Blasts heard in Sanaa as Saudi-led coalition warns civilians to evacuate; Houthis vow retaliation

China's counter-surveillance industry booms amid heightened espionage fears | Gravitas

Saudi Arabia strikes Yemen oil sites as Houthi missiles target Riyadh; 'limited fire' breaks out at Aramco

Navratri 2026: 9 days, 9 forms of Goddess Durga and 9 colours- Check the complete list

Trump accuses Houthis of driving up oil prices before US midterms, warns of consequences

New Delhi rejects Beijing’s claims and remarks on Ladakh location naming exercise

Russian woman and Bihar boy's love story goes viral after she reaches India to marry him

US Midterms 2026: In Alaska, cost-of-living anxiety meets strangest ballot in high-stakes Senate race

CMs Vijay-Naidu meet in Vijayawada, discuss water sharing, river-linking

'Don't ever mess with nature!': Trump’s tiger attack post triggers social media backlash as victim's family issues heartbreaking tribute

OpenAI employee arrested by FBI after allegedly hiding recording device in office

1,500 drones illuminate Mumbai sky as Cordelia Cruises unveils second ship, Cordelia Sky

Delhi Police arrest Cockroach Janta Party's Saurav Das, Ashutosh Ranka, Ajinkya Shinde in Jantar Mantar case, to be produced before court

Pope Leo XIV diagnosed with lung cancer after surgery, Vatican says 'successful surgery and recovering'

Pakistan to chair UN-backed global Borrowers’ Platform as its own debt burden mounts, triggers sarcastic reactions on social media

Robot gropes girl, makes thrusting movements in bizarre crime in Germany

France accuses Musk of ‘online harassment’ of European leaders, warns of poll interference

MI5 chief warns Russia is UK’s ‘aggressor number one’ as Iran and AI threats grow

'Turn approver, resign, we'll forgive you': Rahul Gandhi claims receiving messages from CEC Gyanesh Kumar

Trump reconsidering calling off Nidal Hasan's execution livestream. Here's why

‘My president, I mean my husband’: Trump's new press secretary Katie Zacharia's first briefing goes off the rails in 14 minutes

‘How many people did she illegally bring from Somalia?’ Trump targets Ilhan Omar, questions her net worth

Marco Rubio to visit India next week, focus on energy cooperation and strategic ties

L Murugan resigns as Union Minister, expresses wish to return to grassroots

'Ouch!!! That must hurt': Kangana Ranaut hails Kamal Haasan's sharp reply to Elon Musk over Starlink row

Girl 'dead' for 8 hours wakes up at her own funeral, dad insists she wasn't breathing

Sidhu Moose Wala’s younger brother wins hearts by recreating late singer’s signature move at Toronto Hologram Show

UK school ditches technology, shifts from screen to pen and paper for learning

New OTT releases this week (October 12-18, 2026): Sacrifice, Koffee with Karan S9, Roadies Rebirth- 6 titles coming on Netflix, JioHotstar and more

Anupam Kher joins Ranbir Kapoor's Ramayana as Jatayu, new poster unveiled

Netanyahu wants to join Saudi's war on Houthis, but Crown Prince denies: Report

Measles kills again: 6 dead in Pennsylvania as America faces its worst outbreak in decades | Gravitas

Ken Paxton's Dubai night out with two US fugitives sparks political storm as Texas Senate race tightens

Cornell University suspends fraternity parties over 2024 gang rape allegations

Do Kwon was sentenced earlier this month to 15 years in prison by a New York court for crimes associated with the fall of his cryptocurrencies TerraUSD and Luna. Kwon joins the hall of shame of crypto kings, queens and geniuses who were celebrated at the heyday of the digital currencies a decade ago, but manipulated their systems to defraud customers. Kwon was charged with money laundering and fraud, having been apprehended after a years-long manhunt. This is his story.<h2>Do Kwon: the baby-faced crypto genius</h2>Do Kwon, born in South Korea on 6 September 1991 as Kwon Do-hyung, went from software engineer to cryptocurrency entrepreneur after graduating from Stanford University with a degree in computer science. He cut his teeth at Microsoft and Apple before co-founding Singapore-based Terraform Labs with Daniel Shin in 2018, and serving as CEO.Terraform Labs developed the Terra blockchain, the Luna cryptocurrency, and the algorithmic stablecoin TerraUSD (UST), which was marketed as maintaining a $1 peg through an automated mechanism involving Luna. But before we move further, you need to know about the concept of stablecoins.<a href="https://www.wionews.com/videos/markets-in-numbers-2025-precious-metals-rise-crypto-worst-performing-asset-1766467180818/embed">https://www.wionews.com/videos/markets-in-numbers-2025-precious-metals-rise-crypto-worst-performing-asset-1766467180818/embed</a><h2>What are dollar-pegged stablecoins?</h2>Stablecoins are cryptocurrencies designed to maintain a stable value, typically pegged as equal to, or 1:1 with, the US dollar or other fiat currencies.The aim is to combine the benefits of crypto, such as fast and borderless transfers, with the stability of traditional money. The equal pegging to the dollar enabled stablecoins to be used in trading, remittances, and decentralised finance (DeFi) lending. Stablecoins were advertised as a “safe haven” during cryptocurrency volatility, something that Bitcoin, Ethereum, Dogecoin and others are notorious for.&nbsp;Also read: <a href="https://www.wionews.com/business-economy/why-are-crypto-markets-falling-1760706709071">Why are crypto markets falling? Explained</a>&nbsp;There are three main types of dollar-pegged stablecoins.The most common are fiat-collateralised cryptocurrencies. These dominate market capitalisation and are backed by 1:1 reserves of US dollars, usually in cash or treasuries held off-chain by a centralised issuer. Examples of such coins include Tether and USD Coin.The second type are crypto-collateralised. These are over-collateralised, sometimes up to 200 per cent, by other cryptocurrencies locked in smart contracts. If the collateral value drops, positions can be liquidated to maintain the peg. Examples include DAI from MakerDAO, which is backed by Ethereum and other cryptocurrencies.The third type are algorithmic stablecoins, which have minimal or no collateral. These use algorithms or incentives to adjust supply automatically through arbitrage operations, usually involving a more volatile “sister” tokens which absorbs price fluctuations. Fully decentralised, algorithmic stablecoins are the riskiest in volatile market conditions.Do Kwon’s TerraUSD, or UST, was one such algorithmic stablecoin. It worked on what is known as a “burn-and-mint mechanism” using the sister coin Luna. In reality, UST was not actually backed by dollar reserves. In the ‘burn and mint operation’, when UST was down in value to US dollars, users would ‘burn’ UST and ‘mint’ more Luna coins, and when Luna was down, they would mint UST and burn Luna, and so on.Also read: <a href="https://www.wionews.com/india-news/india-us-coordinate-real-time-to-seize-cryptocurrency-assets-worth-150-million-1757086955195">India, US coordinate real time to seize cryptocurrency assets worth $150 Million</a><h2>The massive fraud of Kwon</h2>Kwon misled investors in his crypto assets about the stability and mechanics of TerraUSD, falsely claiming that the dollar peg was purely maintained by algorithms.But the reality was different.The dollar was “depegged” in May 2021, meaning UST temporarily lost its one-to-one value against the US dollar. But to hide this, Kwon secretly made arrangements with a trading firm to buy millions of dollars’ worth of UST to artificially restore the dollar peg.This led to the inflation of Kwon’s cryptocurrency ecosystem, valued at $50 billion at its peak.<h2>The spectacular collapse of TerraUSD and Luna and crypto winter</h2>Crypto investments saw massive growth during the Covid pandemic. As the lockdowns eased, investments came down. In May 2022, Kwon’s crypto assets UST and Luna collapsed spectacularly, as a chain reaction of panic withdrawals contributed to the situation similar to run on the banks..Nearly $40–50 billion in investor value was wiped out in days. Many retail investors lost their entire life savings.The collapse highlighted algorithmic stablecoins’ vulnerability, a case of fake confidence without sufficient underlying mechanisms.&nbsp;The fall of UST contributed to a broader crypto market crash known as “crypto winter”. It may have also partially caused the downfall of other firms like FTX, run by Sam Bankman-Fried.&nbsp;Firms such as Three Arrows Capital, Voyager were also affected.<h2>After the fall: Kwon’s life as a fugitive</h2>After the 2022 collapse, Kwon disappeared. Reports claimed he fled first to Singapore, then to the Balkans, using false passports. But in March 2023, his escape from the law ended. Kwon was arrested at Podgorica Airport in Montenegro while attempting to board a flight to Dubai using forged Costa Rican documents. He was given a short jail term in Montenegro for passport forgery.Already, both the US and South Korea were on Kwon’s trail and wanted him extradited.A legal battle ensued.On 31 December 2024, Montenegro extradited Kwon to the US to stand trial at a federal court in Manhattan, New York. Kwon, the once-crypto king, pleaded guilty in August 2025 to conspiracy to defraud, wire fraud, and other related charges. Nearly a year after his extradition, he was sentenced to 15 years in prison on December 11, with credit for time served in custody, including about 17 months in Montenegro.<h2>Do Kwon: Epic fraud</h2>The US judge described the TerraUSD fraud as “epic” and on a “generational scale”.Kwon expressed remorse in court.He and Terraform Labs had settled a separate civil case with the US securities watchdog, the SEC, for $4.55 billion, including an $80 million personal fine.But his legal woes are not over.The baby-faced entrepreneur may face additional charges in South Korea after serving his US sentence.

Do Kwon, recently sentenced to 15 years in prison, had risen from Stanford graduate to crypto star before his tokens, TerraUSD and sister coin Luna collapsed, wiping out billions of dollars in value. Here is his story

Do Kwon was sentenced earlier this month to 15 years in prison by a New York court for crimes associated with the fall of his cryptocurrencies TerraUSD and Luna. Kwon joins the hall of shame of crypto kings, queens and geniuses who were celebrated at the heyday of the digital currencies a decade ago, but manipulated their systems to defraud customers. Kwon was charged with money laundering and fraud, having been apprehended after a years-long manhunt. This is his story. Do Kwon: the baby-faced crypto genius Do Kwon, born in South Korea on 6 September 1991 as Kwon Do-hyung, went from software engineer to cryptocurrency entrepreneur after graduating from Stanford University with a degree in computer science. He cut his teeth at Microsoft and Apple before co-founding Singapore-based Terraform Labs with Daniel Shin in 2018, and serving as CEO. Terraform Labs developed the Terra blockchain, the Luna cryptocurrency, and the algorithmic stablecoin TerraUSD (UST), which was marketed as maintaining a $1 peg through an automated mechanism involving Luna. But before we move further, you need to know about the concept of stablecoins. https://www.wionews.com/videos/markets-in-numbers-2025-precious-metals-rise-crypto-worst-performing-asset-1766467180818/embed What are dollar-pegged stablecoins? Stablecoins are cryptocurrencies designed to maintain a stable value, typically pegged as equal to, or 1:1 with, the US dollar or other fiat currencies. The aim is to combine the benefits of crypto, such as fast and borderless transfers, with the stability of traditional money. The equal pegging to the dollar enabled stablecoins to be used in trading, remittances, and decentralised finance (DeFi) lending. Stablecoins were advertised as a “safe haven” during cryptocurrency volatility, something that Bitcoin, Ethereum, Dogecoin and others are notorious for. Also read: Why are crypto markets falling? Explained There are three main types of dollar-pegged stablecoins. The most common are fiat-collateralised cryptocurrencies. These dominate market capitalisation and are backed by 1:1 reserves of US dollars, usually in cash or treasuries held off-chain by a centralised issuer. Examples of such coins include Tether and USD Coin. The second type are crypto-collateralised. These are over-collateralised, sometimes up to 200 per cent, by other cryptocurrencies locked in smart contracts. If the collateral value drops, positions can be liquidated to maintain the peg. Examples include DAI from MakerDAO, which is backed by Ethereum and other cryptocurrencies. The third type are algorithmic stablecoins, which have minimal or no collateral. These use algorithms or incentives to adjust supply automatically through arbitrage operations, usually involving a more volatile “sister” tokens which absorbs price fluctuations. Fully decentralised, algorithmic stablecoins are the riskiest in volatile market conditions. Do Kwon’s TerraUSD, or UST, was one such algorithmic stablecoin. It worked on what is known as a “burn-and-mint mechanism” using the sister coin Luna. In reality, UST was not actually backed by dollar reserves. In the ‘burn and mint operation’, when UST was down in value to US dollars, users would ‘burn’ UST and ‘mint’ more Luna coins, and when Luna was down, they would mint UST and burn Luna, and so on. Also read: India, US coordinate real time to seize cryptocurrency assets worth $150 Million The massive fraud of Kwon Kwon misled investors in his crypto assets about the stability and mechanics of TerraUSD, falsely claiming that the dollar peg was purely maintained by algorithms. But the reality was different. The dollar was “depegged” in May 2021, meaning UST temporarily lost its one-to-one value against the US dollar. But to hide this, Kwon secretly made arrangements with a trading firm to buy millions of dollars’ worth of UST to artificially restore the dollar peg. This led to the inflation of Kwon’s cryptocurrency ecosystem, valued at $50 billion at its peak. The spectacular collapse of TerraUSD and Luna and crypto winter Crypto investments saw massive growth during the Covid pandemic. As the lockdowns eased, investments came down. In May 2022, Kwon’s crypto assets UST and Luna collapsed spectacularly, as a chain reaction of panic withdrawals contributed to the situation similar to run on the banks.. Nearly $40–50 billion in investor value was wiped out in days. Many retail investors lost their entire life savings. The collapse highlighted algorithmic stablecoins’ vulnerability, a case of fake confidence without sufficient underlying mechanisms. The fall of UST contributed to a broader crypto market crash known as “crypto winter”. It may have also partially caused the downfall of other firms like FTX, run by Sam Bankman-Fried. Firms such as Three Arrows Capital, Voyager were also affected. After the fall: Kwon’s life as a fugitive After the 2022 collapse, Kwon disappeared. Reports claimed he fled first to Singapore, then to the Balkans, using false passports. But in March 2023, his escape from the law ended. Kwon was arrested at Podgorica Airport in Montenegro while attempting to board a flight to Dubai using forged Costa Rican documents. He was given a short jail term in Montenegro for passport forgery. Already, both the US and South Korea were on Kwon’s trail and wanted him extradited. A legal battle ensued. On 31 December 2024, Montenegro extradited Kwon to the US to stand trial at a federal court in Manhattan, New York. Kwon, the once-crypto king, pleaded guilty in August 2025 to conspiracy to defraud, wire fraud, and other related charges. Nearly a year after his extradition, he was sentenced to 15 years in prison on December 11, with credit for time served in custody, including about 17 months in Montenegro. Do Kwon: Epic fraud The US judge described the TerraUSD fraud as “epic” and on a “generational scale”. Kwon expressed remorse in court. He and Terraform Labs had settled a separate civil case with the US securities watchdog, the SEC, for $4.55 billion, including an $80 million personal fine. But his legal woes are not over. The baby-faced entrepreneur may face additional charges in South Korea after serving his US sentence.

