground” feasible for the US. (Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.)

Oil prices jump 10% after US-Israel strikes on Iran. Brent nears $82 as Iran threatens to close the Strait of Hormuz, raising global supply fears.

Oil prices surge 10% as Iran threatens to 'set fire' to ships passing through Strait of Hormuz

Even as security threats intensify, Israel’s financial markets are flashing confidence. On Monday at 4:58 pm local time, the TA-125 Index rose 4.2 per cent, after rising as much as 5 per cent during the session. For a country facing ongoing missile and drone risks, the rally appears surprising at first glance. Yet markets often respond to expected outcomes rather than immediate danger. Investors seem to be weighing probabilities, possibly concluding that Israel may gain the upper hand militarily, weaken Iran’s launch capabilities and reduce longer-term risks. The central uncertainty remains the duration of the confrontation. A brief campaign may justify optimism; a drawn-out conflict could shift the equation.<h2>The drone equation: Volume over precision</h2>Iran’s strategy appears centered on scale. Reports suggest Tehran possesses tens of thousands of drones, with steady monthly production. In a high-intensity scenario, this could translate into thousands of launches daily. This approach reflects “saturation warfare”, overwhelming air defenses through sheer quantity rather than pinpoint accuracy. In such a strategy, endurance matters more than precision. Sustained pressure can strain defensive systems over time.<h2>The real cost battle: Interceptors vs drones</h2>The financial imbalance is stark. A single Shahed-type drone reportedly costs around $35,000 to produce. Interceptor missiles used to neutralise them can cost hundreds of thousands, sometimes millions, of dollars per launch. This creates a dramatic cost asymmetry favoring the attacker. If drone salvos reach into the thousands, interception expenses could escalate rapidly. The battlefield dynamic would then extend beyond military tactics into industrial capacity and fiscal resilience. Modern conflicts are increasingly shaped by how quickly nations can replenish stockpiles, scale manufacturing and secure supply chains.<h2>The promise, and limits, of Iron Beam</h2>Israel’s laser-based Iron Beam system represents a potential game-changer. With an estimated cost of just a few dollars per shot, it could dramatically shift the cost curve. However, deployment remains limited. Only a small number of units are operational, and broader scaling will take time. While technologically promising, it is not yet positioned to counter sustained mass-drone waves on its own.<h2>Why investors remain optimistic?</h2>Market participants appear to be operating on several assumptions:<ul><li>The conflict will stay geographically contained.</li><li>Air defense capacity will remain sufficient.</li><li>Western backing, particularly from key allies, will stay intact.</li><li>If those pillars hold, advanced technology and coordinated alliances could outweigh the arithmetic disadvantage posed by low-cost drone warfare.</li><li>Still, markets are quick to reverse course. Should the conflict extend, supply strains become visible or industrial bottlenecks emerge, sentiment could shift abruptly.</li></ul>Ultimately, this confrontation is not merely about drones and missiles. It is about production lines, logistics networks and economic stamina. For now, traders seem to believe that innovation and alliances can outpace the numbers.

The $35,000 drone vs $4 million missile: What the market thinks about Israel-Iran war and the surprising rally in Israel’s TA-125

Even as security threats intensify, Israel’s financial markets are flashing confidence. On Monday at 4:58 pm local time, the TA-125 Index rose 4.2 per cent, after rising as much as 5 per cent during the session. For a country facing ongoing missile and drone risks, the rally appears surprising at first glance. Yet markets often respond to expected outcomes rather than immediate danger. Investors seem to be weighing probabilities, possibly concluding that Israel may gain the upper hand militarily, weaken Iran’s launch capabilities and reduce longer-term risks. The central uncertainty remains the duration of the confrontation. A brief campaign may justify optimism; a drawn-out conflict could shift the equation. The drone equation: Volume over precision Iran’s strategy appears centered on scale. Reports suggest Tehran possesses tens of thousands of drones, with steady monthly production. In a high-intensity scenario, this could translate into thousands of launches daily. This approach reflects “saturation warfare”, overwhelming air defenses through sheer quantity rather than pinpoint accuracy. In such a strategy, endurance matters more than precision. Sustained pressure can strain defensive systems over time. The real cost battle: Interceptors vs drones The financial imbalance is stark. A single Shahed-type drone reportedly costs around $35,000 to produce. Interceptor missiles used to neutralise them can cost hundreds of thousands, sometimes millions, of dollars per launch. This creates a dramatic cost asymmetry favoring the attacker. If drone salvos reach into the thousands, interception expenses could escalate rapidly. The battlefield dynamic would then extend beyond military tactics into industrial capacity and fiscal resilience. Modern conflicts are increasingly shaped by how quickly nations can replenish stockpiles, scale manufacturing and secure supply chains. The promise, and limits, of Iron Beam Israel’s laser-based Iron Beam system represents a potential game-changer. With an estimated cost of just a few dollars per shot, it could dramatically shift the cost curve. However, deployment remains limited. Only a small number of units are operational, and broader scaling will take time. While technologically promising, it is not yet positioned to counter sustained mass-drone waves on its own. Why investors remain optimistic? Market participants appear to be operating on several assumptions: The conflict will stay geographically contained. Air defense capacity will remain sufficient. Western backing, particularly from key allies, will stay intact. If those pillars hold, advanced technology and coordinated alliances could outweigh the arithmetic disadvantage posed by low-cost drone warfare. Still, markets are quick to reverse course. Should the conflict extend, supply strains become visible or industrial bottlenecks emerge, sentiment could shift abruptly. Ultimately, this confrontation is not merely about drones and missiles. It is about production lines, logistics networks and economic stamina. For now, traders seem to believe that innovation and alliances can outpace the numbers.

Israel’s TA-125 rallies despite drone threats, as investors bet technology and alliances can offset the costly drone-versus-missile mathematics

The global oil prices saw their most significant surge on Monday (Mar 02) in four years after it spiked nearly 10 per cent, hitting a high of Rs 6,700 (roughly $80-$82) per barrel as the US-Israeli strike on Iran entered a crucial phase, extending the conflict across the Gulf countries. The most substantial to the oil market comes after Saudi Arabia's state oil giant Aramco shut its Ras Tanura refinery after it was hit by an Iranian drone.&nbsp;Saudi defence officials confirmed they intercepted the drones, but falling shrapnel caused a "limited fire" at the facility. While the fire was quickly extinguished with no reported casualties, Saudi Aramco elected to shut down the refinery as a precautionary measure.&nbsp;The Ras Tanura complex, on the kingdom’s Gulf coast, houses one of the Middle East’s largest refineries with a capacity of 550,000 barrels per day (bpd) and serves as a critical export terminal for Saudi crude. It handles roughly 7% of the global oil supply flows.The attack is also likely to move Saudi Arebaia and neighbouring Gulf states closer to joining the US and Israeli military operations against Iran.&nbsp;Along with the shutdown of Saudi refinery, the global oil supply came under severe strain following Iran's Revolutionary Guards closing the Strait of Hormuz, which controls nearly 20 per cent of the world's oil supply and 30 per cent of oil shipments to India.&nbsp;Also Read: <a href="https://www.wionews.com/world/watch-saudi-aramco-suspends-ras-tanura-operations-after-drone-strike-amid-israel-iran-war-1772451329582">WATCH | Saudi Aramco suspends Ras Tanura operations after drone strike amid Israel-Iran war</a>&nbsp;The US-Israeli operation in Iran entered its third day on Monday after assassinating Supreme Leader Ayatollah Ali Khamenei in a precision strike on a high-security compound in Tehran. Several other top leaders were also killed after the US and Israel launched a massive coordinated aerial campaign on Saturday. The strikes, codenamed Operation Roaring Lion by Israel and Operation Epic Fury by the United States, struck multiple sites across Iran. The strikes targeted government buildings in Tehran and suspected nuclear facilities, specifically aiming to decapitate the highest levels of Iranian leadership. In retaliation, Iran's Revolutionary Guard launched strikes on Israel, US military bases, and its allies across West Asia, including Qatar, Iraq, UAE, Bahrain, Saudi Arabia, and Jordan.Meanwhile, Trump threatened Iranian forces to put down their weapons and called on Iran's people to rise to "take back your country" as this is "the single greatest chance" after Khamenei's death.&nbsp;&nbsp;(Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.)

The Ras Tanura complex, on the kingdom’s Gulf coast, houses one of the Middle East’s largest refineries with a capacity of 550,000 barrels per day (bpd) and serves as a critical export terminal for Saudi crude.

The global oil prices saw their most significant surge on Monday (Mar 02) in four years after it spiked nearly 10 per cent, hitting a high of Rs 6,700 (roughly $80-$82) per barrel as the US-Israeli strike on Iran entered a crucial phase, extending the conflict across the Gulf countries. The most substantial to the oil market comes after Saudi Arabia's state oil giant Aramco shut its Ras Tanura refinery after it was hit by an Iranian drone. Saudi defence officials confirmed they intercepted the drones, but falling shrapnel caused a "limited fire" at the facility. While the fire was quickly extinguished with no reported casualties, Saudi Aramco elected to shut down the refinery as a precautionary measure. The Ras Tanura complex, on the kingdom’s Gulf coast, houses one of the Middle East’s largest refineries with a capacity of 550,000 barrels per day (bpd) and serves as a critical export terminal for Saudi crude. It handles roughly 7% of the global oil supply flows. The attack is also likely to move Saudi Arebaia and neighbouring Gulf states closer to joining the US and Israeli military operations against Iran. Along with the shutdown of Saudi refinery, the global oil supply came under severe strain following Iran's Revolutionary Guards closing the Strait of Hormuz, which controls nearly 20 per cent of the world's oil supply and 30 per cent of oil shipments to India. Also Read: WATCH | Saudi Aramco suspends Ras Tanura operations after drone strike amid Israel-Iran war The US-Israeli operation in Iran entered its third day on Monday after assassinating Supreme Leader Ayatollah Ali Khamenei in a precision strike on a high-security compound in Tehran. Several other top leaders were also killed after the US and Israel launched a massive coordinated aerial campaign on Saturday. The strikes, codenamed Operation Roaring Lion by Israel and Operation Epic Fury by the United States, struck multiple sites across Iran. The strikes targeted government buildings in Tehran and suspected nuclear facilities, specifically aiming to decapitate the highest levels of Iranian leadership. In retaliation, Iran's Revolutionary Guard launched strikes on Israel, US military bases, and its allies across West Asia, including Qatar, Iraq, UAE, Bahrain, Saudi Arabia, and Jordan. Meanwhile, Trump threatened Iranian forces to put down their weapons and called on Iran's people to rise to "take back your country" as this is "the single greatest chance" after Khamenei's death. (Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, the US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.)

The Ras Tanura complex, on the kingdom’s Gulf coast, houses one of the Middle East’s largest refineries with a capacity of 550,000 barrels per day (bpd) and serves as a critical export terminal for Saudi crude.

Will oil prices skyrocket? Saudi Arabia shuts its largest refinery after Iran strike

Currencies are indicators of power, policy, and prudence, and over time they reflect a nation’s ascent or decline. Analysts who scrutinised exchange rate trends for two centuries pointed out that as the United Kingdom’s economic influence waned, the pound also steadily lost ground. Meanwhile, the Swiss franc appreciated as the country maintained neutrality and fiscal discipline and adopted a cautious strategy for reserves. India, however, is at a distinct point in its trajectory. Economists say the rupee’s long-term strength will depend on the consistency and strength of its economic fundamentals and not just on its gold holdings.&nbsp;Researcher and author Costa Vayenas, in his book ‘The Swiss Franc, from 1798 to 2055’, chronicles the evolution of the Swiss franc from its beginning and explores interesting angles like the relationship between gold reserves and currency strength.&nbsp;Over two centuries, currencies have served as the barometers of trust. Dr. Vayenas’s study highlights that the United Kingdom’s pound dominated global trade routes during the 19th century.&nbsp;That era of the pound’s unquestioned supremacy is over. In contrast, Switzerland’s franc has steadily proved to be one of the safest currencies worldwide.&nbsp;Analysts contend that the real issue is not just exchange rate movements, but what helps a currency hold ground in times of global uncertainty, and more often than not, the answer is gold.&nbsp;<h2>Why do gold-heavy currencies command trust</h2>&nbsp;Figures from central bank disclosures and the World Gold Council reveal a consistent trend: nations that hold larger gold reserves relative to the size of their economies command a stronger currency credibility.&nbsp;Switzerland is frequently mentioned in research for this very reason. It ranks among the top countries globally in gold reserves per capita. Historically, the Swiss National Bank maintained substantial gold backing relative to the currency in circulation. The gold reserves do not automatically ensure currency strength, but they do send a strong message: that the currency is supported by tangible assets rather than just economic sentiment.&nbsp;In contrast, currencies with relatively limited reserves or those burdened by persistent fiscal and trade deficits often come under strain during global turbulence. Gold alone does not guarantee resilience, but it reinforces credibility, which, over time, sustains value.&nbsp;<h2>Safe-haven currencies: Why the Swiss Franc stands out</h2>&nbsp;When markets witness turbulence, investor behaviour follows a familiar pattern: trim the risk and shift capital toward perceived safety. Evidence from the 2008 financial crisis, the pandemic years, and recent geopolitical strains shows consistent inflows into Swiss assets, including its currency.&nbsp;Currency experts say Switzerland’s franc draws strength from three strong bases: political neutrality, fiscal discipline, and substantial gold reserves.&nbsp;Investors trust Switzerland’s conservative policymaking and prudent balance sheet management, and hence, even alongside the United States dollar, the Swiss franc attracts demand whenever Europe is under stress.&nbsp;Safe-haven status is not just a branding exercise, but it shapes up gradually over decades of consistency.&nbsp;<h2>India’s position: Strong gold holdings, different economic priorities</h2>&nbsp;India ranks among the world’s largest official gold holders in absolute terms, and Reserve Bank of India data shows that the central bank has steadily raised its gold reserves over the past decade as part of diversification efforts.&nbsp;However, when measured per capita and relative to currency in circulation, India’s gold backing remains below that of Switzerland.&nbsp;<h2>Does that fully explain rupee volatility?</h2>&nbsp;Economists suggest the Indian rupee is also influenced by structural factors such as current account trends, dependence on oil imports, foreign capital flows, and overall growth momentum.&nbsp;&nbsp;India is not designed as a capital-preservation haven. Instead, it is a rapidly expanding emerging economy where the currency plays a key developmental role in supporting exports and competitiveness.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

India is passing through a very interesting phase as a nation—being youthful, aspirational for growth, ambitious, and closely tied to global trade. Experts say the rupee’s enduring strength will rest more on the stability of the country’s macroeconomic fundamentals than its gold reserves.

Currencies are indicators of power, policy, and prudence, and over time they reflect a nation’s ascent or decline. Analysts who scrutinised exchange rate trends for two centuries pointed out that as the United Kingdom’s economic influence waned, the pound also steadily lost ground. Meanwhile, the Swiss franc appreciated as the country maintained neutrality and fiscal discipline and adopted a cautious strategy for reserves. India, however, is at a distinct point in its trajectory. Economists say the rupee’s long-term strength will depend on the consistency and strength of its economic fundamentals and not just on its gold holdings. Researcher and author Costa Vayenas, in his book ‘The Swiss Franc, from 1798 to 2055’, chronicles the evolution of the Swiss franc from its beginning and explores interesting angles like the relationship between gold reserves and currency strength. Over two centuries, currencies have served as the barometers of trust. Dr. Vayenas’s study highlights that the United Kingdom’s pound dominated global trade routes during the 19th century. That era of the pound’s unquestioned supremacy is over. In contrast, Switzerland’s franc has steadily proved to be one of the safest currencies worldwide. Analysts contend that the real issue is not just exchange rate movements, but what helps a currency hold ground in times of global uncertainty, and more often than not, the answer is gold. Why do gold-heavy currencies command trust Figures from central bank disclosures and the World Gold Council reveal a consistent trend: nations that hold larger gold reserves relative to the size of their economies command a stronger currency credibility. Switzerland is frequently mentioned in research for this very reason. It ranks among the top countries globally in gold reserves per capita. Historically, the Swiss National Bank maintained substantial gold backing relative to the currency in circulation. The gold reserves do not automatically ensure currency strength, but they do send a strong message: that the currency is supported by tangible assets rather than just economic sentiment. In contrast, currencies with relatively limited reserves or those burdened by persistent fiscal and trade deficits often come under strain during global turbulence. Gold alone does not guarantee resilience, but it reinforces credibility, which, over time, sustains value. Safe-haven currencies: Why the Swiss Franc stands out When markets witness turbulence, investor behaviour follows a familiar pattern: trim the risk and shift capital toward perceived safety. Evidence from the 2008 financial crisis, the pandemic years, and recent geopolitical strains shows consistent inflows into Swiss assets, including its currency. Currency experts say Switzerland’s franc draws strength from three strong bases: political neutrality, fiscal discipline, and substantial gold reserves. Investors trust Switzerland’s conservative policymaking and prudent balance sheet management, and hence, even alongside the United States dollar, the Swiss franc attracts demand whenever Europe is under stress. Safe-haven status is not just a branding exercise, but it shapes up gradually over decades of consistency. India’s position: Strong gold holdings, different economic priorities India ranks among the world’s largest official gold holders in absolute terms, and Reserve Bank of India data shows that the central bank has steadily raised its gold reserves over the past decade as part of diversification efforts. However, when measured per capita and relative to currency in circulation, India’s gold backing remains below that of Switzerland. Does that fully explain rupee volatility? Economists suggest the Indian rupee is also influenced by structural factors such as current account trends, dependence on oil imports, foreign capital flows, and overall growth momentum. India is not designed as a capital-preservation haven. Instead, it is a rapidly expanding emerging economy where the currency plays a key developmental role in supporting exports and competitiveness.