Do Kwon, recently sentenced to 15 years in prison, had risen from Stanford graduate to crypto star before his tokens, TerraUSD and sister coin Luna collapsed, wiping out billions of dollars in value. Here is his story&nbsp;

Crimes of Do Kwon: Freefall of South Korean crypto genius - fugitive life, forged passports and 15 years in jail

From pension reforms to a new tax regime and conveniences in NPS & UPS investment options, it brought several impactful updates. Let's rewind the year and have a look at the top 10 changes for India's central government employees and pensioners in 2025.

From pension reforms to a new tax regime and conveniences in NPS &amp; UPS investment options, it brought several impactful updates. Let's rewind the year and have a look at the top 10 changes for India's central government employees and pensioners in 2025.

From 8th Pay Commission to DA hikes: 10 changes for India's central govt employees and pensioners in 2025

India and New Zealand concluded the negotiation for an ambitious Free Trade agreement (FTA), which is expected to double the bilateral trade in five years and yield an investment of $15 billion in India over the next 15 years. The announcement came following a telephonic conversation between Prime Minister Narendra Modi and his counterpart, Christopher Luxon.&nbsp;The deliberation for the trade deal began during New Zealand Prime Minister Christopher Luxon’s visit to India in March 202,5, with both sides describing the agreement as a significant step towards strengthening bilateral economic ties. The pact is expected to advance economic engagement, improve market access and boost investment flows along with deepening strategic ties between the two countries.&nbsp;The trade deal will also open up new opportunities for innovators, entrepreneurs, farmers, MSMEs, students and youth of both countries across various sectors. Hailing the deal as a landmark, PM Modi said, "Concluded in just nine months, this historic milestone reflects a strong political will and shared ambition to deepen economic ties between our two countries."&nbsp;Luxon, at the same time, termed the agreement as "big deal", emphasising that it will reduce or remove tariffs on 95 per cent of New Zealand's exports, making it easier for Kiwi businesses to access 1.4 billion consumers in India.&nbsp;Also Read: <a href="https://www.wionews.com/world/denmark-summons-us-envoy-after-trump-appoints-special-top-diplomat-to-greenland-1766401338176">Denmark summons US envoy after Trump appoints ‘special top diplomat’ to Greenland</a>&nbsp;India–New Zealand trade in goods and services stood at $2.07 billion in 2024, with Indian exports contributing $1.1 billion. Agriculture and dairy emerged as sensitive sectors during the free trade agreement talks, and people familiar with the matter said both sides agreed to keep these issues outside the negotiations to accelerate progress on the trade deal.&nbsp;The trade deal with New Zealand marks the second Free Trade agreement India inked this month after after a recent pact with Oman. New Delhi is in the process of negotiating fresh deals with its trade partners, such as the Comprehensive Economic Trade Agreement with the UK in July, which reduces tariffs on nearly 90% of goods traded by the two countries.

The trade pact marks the second FTA India has finalised this month, after Oman. It is expected to double bilateral trade between India and New Zealand over the next five years. 

India and New Zealand concluded the negotiation for an ambitious Free Trade agreement (FTA), which is expected to double the bilateral trade in five years and yield an investment of $15 billion in India over the next 15 years. The announcement came following a telephonic conversation between Prime Minister Narendra Modi and his counterpart, Christopher Luxon. The deliberation for the trade deal began during New Zealand Prime Minister Christopher Luxon’s visit to India in March 202,5, with both sides describing the agreement as a significant step towards strengthening bilateral economic ties. The pact is expected to advance economic engagement, improve market access and boost investment flows along with deepening strategic ties between the two countries. The trade deal will also open up new opportunities for innovators, entrepreneurs, farmers, MSMEs, students and youth of both countries across various sectors. Hailing the deal as a landmark, PM Modi said, "Concluded in just nine months, this historic milestone reflects a strong political will and shared ambition to deepen economic ties between our two countries." Luxon, at the same time, termed the agreement as "big deal", emphasising that it will reduce or remove tariffs on 95 per cent of New Zealand's exports, making it easier for Kiwi businesses to access 1.4 billion consumers in India. Also Read: Denmark summons US envoy after Trump appoints ‘special top diplomat’ to Greenland India–New Zealand trade in goods and services stood at $2.07 billion in 2024, with Indian exports contributing $1.1 billion. Agriculture and dairy emerged as sensitive sectors during the free trade agreement talks, and people familiar with the matter said both sides agreed to keep these issues outside the negotiations to accelerate progress on the trade deal. The trade deal with New Zealand marks the second Free Trade agreement India inked this month after after a recent pact with Oman. New Delhi is in the process of negotiating fresh deals with its trade partners, such as the Comprehensive Economic Trade Agreement with the UK in July, which reduces tariffs on nearly 90% of goods traded by the two countries.

The trade pact marks the second FTA India has finalised this month, after Oman. It is expected to double bilateral trade between India and New Zealand over the next five years.&nbsp;

India, New Zealand announce conclusion of Free Trade Agreement

The prices of gold and silver have hit record highs, in a pattern seen throughout 2025. This reflects the risk-averse sentiment of investors, who have amassed gold and silver. Its been the pattern in past decades too, with the price of gold rising in anticipation of, and during, crises. The current high prices, particularly since the Ukraine–Russia war of 2022 onwards, could indicate that the gloom and doom is likely to continue in 2026, if one goes by historical precedents.<h2>The rise of gold and silver in 2025</h2>Gold, which was around $2,624 per ounce at the start of 2025, is at a record high of around $4,400 per ounce by late December, a rise of around 68 per cent on the year. Silver is up from $29 per ounce to $69 per ounce, an even higher spike of 133 per cent on the year. This is one of the biggest annual rises for both metals since 1979.<a href="https://www.wionews.com/videos/gold-bet-to-surge-to-5-000-ounce-in-2026-1766295259367/embed">https://www.wionews.com/videos/gold-bet-to-surge-to-5-000-ounce-in-2026-1766295259367/embed</a><h2>Gold and silver: Safe-haven assets amid uncertainties</h2>Investors flock to these so-called safe-haven assets when geopolitical tensions continue, most of which have a direct impact on oil prices: the Ukraine–Russia war, US–Venezuela tensions, and conflicts in the Middle East, particularly the Gaza war.Silver is not only a safe haven, but also has strong industrial use in current technologies such as electric vehicles, solar energy and electronics.US tariffs under President Donald Trump, and trade wars have added to the uncertainties. There are also fears about inflation, both in the US and elsewhere. One of the longest US government shutdowns exacerbated the situation.&nbsp;Also read: <a href="https://www.wionews.com/world/china-asia-largest-undersea-gold-deposit-jiaodong-1766215700701">China uncovers Asia’s largest offshore gold deposit in East China Sea</a><h2>Interest rate cuts by central banks make gold more attractive</h2>The US central bank, the Federal Reserve, made several interest rate cuts in 2025, with more such cuts likely in 2026. Such interest rate cuts are leading more investors to opt for gold. When central banks cut interest rates, assets like bonds and savings become less attractive because they stop giving good yields to investors. Therefore, rate cuts often increase the demand for gold - which is a non-yield asset - as an alternative investment, boosting its price.&nbsp;Central banks, like the Reserve Bank of India, are also adding to their gold reserves, which crossed 880 metric tonnes by late 2025, as against 820 MT in mid 2024.<h2>A pattern in history: How precious metals rise ahead of and during global shocks and tensions</h2>Historically, investment in gold has risen as a hedge against ongoing uncertainties and as a way to counter the lowering of currency values.&nbsp;There is a clear pattern in which the prices of gold, and often silver to a lesser extent, rise ahead of or during major shocks such as wars, oil crises or economic turmoil.Gold often behaves like an earthquake predictor, surging beforehand as investors price in risk. It stabilises or dips as the crisis resolves.<h2>Gold price spike patterns since 1973</h2>After the Yom Kippur War and the OPEC oil embargo of 1973, oil prices quadrupled, causing both stagflation and inflation in America and globally. Gold price doubled from around $100 per ounce to over $200 per ounce by 1974. This was in anticipation of the crisis amid the fall in value of the dollar, the world’s reserve currency.The next big rise in gold prices was during the 1979–1980 oil crisis that came after events such as the Iranian Revolution and the Soviet invasion of Afghanistan. That ‘oil shock’ led to high inflation, and gold peaked at around $850 per ounce. This remains the strongest bull run in gold connected to geopolitical shocks.The next big spike in the yellow metal took place during the Gulf War of 1990–1991, following Iraq’s invasion of Kuwait. Gold rose by around 20 per cent.The US invasion of Iraq in 2003 was another growth point for gold, which got sustained gains by around 50 per cent during the conflict that followed.Also read: <a href="https://www.wionews.com/world/is-us-dollar-dying-slowly-this-economist-thinks-so-as-gold-silver-surge-countries-including-india-trim-us-treasury-holdings-1765964339109">Is US dollar dying slowly? This economist thinks so as gold, silver surge, countries including India trim US Treasury holdings</a>&nbsp;During the global financial crisis of 2008, which followed the collapse of subprime mortgage market in the US, gold saw a period of growth until around 2009. Amid the disruption of global banking and stock crashes across the world, gold surged by around 25 per cent, in a classic case of a safe-haven response.The next big spike for gold was during the Covid pandemic that started in 2020. Global lockdowns and the shutdown of entire national economies led to a then-record growth in gold prices of nearly 27 per cent, to about $2,000 per ounce.&nbsp;Uncertainty about the economic future of the world, combined with stimulus packages by various governments, drove demand for the precious metal.<h2>Gold prices are a predictor of impending global tremors</h2>The current rally in gold is mainly due to the Russia–Ukraine war and other conflicts, and talk of another world war, which is yet to materialise. Geopolitical crises add a premium to gold prices, which grow as a pre-emptive measure to absorb shocks. Investors usually sense rising anxiety and risk before it becomes fully visible.That explains why gold, which was at around $2,624 at the start of 2025, rose with each shock this year: from the initial tariff threats by Trump, to the “Liberation Day” tariff announcements, to trade tensions with various countries and US sanctions on Venezuela. As mentioned, the US government shutdown, the Ukraine–Russia war amid a failing peace process, ongoing Middle East tensions and supply-chain disruptions are all adding to the rise.

Gold and silver prices are now at record highs,  reflecting rising global uncertainty. The precious metals usually surge ahead of wars, inflation and economic shocks, signalling crises before they unfold. Here is how

The prices of gold and silver have hit record highs, in a pattern seen throughout 2025. This reflects the risk-averse sentiment of investors, who have amassed gold and silver. Its been the pattern in past decades too, with the price of gold rising in anticipation of, and during, crises. The current high prices, particularly since the Ukraine–Russia war of 2022 onwards, could indicate that the gloom and doom is likely to continue in 2026, if one goes by historical precedents. The rise of gold and silver in 2025 Gold, which was around $2,624 per ounce at the start of 2025, is at a record high of around $4,400 per ounce by late December, a rise of around 68 per cent on the year. Silver is up from $29 per ounce to $69 per ounce, an even higher spike of 133 per cent on the year. This is one of the biggest annual rises for both metals since 1979. https://www.wionews.com/videos/gold-bet-to-surge-to-5-000-ounce-in-2026-1766295259367/embed Gold and silver: Safe-haven assets amid uncertainties Investors flock to these so-called safe-haven assets when geopolitical tensions continue, most of which have a direct impact on oil prices: the Ukraine–Russia war, US–Venezuela tensions, and conflicts in the Middle East, particularly the Gaza war. Silver is not only a safe haven, but also has strong industrial use in current technologies such as electric vehicles, solar energy and electronics. US tariffs under President Donald Trump, and trade wars have added to the uncertainties. There are also fears about inflation, both in the US and elsewhere. One of the longest US government shutdowns exacerbated the situation. Also read: China uncovers Asia’s largest offshore gold deposit in East China Sea Interest rate cuts by central banks make gold more attractive The US central bank, the Federal Reserve, made several interest rate cuts in 2025, with more such cuts likely in 2026. Such interest rate cuts are leading more investors to opt for gold. When central banks cut interest rates, assets like bonds and savings become less attractive because they stop giving good yields to investors. Therefore, rate cuts often increase the demand for gold - which is a non-yield asset - as an alternative investment, boosting its price. Central banks, like the Reserve Bank of India, are also adding to their gold reserves, which crossed 880 metric tonnes by late 2025, as against 820 MT in mid 2024. A pattern in history: How precious metals rise ahead of and during global shocks and tensions Historically, investment in gold has risen as a hedge against ongoing uncertainties and as a way to counter the lowering of currency values. There is a clear pattern in which the prices of gold, and often silver to a lesser extent, rise ahead of or during major shocks such as wars, oil crises or economic turmoil. Gold often behaves like an earthquake predictor, surging beforehand as investors price in risk. It stabilises or dips as the crisis resolves. Gold price spike patterns since 1973 After the Yom Kippur War and the OPEC oil embargo of 1973, oil prices quadrupled, causing both stagflation and inflation in America and globally. Gold price doubled from around $100 per ounce to over $200 per ounce by 1974. This was in anticipation of the crisis amid the fall in value of the dollar, the world’s reserve currency. The next big rise in gold prices was during the 1979–1980 oil crisis that came after events such as the Iranian Revolution and the Soviet invasion of Afghanistan. That ‘oil shock’ led to high inflation, and gold peaked at around $850 per ounce. This remains the strongest bull run in gold connected to geopolitical shocks. The next big spike in the yellow metal took place during the Gulf War of 1990–1991, following Iraq’s invasion of Kuwait. Gold rose by around 20 per cent. The US invasion of Iraq in 2003 was another growth point for gold, which got sustained gains by around 50 per cent during the conflict that followed. Also read: Is US dollar dying slowly? This economist thinks so as gold, silver surge, countries including India trim US Treasury holdings During the global financial crisis of 2008, which followed the collapse of subprime mortgage market in the US, gold saw a period of growth until around 2009. Amid the disruption of global banking and stock crashes across the world, gold surged by around 25 per cent, in a classic case of a safe-haven response. The next big spike for gold was during the Covid pandemic that started in 2020. Global lockdowns and the shutdown of entire national economies led to a then-record growth in gold prices of nearly 27 per cent, to about $2,000 per ounce. Uncertainty about the economic future of the world, combined with stimulus packages by various governments, drove demand for the precious metal. Gold prices are a predictor of impending global tremors The current rally in gold is mainly due to the Russia–Ukraine war and other conflicts, and talk of another world war, which is yet to materialise. Geopolitical crises add a premium to gold prices, which grow as a pre-emptive measure to absorb shocks. Investors usually sense rising anxiety and risk before it becomes fully visible. That explains why gold, which was at around $2,624 at the start of 2025, rose with each shock this year: from the initial tariff threats by Trump, to the “Liberation Day” tariff announcements, to trade tensions with various countries and US sanctions on Venezuela. As mentioned, the US government shutdown, the Ukraine–Russia war amid a failing peace process, ongoing Middle East tensions and supply-chain disruptions are all adding to the rise.

Gold and silver prices are now at record highs, &nbsp;reflecting rising global uncertainty. The precious metals usually surge ahead of wars, inflation and economic shocks, signalling crises before they unfold. Here is how

Gold and silver at record highs mean the world is heading for bigger crises? Lessons from history

In 2025, key market trends shaping India's economy include robust Infrastructure Spending, a strong rebound in Private Consumption, significant growth in Manufacturing (PLI Scheme impact), and a booming Digital Economy (e-commerce, digital payments). Let's have a look at the top 7 trends.

In 2025, key market trends shaping India's economy include robust Infrastructure Spending, a strong rebound in Private Consumption, significant growth in Manufacturing (PLI Scheme impact), and a booming Digital Economy (e-commerce, digital payments). Let's have a look at the top 7 trends.

Business year-ender 2025: Top 7 market trends that shaped India’s economy this year

China is reportedly building one of the most fundamental components of AI computing: the lithograph machines that make advanced AI chips using Extreme Ultraviolet (EUV) light source technology. According to Reuters and other reports, this high-security research initiative is taking place at a laboratory in Shenzhen. The official target for the project is 2028, and if successful, it could allow China to become self-sufficient in advanced AI semiconductor production. Here is what you should know, and why it matters.<h2>China’s ‘Manhattan Project’ aims to challenge Western dominance in advanced AI chips</h2>The project, dubbed in Western media as China’s own “Manhattan Project” in reference to the US nuclear bomb programme, is intended to enable domestic production of cutting-edge chips used in AI computing, smartphones and defence.&nbsp;A top state priority under President Xi Jinping, the project comes amid US-led export controls on advanced chips and chipmaking equipment to China. &nbsp;Chinese technology giant Huawei is reportedly coordinating much of the supply chain for the project.Chinese research institutions are also involved, including the Changchun Institute of Optics, Fine Mechanics and Physics (CIOMP), which has contributed to optical system development.Also read: <a href="https://www.wionews.com/world/chip-wars-bill-moved-in-us-to-ban-ai-chip-sales-to-china-over-national-security-1766129590201">Chip wars: Bill moved in US to ban AI chip sales to China over national security</a><h2>ASML reverse-engineering? Prototype machine is being tested</h2>A prototype machine was reportedly completed in early 2025 and is currently undergoing testing. Former engineers from world's top semiconductor equipment maker ASML are reportedly involved in the efforts. Lin Nan, a former head of light-source technology at the Dutch company, is among those recruited for the Chinese project, according to the reports. This has led to suggestions that the researchers are drawing on insider expertise and attempting to replicate key elements of ASML’s technology, or even reverse-engineer it.Note that what is being tested is a light-source prototype rather than a production-ready &nbsp;EUV lithography machine. The system can generate EUV light at the required wavelength, but it has not yet been used to manufacture working chips.<a href="https://www.wionews.com/videos/us-to-block-nvidia-s-sale-of-scaled-down-ai-chip-to-china-report-1762519125702/embed">https://www.wionews.com/videos/us-to-block-nvidia-s-sale-of-scaled-down-ai-chip-to-china-report-1762519125702/embed</a><h2>A bulky machine under heavy security</h2>According to Reuters, the prototype occupies almost an entire factory floor and is described by sources as bulky and inefficient compared with ASML’s commercial systems, by far the global leader in EUV lithography machines used for advanced AI chip production.Security around the Shenzhen project is reportedly extremely tight. The facility operates with compartmentalised teams, isolated work areas, and workers using aliases or false identities to prevent information leaks.<h2>High payments and incentives to those who join Shenzhen project</h2>The importance attached to the project is reflected in unusually generous recruitment packages: very high salaries, multimillion-yuan signing bonuses, housing subsidies, and rare tolerance of dual citizenship in order to attract foreign experts and protect them from potential sanctions.Also read: <a href="https://www.wionews.com/world/yearender-chip-wars-of-2025-saw-firms-caught-between-policy-trump-and-china-1765872817301">YEARENDER 2025: Chip wars led to firms being caught between policy, Trump and China</a><h2>Major technical challenges remain</h2>Reuters reported that the Chinese government aims to begin producing chips using domestic EUV technology by 2028, although sources close to the project suggest that 2030 is a more realistic timeframe.According to the report, unresolved issues include precision optics, overlay accuracy, defect control, throughput, long-term reliability, and ecosystem maturity.China appears to have achieved in roughly six years what took ASML 18 years. But this comparison is misleading. ASML took decades to become the dominant player as it had to build ts expertise from the ground up. China, on the other hand, may be able to accelerate development by building on existing global research and using ASML designs as reference points, supported by massive state funding. It also benefits from skipping much of the foundational scientific research, supplier creation, and multiple failed generations of prototypes that ASML had to endure.<h2>China's advances in AI chipmaking machinery: Why this matters&nbsp;</h2>EUV technology enables the production of transistors thousands of times thinner than a human hair. It's behind the most advanced AI chips and accelerators designed by companies such as Nvidia and AMD and manufactured by firms like TSMC.China has been blocked from purchasing ASML’s EUV tools, which has pushed it to pursue domestic development of these machines. The eventual aim is to reduce dependence on ASML and other foreign firms for advanced chipmaking capacity.

China is secretly developing an EUV lithography system to make advanced AI chips domestically. The aim is to achieve AI chipmaking capacity by around 2028. This could challenge US export controls and ASML’s global dominance. Here is why it matters

China is reportedly building one of the most fundamental components of AI computing: the lithograph machines that make advanced AI chips using Extreme Ultraviolet (EUV) light source technology. According to Reuters and other reports, this high-security research initiative is taking place at a laboratory in Shenzhen. The official target for the project is 2028, and if successful, it could allow China to become self-sufficient in advanced AI semiconductor production. Here is what you should know, and why it matters. China’s ‘Manhattan Project’ aims to challenge Western dominance in advanced AI chips The project, dubbed in Western media as China’s own “Manhattan Project” in reference to the US nuclear bomb programme, is intended to enable domestic production of cutting-edge chips used in AI computing, smartphones and defence. A top state priority under President Xi Jinping, the project comes amid US-led export controls on advanced chips and chipmaking equipment to China. Chinese technology giant Huawei is reportedly coordinating much of the supply chain for the project. Chinese research institutions are also involved, including the Changchun Institute of Optics, Fine Mechanics and Physics (CIOMP), which has contributed to optical system development. Also read: Chip wars: Bill moved in US to ban AI chip sales to China over national security ASML reverse-engineering? Prototype machine is being tested A prototype machine was reportedly completed in early 2025 and is currently undergoing testing. Former engineers from world's top semiconductor equipment maker ASML are reportedly involved in the efforts. Lin Nan, a former head of light-source technology at the Dutch company, is among those recruited for the Chinese project, according to the reports. This has led to suggestions that the researchers are drawing on insider expertise and attempting to replicate key elements of ASML’s technology, or even reverse-engineer it. Note that what is being tested is a light-source prototype rather than a production-ready EUV lithography machine. The system can generate EUV light at the required wavelength, but it has not yet been used to manufacture working chips. https://www.wionews.com/videos/us-to-block-nvidia-s-sale-of-scaled-down-ai-chip-to-china-report-1762519125702/embed A bulky machine under heavy security According to Reuters, the prototype occupies almost an entire factory floor and is described by sources as bulky and inefficient compared with ASML’s commercial systems, by far the global leader in EUV lithography machines used for advanced AI chip production. Security around the Shenzhen project is reportedly extremely tight. The facility operates with compartmentalised teams, isolated work areas, and workers using aliases or false identities to prevent information leaks. High payments and incentives to those who join Shenzhen project The importance attached to the project is reflected in unusually generous recruitment packages: very high salaries, multimillion-yuan signing bonuses, housing subsidies, and rare tolerance of dual citizenship in order to attract foreign experts and protect them from potential sanctions. Also read: YEARENDER 2025: Chip wars led to firms being caught between policy, Trump and China Major technical challenges remain Reuters reported that the Chinese government aims to begin producing chips using domestic EUV technology by 2028, although sources close to the project suggest that 2030 is a more realistic timeframe. According to the report, unresolved issues include precision optics, overlay accuracy, defect control, throughput, long-term reliability, and ecosystem maturity. China appears to have achieved in roughly six years what took ASML 18 years. But this comparison is misleading. ASML took decades to become the dominant player as it had to build ts expertise from the ground up. China, on the other hand, may be able to accelerate development by building on existing global research and using ASML designs as reference points, supported by massive state funding. It also benefits from skipping much of the foundational scientific research, supplier creation, and multiple failed generations of prototypes that ASML had to endure. China's advances in AI chipmaking machinery: Why this matters EUV technology enables the production of transistors thousands of times thinner than a human hair. It's behind the most advanced AI chips and accelerators designed by companies such as Nvidia and AMD and manufactured by firms like TSMC. China has been blocked from purchasing ASML’s EUV tools, which has pushed it to pursue domestic development of these machines. The eventual aim is to reduce dependence on ASML and other foreign firms for advanced chipmaking capacity.

China is secretly developing an EUV lithography system to make advanced AI chips domestically. The aim is to achieve AI chipmaking capacity by around 2028. This could challenge US export controls and ASML’s global dominance. Here is why it matters

China is secretly building an AI chipmaking machine in Shenzhen. How its ‘Manhattan Project’ could change the AI era

House Democrats on Thursday (Dec 18) moved a bill that seeks to ban the sale of advanced AI chips to China on national security grounds, marking another potential escalation in the ongoing chip war between the US and China. The bill was introduced by Representative Gregory W Meeks, the Ranking Member of the House Foreign Affairs Committee. Here is what you should know.<h2>What is the US bill on banning AI chip sales to China?</h2>The bill is known as the RESTRICT Act, short for the Restoring Export and Security Trade Restrictions for Integrated Circuit Technologies Act. It aims to restrict the export of advanced US artificial intelligence technologies to China and other countries viewed as security risks. Joined by 13 House Democrats, Meeks presented the measure as legislation designed to protect US national security and preserve American leadership in artificial intelligence.Also read: <a href="https://www.wionews.com/world/yearender-chip-wars-of-2025-saw-firms-caught-between-policy-trump-and-china-1765872817301">YEARENDER 2025: Chip wars led to firms being caught between policy, Trump and China</a><h2>What will the RESTRICT Act prohibit if it is passed?</h2>The bill proposes to ban the sale of the most advanced US-made AI chips, including Nvidia’s H200, to China and other “countries of concern”, defined as nations subject to a US arms embargo as of 1 January 2025. Export licence applications for advanced integrated circuits destined for these countries would be denied by the US Department of Commerce.Also read: <a href="https://www.wionews.com/photos/5-countries-dominating-semiconductor-production-in-2025-1761324120797">5 countries dominating semiconductor production in 2025</a><h2>Criticism of Trump’s plan to allow H200 AI chip sales to China</h2>While introducing the bill, Meeks criticised President Donald Trump’s decision to allow the sale of H200 chips to China, arguing that it puts national security at risk and undermines US dominance in the global AI race. He said that providing advanced AI capabilities to a ‘chief strategic competitor’ could strengthen China’s military and malign influence capabilities. Meeks added that the legislation would block such sales while supporting American companies in competing globally across the AI technology stack.<a href="https://www.wionews.com/videos/global-chip-shortage-sparks-fears-of-economic-slowdown-1764826476498/embed">https://www.wionews.com/videos/global-chip-shortage-sparks-fears-of-economic-slowdown-1764826476498/embed</a><h2>The RESTRICT Act does not introduce new export controls</h2>The Act does not create new export controls but instead codifies existing restrictions on advanced integrated circuits and related products. Its stated aim is to provide clarity and consistency in export policy while reinforcing national security safeguards.&nbsp;The bill would also establish a secure, licence-free export pathway for trusted American companies operating data centres abroad. The Commerce Department would be required to publish rules covering physical security, cyber security, remote access security and other requirements that firms must meet to qualify for licence-free transfers. Eligibility would be limited to US-owned facilities located outside countries of concern.&nbsp;After two years, the definition of an “advanced integrated circuit or product” could be revised, provided Congress is certified that any changes would not harm US national security.<h2>The ongoing chip war between the US and China</h2>The bill comes amid an intensifying technology rivalry - known as chip war - between the US and China. The US has imposed controls on the export of advanced semiconductors, chipmaking equipment and related technologies to China, fearing that these could be used by its military &nbsp;and threaten US national security. &nbsp;In response, China introduced its own controls on critical materials like rare earth elements. China is racing to build semiconductor making capabilities domestically. There have been a series of bans, tighter regulations and policy revisions over chips in the recent years.

US House Democrats have introduced the RESTRICT Act that seeks to block advanced AI chip sales, like H200, to China. Here is what the bill envisages

House Democrats on Thursday (Dec 18) moved a bill that seeks to ban the sale of advanced AI chips to China on national security grounds, marking another potential escalation in the ongoing chip war between the US and China. The bill was introduced by Representative Gregory W Meeks, the Ranking Member of the House Foreign Affairs Committee. Here is what you should know. What is the US bill on banning AI chip sales to China? The bill is known as the RESTRICT Act, short for the Restoring Export and Security Trade Restrictions for Integrated Circuit Technologies Act. It aims to restrict the export of advanced US artificial intelligence technologies to China and other countries viewed as security risks. Joined by 13 House Democrats, Meeks presented the measure as legislation designed to protect US national security and preserve American leadership in artificial intelligence. Also read: YEARENDER 2025: Chip wars led to firms being caught between policy, Trump and China What will the RESTRICT Act prohibit if it is passed? The bill proposes to ban the sale of the most advanced US-made AI chips, including Nvidia’s H200, to China and other “countries of concern”, defined as nations subject to a US arms embargo as of 1 January 2025. Export licence applications for advanced integrated circuits destined for these countries would be denied by the US Department of Commerce. Also read: 5 countries dominating semiconductor production in 2025 Criticism of Trump’s plan to allow H200 AI chip sales to China While introducing the bill, Meeks criticised President Donald Trump’s decision to allow the sale of H200 chips to China, arguing that it puts national security at risk and undermines US dominance in the global AI race. He said that providing advanced AI capabilities to a ‘chief strategic competitor’ could strengthen China’s military and malign influence capabilities. Meeks added that the legislation would block such sales while supporting American companies in competing globally across the AI technology stack. https://www.wionews.com/videos/global-chip-shortage-sparks-fears-of-economic-slowdown-1764826476498/embed The RESTRICT Act does not introduce new export controls The Act does not create new export controls but instead codifies existing restrictions on advanced integrated circuits and related products. Its stated aim is to provide clarity and consistency in export policy while reinforcing national security safeguards. The bill would also establish a secure, licence-free export pathway for trusted American companies operating data centres abroad. The Commerce Department would be required to publish rules covering physical security, cyber security, remote access security and other requirements that firms must meet to qualify for licence-free transfers. Eligibility would be limited to US-owned facilities located outside countries of concern. After two years, the definition of an “advanced integrated circuit or product” could be revised, provided Congress is certified that any changes would not harm US national security. The ongoing chip war between the US and China The bill comes amid an intensifying technology rivalry - known as chip war - between the US and China. The US has imposed controls on the export of advanced semiconductors, chipmaking equipment and related technologies to China, fearing that these could be used by its military and threaten US national security. In response, China introduced its own controls on critical materials like rare earth elements. China is racing to build semiconductor making capabilities domestically. There have been a series of bans, tighter regulations and policy revisions over chips in the recent years.