India is passing through a very interesting phase as a nation—being youthful, aspirational for growth, ambitious, and closely tied to global trade. Experts say the rupee’s enduring strength will rest more on the stability of the country’s macroeconomic fundamentals than its gold reserves.

Gold reserve-backed currencies: Why the Swiss Franc holds firm while the pound slides — What it means for INR

While the focus appears to be on the Pentagon having used Claude AI models of Anthropic for the attack against Iran on Saturday (Feb 28), it is not the only artificial intelligence tool in the hands of the US military. In the past few years, the US Department of Defense has been accumulating several AI models and tools to help in warfare, from simulations to intelligence assessment and more. Here is what we know.<h2>Not just Anthropic: Pentagon has contracts with several major AI companies</h2>The Pentagon awarded contracts worth up to $200 million in July 2025 through the Chief Digital and Artificial Intelligence Office (CDAO) for frontier AI prototyping and scaling adoption in warfare and war planning. The focus includes large language models (LLMs), agentic workflows, and classified and unclassified deployments for national security, warfighting, intelligence, and enterprise use.&nbsp;Besides Anthropic, the deals were reached with OpenAI, Google and xAI.<h2>How Anthropic AI became embedded in US defence</h2>Anthropic began significant engagement with US defence and intelligence agencies in late 2024 and into 2025. In November 2024, it partnered with Palantir and Amazon Web Services to supply Claude to US defence and intelligence systems, including classified environments. In June 2025, Anthropic introduced Claude Gov, a version tailored for government and national security workflows, which was in active use at US intelligence and defence agencies by late 2025.&nbsp;In July 2025, the Department of Defence awarded AI firms a contract valued at up to $200 million for AI services, including from Anthropic. Public contracting records indicated only a small portion had been paid by early 2026, suggesting gradual integration rather than a one-time purchase. These were usage contracts and partnerships allowing the DoD and intelligence networks to access Claude through secure arrangements.Also read: <a href="https://www.wionews.com/world/did-us-use-anthropic-ai-in-iran-s-strikes-despite-trump-s-ban-what-we-know-1772356637161">Did US use Anthropic AI in Iran’s strikes despite Trump’s ban? What we know</a><h2>Claude AI: The core asset of Pentagon from Anthropic</h2>Anthropic’s Claude family of large language models was at the disposal of the Pentagon until the contract dispute in late February. Before the contract was put on hold, Anthropic provided custom safeguarded versions of its tools for government and classified use via partners such as Palantir and Amazon Web Services Top Secret Cloud. Anthropic’s AI tools were uniquely integrated into classified networks until the dispute, after which the company was designated a “supply chain risk” on February 27 by the Trump administration. It was expected to take at least six months for the Pentagon to transition away from Anthropic’s AI tools.The primary AI models at the centre of reports on the Iran strikes were from Anthropic’s Claude family. Claude, designed for reasoning, summarising and assistance tasks, and Claude Gov were reportedly used by the military. Variants such as Claude Opus or custom government-deployed versions were said to be involved.<h2>Key areas in which Claude AI was used: Intelligence assessment, target identification, battle simulation&nbsp;</h2>In the strikes on Iran, the Claude AI models were used in intelligence assessment, target identification, and simulation of battle scenarios for the US military, according to multiple reports. &nbsp;US Central Command (Centcom) in the Middle East used the models to process and analyse vast amounts of data, including intercepts, satellite imagery and signals intelligence, to generate summaries, threat evaluations and situational insights.In intelligence assessment, Claude analysed data to evaluate threats, enemy positions and situational awareness.&nbsp;In target identification, the AI models helped locate, prioritise, cross-reference and confirm high-value targets such as Iranian leadership compounds, military assets or strategic sites.&nbsp;In simulation of battle scenarios, Anthropic’s tools were used to model potential outcomes, rehearse strike sequences, predict risks and collateral damage, and support operational planning.<h2>Claude was not used as a fighter, but as a helper</h2>In all these cases, Claude’s role was as a decision-support tool, providing insights, summaries and simulations to human operators. As per reports, Claude was not used to independently control weapons systems during the Iran attack. It did not make lethal decisions without humans and did not act as a mastermind of the strikes. Its involvement was limited to data processing, analysis and strategic assistance rather than direct weaponisation, said the reports.<a href="https://www.wionews.com/videos/us-iran-war-report-anthropic-ai-used-despite-trump-ban-during-military-operations-1772363692849/embed">https://www.wionews.com/videos/us-iran-war-report-anthropic-ai-used-despite-trump-ban-during-military-operations-1772363692849/embed</a><h2>The Anthropic vs Trump administration dispute: What went wrong, and why was Claude still used in Iran?</h2>Just ahead of the Iran strike, US President Donald Trump issued a directive banning federal agencies from using Anthropic’s tools following a contract dispute over ethical guardrails. Defence Secretary Pete Hegseth was involved in the designation of Anthropic as a supply chain risk and in directing agencies to cease using its technology, triggering a phase-out period.&nbsp;Despite the ban, integration of Claude into intelligence assessment, war simulation and target identification systems was reportedly so deep that the Iran strikes proceeded with Claude’s support anyway, during the transition period.The dispute centered on usage rights. The Pentagon demanded broader rights to use Claude “for all lawful purposes,” including potential battlefield targeting and weapon support. Anthropic refused to remove its ethical constraints, which are part of its Constitutional AI framework. This means Claude is programmed to reject use in fully autonomous lethal weapons and will not authorise strikes without human oversight. It also refuses use for mass domestic surveillance of US citizens.&nbsp;The Pentagon sought unrestricted military use that could have included mass surveillance or fully autonomous lethal weapons, but Anthropic declined to remove safeguards, leading to contract termination threats and the ban.<h2>Beyond Anthropic: Other AI companies with footprint in US military systems</h2>OpenAI’s ChatGPT and underlying GPT series models, including frontier LLMs such as o1 or successors, have reportedly been used by the Pentagon. These were initially deployed for unclassified tasks. Following the Anthropic dispute, OpenAI reached a new agreement for classified network deployment of its models and tools, with safety guardrails in place, even as the Pentagon had sought use for any lawful purpose.Alphabet, Google’s parent company, has provided Gemini for Government products to the Pentagon, available for unclassified use, including through the GenAI.mil platform that began rolling out in late 2025. The company has been in negotiations for expansion into classified systems.Also read: <a href="https://www.wionews.com/world/altman-reaches-agreement-with-pentagon-on-deploying-openai-models-for-classified-work-1772252140299">Altman reaches agreement with Pentagon on deploying OpenAI models for classified work</a>&nbsp;Elon Musk’s xAI, the parent of Grok, has provided a Grok for Government suite for military use, initially for unclassified tasks. The company signed an agreement in February for use in classified systems as well, positioning it as a potential rapid replacement amid the Anthropic fallout.GenAI.mil, Grok, Gemini and ChatGPT were mainly used for unclassified purposes, while classified use was initially more closely associated with Anthropic’s deployments. Once the dispute emerged, classified use expanded to include xAI and OpenAI systems.&nbsp;Basically, OpenAI and xAI stepped in rapidly to meet the classified AI needs of the US military after Anthropic walked away from expanded terms.One thing is now very clear: AI has become deeply integrated in US military planning and execution by early 2026, particularly in intelligence assessment, target identification and operational simulations. That has become evident in the Iran strikes. It will be used again. We are already in the AI era of war.Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Anthropic Claude and other LLMs were used by US military in Iran strikes for intelligence, targeting and simulations. But Pentagon has already expanded AI use before Iran strikes. And most big AI companies are involved.


While the focus appears to be on the Pentagon having used Claude AI models of Anthropic for the attack against Iran on Saturday (Feb 28), it is not the only artificial intelligence tool in the hands of the US military. In the past few years, the US Department of Defense has been accumulating several AI models and tools to help in warfare, from simulations to intelligence assessment and more. Here is what we know. Not just Anthropic: Pentagon has contracts with several major AI companies The Pentagon awarded contracts worth up to $200 million in July 2025 through the Chief Digital and Artificial Intelligence Office (CDAO) for frontier AI prototyping and scaling adoption in warfare and war planning. The focus includes large language models (LLMs), agentic workflows, and classified and unclassified deployments for national security, warfighting, intelligence, and enterprise use. Besides Anthropic, the deals were reached with OpenAI, Google and xAI. How Anthropic AI became embedded in US defence Anthropic began significant engagement with US defence and intelligence agencies in late 2024 and into 2025. In November 2024, it partnered with Palantir and Amazon Web Services to supply Claude to US defence and intelligence systems, including classified environments. In June 2025, Anthropic introduced Claude Gov, a version tailored for government and national security workflows, which was in active use at US intelligence and defence agencies by late 2025. In July 2025, the Department of Defence awarded AI firms a contract valued at up to $200 million for AI services, including from Anthropic. Public contracting records indicated only a small portion had been paid by early 2026, suggesting gradual integration rather than a one-time purchase. These were usage contracts and partnerships allowing the DoD and intelligence networks to access Claude through secure arrangements. Also read: Did US use Anthropic AI in Iran’s strikes despite Trump’s ban? What we know Claude AI: The core asset of Pentagon from Anthropic Anthropic’s Claude family of large language models was at the disposal of the Pentagon until the contract dispute in late February. Before the contract was put on hold, Anthropic provided custom safeguarded versions of its tools for government and classified use via partners such as Palantir and Amazon Web Services Top Secret Cloud. Anthropic’s AI tools were uniquely integrated into classified networks until the dispute, after which the company was designated a “supply chain risk” on February 27 by the Trump administration. It was expected to take at least six months for the Pentagon to transition away from Anthropic’s AI tools. The primary AI models at the centre of reports on the Iran strikes were from Anthropic’s Claude family. Claude, designed for reasoning, summarising and assistance tasks, and Claude Gov were reportedly used by the military. Variants such as Claude Opus or custom government-deployed versions were said to be involved. Key areas in which Claude AI was used: Intelligence assessment, target identification, battle simulation In the strikes on Iran, the Claude AI models were used in intelligence assessment, target identification, and simulation of battle scenarios for the US military, according to multiple reports. US Central Command (Centcom) in the Middle East used the models to process and analyse vast amounts of data, including intercepts, satellite imagery and signals intelligence, to generate summaries, threat evaluations and situational insights. In intelligence assessment, Claude analysed data to evaluate threats, enemy positions and situational awareness. In target identification, the AI models helped locate, prioritise, cross-reference and confirm high-value targets such as Iranian leadership compounds, military assets or strategic sites. In simulation of battle scenarios, Anthropic’s tools were used to model potential outcomes, rehearse strike sequences, predict risks and collateral damage, and support operational planning. Claude was not used as a fighter, but as a helper In all these cases, Claude’s role was as a decision-support tool, providing insights, summaries and simulations to human operators. As per reports, Claude was not used to independently control weapons systems during the Iran attack. It did not make lethal decisions without humans and did not act as a mastermind of the strikes. Its involvement was limited to data processing, analysis and strategic assistance rather than direct weaponisation, said the reports. https://www.wionews.com/videos/us-iran-war-report-anthropic-ai-used-despite-trump-ban-during-military-operations-1772363692849/embed The Anthropic vs Trump administration dispute: What went wrong, and why was Claude still used in Iran? Just ahead of the Iran strike, US President Donald Trump issued a directive banning federal agencies from using Anthropic’s tools following a contract dispute over ethical guardrails. Defence Secretary Pete Hegseth was involved in the designation of Anthropic as a supply chain risk and in directing agencies to cease using its technology, triggering a phase-out period. Despite the ban, integration of Claude into intelligence assessment, war simulation and target identification systems was reportedly so deep that the Iran strikes proceeded with Claude’s support anyway, during the transition period. The dispute centered on usage rights. The Pentagon demanded broader rights to use Claude “for all lawful purposes,” including potential battlefield targeting and weapon support. Anthropic refused to remove its ethical constraints, which are part of its Constitutional AI framework. This means Claude is programmed to reject use in fully autonomous lethal weapons and will not authorise strikes without human oversight. It also refuses use for mass domestic surveillance of US citizens. The Pentagon sought unrestricted military use that could have included mass surveillance or fully autonomous lethal weapons, but Anthropic declined to remove safeguards, leading to contract termination threats and the ban. Beyond Anthropic: Other AI companies with footprint in US military systems OpenAI’s ChatGPT and underlying GPT series models, including frontier LLMs such as o1 or successors, have reportedly been used by the Pentagon. These were initially deployed for unclassified tasks. Following the Anthropic dispute, OpenAI reached a new agreement for classified network deployment of its models and tools, with safety guardrails in place, even as the Pentagon had sought use for any lawful purpose. Alphabet, Google’s parent company, has provided Gemini for Government products to the Pentagon, available for unclassified use, including through the GenAI.mil platform that began rolling out in late 2025. The company has been in negotiations for expansion into classified systems. Also read: Altman reaches agreement with Pentagon on deploying OpenAI models for classified work Elon Musk’s xAI, the parent of Grok, has provided a Grok for Government suite for military use, initially for unclassified tasks. The company signed an agreement in February for use in classified systems as well, positioning it as a potential rapid replacement amid the Anthropic fallout. GenAI.mil, Grok, Gemini and ChatGPT were mainly used for unclassified purposes, while classified use was initially more closely associated with Anthropic’s deployments. Once the dispute emerged, classified use expanded to include xAI and OpenAI systems. Basically, OpenAI and xAI stepped in rapidly to meet the classified AI needs of the US military after Anthropic walked away from expanded terms. One thing is now very clear: AI has become deeply integrated in US military planning and execution by early 2026, particularly in intelligence assessment, target identification and operational simulations. That has become evident in the Iran strikes. It will be used again. We are already in the AI era of war. Disclaimer: WION takes utmost care to accurately and responsibly report ongoing conflicts in West Asia involving Israel, Iran, US, Gulf nations and non-state actors like Hezbollah, Hamas, Houthis, Islamic State, and others. Claims and counterclaims, disinformation and misinformation are being made online and offline. Given this context, WION cannot independently verify the authenticity of all statements, social media posts, photos and videos.

Anthropic Claude and other LLMs were used by US military in Iran strikes for intelligence, targeting and simulations. But Pentagon has already expanded AI use before Iran strikes. And most big AI companies are involved.

AI in warfare is here: Pentagon used Anthropic's Claude AI in Iran strikes but it has many LLMs and tools from other firms. What we know

Cryptocurrency markets tumbled after the United States and Israel launched military strikes on targets in Iran on Saturday (February 28), triggering a broad retreat from risk-sensitive assets. Bitcoin briefly fell 3.8% to $63,038 before recovering slightly to trade near $64,000 by 6 am in New York. Ether, the second-largest cryptocurrency by market value, dropped as much as 4.5% to $1,836. Data from CoinGecko shows that roughly $128 billion was wiped from the total digital asset market in the immediate aftermath.&nbsp;Explosions were reported in Tehran soon after the strikes began. Following the attacks, US President Donald Trump called on Iranians to replace their government once military operations conclude. Susannah Streeter, chief investment strategist at Wealth Club, noted that although tensions had been rising amid increased US troop presence in the Gulf, many investors were anticipating renewed diplomatic talks. Instead, the swift military move caught markets off guard. She added that uncertainty surrounding the conflict is likely to push investors toward traditional safe-haven assets such as gold.&nbsp;Also Read: <a href="https://www.wionews.com/world/live-blog-israel-strikes-iran-live-updates-explosions-rock-tehran-tel-aviv-declares-emergency-donald-trump-us-1772260923371">US, Israel strike Iran LIVE updates: Israeli officials believe IRGC chief Mohammad Pakpour killed in strikes</a>&nbsp;Bitcoin’s latest drop adds to a prolonged downturn in the crypto sector. The slide began in October, when approximately $19 billion in leveraged positions were liquidated. Since reaching a record high above $126,000 that month, Bitcoin has lost about half its value and has failed to mirror gains seen in gold and other defensive assets.&nbsp;Justin d’Anethan, head of research at Arctic Digital, said Bitcoin often acts as a round-the-clock outlet for market stress when major developments occur over the weekend. However, he observed that the selloff was less severe than some had feared. With much of the speculative leverage already flushed out of the system, he suggested that macro shocks may now have a more limited impact—though further downside cannot be ruled out.&nbsp;<a href="https://www.wionews.com/videos/us-israel-strikes-iran-indian-stuck-in-tel-aviv-speak-out-airlines-halt-flights-wion-1772283578433/embed">https://www.wionews.com/videos/us-israel-strikes-iran-indian-stuck-in-tel-aviv-speak-out-airlines-halt-flights-wion-1772283578433/embed</a>&nbsp;Selling activity also intensified in the derivatives market. Within one hour on Saturday morning, Bitcoin sell orders surged by roughly $1.8 billion, according to analysis from CryptoQuant. Analyst Sylvain Olive described the spike as a sign of clear seller control and heightened short-term caution, noting that current flows appear driven more by emotion and risk management than by long-term fundamentals.

US, Israel attack Iran: $128 billion wiped from crypto after strikes on Iran

Cryptocurrency markets tumbled after the United States and Israel launched military strikes on targets in Iran on Saturday (February 28), triggering a broad retreat from risk-sensitive assets. Bitcoin briefly fell 3.8% to $63,038 before recovering slightly to trade near $64,000 by 6 am in New York. Ether, the second-largest cryptocurrency by market value, dropped as much as 4.5% to $1,836. Data from CoinGecko shows that roughly $128 billion was wiped from the total digital asset market in the immediate aftermath. Explosions were reported in Tehran soon after the strikes began. Following the attacks, US President Donald Trump called on Iranians to replace their government once military operations conclude. Susannah Streeter, chief investment strategist at Wealth Club, noted that although tensions had been rising amid increased US troop presence in the Gulf, many investors were anticipating renewed diplomatic talks. Instead, the swift military move caught markets off guard. She added that uncertainty surrounding the conflict is likely to push investors toward traditional safe-haven assets such as gold. Also Read: US, Israel strike Iran LIVE updates: Israeli officials believe IRGC chief Mohammad Pakpour killed in strikes Bitcoin’s latest drop adds to a prolonged downturn in the crypto sector. The slide began in October, when approximately $19 billion in leveraged positions were liquidated. Since reaching a record high above $126,000 that month, Bitcoin has lost about half its value and has failed to mirror gains seen in gold and other defensive assets. Justin d’Anethan, head of research at Arctic Digital, said Bitcoin often acts as a round-the-clock outlet for market stress when major developments occur over the weekend. However, he observed that the selloff was less severe than some had feared. With much of the speculative leverage already flushed out of the system, he suggested that macro shocks may now have a more limited impact—though further downside cannot be ruled out. https://www.wionews.com/videos/us-israel-strikes-iran-indian-stuck-in-tel-aviv-speak-out-airlines-halt-flights-wion-1772283578433/embed Selling activity also intensified in the derivatives market. Within one hour on Saturday morning, Bitcoin sell orders surged by roughly $1.8 billion, according to analysis from CryptoQuant. Analyst Sylvain Olive described the spike as a sign of clear seller control and heightened short-term caution, noting that current flows appear driven more by emotion and risk management than by long-term fundamentals.

Bitcoin slides after US-Israel strikes on Iran on Saturday (February 28), wiping $128 billion from crypto markets as investors flee risk and derivatives selling surges

A major Canadian aerospace firm, Bombardier, has expressed strong optimism about India's aviation market, highlighting its potential for growth in both civil business jets and defence sectors.This comes as Canada's Prime Minister Mark Carney arrived in Mumbai on Friday for his first official visit to India, aiming to reset strained bilateral ties and boost trade amid global economic shifts.Mark Masluch, senior director of communications at Bombardier, the Montreal-headquartered company renowned for its Challenger and Global series business jets, described India as a key market "poised for growth" due to ongoing infrastructure developments.Also read | <a href="https://www.wionews.com/india-news/canadian-pm-mark-carney-lands-in-mumbai-begins-his-four-day-india-visit-1772190849004">Canadian PM Mark Carney lands in Mumbai, begins his four-day India visit</a>"Definitely in both of our product lines, whether it's on the civil business jet side or Bombardier defense, India’s a marketplace we have to grow," Masluch said while speaking to WION."We see airport infrastructure development that continues. We already have an existing base of customers in the country that we support on a one-on-one basis. We're looking at developing broader infrastructure around [it] as well."Bombardier, which currently supports around 60 jets in India, sees significant opportunities tied to the country's expanding aviation ecosystem. On the defence front, Masluch noted the company's flexibility: "We're very well positioned as a company that can take our existing Challenger [and] Global platforms and modify them based on the direct needs of the government."He emphasised the importance of maintenance, repair, and overhaul (MRO) services, stating: "In any market where we have customers operating our aircraft, we are continuously evaluating the level of MRO direct presence we need or have the right partnerships to make sure our customers receive the service that they expect and are accustomed to. We are the number one service provider in the world as voted by customers."Also read | <a href="https://www.wionews.com/world/pakistan-declares-open-war-against-afghanistan-taliban-says-patience-reached-its-limit-1772154130929">'Dama Dam Mast Qalandar': Pakistan declares 'open war' against Afghanistan, says 'patience has reached its limit'</a>Masluch linked broader growth to foundational improvements: "It all starts with infrastructure. So airport infrastructure is the lifeblood of business aviation. Business aviation... comes with jobs, and MRO with jobs and ground support and jobs [like] crew training." He added that Bombardier is "very keen to help support that" through direct involvement or partnerships, while closely monitoring "the next phases of airport development" to time its expansions.The remarks align with Carney's Mumbai agenda, focused on deepening commercial ties with business leaders in India's financial hub. The prime minister's visit , part of efforts to diversify trade beyond the US amid tensions with Washington, includes meetings that could open doors for sectors like aviation, energy, and technology ahead of talks with Prime Minister Narendra Modi in New Delhi.

"Definitely in both of our product lines, whether it's on the civil business jet side or Bombardier defense, India’s a marketplace we have to grow," Masluch said while speaking to WION.

A major Canadian aerospace firm, Bombardier, has expressed strong optimism about India's aviation market, highlighting its potential for growth in both civil business jets and defence sectors. This comes as Canada's Prime Minister Mark Carney arrived in Mumbai on Friday for his first official visit to India, aiming to reset strained bilateral ties and boost trade amid global economic shifts. Mark Masluch, senior director of communications at Bombardier, the Montreal-headquartered company renowned for its Challenger and Global series business jets, described India as a key market "poised for growth" due to ongoing infrastructure developments. Also read | Canadian PM Mark Carney lands in Mumbai, begins his four-day India visit "Definitely in both of our product lines, whether it's on the civil business jet side or Bombardier defense, India’s a marketplace we have to grow," Masluch said while speaking to WION. "We see airport infrastructure development that continues. We already have an existing base of customers in the country that we support on a one-on-one basis. We're looking at developing broader infrastructure around [it] as well." Bombardier, which currently supports around 60 jets in India, sees significant opportunities tied to the country's expanding aviation ecosystem. On the defence front, Masluch noted the company's flexibility: "We're very well positioned as a company that can take our existing Challenger [and] Global platforms and modify them based on the direct needs of the government." He emphasised the importance of maintenance, repair, and overhaul (MRO) services, stating: "In any market where we have customers operating our aircraft, we are continuously evaluating the level of MRO direct presence we need or have the right partnerships to make sure our customers receive the service that they expect and are accustomed to. We are the number one service provider in the world as voted by customers." Also read | 'Dama Dam Mast Qalandar': Pakistan declares 'open war' against Afghanistan, says 'patience has reached its limit' Masluch linked broader growth to foundational improvements: "It all starts with infrastructure. So airport infrastructure is the lifeblood of business aviation. Business aviation... comes with jobs, and MRO with jobs and ground support and jobs [like] crew training." He added that Bombardier is "very keen to help support that" through direct involvement or partnerships, while closely monitoring "the next phases of airport development" to time its expansions. The remarks align with Carney's Mumbai agenda, focused on deepening commercial ties with business leaders in India's financial hub. The prime minister's visit , part of efforts to diversify trade beyond the US amid tensions with Washington, includes meetings that could open doors for sectors like aviation, energy, and technology ahead of talks with Prime Minister Narendra Modi in New Delhi.

"Definitely in both of our product lines, whether it's on the civil business jet side or Bombardier defense, India’s a marketplace we have to grow," Masluch said while speaking to WION.

Canadian aerospace giant Bombardier eyes major growth in India ahead of Carney's Mumbai meetings

Block, the company behind Square, Cash App and Afterpay, led by CEO Jack Dorsey, has slashed nearly 40 per cent of its workforce, accounting for nearly half in a single round of layoffs. The company is laying off more than 4,000 people, dropping the workforce from over 10,000 employees to just under 6,000.&nbsp;The letter shared by co-founder Jack Dorsey to shareholders highlights the reason for layoffs: “intelligence tools.” Based on the move, Dorsey thinks most companies will follow a similar pattern in the near future.&nbsp;The cutoffs come at a time when artificial intelligence is transforming roles across the technology industry, fuelling broader concerns about the future of employment. Over the past year, major companies such as Amazon, Meta, Microsoft, and Verizon have also announced significant workforce cuts linked in part to AI-driven shifts.&nbsp;“A significantly smaller team, using the tools we’re building, can do more and do it better. And intelligence tool capabilities are compounding faster every week,” Dorsey wrote in a post on his social media platform.&nbsp;Meanwhile, Block’s Chief Financial Officer, Amrita Ahuja, addressed the strategy directly in the company’s financial outlook, saying there is an opportunity to operate more efficiently with smaller, highly skilled teams by automating more tasks through AI.

<blockquote class="twitter-tweet">we&#39;re making <a href="https://twitter.com/blocks?ref_src=twsrc%5Etfw">@blocks</a> smaller today. here&#39;s my note to the company. #### today we&#39;re making one of the hardest decisions in the history of our company: we&#39;re reducing our organization by nearly half, from over 10,000 people to just under 6,000. that means over 4,000 of you are…&mdash; jack (@jack) <a href="https://twitter.com/jack/status/2027129697092731343?ref_src=twsrc%5Etfw">February 26, 2026</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<h3>Jack Dorsey thinks he’s ahead of the game</h3>In the post, Jack Dorsey also insisted the layoffs were not due to financial trouble, emphasising that the company remains strong and continues to see growth in gross profit. He also believes that he’s ahead of the game.&nbsp;“I think most companies are late. Within the next year, I believe the majority of companies will reach the same conclusion and make similar structural changes. I’d rather get there honestly and on our own terms than be forced into it reactively,” he wrote.&nbsp;Dorsey stated on X that he chose to remain genuine about the position of the company and act now, rather than “cut gradually over months or years.” Dorsey added that all the affected employees will have severance for 20 weeks or more based on their tenure, equity vested until the end of May and six months of health care, along with any corporate devices, as well as an extra $5,000. &nbsp;Also read: <a href="https://www.wionews.com/world/what-is-digital-sovereignty-which-the-us-wants-to-fight-in-foreign-nations-1772104145127">What is digital sovereignty, which the US wants to fight in foreign nations?</a>

The letter shared by co-founder Jack Dorsey to shareholders highlights the reason for layoffs: “intelligence tools.” Based on the move, Dorsey thinks most companies will follow a similar pattern in the near future.

Block, the company behind Square, Cash App and Afterpay, led by CEO Jack Dorsey, has slashed nearly 40 per cent of its workforce, accounting for nearly half in a single round of layoffs. The company is laying off more than 4,000 people, dropping the workforce from over 10,000 employees to just under 6,000. The letter shared by co-founder Jack Dorsey to shareholders highlights the reason for layoffs: “intelligence tools.” Based on the move, Dorsey thinks most companies will follow a similar pattern in the near future. The cutoffs come at a time when artificial intelligence is transforming roles across the technology industry, fuelling broader concerns about the future of employment. Over the past year, major companies such as Amazon, Meta, Microsoft, and Verizon have also announced significant workforce cuts linked in part to AI-driven shifts. “A significantly smaller team, using the tools we’re building, can do more and do it better. And intelligence tool capabilities are compounding faster every week,” Dorsey wrote in a post on his social media platform. Meanwhile, Block’s Chief Financial Officer, Amrita Ahuja, addressed the strategy directly in the company’s financial outlook, saying there is an opportunity to operate more efficiently with smaller, highly skilled teams by automating more tasks through AI.

The letter shared by co-founder Jack Dorsey to shareholders highlights the reason for layoffs: “intelligence tools.” Based on the move, Dorsey thinks most companies will follow a similar pattern in the near future.

AI over humans? Block lays off 40% of staff, CEO Jack Dorsey says still hiring AI engineers

In a curious move, the Trump administration this week asked American diplomats across the world to oppose digital sovereignty initiatives of foreign countries. In a borderless world of technology, nations trying to protect sovereignty through various rules and regulations are being seen as potentially problematic for business, while also raising questions about the rule of law in the emerging world order of seamless internet and computing. So what is digital sovereignty? How are countries trying to protect it? And how is the US opposing it? Here is what you should know:<h2>What is digital sovereignty?</h2>Digital sovereignty is the ability of a nation, organisation, or individual to exercise control over their own digital destiny. It includes independent decision-making and governance on digital infrastructure, software, standards, data flows, storage, processing, and related technologies. It also aims to minimise undue dependence on or interference from foreign entities, governments, or companies. Digital sovereignty is about achieving autonomy in the digital realm to align with local laws, values, security needs, and economic priorities in a globally interconnected but geopolitically contested digital landscape.In practice, it involves protecting a nation’s digital infrastructure, software, standards, data flows, storage, processing, and related technologies. Preventing dependence on foreign entities while aligning with local laws, security, values, and economic priorities is another aspect. Digital sovereignty balances global connectivity with strategic autonomy.<a href="https://www.wionews.com/videos/india-ai-impact-summit-sarvam-ai-on-india-s-ai-sovereignty-push-1771577981834/embed">https://www.wionews.com/videos/india-ai-impact-summit-sarvam-ai-on-india-s-ai-sovereignty-push-1771577981834/embed</a><h2>Key aspects of digital sovereignty</h2>Data sovereignty is control over data ownership, collection, storage, processing, flows, and transfers, and may include data localisation or cross-border restrictions.Technological and infrastructure sovereignty ensures autonomy over hardware, networks, cloud infrastructure, and critical systems, reducing reliance on foreign providers.Software and standards sovereignty is influence over software ecosystems, open standards, algorithms, and protocols to protect national interests.Operational sovereignty is the ability to make independent operational and regulatory decisions, avoid extraterritorial legal pressures, and foster domestic innovation.Also read: <a href="https://www.wionews.com/world/us-freedom-gov-portal-eu-content-vpn-digital-governance-1771479157581">US to launch an online portal featuring banned content from around the world</a><h2>Why is the US opposed to digital sovereignty of foreign nations?</h2>The US instructed diplomats to oppose foreign policies imposing data localisation or restricting US tech firms. In its view, such policies disrupt global data flows, increase costs, limit artificial intelligence (AI) and cloud computing deployment, expand government control, and could enable censorship. The underlying objective is for the US to maintain the global dominance of American tech firms, ensure economic advantage in AI and cloud computing, and counter foreign protectionism.Also read: <a href="https://www.wionews.com/world/russia-restricts-calls-on-whatsapp-telegram-to-promote-digital-sovereignty-here-s-real-reason-behind-the-move-1755155215471">Russia restricts calls on WhatsApp, Telegram 'to promote digital sovereignty': Here's REAL reason behind the move</a><h2>From China to the European Union, how nations are asserting digital sovereignty</h2>China’s digital sovereignty ecosystem includes the Great Firewall, the Digital Silk Road, and support for domestic firms. China has some of the most assertive state-controlled digital sovereignty policies. Key laws include the Cybersecurity Law, covering AI governance, network obligations, and extraterritorial reach. The Data Security Law and the Personal Information Protection Law (PIPL) govern data classification, data localisation, and cross-border control. The 15th Five-Year Plan also addresses AI and technological self-reliance.&nbsp;India has taken a pragmatic, growth-oriented digital sovereignty strategy. The Digital Personal Data Protection (DPDP) Act covers data protection, selective localisation, and cross-border discretion. The Economic Survey of 2025–26 favours open data flows. India is also creating local AI models, such as Sarvam AI (2026), and has sectoral policies for financial data and domestic infrastructure.The European Union follows a rights-based, regulation-heavy approach to digital sovereignty. The General Data Protection Regulation (GDPR) governs personal data control. The Digital Services Act (DSA) and Digital Markets Act (DMA) regulate platforms, competition, and antitrust. The Data Act covers industrial data access. The Artificial Intelligence Act (AI Act) implements risk-based AI regulation. The EU also has a Cloud Sovereignty Framework guiding cloud controls within the bloc, with ongoing work on the establishment of a European Data Union.Also read: <a href="https://www.wionews.com/world/eu-india-must-build-own-ai-capacity-with-home-grown-data-says-top-eu-official-virkkunen-at-new-delhi-summit-1771403148699">EU &amp; India must build own AI capacity with home-grown data, says top EU official Virkkunen at New Delhi summit</a><h2>How foreign nations’ digital sovereignty affects the US</h2>US companies are affected by the data laws of countries where they have large customer bases. The EU’s GDPR, DSA, and Data Act impose strict data protection, cross-border limits, fines, and increasing compliance costs for US firms. India’s data localisation and Personal Data Protection rules require local infrastructure, raising operational costs for cloud and platform services. China’s Cybersecurity Law, Data Security Law, and PIPL enforce localisation and cross-border restrictions, limiting US market access and favouring domestic firms.These policies fragment the internet. Compliance with different countries’ digital sovereignty laws increases global operational costs and challenges the US model of open, innovation-driven digital markets.