US House Democrats have introduced the RESTRICT Act that seeks to block advanced AI chip sales, like H200, to China. Here is what the bill envisages

Chip wars: Bill moved in US to ban AI chip sales to China over national security

Amid the US blockade of sanctioned Venezuelan oil tankers, President Nicolás Maduro has ordered the Navy to escort the country’s oil tankers. This came as reports said President Donald Trump wants US oil firms to enter the Latin American country’s energy market. These developments, amid the escalating so-called anti-narcotics raids on Venezuelan ships, are leading to strong suspicions that the tensions are actually about oil, in order to force the entry of American oil giants. If that happens, it wouldn’t be the first time. American energy companies were in Venezuela a century ago, and stayed there for decades, before being thrown out after exploitative practices that drained the nation’s resources while the people did not benefit. Here is the story of American oil firms in Venezuela.<h2>What the reports said about re-entry of American oil firms in Venezuela</h2>Trump administration is clearly planning for a post-Maduro Venezuela, in which US oil companies might enter the nation's energy market. The Politico reported that the Trump administration has been asking US oil companies if they would consider returning to Venezuela if Maduro were no longer in power. It said the White House has reached out privately to US oil firms to gauge interest in returning to Venezuelan oil production if Maduro falls or flees. The firms have reportedly declined, citing political risk, low oil prices, and the deterioration of Venezuela’s oil infrastructure.Also read: <a href="https://www.wionews.com/world/-export-operations-for-crude-and-byproducts-continue-normally-says-venezuela-despite-trump-blockade-1765984907247">'Export operations for crude and byproducts continue normally', says Venezuela despite Trump 'blockade'</a><h2>US oil firms were in Venezuela nearly a century ago</h2>Oil was discovered in Venezuela more than a century ago, mainly starting from the Maracaibo Basin in 1914. Since then, Standard Oil - which later became ExxonMobil - Gulf Oil, and other major oil firms dominated Venezuela’s energy industry for decades. By the 1930s, mostly American and some British-Dutch oil firms controlled nearly 98 per cent of Venezuela’s production.<a href="https://www.wionews.com/videos/u-s-venezuela-us-deploys-fighter-jets-helicopters-to-puerto-rico-amid-venezuela-tensions-1766026146184/embed">https://www.wionews.com/videos/u-s-venezuela-us-deploys-fighter-jets-helicopters-to-puerto-rico-amid-venezuela-tensions-1766026146184/embed</a><h2>When American oil profits went to the US</h2>When American companies operated in Venezuela, their profits were repatriated to the US, with almost no significant reinvestment in local development or infrastructure. It became clear to Venezuelans that the oil wealth was only benefiting foreign shareholders rather than local populations. Neither the local communities, nor the Venezuelan state receive much benefit, and the resentment led to nationalist sentiments.Also read: <a href="https://www.wionews.com/world/trump-turns-up-heat-on-venezuela-with-total-and-complete-blockade-of-oil-tankers-1765933286118">Trump turns up heat on Venezuela with ‘total and complete blockade’ of oil tankers</a><h2>Poor treatment of labour, environmental and social damage</h2>The American and other oil firms in Venezuela had a poor track record on labour relations. The oil extraction was causing pollution, and water sources were contaminated. Local farming and fishing communities bore the brunt. In the 1920s and 1930s, several complaints were made about destroyed freshwater supplies and impacts on indigenous and rural populations.<h2>Authoritarian rulers gave favourable concessions</h2>Under dictator Juan Vicente Gómez (1908–1935), American companies received generous terms and conditions to operate, including low taxation and large land concessions. This was part of the larger corruption of the dictatorship, which was propped up by foreign powers as it submitted to their interests.<h2>1940s reforms and nationalisation</h2>In 1943, Venezuela introduced a Hydrocarbons Law. This made sure that the government got 50 per cent of the energy profits, in the first move towards greater government control. In 1976, Venezuela moved for full nationalisation of oil under President Carlos Andrés Pérez and created PDVSA (Petróleos de Venezuela, S.A.). This effectively started the end of foreign energy dominance.Under the socialist leader Hugo Chávez, the contracts with US companies, which they said was bringing investment and technology to Venezuela, were scrapped. The nationalisation was further strengthened during the 2007–2010 Chávez era, in which the government sought majority control in joint ventures with multinationals.&nbsp; Venezuela viewed this as a sovereign right over its resources; while Chavez supporters saw it as correcting historical exploitation. These policies were continued by Maduro, who came to power after Chavez died of cancer.<h2>The ouster and arbitration fights of American oil giants in Venezuela</h2>Some US companies like Chevron agreed and stayed, but others, mainly ExxonMobil and ConocoPhillips, refused, and their assets were seized. This led to major arbitration disputes, with the companies alleging that there were expropriations without adequate compensation.As Venezuela offered only limited payouts, the companies claimed billions of dollars in losses. After many years of disputes, international tribunals ruled in favour of the firms, with ExxonMobil winning some $1.6 billion in compensation in 2014, while ConocoPhillips won nearly $8.7 billion in 2019. But much of this compensation is yet to be paid.<h2>Chevron is the only major US firm in Venezuela</h2>Chevron continued to operate in Venezuela through joint ventures with PDVSA. There is criticism that this money helped the Maduro regime. US sanctions waivers in past years allowed limited operations of some American companies. Trump revoked some of the waivers and is essentially blockading the oil trade of Venezuela to pressure Maduro. It is true that foreign companies built the oil industry of Venezuela. &nbsp;The US views nationalisations as theft of investments, but these investments often came at the expense of the welfare Venezeualans.

The US govt has reportedly asked its oil firms if they’d return to Venezuela after Maduro. The US is blocking sanctioned tankers, and Maduro has deployed Navy to escort oil shipments. So it's increasingly about oil. But what happened the last time the American oil firms were in Venezuela?


Amid the US blockade of sanctioned Venezuelan oil tankers, President Nicolás Maduro has ordered the Navy to escort the country’s oil tankers. This came as reports said President Donald Trump wants US oil firms to enter the Latin American country’s energy market. These developments, amid the escalating so-called anti-narcotics raids on Venezuelan ships, are leading to strong suspicions that the tensions are actually about oil, in order to force the entry of American oil giants. If that happens, it wouldn’t be the first time. American energy companies were in Venezuela a century ago, and stayed there for decades, before being thrown out after exploitative practices that drained the nation’s resources while the people did not benefit. Here is the story of American oil firms in Venezuela. What the reports said about re-entry of American oil firms in Venezuela Trump administration is clearly planning for a post-Maduro Venezuela, in which US oil companies might enter the nation's energy market. The Politico reported that the Trump administration has been asking US oil companies if they would consider returning to Venezuela if Maduro were no longer in power. It said the White House has reached out privately to US oil firms to gauge interest in returning to Venezuelan oil production if Maduro falls or flees. The firms have reportedly declined, citing political risk, low oil prices, and the deterioration of Venezuela’s oil infrastructure. Also read: 'Export operations for crude and byproducts continue normally', says Venezuela despite Trump 'blockade' US oil firms were in Venezuela nearly a century ago Oil was discovered in Venezuela more than a century ago, mainly starting from the Maracaibo Basin in 1914. Since then, Standard Oil - which later became ExxonMobil - Gulf Oil, and other major oil firms dominated Venezuela’s energy industry for decades. By the 1930s, mostly American and some British-Dutch oil firms controlled nearly 98 per cent of Venezuela’s production. https://www.wionews.com/videos/u-s-venezuela-us-deploys-fighter-jets-helicopters-to-puerto-rico-amid-venezuela-tensions-1766026146184/embed When American oil profits went to the US When American companies operated in Venezuela, their profits were repatriated to the US, with almost no significant reinvestment in local development or infrastructure. It became clear to Venezuelans that the oil wealth was only benefiting foreign shareholders rather than local populations. Neither the local communities, nor the Venezuelan state receive much benefit, and the resentment led to nationalist sentiments. Also read: Trump turns up heat on Venezuela with ‘total and complete blockade’ of oil tankers Poor treatment of labour, environmental and social damage The American and other oil firms in Venezuela had a poor track record on labour relations. The oil extraction was causing pollution, and water sources were contaminated. Local farming and fishing communities bore the brunt. In the 1920s and 1930s, several complaints were made about destroyed freshwater supplies and impacts on indigenous and rural populations. Authoritarian rulers gave favourable concessions Under dictator Juan Vicente Gómez (1908–1935), American companies received generous terms and conditions to operate, including low taxation and large land concessions. This was part of the larger corruption of the dictatorship, which was propped up by foreign powers as it submitted to their interests. 1940s reforms and nationalisation In 1943, Venezuela introduced a Hydrocarbons Law. This made sure that the government got 50 per cent of the energy profits, in the first move towards greater government control. In 1976, Venezuela moved for full nationalisation of oil under President Carlos Andrés Pérez and created PDVSA (Petróleos de Venezuela, S.A.). This effectively started the end of foreign energy dominance. Under the socialist leader Hugo Chávez, the contracts with US companies, which they said was bringing investment and technology to Venezuela, were scrapped. The nationalisation was further strengthened during the 2007–2010 Chávez era, in which the government sought majority control in joint ventures with multinationals. Venezuela viewed this as a sovereign right over its resources; while Chavez supporters saw it as correcting historical exploitation. These policies were continued by Maduro, who came to power after Chavez died of cancer. The ouster and arbitration fights of American oil giants in Venezuela Some US companies like Chevron agreed and stayed, but others, mainly ExxonMobil and ConocoPhillips, refused, and their assets were seized. This led to major arbitration disputes, with the companies alleging that there were expropriations without adequate compensation. As Venezuela offered only limited payouts, the companies claimed billions of dollars in losses. After many years of disputes, international tribunals ruled in favour of the firms, with ExxonMobil winning some $1.6 billion in compensation in 2014, while ConocoPhillips won nearly $8.7 billion in 2019. But much of this compensation is yet to be paid. Chevron is the only major US firm in Venezuela Chevron continued to operate in Venezuela through joint ventures with PDVSA. There is criticism that this money helped the Maduro regime. US sanctions waivers in past years allowed limited operations of some American companies. Trump revoked some of the waivers and is essentially blockading the oil trade of Venezuela to pressure Maduro. It is true that foreign companies built the oil industry of Venezuela. The US views nationalisations as theft of investments, but these investments often came at the expense of the welfare Venezeualans.

The US govt has reportedly asked its oil firms if they’d return to Venezuela after Maduro. The US is blocking sanctioned tankers, and Maduro has deployed Navy to escort oil shipments. So it's increasingly about oil. But what happened the last time the American oil firms were in Venezuela?

Trump administration reportedly wants US oil firms to re-enter Venezuela. But what happened the last time they were there?

The US dollar’s position as the world's main reserve currency is slowly being undermined, with several countries shedding their holdings of US Treasury securities, once considered the safest asset. Amid this, economist Peter Schiff warned that the US economy is on the brink of “the biggest economic crisis of our lifetimes,” citing the rise in gold and silver as other factors. What really is the situation with the US dollar? Let's dive in.<h2>Peter Schiff's warning on US economy</h2>Schiff warned that the fall in treasury holdings and rise in gold and silver prices could send consumer prices, bond yields, and unemployment soaring in the US.Some of his predictions could be alarmist and should be taken with a pinch of salt, as Schiff is a well-known gold advocate and frequent critic of US monetary policy. Schiff's forecasts are not new; he has been discussing hyperinflation, gold price surges, and imminent dollar destruction for 15 years, most of which did not happen within his predicted timeframe or scale.<h2>Gold and silver prices are indeed rising</h2>Gold and silver prices fluctuate daily, and both reached record or near-record highs in recent years, with gold around $2,600–$2,700 per ounce in late 2025, and silver above $30–$35 per ounce. Geopolitical uncertainties, Federal Reserve activity, and inflation hedging are among the reasons.<a href="https://www.wionews.com/videos/us-finance-the-dollar-hovers-near-two-month-lows-1765890227661/embed">https://www.wionews.com/videos/us-finance-the-dollar-hovers-near-two-month-lows-1765890227661/embed</a><h2>US Treasuries is a sign of trust in the dollar but who is trimming holdings?</h2>As the world’s primary reserve currency, the dollar is roughly 60 per cent of global reserves. Demand for US Treasuries remains strong. But foreign holdings of US Treasury securities - including bills, notes, and bonds - have slowly been declining, as tracked by the US Treasury Department’s Treasury International Capital (TIC) system.&nbsp;Total foreign holdings currently exceed $9 trillion, with the largest holders being Japan (around $1.1–1.2 trillion), followed by the UK (around $800–900 billion), and China (around $750–800 billion). Net inflows in recent months are primarily driven by private investors and some official institutions.Also read: <a href="https://www.wionews.com/business-economy/how-the-us-government-shutdown-will-affect-gold-dollar-bond-yield-1759309150735">How the US government shutdown will affect gold, dollar, bond yield</a>China has been the most notable long-term reducer of US Treasury holdings, after peaking at around $1.3 trillion in the early 2010s. Its holdings have fallen to roughly $750–760 billion. Diversification into gold and other currencies is part of China’s effort to reduce reliance on dollar assets amid geopolitical tensions.&nbsp;Russia’s holdings fell sharply after 2022 due to sanctions following the Ukraine invasion, declining to under $2 billion from tens of billions before 2022.Saudi Arabia and some other oil exporters have occasionally reduced holdings for short-term capital needs and diversification. Switzerland, Germany, and Norway have also trimmed US Treasury holdings in recent months, as have smaller holders like Brazil and Vietnam.These reductions have not led to broader sell-offs, at least for now.In fact, Japan has increased its holdings to record levels of around $1.15 trillion as of 2025. The UK has risen to the second-largest holder of US Treasuries, surpassing China this year, with around $850–865 billion currently.<h2>India is reducing its US Treasury holdings&nbsp;</h2>India has gradually reduced its US Treasury securities over the past year as part of a broader diversification strategy by the Reserve Bank of India (RBI). Factors include US trade policies, diversification trends, and a preference for gold as a hedge against dollar volatility and inflation.Concerns over US fiscal debt, credit rating issues, and rising yields have also contributed. India's US treasury holdings had peaked in 2024 at $247 billion, but fell to around $220 billion by year-end.Yet, India remains among the top 20 foreign holders of US Treasuries.Also read: <a href="https://www.wionews.com/business-economy/indian-rupee-slips-to-all-time-low-of-90-72-against-us-dollar-trump-tariffs-fpis-stock-market-news-indian-markets-investing-us-economy-1765804328339">Indian rupee slips to all-time low of 90.72 against US dollar</a><h2>India is increasing its gold reserves</h2>The RBI has simultaneously increased gold reserves, adding dozens of tonnes in 2025, bringing total reserves to over 880 metric tonnes. Gold now accounts for roughly 14–15 per cent of the RBI’s reserves. Overall, India’s total foreign exchange reserves have remained robust at around $690–700 billion, adequate to cover a large share of imports and external liabilities.Unlike Japan and the UK, India and other BRICS nations have trimmed exposure, often in response to global uncertainties.India's foreign currency assets usually constitute about 80–85 per cent of total reserves, mostly in US dollar-denominated assets such as US Treasury securities, deposits, and sovereign bonds.

US dollar may be facing a slow decline as the world's reserve currency, while gold and silver prices surge. Countries, including India have trimmed US Treasury holdings. But is it a gloom and doom scenario or a strategic shift? Find out


The US dollar’s position as the world's main reserve currency is slowly being undermined, with several countries shedding their holdings of US Treasury securities, once considered the safest asset. Amid this, economist Peter Schiff warned that the US economy is on the brink of “the biggest economic crisis of our lifetimes,” citing the rise in gold and silver as other factors. What really is the situation with the US dollar? Let's dive in. Peter Schiff's warning on US economy Schiff warned that the fall in treasury holdings and rise in gold and silver prices could send consumer prices, bond yields, and unemployment soaring in the US. Some of his predictions could be alarmist and should be taken with a pinch of salt, as Schiff is a well-known gold advocate and frequent critic of US monetary policy. Schiff's forecasts are not new; he has been discussing hyperinflation, gold price surges, and imminent dollar destruction for 15 years, most of which did not happen within his predicted timeframe or scale. Gold and silver prices are indeed rising Gold and silver prices fluctuate daily, and both reached record or near-record highs in recent years, with gold around $2,600–$2,700 per ounce in late 2025, and silver above $30–$35 per ounce. Geopolitical uncertainties, Federal Reserve activity, and inflation hedging are among the reasons. https://www.wionews.com/videos/us-finance-the-dollar-hovers-near-two-month-lows-1765890227661/embed US Treasuries is a sign of trust in the dollar but who is trimming holdings? As the world’s primary reserve currency, the dollar is roughly 60 per cent of global reserves. Demand for US Treasuries remains strong. But foreign holdings of US Treasury securities - including bills, notes, and bonds - have slowly been declining, as tracked by the US Treasury Department’s Treasury International Capital (TIC) system. Total foreign holdings currently exceed $9 trillion, with the largest holders being Japan (around $1.1–1.2 trillion), followed by the UK (around $800–900 billion), and China (around $750–800 billion). Net inflows in recent months are primarily driven by private investors and some official institutions. Also read: How the US government shutdown will affect gold, dollar, bond yield China has been the most notable long-term reducer of US Treasury holdings, after peaking at around $1.3 trillion in the early 2010s. Its holdings have fallen to roughly $750–760 billion. Diversification into gold and other currencies is part of China’s effort to reduce reliance on dollar assets amid geopolitical tensions. Russia’s holdings fell sharply after 2022 due to sanctions following the Ukraine invasion, declining to under $2 billion from tens of billions before 2022. Saudi Arabia and some other oil exporters have occasionally reduced holdings for short-term capital needs and diversification. Switzerland, Germany, and Norway have also trimmed US Treasury holdings in recent months, as have smaller holders like Brazil and Vietnam. These reductions have not led to broader sell-offs, at least for now. In fact, Japan has increased its holdings to record levels of around $1.15 trillion as of 2025. The UK has risen to the second-largest holder of US Treasuries, surpassing China this year, with around $850–865 billion currently. India is reducing its US Treasury holdings India has gradually reduced its US Treasury securities over the past year as part of a broader diversification strategy by the Reserve Bank of India (RBI). Factors include US trade policies, diversification trends, and a preference for gold as a hedge against dollar volatility and inflation. Concerns over US fiscal debt, credit rating issues, and rising yields have also contributed. India's US treasury holdings had peaked in 2024 at $247 billion, but fell to around $220 billion by year-end. Yet, India remains among the top 20 foreign holders of US Treasuries. Also read: Indian rupee slips to all-time low of 90.72 against US dollar India is increasing its gold reserves The RBI has simultaneously increased gold reserves, adding dozens of tonnes in 2025, bringing total reserves to over 880 metric tonnes. Gold now accounts for roughly 14–15 per cent of the RBI’s reserves. Overall, India’s total foreign exchange reserves have remained robust at around $690–700 billion, adequate to cover a large share of imports and external liabilities. Unlike Japan and the UK, India and other BRICS nations have trimmed exposure, often in response to global uncertainties. India's foreign currency assets usually constitute about 80–85 per cent of total reserves, mostly in US dollar-denominated assets such as US Treasury securities, deposits, and sovereign bonds.

US dollar may be facing a slow decline as the world's reserve currency, while gold and silver prices surge. Countries, including India, have trimmed US Treasury holdings. But is it a gloom and doom scenario or a strategic shift? Find out here &nbsp;

Is US dollar dying slowly? This economist thinks so as gold, silver surge, countries including India trim US Treasury holdings

The US has said that Europe is unfairly targeting American companies with its digital tax rules and is preparing retaliation, according to multiple reports. &nbsp;Nearly half of OECD member states from Europe have implemented or proposed digital services taxes (DSTs). Compliance costs and penalties have increased significantly for US firms due to these laws and regulations. Ths US is now viewing fines against its tech firms as de facto tariffs on digital services and preparing to retaliate. Here is what you should know.<h2>What is digital tax?</h2>The EU collectively and some of its member states individually impose taxes on revenue earned by large tech firms from advertising, marketplaces and user data. The EU also has the Digital Markets Act and the Digital Services Act that regulate how Big Tech firms operate, compete, and moderate content in the region. The DMA and DSA regulate gatekeepers and content moderation. The US has argued that these ar e trade barriers, disproportionately affecting American firms rather than European competitors.Also read:<a href="https://www.wionews.com/world/potus-s-end-of-year-performance-report-card-trump-s-approval-rating-slips-to-39-1765939497912"> POTUS's end-of-year performance report card: Trump's approval rating slips to 39%</a><h2>How does digital tax affect American tech companies?</h2>Tech giants like Google, Meta, Amazon, Apple, and X face the major brunt of EU investigations and fines. Recent fines include €2.95 billion on Google, €500 mn on Apple, €200 mn on Meta, and €140 mn on X, as per European Commission records.Besides financial penalties, most are facing ongoing legal cases and higher compliance costs. American officials say digital taxes reduce revenues earned by these companies in Europe and limit market access, undermining US competitiveness.&nbsp;The Trump administration is painting these as equivalent to tariffs on digital services.<a href="https://www.wionews.com/videos/india-goods-exports-rise-in-november-trump-s-tariff-gamble-backfired-1765897464938/embed">https://www.wionews.com/videos/india-goods-exports-rise-in-november-trump-s-tariff-gamble-backfired-1765897464938/embed</a><h2>Digital tax in EU: How will US retaliate?</h2>The Office of the US Trade Representative warned that it would use all available trade tools if the EU continues its policies. Countermeasures include fees or restrictions on European service providers operating in the United States, such as Spotify. Some European firms in consulting, logistics, software and manufacturing could also be potential targets. Specific companies like Accenture, Siemens, DHL could feel the heat. Possible tariffs and other trade actions would take place against countries adopting digital taxes on US firms.&nbsp;Also read: <a href="https://www.wionews.com/world/us-lawmakers-introduce-resolution-to-end-trump-s-tariffs-on-india-1765597979819">US lawmakers introduce resolution to end Trump's tariffs on India</a><h2>US is trying to pressure Europe to roll back or modify tech regulations</h2>The dispute has increased US–EU trade tensions, even amid ongoing negotiations over broader economic cooperation and to address Trump tariffs. The EU and specific nations in the bloc argue that digital laws apply equally to all companies and refuse to weaken them. Similar threats from Trump administration had led Canada to rescind its DST in June.

After the Trump tariff war, the US and European Union appear poised for another clash, this time over digital taxes and tech rules. The US has warned of fees and restrictions on European firms in response to EU action against US tech firms.


The US has said that Europe is unfairly targeting American companies with its digital tax rules and is preparing retaliation, according to multiple reports. Nearly half of OECD member states from Europe have implemented or proposed digital services taxes (DSTs). Compliance costs and penalties have increased significantly for US firms due to these laws and regulations. Ths US is now viewing fines against its tech firms as de facto tariffs on digital services and preparing to retaliate. Here is what you should know. What is digital tax? The EU collectively and some of its member states individually impose taxes on revenue earned by large tech firms from advertising, marketplaces and user data. The EU also has the Digital Markets Act and the Digital Services Act that regulate how Big Tech firms operate, compete, and moderate content in the region. The DMA and DSA regulate gatekeepers and content moderation. The US has argued that these ar e trade barriers, disproportionately affecting American firms rather than European competitors. Also read: POTUS's end-of-year performance report card: Trump's approval rating slips to 39% How does digital tax affect American tech companies? Tech giants like Google, Meta, Amazon, Apple, and X face the major brunt of EU investigations and fines. Recent fines include €2.95 billion on Google, €500 mn on Apple, €200 mn on Meta, and €140 mn on X, as per European Commission records. Besides financial penalties, most are facing ongoing legal cases and higher compliance costs. American officials say digital taxes reduce revenues earned by these companies in Europe and limit market access, undermining US competitiveness. The Trump administration is painting these as equivalent to tariffs on digital services. https://www.wionews.com/videos/india-goods-exports-rise-in-november-trump-s-tariff-gamble-backfired-1765897464938/embed Digital tax in EU: How will US retaliate? The Office of the US Trade Representative warned that it would use all available trade tools if the EU continues its policies. Countermeasures include fees or restrictions on European service providers operating in the United States, such as Spotify. Some European firms in consulting, logistics, software and manufacturing could also be potential targets. Specific companies like Accenture, Siemens, DHL could feel the heat. Possible tariffs and other trade actions would take place against countries adopting digital taxes on US firms. Also read: US lawmakers introduce resolution to end Trump's tariffs on India US is trying to pressure Europe to roll back or modify tech regulations The dispute has increased US–EU trade tensions, even amid ongoing negotiations over broader economic cooperation and to address Trump tariffs. The EU and specific nations in the bloc argue that digital laws apply equally to all companies and refuse to weaken them. Similar threats from Trump administration had led Canada to rescind its DST in June.

After the Trump tariff war, the US and European Union appear poised for another clash, this time over digital taxes and tech rules. The US has warned of fees and restrictions on European companies in response to EU action against US tech firms. &nbsp;

After the Trump tariff war, digital tax on US tech firms is emerging as new conflict area with Europe. What is US threatening?

The US labour market showed a stronger-than-expected rebound in November, clawing back part of the losses caused by the prolonged federal government shutdown, official figures revealed on Tuesday (December 16). Payrolls shrank by around 105,000 jobs in October, while November saw an addition of 64,000 jobs. The recovery exceeded most economist estimates, which had projected job growth of roughly 40,000. Despite this improvement, unemployment continued its upward trend, rising to 4.6%, the highest level in four years.&nbsp;The employment report, normally published on a fixed monthly schedule, was delayed after the 43-day government shutdown disrupted data collection. Its release comes at a time when questions are growing about the overall health of the US economy and the reliability of federal economic statistics. Concerns over data accuracy have intensified after the Bureau of Labor Statistics (BLS) confirmed that complete October employment figures would never be published, while November’s data was delayed and partially affected by the shutdown. Federal Reserve Chair Jerome Powell recently advised policymakers and analysts to treat figures with caution as data gaps continue to distort the numbers.&nbsp;Also Read: <a href="https://www.wionews.com/world/bondi-beach-terror-attack-india-police-extends-full-support-to-australian-authorities-1765884820225">Bondi Beach terror attack: India police extends full support to Australian authorities</a>&nbsp;Additional indicators suggest underlying weakness in the labour market. Payroll processor ADP reported that private employers cut approximately 32,000 jobs in November, reversing gains of 47,000 recorded in October. Earlier data has also pointed to softening conditions. The September jobs report, released weeks late due to the shutdown, showed job creation of 119,000, beating forecasts, but the unemployment rate rose to 4.4%, its highest reading since 2021.&nbsp;Powell has warned that official employment figures may be overstating job growth, noting that immigration restrictions under President Donald Trump have reduced labor supply. According to Powell, this has masked deterioration in employment conditions and kept unemployment figures from rising more sharply. His remarks followed the Federal Reserve’s decision to cut interest rates by 25 basis points, a move framed as a precautionary response to mounting risks in the labour market. “Labor supply has dropped significantly,” Powell said, adding that payroll data may currently be overstating job gains by as much as 60,000 per month. He suggested that modest reported growth could actually represent net job losses once revisions are made.

Jobs growth surprises in November, yet warning signs emerge for US labour market

The US labour market showed a stronger-than-expected rebound in November, clawing back part of the losses caused by the prolonged federal government shutdown, official figures revealed on Tuesday (December 16). Payrolls shrank by around 105,000 jobs in October, while November saw an addition of 64,000 jobs. The recovery exceeded most economist estimates, which had projected job growth of roughly 40,000. Despite this improvement, unemployment continued its upward trend, rising to 4.6%, the highest level in four years. The employment report, normally published on a fixed monthly schedule, was delayed after the 43-day government shutdown disrupted data collection. Its release comes at a time when questions are growing about the overall health of the US economy and the reliability of federal economic statistics. Concerns over data accuracy have intensified after the Bureau of Labor Statistics (BLS) confirmed that complete October employment figures would never be published, while November’s data was delayed and partially affected by the shutdown. Federal Reserve Chair Jerome Powell recently advised policymakers and analysts to treat figures with caution as data gaps continue to distort the numbers. Also Read: Bondi Beach terror attack: India police extends full support to Australian authorities Additional indicators suggest underlying weakness in the labour market. Payroll processor ADP reported that private employers cut approximately 32,000 jobs in November, reversing gains of 47,000 recorded in October. Earlier data has also pointed to softening conditions. The September jobs report, released weeks late due to the shutdown, showed job creation of 119,000, beating forecasts, but the unemployment rate rose to 4.4%, its highest reading since 2021. Powell has warned that official employment figures may be overstating job growth, noting that immigration restrictions under President Donald Trump have reduced labor supply. According to Powell, this has masked deterioration in employment conditions and kept unemployment figures from rising more sharply. His remarks followed the Federal Reserve’s decision to cut interest rates by 25 basis points, a move framed as a precautionary response to mounting risks in the labour market. “Labor supply has dropped significantly,” Powell said, adding that payroll data may currently be overstating job gains by as much as 60,000 per month. He suggested that modest reported growth could actually represent net job losses once revisions are made.

US job growth beat forecasts in November after shutdown losses, but unemployment hit a four-year high as the Fed warned data may overstate hiring

It wouldn't be an exaggeration to call 2025 the year of AI. Here are the major developments in artificial intelligence that made us take note and say 'Wow'. What did you miss?


It wouldn't be an exaggeration to call 2025 the year of AI. Here are the major developments in artificial intelligence that made us take note and say 'Wow'. What did you miss? &nbsp;

YEARENDER: 2025 , the year of AI - Humanoid robots, Agntic AI, competition and policy reform - What did you miss?