Digital sovereignty is now becoming the next big geopolitical contest. This is pitting the US against other nations on issues like control over data, technology, and digital infrastructure. It is high time you know about it

In a curious move, the Trump administration this week asked American diplomats across the world to oppose digital sovereignty initiatives of foreign countries. In a borderless world of technology, nations trying to protect sovereignty through various rules and regulations are being seen as potentially problematic for business, while also raising questions about the rule of law in the emerging world order of seamless internet and computing. So what is digital sovereignty? How are countries trying to protect it? And how is the US opposing it? Here is what you should know: What is digital sovereignty? Digital sovereignty is the ability of a nation, organisation, or individual to exercise control over their own digital destiny. It includes independent decision-making and governance on digital infrastructure, software, standards, data flows, storage, processing, and related technologies. It also aims to minimise undue dependence on or interference from foreign entities, governments, or companies. Digital sovereignty is about achieving autonomy in the digital realm to align with local laws, values, security needs, and economic priorities in a globally interconnected but geopolitically contested digital landscape. In practice, it involves protecting a nation’s digital infrastructure, software, standards, data flows, storage, processing, and related technologies. Preventing dependence on foreign entities while aligning with local laws, security, values, and economic priorities is another aspect. Digital sovereignty balances global connectivity with strategic autonomy. https://www.wionews.com/videos/india-ai-impact-summit-sarvam-ai-on-india-s-ai-sovereignty-push-1771577981834/embed Key aspects of digital sovereignty Data sovereignty is control over data ownership, collection, storage, processing, flows, and transfers, and may include data localisation or cross-border restrictions. Technological and infrastructure sovereignty ensures autonomy over hardware, networks, cloud infrastructure, and critical systems, reducing reliance on foreign providers. Software and standards sovereignty is influence over software ecosystems, open standards, algorithms, and protocols to protect national interests. Operational sovereignty is the ability to make independent operational and regulatory decisions, avoid extraterritorial legal pressures, and foster domestic innovation. Also read: US to launch an online portal featuring banned content from around the world Why is the US opposed to digital sovereignty of foreign nations? The US instructed diplomats to oppose foreign policies imposing data localisation or restricting US tech firms. In its view, such policies disrupt global data flows, increase costs, limit artificial intelligence (AI) and cloud computing deployment, expand government control, and could enable censorship. The underlying objective is for the US to maintain the global dominance of American tech firms, ensure economic advantage in AI and cloud computing, and counter foreign protectionism. Also read: Russia restricts calls on WhatsApp, Telegram 'to promote digital sovereignty': Here's REAL reason behind the move From China to the European Union, how nations are asserting digital sovereignty China’s digital sovereignty ecosystem includes the Great Firewall, the Digital Silk Road, and support for domestic firms. China has some of the most assertive state-controlled digital sovereignty policies. Key laws include the Cybersecurity Law, covering AI governance, network obligations, and extraterritorial reach. The Data Security Law and the Personal Information Protection Law (PIPL) govern data classification, data localisation, and cross-border control. The 15th Five-Year Plan also addresses AI and technological self-reliance. India has taken a pragmatic, growth-oriented digital sovereignty strategy. The Digital Personal Data Protection (DPDP) Act covers data protection, selective localisation, and cross-border discretion. The Economic Survey of 2025–26 favours open data flows. India is also creating local AI models, such as Sarvam AI (2026), and has sectoral policies for financial data and domestic infrastructure. The European Union follows a rights-based, regulation-heavy approach to digital sovereignty. The General Data Protection Regulation (GDPR) governs personal data control. The Digital Services Act (DSA) and Digital Markets Act (DMA) regulate platforms, competition, and antitrust. The Data Act covers industrial data access. The Artificial Intelligence Act (AI Act) implements risk-based AI regulation. The EU also has a Cloud Sovereignty Framework guiding cloud controls within the bloc, with ongoing work on the establishment of a European Data Union. Also read: EU & India must build own AI capacity with home-grown data, says top EU official Virkkunen at New Delhi summit How foreign nations’ digital sovereignty affects the US US companies are affected by the data laws of countries where they have large customer bases. The EU’s GDPR, DSA, and Data Act impose strict data protection, cross-border limits, fines, and increasing compliance costs for US firms. India’s data localisation and Personal Data Protection rules require local infrastructure, raising operational costs for cloud and platform services. China’s Cybersecurity Law, Data Security Law, and PIPL enforce localisation and cross-border restrictions, limiting US market access and favouring domestic firms. These policies fragment the internet. Compliance with different countries’ digital sovereignty laws increases global operational costs and challenges the US model of open, innovation-driven digital markets.

Digital sovereignty is becoming the next big geopolitical contest. This is pitting the US against other nations on issues like control over data, technology, and digital infrastructure. It is high time you know about it

What is digital sovereignty, which the US wants to fight in foreign nations?

China’s near-absolute dominance of some of the rarest rare-earth elements is choking US defence and semiconductor industries that depend on these critical minerals. According to a recent Reuters report, suppliers to US aerospace and chip-making firms are facing worsening shortages of certain rare earth elements, particularly niche ones like yttrium and scandium known. At least two suppliers have turned away some clients due to these constraints, the report said, citing sources.<h2>Why are rare earths like yttrium and scandium important?</h2>Yttrium and scandium are generally classified as heavy rare earths, a category that also includes elements such as dysprosium and terbium. Yttrium and scandium are critical for high-performance applications in aerospace and chips. They play vital roles in defence technology and aerospace components, and are used in coatings and other specialised parts.In the semiconductor industry, these rare earths are used in next-generation 5G chips and other advanced components.<h2>China’s export controls on rare earths</h2>Amid trade tensions over critical minerals, China imposed export controls in April 2025 on several medium and heavy rare earths. This action sharply reduced overseas shipments, The shortages of rare earths mentioned above persisted despite a partial trade truce later in 2025.The Reuters report, citing Chinese customs data, said that US imports of yttrium products plunged to just 17 tonnes in the eight months after curbs were imposed, from 333 tonnes in the eight months before controls.Also read: <a href="https://www.wionews.com/world/pm-modi-and-president-lula-sign-rare-earths-deal-set-aim-for-over-20-billion-bilateral-trade-1771674319506">Modi and Lula sign rare earths deal, set target of over $20 billion bilateral trade in 5 years</a><h2>From jet engines to chips: What is affected by Chinese dominance of rare earths?</h2>China’s control over the rare earth supply chain is creating a strategic vulnerability for US aerospace, affecting avionics, engines and defence systems. However, there are no reports of jet engine or chip manufacturing being halted outright because of the rare-earth curbs by China.A US official cited in the Reuters report said that some manufacturers face outright “shortages” of certain rare earths from China.Semiconductor experts warned that low scandium supplies specifically risk next-generation chip production.<h2>China’s leverage in the rare earths sector is growing</h2>China’s responses to US tariffs and tech restrictions have included expanding export controls on rare earths. These curbs particularly targeted defence and chip uses of rare earth materials. China added elements such as holmium, erbium, thulium, europium and ytterbium to the restricted list.Also read: <a href="https://www.wionews.com/world/not-about-china-why-india-joining-pax-silica-alliance-on-rare-earths-supply-chain-chip-making-and-ai-is-a-big-deal-1771580224467">https://www.wionews.com/world/not-about-china-why-india-joining-pax-silica-alliance-on-rare-earths-supply-chain-chip-making-and-ai-is-a-big-deal-1771580224467</a><h2>China’s overwhelming dominance in rare earths supply chain&nbsp;</h2>China accounts for a large share of global rare earth mining output. Estimates vary, but it is widely reported to be above 60 to 70 per cent of total production, depending on the minerals.When it comes to processing and refining rare earths, China controls an even larger share of global capacity. Estimates suggest China dominates around 90 per cent of global separation, refining and processing capacity, making it difficult to bypass China for the high-purity materials needed downstream. For heavy rare earths such as yttrium and scandium, Chinese dominance in processing is often reported at extremely high levels.China also produces a very large percentage of the global supply of permanent magnets, which are the key end products that use rare earths. These magnets are essential for electric vehicles, wind turbines, aerospace, defence and electronics.<a href="https://www.wionews.com/videos/trump-xi-deal-china-to-suspend-rare-earth-curbs-probes-on-us-chip-firms-1762069999007/embed">https://www.wionews.com/videos/trump-xi-deal-china-to-suspend-rare-earth-curbs-probes-on-us-chip-firms-1762069999007/embed</a><h2>US efforts to diversify are not yet succeeding</h2>China’s export restrictions have disrupted US industries that depend on rare earths. The US has been trying to diversify supply chains with investments in domestic projects and partnerships, including efforts involving MP Materials and Department of Defence initiatives. However, such efforts take time, and processing facilities can take years to become operational. Dependency on China for heavy rare earths may well persist into the 2030s.

China’s export curbs on rare earths like yttrium and scandium are causing supply shortages in US aerospace and chipmaker industries. Reliance on Chinese mining and processing of rare earths is emerging as a liability for these industries. And a solution is far away

China’s near-absolute dominance of some of the rarest rare-earth elements is choking US defence and semiconductor industries that depend on these critical minerals. According to a recent Reuters report, suppliers to US aerospace and chip-making firms are facing worsening shortages of certain rare earth elements, particularly niche ones like yttrium and scandium known. At least two suppliers have turned away some clients due to these constraints, the report said, citing sources. Why are rare earths like yttrium and scandium important? Yttrium and scandium are generally classified as heavy rare earths, a category that also includes elements such as dysprosium and terbium. Yttrium and scandium are critical for high-performance applications in aerospace and chips. They play vital roles in defence technology and aerospace components, and are used in coatings and other specialised parts. In the semiconductor industry, these rare earths are used in next-generation 5G chips and other advanced components. China’s export controls on rare earths Amid trade tensions over critical minerals, China imposed export controls in April 2025 on several medium and heavy rare earths. This action sharply reduced overseas shipments, The shortages of rare earths mentioned above persisted despite a partial trade truce later in 2025. The Reuters report, citing Chinese customs data, said that US imports of yttrium products plunged to just 17 tonnes in the eight months after curbs were imposed, from 333 tonnes in the eight months before controls. Also read: Modi and Lula sign rare earths deal, set target of over $20 billion bilateral trade in 5 years From jet engines to chips: What is affected by Chinese dominance of rare earths? China’s control over the rare earth supply chain is creating a strategic vulnerability for US aerospace, affecting avionics, engines and defence systems. However, there are no reports of jet engine or chip manufacturing being halted outright because of the rare-earth curbs by China. A US official cited in the Reuters report said that some manufacturers face outright “shortages” of certain rare earths from China. Semiconductor experts warned that low scandium supplies specifically risk next-generation chip production. China’s leverage in the rare earths sector is growing China’s responses to US tariffs and tech restrictions have included expanding export controls on rare earths. These curbs particularly targeted defence and chip uses of rare earth materials. China added elements such as holmium, erbium, thulium, europium and ytterbium to the restricted list. Also read: https://www.wionews.com/world/not-about-china-why-india-joining-pax-silica-alliance-on-rare-earths-supply-chain-chip-making-and-ai-is-a-big-deal-1771580224467 China’s overwhelming dominance in rare earths supply chain China accounts for a large share of global rare earth mining output. Estimates vary, but it is widely reported to be above 60 to 70 per cent of total production, depending on the minerals. When it comes to processing and refining rare earths, China controls an even larger share of global capacity. Estimates suggest China dominates around 90 per cent of global separation, refining and processing capacity, making it difficult to bypass China for the high-purity materials needed downstream. For heavy rare earths such as yttrium and scandium, Chinese dominance in processing is often reported at extremely high levels. China also produces a very large percentage of the global supply of permanent magnets, which are the key end products that use rare earths. These magnets are essential for electric vehicles, wind turbines, aerospace, defence and electronics. https://www.wionews.com/videos/trump-xi-deal-china-to-suspend-rare-earth-curbs-probes-on-us-chip-firms-1762069999007/embed US efforts to diversify are not yet succeeding China’s export restrictions have disrupted US industries that depend on rare earths. The US has been trying to diversify supply chains with investments in domestic projects and partnerships, including efforts involving MP Materials and Department of Defence initiatives. However, such efforts take time, and processing facilities can take years to become operational. Dependency on China for heavy rare earths may well persist into the 2030s.

China’s export curbs on rare earths like yttrium and scandium are causing supply shortages in US aerospace and chipmaker industries. Reliance on Chinese mining and processing of rare earths is emerging as a liability for these industries. And a solution is far away

Chinese chokehold on rarest of rare earths is squeezing US defence and semiconductor industries. Here is how

India is now the new hub of data centres. Companies, both local and foreign (mostly American), are falling over each other to invest in large tracts of land to build data centres crucial to new-age computing, particularly in AI and cloud services. But is this enthusiasm a result of popular resistance to data centres in the US, laxer environmental regulations in India compared to the US, and the availability of cheaper electricity? Negative stories about the environmental impacts of AI data centres have been trickling in from the US for the past few years. The data centres, including availability zones and hyperscalers are fuel guzzlers, noise and air polluters, and affect the quality of water for neighbouring communities, among other concerns. Here is a roundup of the data centre boom in India, contrasted with criticism of these necessary evils of modern technology in the US.<h2>India data centre market boom</h2>India is witnessing a major shift is towards AI-optimised, hyperscale, multi-gigawatt data centre campuses in various cities. This is happening in spite of infrastructure constraints and burdens on the power grid. AI adoption, cloud computing growth, data localisation requirements, and government programmes such as Digital India are driving the data centre boom in India. The current operational capacity is around 1.4 gigawatts. There are 132 existing facilities and 81 upcoming across around 25 locations.Mumbai, Chennai, Hyderabad, Pune, Bengaluru and Delhi-NCR are the key data centre hubs, with Visakhapatnam and Jamnagar likely to emerge in the near future.Also read: <a href="https://www.wionews.com/business-economy/india-budget-2026-tax-holiday-for-foreign-data-centre-operators-safe-harbour-margin-for-it-services-to-boost-sector-1769936262227">India Budget 2026: Tax holiday for foreign data centre operators; safe harbour margin for IT services to boost sector</a><h2>Investment in data centres in India is nearing 200 billion US dollars</h2>Adani Group’s AdaniConneX joint venture with EdgeConneX, has made a 100 billion US dollar commitment by 2035. The company is building a 15 billion US dollar AI hub in Visakhapatnam, while 6 billion US dollars will be spent on a hyperscale MoU with Maharashtra.Reliance Industries (mainly via its Jio arm), through a Digital Connexion joint venture with Brookfield and Digital Realty, has pledged nearly 110 billion US dollars for data centres, including one in Jamnagar that is aimed to be the world’s largest by capacity when completed.&nbsp;It is also planning an 11 billion US dollar AI data centre in Andhra Pradesh’s Visakhapatnam region.Also read: <a href="https://www.wionews.com/photos/-behind-the-ai-boom-data-centers-consume-20-lakh-litres-of-water-daily-1769683587156">‘Behind the AI boom’: Data centers consume 20 lakh litres of water daily</a> Global companies include Google parent Alphabet, with a commitment of 15 billion US dollars in data centre investment between 2026 and 2030. This includes the first AI-focused facility in India, a gigawatt-scale hub in Visakhapatnam in a joint venture with AdaniConneX and Airtel.Microsoft is making its largest Asia data centre investment in India, at around 17.5 billion US dollars by 2029. It is planning an “India South Central” hyperscale data centre region in Hyderabad, which would be the largest of its kind in India.Amazon Web Services (AWS) is another player. Data centres are part of Amazon’s 35 billion US dollar India commitment by 2030. Amazon added its third availability zone in the Mumbai region in 2025. It is also building more hyperscale data centres across India.Other foreign and local players in India's data centre boom include Meta, Tata Group, Nxtra by Airtel, CtrlS Datacenters, Yotta Infrastructure, NTT Global, ST Telemedia Global Data Centres, Equinix and Sify Technologies.<a href="https://www.wionews.com/videos/big-tech-turns-its-focus-to-india-cloud-giants-expand-india-data-centers-1771582485031/embed">https://www.wionews.com/videos/big-tech-turns-its-focus-to-india-cloud-giants-expand-india-data-centers-1771582485031/embed</a><h2>Data centres are controversial in the US</h2>Contrast this with reports on data centres affecting health and the environment in the US.A number of studies highlight growing environmental and public health concerns linked to the rapid expansion of data centres during the AI boom. The issues include air pollution, noise, massive water consumption leading to water stress, energy strain, ecosystem disruption and broader community impacts.A report by Community &amp; Environmental Defense Services (CEDS) found that emissions from backup diesel generators of data centres contribute to breathing problems, lung disease and premature deaths. CEDS called on states to require health impact assessments before approving data centre projects. Many states, including Ohio, lack such requirements.In Northern Virginia’s “Data Center Alley”, research from Virginia Commonwealth University found that diesel generator emissions, including carbon monoxide and nitrogen oxides, rival or exceed those of nearby power plants. Pollution rose sharply from 2015 to 2023.In Minnesota, reports said that proposed data centre facilities could consume water and energy equivalent to millions of residents while generating constant noise and light pollution.&nbsp;National analysis from the World Resources Institute linked data centres to strains on water supplies and power grids.Authorities in Virginia and New Mexico have responded with restrictions, tax incentive debates and proposed moratoriums amid rising community opposition to these massive data centres.<h2>The ground reality in Georgia, the fastest-growing data centre region in the US</h2>These are echoes of one of the most viral recent stories on data centres. The nonprofit newsroom More Perfect Union, which covers working-class issues and corporate accountability, published a video in March 2025 titled I Live 400 Yards From Mark Zuckerberg’s Massive Data Center. &nbsp;The video documented the economic and environmental impacts of a data centre on the community in rural Georgia, the fastest-growing US state for data centres during the ongoing AI boom.Residents living near Meta’s roughly 2 million square foot facility in Mansfield-Newton County and Blackstone-owned QTS campuses in Fayette County reported various issues, including polluted water filling their pipes.The report cited a couple, Beverly and Jeff Morris, who live about 400 yards from Meta’s data centre site and described severe quality-of-life impacts.Issues include 24/7 noise from data centre operations, intense light pollution that makes nights feel like daytime, and environmental damage from construction.Hundreds of trees, and possibly entire forests, were felled to clear the land for building the data centres.Groundwater and wells were allegedly contaminated by heavy dust and sediment.Some residents reported dry taps, discoloured or tainted water, and sediment clogging their pipes. They also expressed concerns about air quality deteriorating because of construction dust.The report also highlighted rising electricity demand from data centres.In the US, such demand is projected to double or triple nationally. Residential bills have already gone up in Georgia as power rates were hiked by 24 per cent in 2025.Companies receive tax breaks while costs shift to residents, the report said, and it criticised limited corporate accountability.<h2>Has India taken into account environment damage, pollution and electricity burden caused by data centre boom?&nbsp;</h2>In India, such scrutiny is absent on data centre growth, at least for now.&nbsp;There has not been much reporting on whether they have caused any environmental damage or pollution or adversely affected local communities.&nbsp;In the absence of such objective analysis or criticism, data centre activity is likely to increase in India. One has to wait to see the long-term impacts of data centre expansion.