Elon Musk could become the world’s first trillionaire within the next 12 months as discussions about a possible SpaceX initial public offering (IPO) gain momentum. Recent media reports indicated that SpaceX has begun preliminary steps in selecting investment banks to advise on a potential IPO which, if executed and valued highly, could be one of the largest in history. SpaceX is eyeing a valuation above $1 trillion for the IPO, with some reports suggesting that it could go up to $1.5 trillion.<h2>Investment bank “bake-off” starts, say report</h2>The Wall Street Journal reported that SpaceX has started a selection process known as 'bake-off with investment banks to pitch for advisory roles on a potential public listing. The bake-off suggests the space and internet company is considering formal IPO preparations.&nbsp;<a href="https://www.wionews.com/videos/elon-musk-s-trillion-dollar-spacex-riddle-1765429441145/embed">https://www.wionews.com/videos/elon-musk-s-trillion-dollar-spacex-riddle-1765429441145/embed</a><h2>CFO Bret Johnsen remains ambivalent about spacex ipo</h2>On December 12, SpaceX’s Chief Financial Officer Bret Johnsen told staff in a message that the company is preparing for an IPO as early as 2026. “If we execute brilliantly and the markets cooperate, a public offering could raise a significant amount of capital,” he said. However, he was ambivalent, saying that whether, when and at what valuation the IPO will occur “remains highly uncertain”.News reports said the IPO could occur in 2026, potentially mid-year, but the timing is not guaranteed and would depend on market conditions or company strategy.&nbsp;<h2>SpaceX secondary share sale and valuation estimates and what Musk thinks about it</h2>Earlier, SpaceX approved a secondary share sale at approximately US $421 per share, which would place an implied private valuation at $800 billion if and when the transaction completes. Secondary share sale allows existing investors and employees to sell their stake.&nbsp;Musk has earlier denied that SpaceX is raising new capital at an $800 billion valuation, saying &nbsp;it conducts periodic stock buybacks to provide liquidity to employees and investors rather than to secure fresh funding. He stated that reports claiming an $800 billion capital raise are “not accurate”.Also read: <a href="https://www.wionews.com/world/spacex-to-offer-insider-shares-elon-musk-clarifies-amid-market-buzz-over-800b-valuation-1765090614016">SpaceX to offer insider shares? Elon Musk clarifies amid market buzz over $800B valuation</a><h2>Starlink internet services drive company value and could pave the way for trillionaire status for Musk&nbsp;</h2>SpaceX’s rapid expansion of its Starlink satellite internet service is a major factor in its growing private valuation, and there was even talk of Starlink becoming a separate company. Starlink traffic and customer growth have increased, which boosts the value of SpaceX potential IPO.Musk’s net worth is around $600 billion, driven by his stakes in Tesla and SpaceX. A SpaceX IPO with a high valuation could help him become a trillionaire in the next 12 months, depending on the listing price and further performance of the stock.Also read: <a href="https://www.wionews.com/business-economy/spacex-ipo-news-spacex-biggest-launch-could-be-on-stock-market-2026-ipo-to-value-elon-musk-s-firm-at-1-5-trillion-claims-report-1765347193049">SpaceX BIGGEST LAUNCH could be on stock market: 2026 IPO to value Elon Musk’s firm at $1.5 trillion, claims report</a>&nbsp;<h2>SpaceX : A story of more than two decades</h2>SpaceX , short for Space Exploration Technologies Corp., was founded by Musk in 2002, aimed at cutting space transportation costs and the eventual colonisation of Mars. Now perhaps the most important private space company, SpaceX is known for reusable rockets and contracts with NASA, as well as launching satellites and crewed missions that included private individuals as well as astronauts.&nbsp;

Elon Musk could move closer to trillionaire status in 2026 as SpaceX reportedly moves ahead with plans for a potential IPO, with WSJ reporting an investment bank 'bake-off'. Here is what reports are saying

Elon Musk could become the world’s first trillionaire within the next 12 months as discussions about a possible SpaceX initial public offering (IPO) gain momentum. Recent media reports indicated that SpaceX has begun preliminary steps in selecting investment banks to advise on a potential IPO which, if executed and valued highly, could be one of the largest in history. SpaceX is eyeing a valuation above $1 trillion for the IPO, with some reports suggesting that it could go up to $1.5 trillion. Investment bank “bake-off” starts, say report The Wall Street Journal reported that SpaceX has started a selection process known as 'bake-off with investment banks to pitch for advisory roles on a potential public listing. The bake-off suggests the space and internet company is considering formal IPO preparations. https://www.wionews.com/videos/elon-musk-s-trillion-dollar-spacex-riddle-1765429441145/embed CFO Bret Johnsen remains ambivalent about spacex ipo On December 12, SpaceX’s Chief Financial Officer Bret Johnsen told staff in a message that the company is preparing for an IPO as early as 2026. “If we execute brilliantly and the markets cooperate, a public offering could raise a significant amount of capital,” he said. However, he was ambivalent, saying that whether, when and at what valuation the IPO will occur “remains highly uncertain”. News reports said the IPO could occur in 2026, potentially mid-year, but the timing is not guaranteed and would depend on market conditions or company strategy. SpaceX secondary share sale and valuation estimates and what Musk thinks about it Earlier, SpaceX approved a secondary share sale at approximately US $421 per share, which would place an implied private valuation at $800 billion if and when the transaction completes. Secondary share sale allows existing investors and employees to sell their stake. Musk has earlier denied that SpaceX is raising new capital at an $800 billion valuation, saying it conducts periodic stock buybacks to provide liquidity to employees and investors rather than to secure fresh funding. He stated that reports claiming an $800 billion capital raise are “not accurate”. Also read: SpaceX to offer insider shares? Elon Musk clarifies amid market buzz over $800B valuation Starlink internet services drive company value and could pave the way for trillionaire status for Musk SpaceX’s rapid expansion of its Starlink satellite internet service is a major factor in its growing private valuation, and there was even talk of Starlink becoming a separate company. Starlink traffic and customer growth have increased, which boosts the value of SpaceX potential IPO. Musk’s net worth is around $600 billion, driven by his stakes in Tesla and SpaceX. A SpaceX IPO with a high valuation could help him become a trillionaire in the next 12 months, depending on the listing price and further performance of the stock. Also read: SpaceX BIGGEST LAUNCH could be on stock market: 2026 IPO to value Elon Musk’s firm at $1.5 trillion, claims report SpaceX : A story of more than two decades SpaceX , short for Space Exploration Technologies Corp., was founded by Musk in 2002, aimed at cutting space transportation costs and the eventual colonisation of Mars. Now perhaps the most important private space company, SpaceX is known for reusable rockets and contracts with NASA, as well as launching satellites and crewed missions that included private individuals as well as astronauts.

Elon Musk could move closer to trillionaire status in 2026 as SpaceX reportedly moves ahead with plans for a potential IPO, with WSJ reporting an investment bank 'bake-off'. Here is what reports are saying

Elon Musk to be first trillionaire in next 12 months? Banks to pitch in SpaceX IPO ‘bake-off’, say reports

Elitecon International has signed a $97.35 million (INR 8.75 billion) multi-year export deal, marking one of the most major recent export wins in India’s FMCG–tobacco segment. Spanning two years, the mandate represents a substantial foreign exchange inflow and reinforces Elitecon’s position as a leading Indian exporter of value-added consumer products. Beyond being a corporate milestone, the agreement reflects India’s growing manufacturing maturity and its increasing ability to supply global markets with finished, branded FMCG offerings at scale, rather than remaining confined to raw or intermediary exports.&nbsp;The export mandate also deepens India’s economic engagement with Middle Eastern markets, particularly the UAE, and aligns with the broader momentum of CEPA-led trade cooperation between the two regions. By supplying finished FMCG–tobacco products across multiple categories, Elitecon strengthens India’s standing as a competitive, reliable manufacturing hub for consumer goods. The agreement expands Elitecon’s branded footprint across international markets, with brands such as Kingsman, 7Leaf, Elante, The Elite One, Quad One, Al Noor, Al Sabha and Spark gaining increased visibility and shelf presence overseas.&nbsp;Also Read: <a href="https://www.wionews.com/business-economy/indian-rupee-slips-to-all-time-low-of-90-72-against-us-dollar-trump-tariffs-fpis-stock-market-news-indian-markets-investing-us-economy-1765804328339">Indian rupee slips to all-time low of 90.72 against US dollar</a>&nbsp;With exports to more than 50 countries, Elitecon’s global manufacturing scale and export-ready infrastructure underpin long-term buyer confidence in its delivery, quality and process capabilities. The multi-year visibility of demand enables improved production planning, higher manufacturing utilisation and operational efficiencies across export cycles. At the same time, the execution of the mandate activates multiple layers of India’s industrial value chain, spanning manufacturing, blending and formulation, packaging, warehousing, inland logistics, freight operations, port handling and maritime shipping.&nbsp;The continuity of exports also contributes to sustained employment generation across factories, warehouses, packaging units and logistics networks, supporting livelihoods across multiple regions. Collectively, the agreement positions Elitecon as a reliable, scalable exporter while reinforcing its evolution into a globally credible FMCG–tobacco manufacturer. More broadly, the export win fits into a larger national narrative, underscoring India’s export-led growth ambitions and the rising global acceptance of Indian-made, value-added consumer brands.

Export boost: Elitecon International $97 million deal strengthens India’s presence in Middle East FMCG markets

Elitecon International has signed a $97.35 million (INR 8.75 billion) multi-year export deal, marking one of the most major recent export wins in India’s FMCG–tobacco segment. Spanning two years, the mandate represents a substantial foreign exchange inflow and reinforces Elitecon’s position as a leading Indian exporter of value-added consumer products. Beyond being a corporate milestone, the agreement reflects India’s growing manufacturing maturity and its increasing ability to supply global markets with finished, branded FMCG offerings at scale, rather than remaining confined to raw or intermediary exports. The export mandate also deepens India’s economic engagement with Middle Eastern markets, particularly the UAE, and aligns with the broader momentum of CEPA-led trade cooperation between the two regions. By supplying finished FMCG–tobacco products across multiple categories, Elitecon strengthens India’s standing as a competitive, reliable manufacturing hub for consumer goods. The agreement expands Elitecon’s branded footprint across international markets, with brands such as Kingsman, 7Leaf, Elante, The Elite One, Quad One, Al Noor, Al Sabha and Spark gaining increased visibility and shelf presence overseas. Also Read: Indian rupee slips to all-time low of 90.72 against US dollar With exports to more than 50 countries, Elitecon’s global manufacturing scale and export-ready infrastructure underpin long-term buyer confidence in its delivery, quality and process capabilities. The multi-year visibility of demand enables improved production planning, higher manufacturing utilisation and operational efficiencies across export cycles. At the same time, the execution of the mandate activates multiple layers of India’s industrial value chain, spanning manufacturing, blending and formulation, packaging, warehousing, inland logistics, freight operations, port handling and maritime shipping. The continuity of exports also contributes to sustained employment generation across factories, warehouses, packaging units and logistics networks, supporting livelihoods across multiple regions. Collectively, the agreement positions Elitecon as a reliable, scalable exporter while reinforcing its evolution into a globally credible FMCG–tobacco manufacturer. More broadly, the export win fits into a larger national narrative, underscoring India’s export-led growth ambitions and the rising global acceptance of Indian-made, value-added consumer brands.

Elitecon has signed a $97.35 million export deal, which boosts India’s FMCG-tobacco footprint in the Middle East region and reinforcing export-led growth

The Indian rupee plunged to a record low on Monday (Dec 15) against the US dollar as the uncertainty looms over the India-US trade deal after several rounds of negotiation between both sides and sustained outflow of foreign capital. The rupee slipped 0.2 per cent to touch an all-time low of 90.71, surpassing the previous record of 90.49 on Friday.&nbsp;The Indian currency emerged as Asia's worst performer this year, having declined by nearly 6% year-to-date against the Dollar due to high US tariffs up to 50 per cent on Indian goods to its biggest export destinations and persistent foreign equity outflow.&nbsp;According to the forex traders, the rupee is trading under pressure as investors are awaiting clarity on the India-US trade deal and have adopted a wait-and-watch approach.&nbsp;Foreign investors turned net sellers this year as they have sold Indian stocks worth more than $18 billion so far in 2025, making India one of the worst-hit markets in terms of portfolio outflows. Foreign investors offloaded bonds worth $500 million in December this year.&nbsp;Also Read: <a href="https://www.wionews.com/trending/-china-s-first-father-dreams-of-marrying-his-100-us-born-children-into-elon-musk-s-family-faimly-legacy-tesla-china-1765799327664">'China’s first father’ dreams of marrying his 100+ US-born children into Elon Musk’s family</a>&nbsp;Earlier in the day, Commerce Secretary Rajesh Agrawal said that the government is "very close" to finalising the initial framework deal with the US to lower reciprocal tariffs.&nbsp;"We are very close on closing the initial framework deal, but I don't want to put a timeline on it," Agrawal said during a briefing.&nbsp;Also Read: <a href="https://www.wionews.com/world/-stay-indoors-singapore-advises-its-nationals-amid-delhi-air-pollution-crisis-air-quality-delhi-ncr-rekha-gupta-pm-modi-india-1765794337239">Delhi air crisis: Multiple nations including UK, Canada issue advisory as AQI remains in ‘severe’ category</a>&nbsp;"We have done six rounds of talks with the US, where we have discussed both the BTA (Bilateral Trade Agreement) as well as an interim deal to lower reciprocal tariffs," he added.

The rupee is trading under pressure as investors are awaiting clarity on the India-US trade deal and have adopted a wait-and-watch approach.

The Indian rupee plunged to a record low on Monday (Dec 15) against the US dollar as the uncertainty looms over the India-US trade deal after several rounds of negotiation between both sides and sustained outflow of foreign capital. The rupee slipped 0.2 per cent to touch an all-time low of 90.71, surpassing the previous record of 90.49 on Friday. The Indian currency emerged as Asia's worst performer this year, having declined by nearly 6% year-to-date against the Dollar due to high US tariffs up to 50 per cent on Indian goods to its biggest export destinations and persistent foreign equity outflow. According to the forex traders, the rupee is trading under pressure as investors are awaiting clarity on the India-US trade deal and have adopted a wait-and-watch approach. Foreign investors turned net sellers this year as they have sold Indian stocks worth more than $18 billion so far in 2025, making India one of the worst-hit markets in terms of portfolio outflows. Foreign investors offloaded bonds worth $500 million in December this year. Also Read: 'China’s first father’ dreams of marrying his 100+ US-born children into Elon Musk’s family Earlier in the day, Commerce Secretary Rajesh Agrawal said that the government is "very close" to finalising the initial framework deal with the US to lower reciprocal tariffs. "We are very close on closing the initial framework deal, but I don't want to put a timeline on it," Agrawal said during a briefing. Also Read: Delhi air crisis: Multiple nations including UK, Canada issue advisory as AQI remains in ‘severe’ category "We have done six rounds of talks with the US, where we have discussed both the BTA (Bilateral Trade Agreement) as well as an interim deal to lower reciprocal tariffs," he added.

The rupee is trading under pressure as investors are awaiting clarity on the India-US trade deal and have adopted a wait-and-watch approach.

Indian rupee slips to all-time low of 90.72 against US dollar

Google searches for businesspeople in 2025 were dominated by figures in the technology and AI sectors. Here is the list.

Google searches for businesspeople in 2025 were dominated by figures in the technology and AI sectors. Here is the list.

Year in Search 2025: Top 5 most-searched businesspeople on Google - Elon Musk, Sam Altman, Jensen Huang and more |  Check list

The tariff war triggered by US President Donald Trump seems to be widening, as Mexico has also imposed steep new tariffs on a wide range of imports from Asian nations, marking a sharp break from its long-standing pro-free-trade approach. India is also among the key exporting nations affected by the move. On Wednesday, the Senate of Mexico approved tariff hikes of up to 50% on imports from India, China, and several Asian countries starting next year to boost local industries despite opposition from business groups and affected governments. The proposal, passed earlier by the lower house, will raise or impose new duties of up to 50% from 2026 on goods like autos, auto parts, textiles, clothing, plastics and steel from countries like China, India, South Korea, Thailand and Indonesia not having trade deals with Mexico. The majority of products will face tariffs of up to 35%.&nbsp;The Senate approved the bill despite opposition from domestic business groups and China. The approved bill is less stringent than an earlier version that stalled in the lower house.&nbsp;Also Read: <a href="https://www.wionews.com/world/us-plans-to-seek-five-year-social-media-history-of-foreign-tourists-before-entry-1765384997336">US plans to seek five-year social media history of foreign tourists before entry</a>&nbsp;<h2>Attempt to appease the US ahead of trade agreement review?</h2>&nbsp;The move of President Claudia Sheinbaum’s government in Mexico is being seen as an attempt to appease the US ahead of the next review of the United States-Mexico-Canada trade agreement (USMCA). The tariffs are projected to generate $3.76 billion in additional revenue as Mexico seeks to reduce its fiscal deficit.Mario Vazquez, a senator for the opposition PAN party, said the tariffs will protect jobs as well as certain local productive sectors that are at a disadvantage with respect to Chinese products.&nbsp;Emmanuel Reyes, a senator from the ruling Morena party who is also chairman of the Senate Economy Committee, said, “These adjustments will boost Mexican products in global supply chains and protect jobs in key sectors.”&nbsp;Also Read: <a href="https://www.wionews.com/world/us-judge-orders-release-of-jeffrey-epstein-grand-jury-records-from-2019-sex-trafficking-case-1765388910452">US judge orders release of Jeffrey Epstein grand jury records from 2019 sex trafficking case</a><h2>How will Mexico tariffs impact India</h2>&nbsp;Indian exporters have long leveraged Mexico, the second-largest economy in the region and a key North American gateway, as a stepping stone to the US due to its integration in North American supply chains. India had been seeking to boost exports of textiles, auto components, and engineering goods to Latin America.However, several Mexican import-dependent manufacturers have warned that higher duties on goods from India and other nations will push up production costs and stoke inflation.&nbsp;Also Read: <a href="https://www.wionews.com/world/after-jewel-heist-water-leak-damages-hundreds-of-rare-works-at-louvre-museum-in-paris-1765132762501">After jewel heist, water leak damages hundreds of rare works at Louvre Museum in Paris</a>&nbsp;The tariffs will reduce competitiveness in industries like textiles, leather goods, auto parts and steel. They will also push companies to reconsider supply-chain routing through Mexico.&nbsp;The government in Mexico is trying to align with Washington’s tough stance on Chinese goods, hoping that it helps ease the sweeping US tariffs that have hit Mexico’s own exports of steel and aluminium.

The move of President Claudia Sheinbaum’s government in Mexico is being seen as an attempt to appease the US ahead of the next review of the United States-Mexico-Canada trade agreement (USMCA). The Senate approved the bill despite opposition from domestic business groups and China.

The tariff war triggered by US President Donald Trump seems to be widening, as Mexico has also imposed steep new tariffs on a wide range of imports from Asian nations, marking a sharp break from its long-standing pro-free-trade approach. India is also among the key exporting nations affected by the move. On Wednesday, the Senate of Mexico approved tariff hikes of up to 50% on imports from India, China, and several Asian countries starting next year to boost local industries despite opposition from business groups and affected governments. The proposal, passed earlier by the lower house, will raise or impose new duties of up to 50% from 2026 on goods like autos, auto parts, textiles, clothing, plastics and steel from countries like China, India, South Korea, Thailand and Indonesia not having trade deals with Mexico. The majority of products will face tariffs of up to 35%. The Senate approved the bill despite opposition from domestic business groups and China. The approved bill is less stringent than an earlier version that stalled in the lower house. Also Read: US plans to seek five-year social media history of foreign tourists before entry Attempt to appease the US ahead of trade agreement review? The move of President Claudia Sheinbaum’s government in Mexico is being seen as an attempt to appease the US ahead of the next review of the United States-Mexico-Canada trade agreement (USMCA). The tariffs are projected to generate $3.76 billion in additional revenue as Mexico seeks to reduce its fiscal deficit. Mario Vazquez, a senator for the opposition PAN party, said the tariffs will protect jobs as well as certain local productive sectors that are at a disadvantage with respect to Chinese products. Emmanuel Reyes, a senator from the ruling Morena party who is also chairman of the Senate Economy Committee, said, “These adjustments will boost Mexican products in global supply chains and protect jobs in key sectors.” Also Read: US judge orders release of Jeffrey Epstein grand jury records from 2019 sex trafficking case How will Mexico tariffs impact India Indian exporters have long leveraged Mexico, the second-largest economy in the region and a key North American gateway, as a stepping stone to the US due to its integration in North American supply chains. India had been seeking to boost exports of textiles, auto components, and engineering goods to Latin America. However, several Mexican import-dependent manufacturers have warned that higher duties on goods from India and other nations will push up production costs and stoke inflation. Also Read: After jewel heist, water leak damages hundreds of rare works at Louvre Museum in Paris The tariffs will reduce competitiveness in industries like textiles, leather goods, auto parts and steel. They will also push companies to reconsider supply-chain routing through Mexico. The government in Mexico is trying to align with Washington’s tough stance on Chinese goods, hoping that it helps ease the sweeping US tariffs that have hit Mexico’s own exports of steel and aluminium.

The move of President Claudia Sheinbaum’s government in Mexico is being seen as an attempt to appease the US ahead of the next review of the United States-Mexico-Canada trade agreement (USMCA). The Senate approved the bill despite opposition from domestic business groups and China.

Tariff war widens: After US, Mexico announces up to 50% tariffs on imports from India, other Asian countries

ICICI Bank was fined Rs 10 lakh, and Vodafone was fined Rs 5 lakh in a Gujarat SIM fraud case involving an Ahmedabad-based firm that lost more than Rs 1.19 crore due to unauthorised bank transactions. The judgment was delivered by Gujarat's Adjudicating Officer under the Information Technology Act.&nbsp;The case centres on the directors of Collective Trade Links Pvt. Ltd., a bearings trading company, who filed complaints against ICICI Bank, Vodafone Idea Limited (VIL) and local police authorities. The case was filed under Sections 43 and 43A of the IT Act, 2000. The complaint explains how criminals executed a SIM-swap operation to bypass OTP authentication measures and siphon money from the overdraft account of the firm over a weekend in March 2023, as per the report in NDTV.&nbsp;The fraud began when Prakash Mehta, the company director, was travelling to Vietnam for business. On March 11, 2023, an unusual email, appearing to come from the firm, sought a SIM swap for Mehta's mobile number, which was linked to OTP verifications for banking transactions.<h3>Vodafone Idea activated the duplicate SIM</h3>Vodafone Idea approved the request and activated the duplicate SIM by 4:30 pm the same day, without carrying out proper verification, despite the number being active on international roaming. Later, when the office was closed on Sunday, scammers used the duplicate SIM to obtain OTPs and proceeded with 22 transactions totalling Rs 1,19,37,000 through RTGS and NEFT from the company's ICICI Bank account.&nbsp;Then, 10 new beneficiaries were registered, and amounts far beyond usual limits were transferred to unfamiliar accounts for newly added payees. Meanwhile, Director Bharatkumar Mehta was notified of delayed transaction alerts on his secondary number, until the damage was already done.&nbsp;The scam came to light the following day when the company’s accountants checked the account. The directors quickly alerted ICICI Bank and filed a police complaint, after which an FIR was registered at the Cyber Crime Police Station under sections pertaining to cheating, criminal conspiracy and violations of the IT Act.&nbsp;In response to the incident, the Adjudicating Officer ordered the respondents to pay a total of Rs 15 lakh in penalties and compensation for their negligence that enabled the SIM-swap fraud. Of this, ICICI Bank was asked to pay Rs 10 lakh under Sections 43(g) and 43(j) of the Information Technology Act, 2000, while Vodafone Idea Limited was fined Rs 5 lakh under Section 43(g).&nbsp;The order also directs ICICI Bank to return the principal sum of ₹1.05 crore to the complainant in accordance with circular guidelines, with the refund to be completed within six weeks.

The fraud began when Prakash Mehta, the company director, was travelling to Vietnam for business. On March 11, 2023, an unusual email, appearing to come from the firm, sought a SIM swap for Mehta's mobile number, which was linked to OTP verifications for banking transactions.

ICICI Bank was fined Rs 10 lakh, and Vodafone was fined Rs 5 lakh in a Gujarat SIM fraud case involving an Ahmedabad-based firm that lost more than Rs 1.19 crore due to unauthorised bank transactions. The judgment was delivered by Gujarat's Adjudicating Officer under the Information Technology Act. The case centres on the directors of Collective Trade Links Pvt. Ltd., a bearings trading company, who filed complaints against ICICI Bank, Vodafone Idea Limited (VIL) and local police authorities. The case was filed under Sections 43 and 43A of the IT Act, 2000. The complaint explains how criminals executed a SIM-swap operation to bypass OTP authentication measures and siphon money from the overdraft account of the firm over a weekend in March 2023, as per the report in NDTV. The fraud began when Prakash Mehta, the company director, was travelling to Vietnam for business. On March 11, 2023, an unusual email, appearing to come from the firm, sought a SIM swap for Mehta's mobile number, which was linked to OTP verifications for banking transactions. Vodafone Idea activated the duplicate SIM Vodafone Idea approved the request and activated the duplicate SIM by 4:30 pm the same day, without carrying out proper verification, despite the number being active on international roaming. Later, when the office was closed on Sunday, scammers used the duplicate SIM to obtain OTPs and proceeded with 22 transactions totalling Rs 1,19,37,000 through RTGS and NEFT from the company's ICICI Bank account. Then, 10 new beneficiaries were registered, and amounts far beyond usual limits were transferred to unfamiliar accounts for newly added payees. Meanwhile, Director Bharatkumar Mehta was notified of delayed transaction alerts on his secondary number, until the damage was already done. The scam came to light the following day when the company’s accountants checked the account. The directors quickly alerted ICICI Bank and filed a police complaint, after which an FIR was registered at the Cyber Crime Police Station under sections pertaining to cheating, criminal conspiracy and violations of the IT Act. In response to the incident, the Adjudicating Officer ordered the respondents to pay a total of Rs 15 lakh in penalties and compensation for their negligence that enabled the SIM-swap fraud. Of this, ICICI Bank was asked to pay Rs 10 lakh under Sections 43(g) and 43(j) of the Information Technology Act, 2000, while Vodafone Idea Limited was fined Rs 5 lakh under Section 43(g). The order also directs ICICI Bank to return the principal sum of ₹1.05 crore to the complainant in accordance with circular guidelines, with the refund to be completed within six weeks.

The fraud began when Prakash Mehta, the company director, was travelling to Vietnam for business. On March 11, 2023, an unusual email, appearing to come from the firm, sought a SIM swap for Mehta's mobile number, which was linked to OTP verifications for banking transactions.

ICICI Bank, Vodafone fined Rs 15 lakh for lapses over Rs 1.19 crore Gujarat SIM-swap fraud

India continues to witness some of the most severe wealth inequality globally, with the richest 10 per cent controlling nearly 65 per cent of total wealth, while the bottom 50 per cent owns just 6.4 per cent, as per the latest World Inequality Report released on Wednesday.&nbsp;The report, compiled by economists Lucas Chancel, Ricardo Gómez-Carrera, Rowaida Moshrif, and Thomas Piketty, highlights that the top 1 per cent of Indians alone possess around 40 per cent of India's wealth. When it comes to income distribution, the report states that the top 10 per cent account for 58 per cent of the country’s total income.<h3>India is one of the fastest-growing major economies</h3>Meanwhile, US Representative Bill Huizenga underscored the expansion of economic and strategic dimensions of the India-US partnership. He also emphasised the need for deeper cooperation to uphold stability in the Indo-Pacific and the growing interest of American businesses, according to a report in ANI.&nbsp;Bill's remark came while he was at the House Foreign Affairs South and Central Asia Subcommittee's hearing, 'The US-India Strategic Partnership: Securing a Free and Open Indo-Pacific'. Huizenga highlighted India's rapid economic growth as a key player in commercial engagement. "India is one of the fastest-growing major economies in the world... American companies are eager to enter the Indian market on a level playing field," he added.&nbsp;He further added that "a new trade deal with India under President Trump and Prime Minister Modi would further realise this goal and enhance the relationship," and noted that economic engagement will be central to strengthening bilateral ties.&nbsp;He also underscored the broader strategic significance of US–India cooperation, highlighting the weight of their collective economic and geopolitical power. "I look forward to hearing from our witnesses on how the world's largest economy and the soon-to-be third-largest economy can work together to counterbalance China and preserve a free and open Indo-Pacific," he said.

The report highlights that the top 1 per cent of Indians alone possess around 40 per cent of India's wealth. When it comes to income distribution, the report states that the top 10 per cent account for 58 per cent of the country’s total income.

India continues to witness some of the most severe wealth inequality globally, with the richest 10 per cent controlling nearly 65 per cent of total wealth, while the bottom 50 per cent owns just 6.4 per cent, as per the latest World Inequality Report released on Wednesday. The report, compiled by economists Lucas Chancel, Ricardo Gómez-Carrera, Rowaida Moshrif, and Thomas Piketty, highlights that the top 1 per cent of Indians alone possess around 40 per cent of India's wealth. When it comes to income distribution, the report states that the top 10 per cent account for 58 per cent of the country’s total income. India is one of the fastest-growing major economies Meanwhile, US Representative Bill Huizenga underscored the expansion of economic and strategic dimensions of the India-US partnership. He also emphasised the need for deeper cooperation to uphold stability in the Indo-Pacific and the growing interest of American businesses, according to a report in ANI. Bill's remark came while he was at the House Foreign Affairs South and Central Asia Subcommittee's hearing, 'The US-India Strategic Partnership: Securing a Free and Open Indo-Pacific'. Huizenga highlighted India's rapid economic growth as a key player in commercial engagement. "India is one of the fastest-growing major economies in the world... American companies are eager to enter the Indian market on a level playing field," he added. He further added that "a new trade deal with India under President Trump and Prime Minister Modi would further realise this goal and enhance the relationship," and noted that economic engagement will be central to strengthening bilateral ties. He also underscored the broader strategic significance of US–India cooperation, highlighting the weight of their collective economic and geopolitical power. "I look forward to hearing from our witnesses on how the world's largest economy and the soon-to-be third-largest economy can work together to counterbalance China and preserve a free and open Indo-Pacific," he said.

The report highlights that the top 1 per cent of Indians alone possess around 40 per cent of India's wealth. When it comes to income distribution, the report states that the top 10 per cent account for 58 per cent of the country’s total income.