The data centre boom in India is accelerating with billions of dollars in AI and cloud investments. Contrast this with US reports warning of pollution, water stress, rising power demand and community impact caused by fuel-guzzling data centres. Are companies investing in a regulatory vacuum?

India is now the new hub of data centres. Companies, both local and foreign (mostly American), are falling over each other to invest in large tracts of land to build data centres crucial to new-age computing, particularly in AI and cloud services. But is this enthusiasm a result of popular resistance to data centres in the US, laxer environmental regulations in India compared to the US, and the availability of cheaper electricity? Negative stories about the environmental impacts of AI data centres have been trickling in from the US for the past few years. The data centres, including availability zones and hyperscalers are fuel guzzlers, noise and air polluters, and affect the quality of water for neighbouring communities, among other concerns. Here is a roundup of the data centre boom in India, contrasted with criticism of these necessary evils of modern technology in the US. India data centre market boom India is witnessing a major shift is towards AI-optimised, hyperscale, multi-gigawatt data centre campuses in various cities. This is happening in spite of infrastructure constraints and burdens on the power grid. AI adoption, cloud computing growth, data localisation requirements, and government programmes such as Digital India are driving the data centre boom in India. The current operational capacity is around 1.4 gigawatts. There are 132 existing facilities and 81 upcoming across around 25 locations. Mumbai, Chennai, Hyderabad, Pune, Bengaluru and Delhi-NCR are the key data centre hubs, with Visakhapatnam and Jamnagar likely to emerge in the near future. Also read: India Budget 2026: Tax holiday for foreign data centre operators; safe harbour margin for IT services to boost sector Investment in data centres in India is nearing 200 billion US dollars Adani Group’s AdaniConneX joint venture with EdgeConneX, has made a 100 billion US dollar commitment by 2035. The company is building a 15 billion US dollar AI hub in Visakhapatnam, while 6 billion US dollars will be spent on a hyperscale MoU with Maharashtra. Reliance Industries (mainly via its Jio arm), through a Digital Connexion joint venture with Brookfield and Digital Realty, has pledged nearly 110 billion US dollars for data centres, including one in Jamnagar that is aimed to be the world’s largest by capacity when completed. It is also planning an 11 billion US dollar AI data centre in Andhra Pradesh’s Visakhapatnam region. Also read: ‘Behind the AI boom’: Data centers consume 20 lakh litres of water daily Global companies include Google parent Alphabet, with a commitment of 15 billion US dollars in data centre investment between 2026 and 2030. This includes the first AI-focused facility in India, a gigawatt-scale hub in Visakhapatnam in a joint venture with AdaniConneX and Airtel. Microsoft is making its largest Asia data centre investment in India, at around 17.5 billion US dollars by 2029. It is planning an “India South Central” hyperscale data centre region in Hyderabad, which would be the largest of its kind in India. Amazon Web Services (AWS) is another player. Data centres are part of Amazon’s 35 billion US dollar India commitment by 2030. Amazon added its third availability zone in the Mumbai region in 2025. It is also building more hyperscale data centres across India. Other foreign and local players in India's data centre boom include Meta, Tata Group, Nxtra by Airtel, CtrlS Datacenters, Yotta Infrastructure, NTT Global, ST Telemedia Global Data Centres, Equinix and Sify Technologies. https://www.wionews.com/videos/big-tech-turns-its-focus-to-india-cloud-giants-expand-india-data-centers-1771582485031/embed Data centres are controversial in the US Contrast this with reports on data centres affecting health and the environment in the US. A number of studies highlight growing environmental and public health concerns linked to the rapid expansion of data centres during the AI boom. The issues include air pollution, noise, massive water consumption leading to water stress, energy strain, ecosystem disruption and broader community impacts. A report by Community & Environmental Defense Services (CEDS) found that emissions from backup diesel generators of data centres contribute to breathing problems, lung disease and premature deaths. CEDS called on states to require health impact assessments before approving data centre projects. Many states, including Ohio, lack such requirements. In Northern Virginia’s “Data Center Alley”, research from Virginia Commonwealth University found that diesel generator emissions, including carbon monoxide and nitrogen oxides, rival or exceed those of nearby power plants. Pollution rose sharply from 2015 to 2023. In Minnesota, reports said that proposed data centre facilities could consume water and energy equivalent to millions of residents while generating constant noise and light pollution. National analysis from the World Resources Institute linked data centres to strains on water supplies and power grids. Authorities in Virginia and New Mexico have responded with restrictions, tax incentive debates and proposed moratoriums amid rising community opposition to these massive data centres. The ground reality in Georgia, the fastest-growing data centre region in the US These are echoes of one of the most viral recent stories on data centres. The nonprofit newsroom More Perfect Union, which covers working-class issues and corporate accountability, published a video in March 2025 titled I Live 400 Yards From Mark Zuckerberg’s Massive Data Center. The video documented the economic and environmental impacts of a data centre on the community in rural Georgia, the fastest-growing US state for data centres during the ongoing AI boom. Residents living near Meta’s roughly 2 million square foot facility in Mansfield-Newton County and Blackstone-owned QTS campuses in Fayette County reported various issues, including polluted water filling their pipes. The report cited a couple, Beverly and Jeff Morris, who live about 400 yards from Meta’s data centre site and described severe quality-of-life impacts. Issues include 24/7 noise from data centre operations, intense light pollution that makes nights feel like daytime, and environmental damage from construction. Hundreds of trees, and possibly entire forests, were felled to clear the land for building the data centres. Groundwater and wells were allegedly contaminated by heavy dust and sediment. Some residents reported dry taps, discoloured or tainted water, and sediment clogging their pipes. They also expressed concerns about air quality deteriorating because of construction dust. The report also highlighted rising electricity demand from data centres. In the US, such demand is projected to double or triple nationally. Residential bills have already gone up in Georgia as power rates were hiked by 24 per cent in 2025. Companies receive tax breaks while costs shift to residents, the report said, and it criticised limited corporate accountability. Has India taken into account environment damage, pollution and electricity burden caused by data centre boom? In India, such scrutiny is absent on data centre growth, at least for now. There has not been much reporting on whether they have caused any environmental damage or pollution or adversely affected local communities. In the absence of such objective analysis or criticism, data centre activity is likely to increase in India. One has to wait to see the long-term impacts of data centre expansion.

The data centre boom in India is accelerating with billions of dollars in AI and cloud investments. Contrast this with US reports warning of pollution, water stress, rising power demand and community impact caused by fuel-guzzling data centres. Are companies investing in a regulatory vacuum?

India's data centre boom comes amid environmental questions in the US. What does it mean?

Canada and India stand poised to significantly boost bilateral trade, with Canadian officials highlighting vast untapped potential in energy, infrastructure, and critical minerals, comments made ahead of Prime Minister Mark Carney's high-profile visit to India starting 26 February.Tushar Handiekar, Vice President and Global Head of Structured &amp; Project Finance at Export Development Canada (EDC), speaking to WION, emphasised the opportunities for deeper economic ties. "There's certainly a lot of potential to significantly increase bilateral trade between Canada and India," he said. "And there are multiple sectors where Canada has strengths that India needs, that Canada can certainly provide."Also read | <a href="https://www.wionews.com/world/india-and-canada-to-take-relationship-to-next-level-with-pm-carney-visit-says-high-commissioner-dinesh-k-patnaik-1771902736988">India and Canada to 'take relationship to next level' with PM Carney visit, says High Commissioner Dinesh K Patnaik</a>Handiekar pointed to energy and energy security as key areas, encompassing both traditional oil and gas and the clean energy transition. "There are technologies [and] investments that can go into India in a big way," he noted, adding that Canadian expertise in infrastructure development, building, owning, and managing large networks, could play a major role.&nbsp;He described Canada as "a very stable partner for growth," extending to food security as well. On the planned Comprehensive Economic Partnership Agreement (CEPA), Handiekar stressed the need to remove barriers. "It's important that when companies take a lot of effort in creating this bilateral trade... if there is friction in the pipe that creates slowness and that creates a question on how much, how big can it grow?" he said. "Through these trading agreements, as you can remove some of these barriers and make the trading easy, there's a lot of potential for it."Also read | <a href="https://www.wionews.com/world/canada-points-to-fraud-rules-as-tahawwur-rana-faces-potential-loss-of-citizenship-1772069128110">Canada points to fraud rules as Tahawwur Rana faces potential loss of citizenship</a>He also highlighted Canadian pension funds' interest in India's rapid GDP growth and its ambitions to become a manufacturing hub. Canada, rich in critical minerals essential for batteries and defence production, could make "a big dent" in supplying raw materials and technology, he added.The remarks come as Prime Minister Carney prepares to visit Mumbai and New Delhi, where he will meet Prime Minister Narendra Modi. The trip, part of a broader Asia-Pacific tour including Australia and Japan, aims to diversify Canada's trade amid global shifts and repair strained relations following past diplomatic tensions. The upcoming engagement is seen as a pragmatic reset, focusing on mutual economic benefits in energy, technology, and resources.

Tushar Handiekar, Vice President and Global Head of Structured & Project Finance at Export Development Canada (EDC), speaking to WION, emphasised the opportunities for deeper economic ties.

Canada and India stand poised to significantly boost bilateral trade, with Canadian officials highlighting vast untapped potential in energy, infrastructure, and critical minerals, comments made ahead of Prime Minister Mark Carney's high-profile visit to India starting 26 February. Tushar Handiekar, Vice President and Global Head of Structured & Project Finance at Export Development Canada (EDC), speaking to WION, emphasised the opportunities for deeper economic ties. "There's certainly a lot of potential to significantly increase bilateral trade between Canada and India," he said. "And there are multiple sectors where Canada has strengths that India needs, that Canada can certainly provide." Also read | India and Canada to 'take relationship to next level' with PM Carney visit, says High Commissioner Dinesh K Patnaik Handiekar pointed to energy and energy security as key areas, encompassing both traditional oil and gas and the clean energy transition. "There are technologies [and] investments that can go into India in a big way," he noted, adding that Canadian expertise in infrastructure development, building, owning, and managing large networks, could play a major role. He described Canada as "a very stable partner for growth," extending to food security as well. On the planned Comprehensive Economic Partnership Agreement (CEPA), Handiekar stressed the need to remove barriers. "It's important that when companies take a lot of effort in creating this bilateral trade... if there is friction in the pipe that creates slowness and that creates a question on how much, how big can it grow?" he said. "Through these trading agreements, as you can remove some of these barriers and make the trading easy, there's a lot of potential for it." Also read | Canada points to fraud rules as Tahawwur Rana faces potential loss of citizenship He also highlighted Canadian pension funds' interest in India's rapid GDP growth and its ambitions to become a manufacturing hub. Canada, rich in critical minerals essential for batteries and defence production, could make "a big dent" in supplying raw materials and technology, he added. The remarks come as Prime Minister Carney prepares to visit Mumbai and New Delhi, where he will meet Prime Minister Narendra Modi. The trip, part of a broader Asia-Pacific tour including Australia and Japan, aims to diversify Canada's trade amid global shifts and repair strained relations following past diplomatic tensions. The upcoming engagement is seen as a pragmatic reset, focusing on mutual economic benefits in energy, technology, and resources.

Tushar Handiekar, Vice President and Global Head of Structured &amp; Project Finance at Export Development Canada (EDC), speaking to WION, emphasised the opportunities for deeper economic ties.

'Significant potential' to expand Canada-India trade, says top Canadian export agency official before Carney's India trip

A massive financial fraud worth nearly Rs 590 crore has been uncovered at the Chandigarh branch of IDFC FIRST Bank, with investigators identifying a former branch manager as the key conspirator. According to the Haryana Anti-Corruption Bureau (ACB), government funds were allegedly siphoned off from accounts belonging to Haryana state departments and routed to a private firm controlled by the ex-manager’s family members.&nbsp;So far, four individuals have been taken into custody: former branch manager Ribhav Rishi, ex-relationship manager Abhay, Rishi’s wife Swati Singla, and her brother Abhishek Singla. Authorities say Rishi and Abhay played central roles in designing and executing the scheme before resigning from the bank about six months ago. Investigators revealed that around Rs 300 crore was transferred to a company named Swastik Desh Projects. Shareholding records show Swati Singla owns 75% of the firm, while Abhishek Singla holds the remaining 25%. Officials allege that funds were further moved from this account. The accused are set to be presented before a court.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/-shocking-unacceptable-says-minister-govt-initiates-action-against-bsnl-director-over-prayagraj-visit-row-1772027947359">‘Shocking, unacceptable,’ says minister; govt initiates action against BSNL director over Prayagraj visit row</a><h2>How was the fraud discovered?</h2>The irregularities came to light when a Haryana government department sought to close its account and shift funds to another bank. During reconciliation, discrepancies surfaced between recorded balances and actual funds. A deeper probe uncovered similar inconsistencies across other government-linked accounts handled by the Chandigarh branch. In a regulatory disclosure, IDFC FIRST Bank acknowledged detecting fraudulent activity amounting to roughly Rs 590 crore. The bank indicated that preliminary findings point to unauthorised actions by certain employees, possibly in collusion with others.<h2>What investigators found?</h2>ACB Director General AS Chawla stated that the accused masterminded the operation. He highlighted the unusual routing of funds — from Chandigarh to accounts in Mohali, despite the departments being based in Haryana. The proximity of Chandigarh, Mohali, and Haryana reportedly complicated jurisdictional oversight. Chawla confirmed that while investigators have identified the method used in the fraud, details will only be shared after full verification. He assured strict action against all those involved.&nbsp;<a href="https://www.wionews.com/videos/pm-modi-receives-a-grand-ceremonial-welcome-as-he-lands-at-ben-gurion-airport-in-tel-aviv-1772027073095/embed">https://www.wionews.com/videos/pm-modi-receives-a-grand-ceremonial-welcome-as-he-lands-at-ben-gurion-airport-in-tel-aviv-1772027073095/embed</a><h2>What did the bank say?</h2>Amid the ongoing probe, IDFC FIRST Bank stated that it has reimbursed the affected Haryana government departments in full. The payout, including both principal and interest, totals Rs 583 crore. In a public statement, the bank emphasized its commitment to customer-first values and ethical standards. It clarified that payments were not delayed despite the investigation and said the departments have acknowledged the bank’s swift and professional resolution.

Chandigarh shock: How an ex-bank official allegedly pulled off a Rs 590-crore scam

A massive financial fraud worth nearly Rs 590 crore has been uncovered at the Chandigarh branch of IDFC FIRST Bank, with investigators identifying a former branch manager as the key conspirator. According to the Haryana Anti-Corruption Bureau (ACB), government funds were allegedly siphoned off from accounts belonging to Haryana state departments and routed to a private firm controlled by the ex-manager’s family members. So far, four individuals have been taken into custody: former branch manager Ribhav Rishi, ex-relationship manager Abhay, Rishi’s wife Swati Singla, and her brother Abhishek Singla. Authorities say Rishi and Abhay played central roles in designing and executing the scheme before resigning from the bank about six months ago. Investigators revealed that around Rs 300 crore was transferred to a company named Swastik Desh Projects. Shareholding records show Swati Singla owns 75% of the firm, while Abhishek Singla holds the remaining 25%. Officials allege that funds were further moved from this account. The accused are set to be presented before a court. Also Read: ‘Shocking, unacceptable,’ says minister; govt initiates action against BSNL director over Prayagraj visit row How was the fraud discovered? The irregularities came to light when a Haryana government department sought to close its account and shift funds to another bank. During reconciliation, discrepancies surfaced between recorded balances and actual funds. A deeper probe uncovered similar inconsistencies across other government-linked accounts handled by the Chandigarh branch. In a regulatory disclosure, IDFC FIRST Bank acknowledged detecting fraudulent activity amounting to roughly Rs 590 crore. The bank indicated that preliminary findings point to unauthorised actions by certain employees, possibly in collusion with others. What investigators found? ACB Director General AS Chawla stated that the accused masterminded the operation. He highlighted the unusual routing of funds — from Chandigarh to accounts in Mohali, despite the departments being based in Haryana. The proximity of Chandigarh, Mohali, and Haryana reportedly complicated jurisdictional oversight. Chawla confirmed that while investigators have identified the method used in the fraud, details will only be shared after full verification. He assured strict action against all those involved. https://www.wionews.com/videos/pm-modi-receives-a-grand-ceremonial-welcome-as-he-lands-at-ben-gurion-airport-in-tel-aviv-1772027073095/embed What did the bank say? Amid the ongoing probe, IDFC FIRST Bank stated that it has reimbursed the affected Haryana government departments in full. The payout, including both principal and interest, totals Rs 583 crore. In a public statement, the bank emphasized its commitment to customer-first values and ethical standards. It clarified that payments were not delayed despite the investigation and said the departments have acknowledged the bank’s swift and professional resolution.

Rs 590-crore fraud at IDFC FIRST Bank’s Chandigarh branch; former manager, aides have been arrested for siphoning Haryana government funds

Chandigarh shocker: How an ex-bank official allegedly pulled off a Rs 590-crore scam

As Sri Lanka reshapes its tourism narrative on the global stage, entrepreneur Ravidu Mario Weerakoon is emerging with a distinctive journey from technology to hospitality, transforming international business experience into a community-driven tourism venture.Weerakoon set an ambitious goal at the age of 19: to achieve financial independence before turning 30. Over the next decade, he built a career spanning artificial intelligence, digital marketing, logistics, and cross-border commerce, working across international markets and developing scalable digital systems.One of his most notable ventures was Surf2Ship, a global price comparison and logistics platform designed to simplify international shopping and shipping. The platform aimed to bridge the gap between consumers and global marketplaces by addressing complex cross-border logistics challenges. What began as a startup concept evolved into a venture that attracted multinational attention. Weerakoon later sold Surf2Ship to a Singapore-based company. Due to economic instability and pandemic-related disruptions during its early development, the platform was temporarily laid dormant. However, its underlying infrastructure continues to operate quietly within one of the largest e-commerce ecosystems in the world.While the technology chapter marked significant professional milestones, Weerakoon describes the most transformative shift as personal rather than commercial.&nbsp;<h2>From Pressure to Purpose</h2>&nbsp;Between 2018 and 2019, during a period of intense stress and professional demands, Ravidu Mario Weerakoon made a conscious decision to change direction. Instead of allowing pressure to define his path, he turned to structured education and professional growth.He completed three UK chartered qualifications through the Chartered Institute of Logistics and Transport, the Chartered Institute of Marketing, and the Chartered Management Institute. He later earned a Master’s degree from the University of Gloucestershire. This academic phase, he notes, provided discipline, clarity, and a broader strategic perspective that would later influence his approach to business.During the same period, Weerakoon gained significant international exposure, living and traveling across Thailand, the UAE, Georgia, Azerbaijan, and Oman. These experiences offered firsthand insight into diverse cultural ecosystems and hospitality models.His time in Dubai proved particularly influential. Working in AI and digital marketing while living in one of the world’s most multicultural cities, he observed how intentional urban planning and hospitality design can foster coexistence at scale. The seamless interaction of different religions, languages, and cultures within shared spaces left a lasting impression.This observation sparked a new line of thinking. If commerce connects goods and technology connects data, what connects people?His answer was travel.&nbsp;<h2>Transforming Vision Into Hospitality</h2>&nbsp;Together with his family, Ravidu Mario Weerakoon launched Ceylon Lodge Airport Transit Hostel in Sri Lanka, positioning it not as a conventional budget accommodation but as a globally minded social hub.The property is intentionally designed around shared experiences and interpersonal interaction. It features a spacious communal hangout area, a dedicated movie zone, BBQ facilities for group evenings, a swimming pool with jacuzzi, a fully equipped gym, and an in-house restaurant and bar. The layout and programming are aimed at encouraging communication among travelers from different parts of the world.Unlike traditional hospitality models that focus primarily on occupancy rates, Ceylon Lodge emphasizes community building. The concept targets transit travelers and international visitors seeking affordable comfort combined with meaningful social engagement.&nbsp;<h2>Reinvesting Global Experience Into Local Growth</h2>&nbsp;Weerakoon’s transition from tech entrepreneur to hospitality developer reflects a broader reinvestment into Sri Lanka at a time when the country is redefining its economic and tourism outlook. By channeling capital, global exposure, and operational discipline back into the country, he aims to contribute to a modern, globally aligned tourism ecosystem.The entrepreneur who once spoke of early retirement now speaks of longevity and sustainable impact. His move from building digital infrastructure to developing physical hospitality spaces signals an expansion of ambition rather than a departure from it.Surf2Ship focused on moving products across borders.Ceylon Lodge focuses on bringing people together across cultures.As Sri Lanka prepares for renewed international engagement, ventures like Ceylon Lodge highlight a growing wave of globally experienced entrepreneurs returning home to build locally rooted yet internationally relevant enterprises.For Ravidu Mario Weerakoon, the journey from tech exit to tourism is not merely a career pivot. It marks the beginning of a new chapter centered on connection, coexistence, and long-term impact.&nbsp;

Between 2018 and 2019, during a period of intense stress and professional demands, Ravidu Mario Weerakoon made a conscious decision to change direction. Instead of allowing pressure to define his path, he turned to structured education and professional growth.

As Sri Lanka reshapes its tourism narrative on the global stage, entrepreneur Ravidu Mario Weerakoon is emerging with a distinctive journey from technology to hospitality, transforming international business experience into a community-driven tourism venture. Weerakoon set an ambitious goal at the age of 19: to achieve financial independence before turning 30. Over the next decade, he built a career spanning artificial intelligence, digital marketing, logistics, and cross-border commerce, working across international markets and developing scalable digital systems. One of his most notable ventures was Surf2Ship, a global price comparison and logistics platform designed to simplify international shopping and shipping. The platform aimed to bridge the gap between consumers and global marketplaces by addressing complex cross-border logistics challenges. What began as a startup concept evolved into a venture that attracted multinational attention. Weerakoon later sold Surf2Ship to a Singapore-based company. Due to economic instability and pandemic-related disruptions during its early development, the platform was temporarily laid dormant. However, its underlying infrastructure continues to operate quietly within one of the largest e-commerce ecosystems in the world. While the technology chapter marked significant professional milestones, Weerakoon describes the most transformative shift as personal rather than commercial. From Pressure to Purpose Between 2018 and 2019, during a period of intense stress and professional demands, Ravidu Mario Weerakoon made a conscious decision to change direction. Instead of allowing pressure to define his path, he turned to structured education and professional growth. He completed three UK chartered qualifications through the Chartered Institute of Logistics and Transport, the Chartered Institute of Marketing, and the Chartered Management Institute. He later earned a Master’s degree from the University of Gloucestershire. This academic phase, he notes, provided discipline, clarity, and a broader strategic perspective that would later influence his approach to business. During the same period, Weerakoon gained significant international exposure, living and traveling across Thailand, the UAE, Georgia, Azerbaijan, and Oman. These experiences offered firsthand insight into diverse cultural ecosystems and hospitality models. His time in Dubai proved particularly influential. Working in AI and digital marketing while living in one of the world’s most multicultural cities, he observed how intentional urban planning and hospitality design can foster coexistence at scale. The seamless interaction of different religions, languages, and cultures within shared spaces left a lasting impression. This observation sparked a new line of thinking. If commerce connects goods and technology connects data, what connects people? His answer was travel. Transforming Vision Into Hospitality Together with his family, Ravidu Mario Weerakoon launched Ceylon Lodge Airport Transit Hostel in Sri Lanka, positioning it not as a conventional budget accommodation but as a globally minded social hub. The property is intentionally designed around shared experiences and interpersonal interaction. It features a spacious communal hangout area, a dedicated movie zone, BBQ facilities for group evenings, a swimming pool with jacuzzi, a fully equipped gym, and an in-house restaurant and bar. The layout and programming are aimed at encouraging communication among travelers from different parts of the world. Unlike traditional hospitality models that focus primarily on occupancy rates, Ceylon Lodge emphasizes community building. The concept targets transit travelers and international visitors seeking affordable comfort combined with meaningful social engagement. Reinvesting Global Experience Into Local Growth Weerakoon’s transition from tech entrepreneur to hospitality developer reflects a broader reinvestment into Sri Lanka at a time when the country is redefining its economic and tourism outlook. By channeling capital, global exposure, and operational discipline back into the country, he aims to contribute to a modern, globally aligned tourism ecosystem. The entrepreneur who once spoke of early retirement now speaks of longevity and sustainable impact. His move from building digital infrastructure to developing physical hospitality spaces signals an expansion of ambition rather than a departure from it. Surf2Ship focused on moving products across borders. Ceylon Lodge focuses on bringing people together across cultures. As Sri Lanka prepares for renewed international engagement, ventures like Ceylon Lodge highlight a growing wave of globally experienced entrepreneurs returning home to build locally rooted yet internationally relevant enterprises. For Ravidu Mario Weerakoon, the journey from tech exit to tourism is not merely a career pivot. It marks the beginning of a new chapter centered on connection, coexistence, and long-term impact.

Between 2018 and 2019, during a period of intense stress and professional demands, Ravidu Mario Weerakoon made a conscious decision to change direction. Instead of allowing pressure to define his path, he turned to structured education and professional growth.

Tech Exit to Tourism: Ceylon Lodge Opened by Ravidu Mario Weerakoon as a New Global Social Hub in Sri Lanka

Since the 1960s, IBM was the undisputed leader in both hardware and software. Much of the world’s mission-critical computing infrastructure — especially systems running on COBOL — still depends on IBM mainframes, generating recurring revenue from hardware, maintenance, consulting, and modernisation services. That dominance was shaken this week. IBM’s stock plunged nearly 13 per cent in a single day — its worst drop since 2000 — wiping out roughly $30–31 billion in market value. The fall followed investor concerns that easier, cheaper AI-driven coding could erode demand for IBM’s legacy services and mainframes.The trigger? A blog post by Anthropic demonstrating how its AI agent, Claude Code, can automate key phases of COBOL modernisation. The system can analyse massive legacy codebases, map dependencies, identify risks, and accelerate migration from old architectures to modern systems.Investors in legacy software giants like IBM fear this may signal a broader shift: agentic AI tools like Claude Code could soon take over development and deployment work — the bread and butter of millions of software engineers and a major revenue stream for hundreds of software firms.<h2>What is Claude Code, the agentic AI disrupting coding?</h2>Claude Code functions as an advanced AI-powered coding assistant capable of autonomously building features, fixing bugs, analysing codebases, and modernising legacy systems. It works with virtually any text-based programming language through agentic file reading and reasoning.<a href="https://www.wionews.com/videos/ibm-stock-anthropic-ai-tool-sends-ibm-stock-tumbling-13-2-drop-hits-market-1771923545602/embed">https://www.wionews.com/videos/ibm-stock-anthropic-ai-tool-sends-ibm-stock-tumbling-13-2-drop-hits-market-1771923545602/embed</a><h2>Which programming languages can Claude Code support?</h2>The short answer: practically everything.Claude Code has the strongest support in Python, JavaScript/TypeScript, Java, Go, Rust, C++, C#, Ruby, PHP, and SQL. It can also handle legacy languages such as COBOL, PL/I, FORTRAN, and Natural. In addition, it supports scripting and configuration formats including Bash, Shell, JSON, YAML, TOML, HTML, XML, and CSS.A broader list of supported languages includes Assembler, Bash, C, C#, C++, COBOL, CSS, Dart, Dockerfile, Elixir, Erlang, FORTRAN, Go, Haskell, HTML, Java, JavaScript, JSON, Julia, Kotlin, Lua, MATLAB, Natural, Objective-C, Perl, PHP, PL/I, PowerShell, Python, R, Ruby, Rust, Scala, Shell scripting, Solidity, SQL, Swift, TOML, TypeScript, VHDL, Verilog, XML, and YAML.<h2>Why markets reacted when IBM's COBOL was written by AI agent of Claude Code</h2>The panic selling of IBM stocks began after Anthropic’s demonstration showed that AI could potentially replace expensive human-led modernization projects. Investors worry that if AI agents can perform large-scale COBOL analysis and migration at lower cost, demand for traditional consulting and maintenance services could shrink.IBM executives tried to put up a brave front, saying that true modernisation involves more than simple code translation — it includes architecture redesign, compliance, governance, and platform-level value.&nbsp;Interestingly, IBM itself is investing heavily in AI through its in-house platform, watsonx.Other software stocks also came under pressure. As AI agents reduce reliance on traditional enterprise vendors, companies in cybersecurity and enterprise tooling faced similar questions about long-term demand.Also read: <a href="https://www.wionews.com/technology/can-ai-operate-your-computer-better-than-you-here-s-what-a-senior-engineer-at-anthropic-said-about-ai-agents-1771763368332">Can AI operate your computer better than you? Here’s what a senior engineer at Anthropic said about AI agents</a><h2>Agentic coding impact on software engineering jobs</h2>AI coding tools have significantly transformed productivity. The disruption to the profession is already visible in 2026.Anthropic claims that engineers at companies such as Spotify achieved up to 90 per cent reductions in migration time by using AI to handle routine tasks, debugging, feature implementation, and even entire projects.According to Boris Cherny, head of Claude Code, “Coding is practically solved” for many use cases.AI reportedly writes much of the code at Anthropic itself, delivering productivity gains of up to 200 per cent.Also read: <a href="https://www.wionews.com/trending/is-indian-it-sector-going-to-die-viral-citrini-report-warns-of-2028-collapse-as-ai-replaces-labor-arbitrage-1771943039501">Is Indian IT sector going to die? Viral Citrini report warns of 2028 ‘collapse’ as AI replaces labour arbitrage</a><h2>So, is the software engineer job dead?</h2>Agentic coding does not necessarily eliminate human engineers — but it radically shifts their role.&nbsp; Many software developers already rely on AI tools, transitioning from writing code to validating, guiding, and overseeing AI-generated outputs.The role of the software engineer is evolving away from pure coding and support functions. Future responsibilities are likely to focus on higher-level system design, validation, safety, business logic, architecture, security, and integration.Some predict that the “software engineer” title may eventually fade, replaced by roles such as “builder” — closer to product managers who orchestrate AI agents rather than manually writing code.However, the transition could be painful for some.&nbsp; Routine coding work — especially cost-arbitrage outsourcing from India and other parts of Asia — may become increasingly automated. There may be job shifts or reductions in traditional coding positions.At the same time, demand is expected to grow for professionals skilled in oversight, complex reasoning, compliance, security, and high-stakes system management where errors carry significant consequences.Software engineering may become less about hand-writing code and more about orchestrating AI systems.<h2>Future of software languages</h2>Legacy programming languages with aging codebases, scarce skilled developers, and high maintenance costs could face accelerated decline.&nbsp; AI tools like Claude Code can map complex dependencies and automate modernisation, putting pressure on service providers such as Tata Consultancy Services and Infosys, which historically relied on large-scale human resource deployments for maintaining legacy systems.The software industry will likely shift toward AI-augmented development, where engineers collaborate with agentic systems rather than coding line by line.In this new environment, survival may depend less on syntax mastery and more on adaptability, architectural thinking, and the ability to supervise intelligent machines.

AI agents like Claude Code are reshaping software development by automating legacy modernisation and routine coding. A recent ‘casualty’ of this was the legendary firm IBM, whose stocks fell. Traditional IT services are disrupted by agentic coding. What will happen to software engineers?

Since the 1960s, IBM was the undisputed leader in both hardware and software. Much of the world’s mission-critical computing infrastructure — especially systems running on COBOL — still depends on IBM mainframes, generating recurring revenue from hardware, maintenance, consulting, and modernisation services. That dominance was shaken this week. IBM’s stock plunged nearly 13 per cent in a single day — its worst drop since 2000 — wiping out roughly $30–31 billion in market value. The fall followed investor concerns that easier, cheaper AI-driven coding could erode demand for IBM’s legacy services and mainframes. The trigger? A blog post by Anthropic demonstrating how its AI agent, Claude Code, can automate key phases of COBOL modernisation. The system can analyse massive legacy codebases, map dependencies, identify risks, and accelerate migration from old architectures to modern systems. Investors in legacy software giants like IBM fear this may signal a broader shift: agentic AI tools like Claude Code could soon take over development and deployment work — the bread and butter of millions of software engineers and a major revenue stream for hundreds of software firms. What is Claude Code, the agentic AI disrupting coding? Claude Code functions as an advanced AI-powered coding assistant capable of autonomously building features, fixing bugs, analysing codebases, and modernising legacy systems. It works with virtually any text-based programming language through agentic file reading and reasoning. https://www.wionews.com/videos/ibm-stock-anthropic-ai-tool-sends-ibm-stock-tumbling-13-2-drop-hits-market-1771923545602/embed Which programming languages can Claude Code support? The short answer: practically everything. Claude Code has the strongest support in Python, JavaScript/TypeScript, Java, Go, Rust, C++, C#, Ruby, PHP, and SQL. It can also handle legacy languages such as COBOL, PL/I, FORTRAN, and Natural. In addition, it supports scripting and configuration formats including Bash, Shell, JSON, YAML, TOML, HTML, XML, and CSS. A broader list of supported languages includes Assembler, Bash, C, C#, C++, COBOL, CSS, Dart, Dockerfile, Elixir, Erlang, FORTRAN, Go, Haskell, HTML, Java, JavaScript, JSON, Julia, Kotlin, Lua, MATLAB, Natural, Objective-C, Perl, PHP, PL/I, PowerShell, Python, R, Ruby, Rust, Scala, Shell scripting, Solidity, SQL, Swift, TOML, TypeScript, VHDL, Verilog, XML, and YAML. Why markets reacted when IBM's COBOL was written by AI agent of Claude Code The panic selling of IBM stocks began after Anthropic’s demonstration showed that AI could potentially replace expensive human-led modernization projects. Investors worry that if AI agents can perform large-scale COBOL analysis and migration at lower cost, demand for traditional consulting and maintenance services could shrink. IBM executives tried to put up a brave front, saying that true modernisation involves more than simple code translation — it includes architecture redesign, compliance, governance, and platform-level value. Interestingly, IBM itself is investing heavily in AI through its in-house platform, watsonx. Other software stocks also came under pressure. As AI agents reduce reliance on traditional enterprise vendors, companies in cybersecurity and enterprise tooling faced similar questions about long-term demand. Also read: Can AI operate your computer better than you? Here’s what a senior engineer at Anthropic said about AI agents Agentic coding impact on software engineering jobs AI coding tools have significantly transformed productivity. The disruption to the profession is already visible in 2026. Anthropic claims that engineers at companies such as Spotify achieved up to 90 per cent reductions in migration time by using AI to handle routine tasks, debugging, feature implementation, and even entire projects. According to Boris Cherny, head of Claude Code, “Coding is practically solved” for many use cases. AI reportedly writes much of the code at Anthropic itself, delivering productivity gains of up to 200 per cent. Also read: Is Indian IT sector going to die? Viral Citrini report warns of 2028 ‘collapse’ as AI replaces labour arbitrage So, is the software engineer job dead? Agentic coding does not necessarily eliminate human engineers — but it radically shifts their role. Many software developers already rely on AI tools, transitioning from writing code to validating, guiding, and overseeing AI-generated outputs. The role of the software engineer is evolving away from pure coding and support functions. Future responsibilities are likely to focus on higher-level system design, validation, safety, business logic, architecture, security, and integration. Some predict that the “software engineer” title may eventually fade, replaced by roles such as “builder” — closer to product managers who orchestrate AI agents rather than manually writing code. However, the transition could be painful for some. Routine coding work — especially cost-arbitrage outsourcing from India and other parts of Asia — may become increasingly automated. There may be job shifts or reductions in traditional coding positions. At the same time, demand is expected to grow for professionals skilled in oversight, complex reasoning, compliance, security, and high-stakes system management where errors carry significant consequences. Software engineering may become less about hand-writing code and more about orchestrating AI systems. Future of software languages Legacy programming languages with aging codebases, scarce skilled developers, and high maintenance costs could face accelerated decline. AI tools like Claude Code can map complex dependencies and automate modernisation, putting pressure on service providers such as Tata Consultancy Services and Infosys, which historically relied on large-scale human resource deployments for maintaining legacy systems. The software industry will likely shift toward AI-augmented development, where engineers collaborate with agentic systems rather than coding line by line. In this new environment, survival may depend less on syntax mastery and more on adaptability, architectural thinking, and the ability to supervise intelligent machines.

AI agents like Claude Code are reshaping software development by automating legacy modernisation and routine coding. A recent ‘casualty’ of this was the legendary firm IBM, whose stocks fell. Traditional IT services are disrupted by agentic coding. What will happen to software engineers?

Will software engineering profession die in the age of AI? IBM stock bleeds as Claude Code writes COBOL scripts. What it means for techies

As the Indian information technology sector trembles amid mounting artificial intelligence fears and a record equity sell-off in the markets, the Nifty IT index has witnessed a severe bloodbath in recent days, hitting a 30-month low on Tuesday and wiping out nearly ₹10,000 crore in foreign investment from Indian tech stocks in just the last few days. The sell-off is driven by an “AI panic trade” triggered by a research report and the launch of Anthropic’s Claude Code this week.&nbsp;A report published by Citrini Research and co-authored by Alap Shah has fuelled fresh AI concerns for the IT sector. The report, titled “The 2028 Global Intelligence Crisis,” maps a doomsday scenario for India’s prized sector, which has long been the preferred choice of the country’s top talent.&nbsp;It presents a fictional perspective set on June 30, 2028, looking back at how AI decimated the global services economy, especially the Indian IT industry, which relies on cheaper software solutions for customers in advanced economies such as the US.&nbsp;Citrini argues that India’s services model was built on providing developers at a fraction of Western wages. However, with the advent of “agentic AI,” the marginal cost of a coding agent has collapsed to the cost of electricity, potentially rendering Indian developers obsolete.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/god-s-own-country-to-officially-become-keralam-union-cabinet-approves-decision-to-rename-kerala-1771932449695">God’s Own Country to officially become 'Keralam': Union Cabinet approves decision to rename Kerala</a>&nbsp;The report further introduces the idea of “Ghost GDP,” contemplating a scenario where corporate profits and productivity (GDP) soar on paper but are not passed on to humans as they are replaced by AI, leading to a halt in money circulation back into the consumer economy.&nbsp;It predicts that by 2027, the $200+ billion services surplus that anchors India’s economy could “evaporate,” causing the rupee to crash by 18% and forcing India into preliminary bailout talks with the IMF.&nbsp;It also sketches a “2028 reality” in which clients at prominent companies like Infosys and Wipro begin cancelling contracts to build software internally using artificial intelligence.The IT and Business Process Management (IT-BPM) sector accounts for approximately 7.5% to 8% of India’s total GDP and contributes over 25% of the country’s total export earnings. The sector employs nearly 5.8 to 5.95 million professionals and acts as a primary source of foreign exchange, bringing in an estimated $224 billion in revenue for FY25.&nbsp;In contrast to the Citrini report, analysts from JPMorgan and HSBC argue that even if AI can write perfect code, human experts will still be needed to “plumb” it into massive corporate systems without breaking them.&nbsp;NASSCOM recently underlined that upgrading global legacy code (like COBOL) is a $1.6 trillion opportunity, and AI does not kill that work; it simply makes it faster, allowing Indian firms to handle larger volumes of projects. &nbsp;India has also begun preparing for potential strain on the outsourcing industry through Global Capability Centres (GCCs), over 50% of which are now located in the country, further strengthening its position as a global R&amp;D hub.

Citrini argues that India’s services model was built on providing developers at a fraction of Western wages. However, with the advent of “agentic AI,” the marginal cost of a coding agent has collapsed to the cost of electricity, potentially rendering Indian developers obsolete.

As the Indian information technology sector trembles amid mounting artificial intelligence fears and a record equity sell-off in the markets, the Nifty IT index has witnessed a severe bloodbath in recent days, hitting a 30-month low on Tuesday and wiping out nearly ₹10,000 crore in foreign investment from Indian tech stocks in just the last few days. The sell-off is driven by an “AI panic trade” triggered by a research report and the launch of Anthropic’s Claude Code this week. A report published by Citrini Research and co-authored by Alap Shah has fuelled fresh AI concerns for the IT sector. The report, titled “The 2028 Global Intelligence Crisis,” maps a doomsday scenario for India’s prized sector, which has long been the preferred choice of the country’s top talent. It presents a fictional perspective set on June 30, 2028, looking back at how AI decimated the global services economy, especially the Indian IT industry, which relies on cheaper software solutions for customers in advanced economies such as the US. Citrini argues that India’s services model was built on providing developers at a fraction of Western wages. However, with the advent of “agentic AI,” the marginal cost of a coding agent has collapsed to the cost of electricity, potentially rendering Indian developers obsolete. Also Read: God’s Own Country to officially become 'Keralam': Union Cabinet approves decision to rename Kerala The report further introduces the idea of “Ghost GDP,” contemplating a scenario where corporate profits and productivity (GDP) soar on paper but are not passed on to humans as they are replaced by AI, leading to a halt in money circulation back into the consumer economy. It predicts that by 2027, the $200+ billion services surplus that anchors India’s economy could “evaporate,” causing the rupee to crash by 18% and forcing India into preliminary bailout talks with the IMF. It also sketches a “2028 reality” in which clients at prominent companies like Infosys and Wipro begin cancelling contracts to build software internally using artificial intelligence. The IT and Business Process Management (IT-BPM) sector accounts for approximately 7.5% to 8% of India’s total GDP and contributes over 25% of the country’s total export earnings. The sector employs nearly 5.8 to 5.95 million professionals and acts as a primary source of foreign exchange, bringing in an estimated $224 billion in revenue for FY25. In contrast to the Citrini report, analysts from JPMorgan and HSBC argue that even if AI can write perfect code, human experts will still be needed to “plumb” it into massive corporate systems without breaking them. NASSCOM recently underlined that upgrading global legacy code (like COBOL) is a $1.6 trillion opportunity, and AI does not kill that work; it simply makes it faster, allowing Indian firms to handle larger volumes of projects. India has also begun preparing for potential strain on the outsourcing industry through Global Capability Centres (GCCs), over 50% of which are now located in the country, further strengthening its position as a global R&D hub.

Citrini argues that India’s services model was built on providing developers at a fraction of Western wages. However, with the advent of “agentic AI,” the marginal cost of a coding agent has collapsed to the cost of electricity, potentially rendering Indian developers obsolete.

Is Indian IT sector going to die? Viral Citrini report warns of 2028 ‘collapse’ as AI replaces labour arbitrage

The State Bank of India (SBI) said on Tuesday that India's GDP is likely to grow by about 8.1 per cent in the third quarter of the current financial year (FY26), indicating strong growth momentum. The report noted that despite global challenges, the Indian economy has shown resilience, supported by strong domestic demand and consistent economic activity across multiple sectors.&nbsp;According to a report in the news agency ANI, the SBI said "we expect Q3FY26 real GDP growth of closer to 8.1 per cent". Based on the SBI report, high-frequency economic indicators point to steady economic activity during the third quarter of FY26. Rural consumption has also remained strong, supported by encouraging trends in both agricultural and non-agricultural activities.&nbsp;Similarly, urban consumption has slowly improved, aided by fiscal support and higher spending since the most recent festive season. The first advance estimates show India's GDP growth at 7.4 per cent in FY26, largely driven by domestic demand.<h3>FY26 GDP are scheduled for release on February 27, 2026</h3>The report underlined that household consumption remains a key pillar of economic growth, even as uncertainties persist in the global economy. It also noted that the second advance estimates for FY26 GDP are scheduled for release on February 27, 2026. These updated figures will include additional data and revisions, and GDP numbers for the first and second quarters are expected to be revised due to a change in the base year.&nbsp;India has refreshed its GDP base year, updating it from 2011-12 to 2022-23, including the new series scheduled for release on February 27, 2026. The report also indicated that it is very hard to predict the direction of revisions in the GDP data.&nbsp;The purpose of revising the base year is to better reflect the current structure of the Indian economy, that include changes such as the growing role of digital commerce and the services sector. Additionally, the base year for the Consumer Price Index (CPI) of India was updated to 2024, which will assist in a more precise measure of inflation based on current consumption patterns. &nbsp;Also read: <a href="https://www.wionews.com/india-news/what-happens-to-india-s-18-tariff-after-scotus-scraps-trump-reciprocal-duties-here-s-what-the-potus-said-nothing-happens-1771648834475">What happens to India’s 18% tariff after SCOTUS scraps Trump reciprocal duties? Here’s what the POTUS said</a>

The purpose of revising the base year is to better reflect the current structure of the Indian economy, that include changes such as the growing role of digital commerce and the services sector.

The State Bank of India (SBI) said on Tuesday that India's GDP is likely to grow by about 8.1 per cent in the third quarter of the current financial year (FY26), indicating strong growth momentum. The report noted that despite global challenges, the Indian economy has shown resilience, supported by strong domestic demand and consistent economic activity across multiple sectors. According to a report in the news agency ANI, the SBI said "we expect Q3FY26 real GDP growth of closer to 8.1 per cent". Based on the SBI report, high-frequency economic indicators point to steady economic activity during the third quarter of FY26. Rural consumption has also remained strong, supported by encouraging trends in both agricultural and non-agricultural activities. Similarly, urban consumption has slowly improved, aided by fiscal support and higher spending since the most recent festive season. The first advance estimates show India's GDP growth at 7.4 per cent in FY26, largely driven by domestic demand. FY26 GDP are scheduled for release on February 27, 2026 The report underlined that household consumption remains a key pillar of economic growth, even as uncertainties persist in the global economy. It also noted that the second advance estimates for FY26 GDP are scheduled for release on February 27, 2026. These updated figures will include additional data and revisions, and GDP numbers for the first and second quarters are expected to be revised due to a change in the base year. India has refreshed its GDP base year, updating it from 2011-12 to 2022-23, including the new series scheduled for release on February 27, 2026. The report also indicated that it is very hard to predict the direction of revisions in the GDP data. The purpose of revising the base year is to better reflect the current structure of the Indian economy, that include changes such as the growing role of digital commerce and the services sector. Additionally, the base year for the Consumer Price Index (CPI) of India was updated to 2024, which will assist in a more precise measure of inflation based on current consumption patterns. Also read: What happens to India’s 18% tariff after SCOTUS scraps Trump reciprocal duties? Here’s what the POTUS said

The purpose of revising the base year is to better reflect the current structure of the Indian economy, that include changes such as the growing role of digital commerce and the services sector.

India’s Q3 FY26 GDP growth is likely at 8.1% amid strong domestic demand: SBI

Russian oil exports may have dipped over the past year, but shipments remain higher than they were before Moscow launched its full-scale invasion of Ukraine in 2022, according to a new report released Tuesday (Feb 23). As per the report, of this, about 93 per cent of crude was exported to China, India, and Turkey.<h2>Russia's oil export continues unabashed</h2>An analysis by the Centre for Research on Energy and Clean Air, a Finnish think tank, found that crude export volumes in the fourth year of the war were still about six per cent above pre-invasion levels. That is despite multiple rounds of Western sanctions aimed at squeezing Russia's energy income and targeting its so-called 'shadow fleet'.Also read | <a href="https://www.wionews.com/india-news/what-happens-to-india-s-18-tariff-after-scotus-scraps-trump-reciprocal-duties-here-s-what-the-potus-said-nothing-happens-1771648834475">Will India still pay 18% tariffs after SCOTUS scraps Trump reciprocal duties? Here’s what the POTUS said</a>The shadow fleet refers to older tankers with murky ownership structures that are used to move oil outside the formal system, often bypassing European Union, US and G7 restrictions.<h2>Russia crude revenue falls</h2>According to AFP, even as the crude export volumes stayed relatively strong, compared with the previous year, the warring nation's earnings from crude exports fell 18 per cent to 85.5 billion euros in the 12 months leading up to February 24.Export volumes during the same period dropped six per cent to 215 million tonnes. However, China, India and Turkey accounted for 93 per cent of Russian crude exports during the period studied, the report said.Also read | <a href="https://www.wionews.com/world/moscow-rejects-us-claim-india-will-ditch-russian-oil-says-trump-trying-to-grab-right-to-dictate-to-independent-nations-1771464523183">Moscow blasts US claim India will ditch Russian oil, says Trump trying to 'grab right to dictate to independent nations'</a>Russia has been forced to offer discounts on its oil, cutting into profits that help finance the war effort."We've seen a significant drop in Russian fossil fuel export earnings as a result of new measures and greater enforcement," said Isaac Levi, a CREA analyst and co-author of the study. But he added that "there are still significant loopholes and areas that have been unaddressed by sanctioning countries" that allow large volumes to flow.Among the weaknesses identified are ships operating under false flags and the re-export of refined fuels made from Russian crude to countries that have imposed sanctions.CREA is urging tougher steps. "We propose a ban of imports from any refinery or storage terminal that has received a shipment of Russian oil in the previous six months," Levi said. &nbsp;

A new report by the Centre for Research on Energy and Clean Air says Russia’s crude exports remain about 6 per cent above pre-2022 invasion levels, with 93 per cent going to China, India and Turkey.

Russian oil exports may have dipped over the past year, but shipments remain higher than they were before Moscow launched its full-scale invasion of Ukraine in 2022, according to a new report released Tuesday (Feb 23). As per the report, of this, about 93 per cent of crude was exported to China, India, and Turkey. Russia's oil export continues unabashed An analysis by the Centre for Research on Energy and Clean Air, a Finnish think tank, found that crude export volumes in the fourth year of the war were still about six per cent above pre-invasion levels. That is despite multiple rounds of Western sanctions aimed at squeezing Russia's energy income and targeting its so-called 'shadow fleet'. Also read | Will India still pay 18% tariffs after SCOTUS scraps Trump reciprocal duties? Here’s what the POTUS said The shadow fleet refers to older tankers with murky ownership structures that are used to move oil outside the formal system, often bypassing European Union, US and G7 restrictions. Russia crude revenue falls According to AFP, even as the crude export volumes stayed relatively strong, compared with the previous year, the warring nation's earnings from crude exports fell 18 per cent to 85.5 billion euros in the 12 months leading up to February 24. Export volumes during the same period dropped six per cent to 215 million tonnes. However, China, India and Turkey accounted for 93 per cent of Russian crude exports during the period studied, the report said. Also read | Moscow blasts US claim India will ditch Russian oil, says Trump trying to 'grab right to dictate to independent nations' Russia has been forced to offer discounts on its oil, cutting into profits that help finance the war effort. "We've seen a significant drop in Russian fossil fuel export earnings as a result of new measures and greater enforcement," said Isaac Levi, a CREA analyst and co-author of the study. But he added that "there are still significant loopholes and areas that have been unaddressed by sanctioning countries" that allow large volumes to flow. Among the weaknesses identified are ships operating under false flags and the re-export of refined fuels made from Russian crude to countries that have imposed sanctions. CREA is urging tougher steps. "We propose a ban of imports from any refinery or storage terminal that has received a shipment of Russian oil in the previous six months," Levi said.

A new report by the Centre for Research on Energy and Clean Air says Russia’s crude exports remain about 6 per cent above pre-2022 invasion levels, with 93 per cent going to China, India and Turkey.

India remains key buyer of Russian oil as Moscow's crude exports stay above pre-Ukraine war levels: Report

As tensions simmer between Washington and Tehran, US President Donald Trump is weighing options that go far beyond diplomacy, suggest reports. The POTUS is reportedly considering "taking out" the nation's Supreme Leader Ayatollah Seyyed Imam Ali Khamenei, his son and the mullahs. Here's what we know.<h2>Trump to order Ayatollah's assassination?</h2>According to an Axios report citing multiple sources, Trump is considering multiple scenarios, including one that involves the assassination of Iran's supreme leader and his potential successor, his son, Mojtaba.Also read | <a href="https://www.wionews.com/world/iran-claims-breakthrough-in-geneva-talks-vance-says-tehran-ignoring-trump-s-red-lines-1771375814136">Iran claims breakthrough in Geneva talks, Vance says Tehran ignoring Trump's 'red lines'</a>"They have something for every scenario. One scenario takes out the ayatollah and his son and the mullahs," a senior Trump advisor told the publication. However, the adviser insisted that Trump has not decided yet, "What the president chooses no one knows. I don't think he knows."Another senior official on the Trump administration confirmed that the plan to kill Khamenei and his son Mojtaba was presented to Trump weeks ago.<h2>Trump ‘keeping his options open’</h2>"Trump is keeping his options open. He could decide on an attack at any moment," including direct action against the country’s top leadership, said a third person in the Trump administration.<h2>Military pressure builds</h2>The reports surfaced as Trump on Thursday (Feb 19) acknowledged he is considering a limited strike on Iran, if the nation did not strike a deal with the US within 10-15 days. When asked directly by a reporter, he replied, "The most I can say, I am considering it."Also read | <a href="https://www.wionews.com/world/trump-ahead-of-us-iran-talks-in-geneva-warns-iran-of-consequences-if-nuclear-deal-fails-what-bout-uss-abraham-lincoln-1771295379775">Trump, ahead of US-Iran talks in Geneva, warns Tehran of 'consequences' if nuclear deal fails</a>In recent weeks, the US has ramped up its military presence in the Middle East. After deploying the USS Abraham Lincoln carrier group earlier this year, Washington ordered a second aircraft carrier, the Gerald Ford, to head to the region. The move is widely seen as leverage, aimed at pushing Tehran to curb its nuclear programme.Trump has warned that "bad things" would happen if Iran does not reach a deal before his deadline expires.&nbsp;<h2>Talks continue</h2>The latest escalation comes even as negotiations inch forward. Following talks in Geneva, Iran’s Foreign Minister Abbas Araghchi said a draft proposal could be ready within days and would be handed to US envoy Steve Witkoff after final approval in Tehran.Araghchi pushed back on claims that Washington demanded zero uranium enrichment. "We have not offered any suspension, and the US side has not asked for zero enrichment," he said in an interview to US TV network MS NOW. The focus, he insisted, is ensuring Iran’s nuclear programme "is peaceful and would remain peaceful forever". &nbsp;

As tensions rise between Washington and Tehran, reports say President Donald Trump is weighing options that go beyond diplomacy, including a scenario involving the assassination of Iran’s Supreme Leader Ali Khamenei and his son Mojtaba. Here's all we know.

As tensions simmer between Washington and Tehran, US President Donald Trump is weighing options that go far beyond diplomacy, suggest reports. The POTUS is reportedly considering "taking out" the nation's Supreme Leader Ayatollah Seyyed Imam Ali Khamenei, his son and the mullahs. Here's what we know. Trump to order Ayatollah's assassination? According to an Axios report citing multiple sources, Trump is considering multiple scenarios, including one that involves the assassination of Iran's supreme leader and his potential successor, his son, Mojtaba. Also read | Iran claims breakthrough in Geneva talks, Vance says Tehran ignoring Trump's 'red lines' "They have something for every scenario. One scenario takes out the ayatollah and his son and the mullahs," a senior Trump advisor told the publication. However, the adviser insisted that Trump has not decided yet, "What the president chooses no one knows. I don't think he knows." Another senior official on the Trump administration confirmed that the plan to kill Khamenei and his son Mojtaba was presented to Trump weeks ago. Trump ‘keeping his options open’ "Trump is keeping his options open. He could decide on an attack at any moment," including direct action against the country’s top leadership, said a third person in the Trump administration. Military pressure builds The reports surfaced as Trump on Thursday (Feb 19) acknowledged he is considering a limited strike on Iran, if the nation did not strike a deal with the US within 10-15 days. When asked directly by a reporter, he replied, "The most I can say, I am considering it." Also read | Trump, ahead of US-Iran talks in Geneva, warns Tehran of 'consequences' if nuclear deal fails In recent weeks, the US has ramped up its military presence in the Middle East. After deploying the USS Abraham Lincoln carrier group earlier this year, Washington ordered a second aircraft carrier, the Gerald Ford, to head to the region. The move is widely seen as leverage, aimed at pushing Tehran to curb its nuclear programme. Trump has warned that "bad things" would happen if Iran does not reach a deal before his deadline expires. Talks continue The latest escalation comes even as negotiations inch forward. Following talks in Geneva, Iran’s Foreign Minister Abbas Araghchi said a draft proposal could be ready within days and would be handed to US envoy Steve Witkoff after final approval in Tehran. Araghchi pushed back on claims that Washington demanded zero uranium enrichment. "We have not offered any suspension, and the US side has not asked for zero enrichment," he said in an interview to US TV network MS NOW. The focus, he insisted, is ensuring Iran’s nuclear programme "is peaceful and would remain peaceful forever".

As tensions rise between Washington and Tehran, reports say President Donald Trump is weighing options that go beyond diplomacy, including a scenario involving the assassination of Iran’s Supreme Leader Ali Khamenei and his son Mojtaba. Here's all we know.

Did Trump order Iran supreme leader Ayatollah Khamenei's assassination? Here's what new report suggests

Prime Minister Narendra Modi on Saturday (Feb 21) launched the India Chip Private Limited, a pioneering joint venture between HCL and Foxconn for domestic semiconductor production. Addressing the groundbreaking ceremony of the OSAT (Outsourced Semiconductor Assembly and Test) facility in the northern city of Jewar in Uttar Pradesh via video conferencing, Modi stressed India’s push for chipmaking self-reliance.“India must become self-reliant in chip manufacturing... For this... we need to build a semiconductor ecosystem in India,” Modi said, adding that the nation is working simultaneously on both software and hardware aspects of technology.“It is a matter of pride for all of us that Uttar Pradesh is also set to become a major centre in India’s semiconductor ecosystem. This new HCL and Foxconn factory... will further strengthen UP’s new identity as a technology powerhouse,” he said.<a href="https://www.wionews.com/videos/western-dual-use-chips-reportedly-reached-russia-via-north-korea-hong-kong-1771558191370/embed">https://www.wionews.com/videos/western-dual-use-chips-reportedly-reached-russia-via-north-korea-hong-kong-1771558191370/embed</a><h2>A step towards technological self-reliance</h2>This is Uttar Pradesh’s first OSAT facility and India’s sixth approved semiconductor project.The joint venture between Indian IT giant HCL Technologies and Taiwanese electronics manufacturer Foxconn is located in the Yamuna Expressway Industrial Development Authority (YEIDA) area in Uttar Pradesh, near the upcoming Noida International Airport.Spanning approximately 48 acres, the facility has an investment of more than Rs 3,700 crore.Foxconn holds a 40 per cent equity stake, having invested $37.2 million (around Rs 312 crore), with possible additional investment of up to Rs 424 crore.The project is being developed under the modified scheme for semiconductor ATMP, or Assembly, Testing, Marking and Packaging.Also read: <a href="https://www.wionews.com/world/not-about-china-why-india-joining-pax-silica-alliance-on-rare-earths-supply-chain-chip-making-and-ai-is-a-big-deal-1771580224467">Not about China? Why India joining Pax Silica alliance on rare earths supply chain, chip making and AI is a big deal</a><h2>What will the OSAT facility make?</h2>The facility aims to enhance high-end manufacturing capabilities in sectors such as mobile phones, tablets, laptops and automotive electronics.It will focus on display driver integrated circuits for smartphones, laptops, automotive applications and other consumer electronics, according to reports.The facility is expected to generate thousands of direct and indirect jobs for engineers, technicians and skilled professionals, and to catalyse growth in ancillary industries, design houses, R&amp;D centres and a start-up ecosystem around semiconductors, said a release from the government.Also read: <a href="https://www.wionews.com/opinions/from-chips-to-chatbots-how-india-is-chasing-ai-billions-1771413723048">From chips to chatbots: How India is chasing AI billions</a><h2>India’s growth in chip ecosystem</h2>The new facility is a significant step in strengthening India’s self-reliance and its presence in the global chip ecosystem.It will help India reduce import dependence, build resilient supply chains and promote innovation, skill development and technology transfer.The new facility aligns with government initiatives such as Make in India and Digital India, as well as Atmanirbhar Bharat, or a self-reliant India.

Prime Minister Modi attended the groundbreaking ceremony of a new semiconductor facility in Uttar Pradesh. The HCL and Foxconn joint venture boosts India’s chip manufacturing, self-reliance, jobs and high-end electronics production.

Prime Minister Narendra Modi on Saturday (Feb 21) launched the India Chip Private Limited, a pioneering joint venture between HCL and Foxconn for domestic semiconductor production. Addressing the groundbreaking ceremony of the OSAT (Outsourced Semiconductor Assembly and Test) facility in the northern city of Jewar in Uttar Pradesh via video conferencing, Modi stressed India’s push for chipmaking self-reliance. “India must become self-reliant in chip manufacturing... For this... we need to build a semiconductor ecosystem in India,” Modi said, adding that the nation is working simultaneously on both software and hardware aspects of technology. “It is a matter of pride for all of us that Uttar Pradesh is also set to become a major centre in India’s semiconductor ecosystem. This new HCL and Foxconn factory... will further strengthen UP’s new identity as a technology powerhouse,” he said. https://www.wionews.com/videos/western-dual-use-chips-reportedly-reached-russia-via-north-korea-hong-kong-1771558191370/embed A step towards technological self-reliance This is Uttar Pradesh’s first OSAT facility and India’s sixth approved semiconductor project. The joint venture between Indian IT giant HCL Technologies and Taiwanese electronics manufacturer Foxconn is located in the Yamuna Expressway Industrial Development Authority (YEIDA) area in Uttar Pradesh, near the upcoming Noida International Airport. Spanning approximately 48 acres, the facility has an investment of more than Rs 3,700 crore. Foxconn holds a 40 per cent equity stake, having invested $37.2 million (around Rs 312 crore), with possible additional investment of up to Rs 424 crore. The project is being developed under the modified scheme for semiconductor ATMP, or Assembly, Testing, Marking and Packaging. Also read: Not about China? Why India joining Pax Silica alliance on rare earths supply chain, chip making and AI is a big deal What will the OSAT facility make? The facility aims to enhance high-end manufacturing capabilities in sectors such as mobile phones, tablets, laptops and automotive electronics. It will focus on display driver integrated circuits for smartphones, laptops, automotive applications and other consumer electronics, according to reports. The facility is expected to generate thousands of direct and indirect jobs for engineers, technicians and skilled professionals, and to catalyse growth in ancillary industries, design houses, R&D centres and a start-up ecosystem around semiconductors, said a release from the government. Also read: From chips to chatbots: How India is chasing AI billions India’s growth in chip ecosystem The new facility is a significant step in strengthening India’s self-reliance and its presence in the global chip ecosystem. It will help India reduce import dependence, build resilient supply chains and promote innovation, skill development and technology transfer. The new facility aligns with government initiatives such as Make in India and Digital India, as well as Atmanirbhar Bharat, or a self-reliant India.

Prime Minister Modi attended the groundbreaking ceremony of a new semiconductor facility in Uttar Pradesh. The HCL and Foxconn joint venture boosts India’s chip manufacturing, self-reliance, jobs and high-end electronics production. Here is what you should know

India Chip Private Limited launched by PM Modi: Why is it important and what will it make?

US President Donald Trump on Friday (Feb 20) said India will continue to face 18 per cent tariffs, even after the Supreme Court struck down sweeping reciprocal tariffs. The remarks came days after the court, in a 6-3 decision, ruled that Trump's sweeping duties on imports from nearly all trading partners violated federal law. The judges held that he lacked the authority under the 1977 International Emergency Economic Powers Act to impose such wide-ranging tariffs.Also read | <a href="https://www.wionews.com/world/who-is-neal-katyal-all-about-the-indian-origin-lawyer-who-led-legal-challenge-against-trump-tariffs-at-scotus-1771641242108">Who is Neal Katyal? Indian-origin lawyer behind SCOTUS ruling on Trump tariffs</a><h2>What happens to 18% India tariffs?</h2>Trump was blunt when asked about the impact on the India deal. "Nothing changes," he said in response to ANI. The trade arrangement, he added, remains intact and is expected to be signed by the end of March.Under the interim US-India trade deal framework announced earlier this month, Washington reduced proposed tariffs on Indian goods to 18 per cent from an earlier 50 per cent. In return, New Delhi agreed to eliminate tariffs on US goods."Nothing changes. They'll be paying tariffs, and we will not be paying tariffs. This is a reversal of what used to be," Trump said, calling it a "fair deal". He also described Prime Minister Narendra Modi as "a great gentleman a great man" and said the agreement marked a reversal of past trade terms."In terms of the US, He was ripping us off. So we made a deal with India. A fair deal now. We are not paying tariffs to them, and they are. We did a little flip," said Trump.Also read | <a href="https://www.wionews.com/opinions/donald-trump-suffers-first-major-blow-to-his-economic-and-diplomatic-policy-opinion-1771637528141">Donald Trump suffers first major blow to his economic and diplomatic policy</a><h2>What the US-India trade deal covers</h2>India has agreed to cut or remove duties on US industrial goods and a range of farm products. These include dried distillers’ grains, red sorghum, tree nuts, fruits, soybean oil, wine and spirits.The US, on its part, will apply the 18 per cent tariff to Indian exports such as textiles, leather goods, footwear, chemicals, plastics, home decor and certain machinery.Notably, while the two nations announced the framework, the deal is yet to be signed. Officials from both countries are set to meet in the US on February 23 for three days to finalise the legal text. Union Commerce Minister Piyush Goyal recently said the agreement is likely to take effect in April.&nbsp;

Will India still face 18 per cent US tariffs even after the Supreme Court struck down Donald Trump’s sweeping reciprocal duties? President Trump says “nothing changes” under the interim trade deal.

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US President Donald Trump on Friday (Feb 20) said India will continue to face 18 per cent tariffs, even after the Supreme Court struck down sweeping reciprocal tariffs. The remarks came days after the court, in a 6-3 decision, ruled that Trump's sweeping duties on imports from nearly all trading partners violated federal law. The judges held that he lacked the authority under the 1977 International Emergency Economic Powers Act to impose such wide-ranging tariffs. Also read | Who is Neal Katyal? Indian-origin lawyer behind SCOTUS ruling on Trump tariffs What happens to 18% India tariffs? Trump was blunt when asked about the impact on the India deal. "Nothing changes," he said in response to ANI. The trade arrangement, he added, remains intact and is expected to be signed by the end of March. Under the interim US-India trade deal framework announced earlier this month, Washington reduced proposed tariffs on Indian goods to 18 per cent from an earlier 50 per cent. In return, New Delhi agreed to eliminate tariffs on US goods. "Nothing changes. They'll be paying tariffs, and we will not be paying tariffs. This is a reversal of what used to be," Trump said, calling it a "fair deal". He also described Prime Minister Narendra Modi as "a great gentleman a great man" and said the agreement marked a reversal of past trade terms. "In terms of the US, He was ripping us off. So we made a deal with India. A fair deal now. We are not paying tariffs to them, and they are. We did a little flip," said Trump. Also read | Donald Trump suffers first major blow to his economic and diplomatic policy What the US-India trade deal covers India has agreed to cut or remove duties on US industrial goods and a range of farm products. These include dried distillers’ grains, red sorghum, tree nuts, fruits, soybean oil, wine and spirits. The US, on its part, will apply the 18 per cent tariff to Indian exports such as textiles, leather goods, footwear, chemicals, plastics, home decor and certain machinery. Notably, while the two nations announced the framework, the deal is yet to be signed. Officials from both countries are set to meet in the US on February 23 for three days to finalise the legal text. Union Commerce Minister Piyush Goyal recently said the agreement is likely to take effect in April.

Will India still face 18 per cent US tariffs even after the Supreme Court struck down Donald Trump’s sweeping reciprocal duties? President Trump says “nothing changes” under the interim trade deal.Scroll down to find out what happens next.

Will India still pay 18% tariffs after SCOTUS scraps Trump reciprocal duties? Here’s what the POTUS said