Who really owns two-thirds of India's wealth? New report reveals shocking facts

A divided US Federal Reserve lowered interest rates Wednesday for a third consecutive time this year, but signaled that it could hold off further reductions in the coming months. Fed Chair Jerome Powell said the central bank is “well positioned to wait and see how the economy evolves from here.” The Fed's statement on its decision also brought back language used in late-2024 to signal a pause in more rate cuts.&nbsp;Powell stressed that officials are in a good position to determine the “extent and timing of additional adjustments based on the incoming data, the evolving outlook and the balance of risks.” Wednesday's reduction by a quarter percentage point brings rates to a range between 3.50 percent and 3.75 percent, the lowest in around three years, a move aligned with market expectations.&nbsp;The Fed penciled in one more rate cut next year, and flagged heightened risks to employment as it announced its latest decision. But a rift within the central bank deepened with three officials voting against the modest reduction.&nbsp;Chicago Fed president Austan Goolsbee joined Kansas City&nbsp;Fed president Jeffrey Schmid to support keeping rates unchanged. Fed Governor Stephen Miran again backed a bigger, half-percentage-point cut. The Fed's rate-setting committee has 12 voting members -- including seven members of the board of governors, the New York Fed president and a rotation of reserve bank presidents -- who take a majority vote in deciding on rates.&nbsp;Powell noted that some disagreement was expected, pointing to tensions between inflation risks and a weakening jobs market: “It's a close call.” "Inflation is well above the Fed's target, but the job market appears to be softening," said Mortgage Bankers Association chief economist Mike Fratantoni in a statement. "Thus, there is ammunition for both sides of the debate" within the Fed, he added.&nbsp;For now, Powell said, the Fed is "in the high end of the range of neutral" rates, with neutral being a level that neither stimulates nor restricts economic activity.&nbsp;The Fed has previously described interest rates as "modestly restrictive" -- "neutral" could suggest less justification to lower levels quickly. "We expect the Fed will want to pause for a while to allow time to for this and prior cuts to feed through the economy," said economist Ryan Sweet of Oxford Economics. Powell added that the US economy needs several years where wages are higher than inflation for "people to start feeling good about affordability."&nbsp;On Wednesday, Fed officials also lifted their 2026 growth forecast, while easing inflation expectations and keeping their unemployment rate projection unchanged. These forecasts could shift as the central bank grapples with a delay in federal economic data releases after a record-long government shutdown.&nbsp;This week's gathering is the last before 2026, a year of key changes for the bank. A new chief will arrive after Powell's term ends in May, while political pressure mounts. On Wednesday, Trump said the Fed could have "at least doubled" its rate cut.&nbsp;The president also signaled in a Politico interview published Tuesday that he would judge Powell's successor on whether they immediately slash rates. Interviews for his choice are entering the final stages, and Trump's chief economic adviser Kevin Hassett is among top contenders.&nbsp;Miran's term expires in January, creating an opening among the Fed's top leadership. Trump has sought to free up another seat by attempting to fire Fed Governor Lisa Cook too. Cook has challenged her ousting and the case remains before the courts. EY-Parthenon chief economist Gregory Daco noted that Hassett's potential appointment and a "more hawkish rotation of voting members" focused more on taming inflation means a growing dispersion in views. "Policy deliberations are likely to become even more divided next year," he said.

The US Federal Reserve cut rates for the third time this year to 3.50–3.75% but signaled a possible pause. A divided vote exposed growing rifts as inflation risks clash with a weakening job market. 

A divided US Federal Reserve lowered interest rates Wednesday for a third consecutive time this year, but signaled that it could hold off further reductions in the coming months. Fed Chair Jerome Powell said the central bank is “well positioned to wait and see how the economy evolves from here.” The Fed's statement on its decision also brought back language used in late-2024 to signal a pause in more rate cuts. Powell stressed that officials are in a good position to determine the “extent and timing of additional adjustments based on the incoming data, the evolving outlook and the balance of risks.” Wednesday's reduction by a quarter percentage point brings rates to a range between 3.50 percent and 3.75 percent, the lowest in around three years, a move aligned with market expectations. The Fed penciled in one more rate cut next year, and flagged heightened risks to employment as it announced its latest decision. But a rift within the central bank deepened with three officials voting against the modest reduction. Chicago Fed president Austan Goolsbee joined Kansas City Fed president Jeffrey Schmid to support keeping rates unchanged. Fed Governor Stephen Miran again backed a bigger, half-percentage-point cut. The Fed's rate-setting committee has 12 voting members -- including seven members of the board of governors, the New York Fed president and a rotation of reserve bank presidents -- who take a majority vote in deciding on rates. Powell noted that some disagreement was expected, pointing to tensions between inflation risks and a weakening jobs market: “It's a close call.” "Inflation is well above the Fed's target, but the job market appears to be softening," said Mortgage Bankers Association chief economist Mike Fratantoni in a statement. "Thus, there is ammunition for both sides of the debate" within the Fed, he added. For now, Powell said, the Fed is "in the high end of the range of neutral" rates, with neutral being a level that neither stimulates nor restricts economic activity. The Fed has previously described interest rates as "modestly restrictive" -- "neutral" could suggest less justification to lower levels quickly. "We expect the Fed will want to pause for a while to allow time to for this and prior cuts to feed through the economy," said economist Ryan Sweet of Oxford Economics. Powell added that the US economy needs several years where wages are higher than inflation for "people to start feeling good about affordability." On Wednesday, Fed officials also lifted their 2026 growth forecast, while easing inflation expectations and keeping their unemployment rate projection unchanged. These forecasts could shift as the central bank grapples with a delay in federal economic data releases after a record-long government shutdown. This week's gathering is the last before 2026, a year of key changes for the bank. A new chief will arrive after Powell's term ends in May, while political pressure mounts. On Wednesday, Trump said the Fed could have "at least doubled" its rate cut. The president also signaled in a Politico interview published Tuesday that he would judge Powell's successor on whether they immediately slash rates. Interviews for his choice are entering the final stages, and Trump's chief economic adviser Kevin Hassett is among top contenders. Miran's term expires in January, creating an opening among the Fed's top leadership. Trump has sought to free up another seat by attempting to fire Fed Governor Lisa Cook too. Cook has challenged her ousting and the case remains before the courts. EY-Parthenon chief economist Gregory Daco noted that Hassett's potential appointment and a "more hawkish rotation of voting members" focused more on taming inflation means a growing dispersion in views. "Policy deliberations are likely to become even more divided next year," he said.

The US Federal Reserve cut rates for the third time this year to 3.50–3.75% but signaled a possible pause. A divided vote exposed growing rifts as inflation risks clash with a weakening job market.&nbsp;

US Fed splits as it delivers third rate cut, hints at one more by 2026

IndiGo Chairman and Non-Executive Independent Director Vikram Singh Mehta publicly apologised on Wednesday for the flight disruptions and denied any intentional wrongdoing by the airline, saying the carrier is committed to cooperating fully with regulatory investigations and regaining trust. In his apology, Mehta refuted the allegations that the airline had engineered the crisis to circumvent new pilot rest rules. In the eight-minute video message shared on X, Mehta acknowledged that the airline “let customers down,” and said that the operations are “back to normal, earlier than expected.” Mehta said the Directorate General of Civil Aviation (DGCA) is examining the chain of events that led to thousands of passengers being stranded across the country.&nbsp;He also added that IndiGo will appoint external technical experts to work alongside management “to determine the root causes and ensure this level of disruption never occurs again.”&nbsp;&nbsp;

<blockquote class="twitter-tweet">Message from Vikram Singh Mehta, Chairman and Non-Executive Independent Director of IndiGo <a href="https://t.co/sySacxlFq0">pic.twitter.com/sySacxlFq0</a>&mdash; IndiGo (@IndiGo6E) <a href="https://twitter.com/IndiGo6E/status/1998785842567872568?ref_src=twsrc%5Etfw">December 10, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;Also Read: <a href="https://www.wionews.com/world/us-judge-orders-release-of-jeffrey-epstein-grand-jury-records-from-2019-sex-trafficking-case-1765388910452">US judge orders release of Jeffrey Epstein grand jury records from 2019 sex trafficking case</a>&nbsp;&nbsp;“There are some allegations that are untrue,” he said. “That IndiGo engineered the crisis. That we tried to influence government rules. That we compromised safety. These claims are incorrect. We operated under the updated pilot fatigue rules throughout July and November and did not attempt to bypass them.”&nbsp;He described December 3-5 as days when an “unexpected chain of events” overwhelmed the airline’s systems, citing minor technical snags, winter-schedule adjustments, adverse weather, congestion across the aviation network, and the transition to updated crew rostering norms. “This is not an excuse. This is simply the truth,” he said, calling the episode a “blemish on the company’s pristine record.”&nbsp;Also Read: <a href="https://www.wionews.com/india-news/dgca-orders-urgent-inspections-at-11-airports-to-ensure-smooth-operations-after-indigo-chaos-1765367066081">DGCA orders urgent inspections at 11 airports to ensure smooth operations after IndiGo chaos</a>&nbsp;IndiGo has resumed full operations, flying 1,900 services across 138 destinations with normal punctuality levels, he said.He admitted that regaining public confidence will take time, and said, “Our company has erred. It has to win back your trust. It will depend on actions, not words.”&nbsp;IndiGo also posted a public update on X, saying all 65,000 employees were working “with all hands on deck” to restore operations.“Please have faith in us. We are getting there,” the statement read.&nbsp;Union Civil Aviation Minister K Rammohan Naidu had blamed the disruption on IndiGo’s lapses and promised strict action. The DGCA has decided to constitute an Oversight Team that will be deployed to the airline’s corporate office in Gurugram to look into several aspects, including total fleet, pilot numbers, crew utilisation and unplanned leaves.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/indian-aviation-minister-says-will-fire-indigo-chief-if-needed-can-government-sack-the-ceo-of-private-business-what-the-law-actually-allows-1765350448545">Indian aviation minister says will fire IndiGo chief if needed. Can government sack the CEO of private business? What the law actually allows</a>&nbsp;&nbsp;

<blockquote class="twitter-tweet">Even as Indigo operations across the country have stabilised, we continue to closely oversee the operations through the Ministry’s Control Room. A regular vigil is being maintained for real-time resolution of passenger grievances and the Control Room team is making all efforts… <a href="https://t.co/EGC5O78ROH">pic.twitter.com/EGC5O78ROH</a>&mdash; Ram Mohan Naidu Kinjarapu (@RamMNK) <a href="https://twitter.com/RamMNK/status/1998784519802073236?ref_src=twsrc%5Etfw">December 10, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

&nbsp;&nbsp;“Even as Indigo operations across the country have stabilised, we continue to closely oversee the operations through the Ministry’s Control Room,” Naidu said on X. “A regular vigil is being maintained for real-time resolution of passenger grievances and the Control Room team is making all efforts to further enhance response time for prompt and effective redressal of passenger concerns.”&nbsp;Also Read: <a href="https://www.wionews.com/india-news/-how-could-other-airlines-be-permitted-to-take-advantage-delhi-hc-pulls-up-centre-on-indigo-crisis-unreasonable-fare-surge-1765363000024">‘How could other airlines be permitted to take advantage’: Delhi HC pulls up Centre on IndiGo crisis, ‘unreasonable’ fare surge</a>

The DGCA has decided to constitute an Oversight Team that will be deployed to the airline’s corporate office in Gurugram to look into several aspects, including total fleet, pilot numbers, crew utilisation and unplanned leaves.

IndiGo Chairman and Non-Executive Independent Director Vikram Singh Mehta publicly apologised on Wednesday for the flight disruptions and denied any intentional wrongdoing by the airline, saying the carrier is committed to cooperating fully with regulatory investigations and regaining trust. In his apology, Mehta refuted the allegations that the airline had engineered the crisis to circumvent new pilot rest rules. In the eight-minute video message shared on X, Mehta acknowledged that the airline “let customers down,” and said that the operations are “back to normal, earlier than expected.” Mehta said the Directorate General of Civil Aviation (DGCA) is examining the chain of events that led to thousands of passengers being stranded across the country. He also added that IndiGo will appoint external technical experts to work alongside management “to determine the root causes and ensure this level of disruption never occurs again.”

The DGCA has decided to constitute an Oversight Team that will be deployed to the airline’s corporate office in Gurugram to look into several aspects, including total fleet, pilot numbers, crew utilisation and unplanned leaves.

IndiGo chairman apologises for chaos, denies charges of ‘engineering’ crisis to circumvent rules

Amazon announced on Tuesday (December 9) that it will invest more than $35 billion in India by 2030, expanding its long-term commitment to the country's digital economy, AI innovation and job creation. This new funding adds to the nearly $40 billion Amazon has invested in India over the last 15 years. The announcement was made on December 10 at the sixth Amazon Smbhav Summit in New Delhi, where consulting firm Keystone Strategy also released an economic impact study.&nbsp;According to the report, Amazon’s cumulative investments, including infrastructure spending and employee-related costs, have made it India’s largest foreign investor, a key driver of e-commerce exports, and one of the biggest contributors to employment nationwide. Amazon said its next phase of growth will focus on AI-led digitisation, expansion of exports, and large-scale job creation, aligning with India’s digital development goals.&nbsp;Also Read: <a href="https://www.wionews.com/world/china-japan-tensions-escalate-russia-joins-chinese-jets-south-korea-lodges-protest-what-s-happening-now-1765348684746">China-Japan tensions escalate: Russia joins Chinese jets, South Korea lodges protest - What's happening now</a>&nbsp;Over the years, the company has built extensive physical and digital infrastructure across the country, ranging from fulfilment centres and logistics networks to data centres, payment solutions and tech platforms. The Keystone report highlighted that Amazon has already digitised more than 12 million small businesses, generated $20 billion in cumulative e-commerce exports, and supported around 2.8 million jobs across technology, logistics, operations and customer support in 2024. These jobs come with benefits such as competitive wages, healthcare access and structured skills training.&nbsp;Beyond direct employment, Amazon’s presence has boosted work opportunities in packaging, transport, manufacturing and tech services, while helping countless small sellers grow their reach within India and beyond.<h2>Target: One million more jobs by 2030</h2>By the end of the decade, Amazon aims to create another one million jobs, direct, indirect, seasonal and induced, through expanding its operations, increasing capacity in its fulfilment and delivery network and generating ripple effects across related sectors. Amit Agarwal, Senior Vice President for Emerging Markets at Amazon, said the company’s trajectory in India has mirrored the country’s digital aspirations.&nbsp;He noted that Amazon’s 15-year journey in India reflects the vision of an Atmanirbhar (self-reliant) and Viksit (developed) Bharat, supported by heavy investments in infrastructure for small businesses, job creation and global promotion of Made-in-India products.<h2>Major push for AI, exports and digital inclusion</h2>As part of its long-term roadmap, Amazon plans to expand access to AI tools for businesses, consumers and students across India. By 2030, it hopes to bring AI benefits to 15 million small businesses. Sellers are already using Amazon’s AI-driven tools such as Seller Assistant and next-generation selling features.&nbsp;Users can also expect enhanced shopping experiences through tools including Lens AI for visual search, Rufus for conversational shopping and multilingual features designed to overcome literacy challenges. Amazon additionally pledged to support AI education for 4 million students in government schools, offering structured curriculum support, teacher training, hands-on learning and exposure to tech careers, aligned with India’s National Education Policy 2020.On the export front, Amazon aims to quadruple India-led e-commerce exports to $80 billion by 2030, up from the current $20 billion. Agarwal said the company is committed to driving India’s growth by democratizing AI, generating one million new jobs and accelerating exports.

After Microsoft, Amazon announces $35 billion investment to boost India’s digital future

Amazon announced on Tuesday (December 9) that it will invest more than $35 billion in India by 2030, expanding its long-term commitment to the country's digital economy, AI innovation and job creation. This new funding adds to the nearly $40 billion Amazon has invested in India over the last 15 years. The announcement was made on December 10 at the sixth Amazon Smbhav Summit in New Delhi, where consulting firm Keystone Strategy also released an economic impact study. According to the report, Amazon’s cumulative investments, including infrastructure spending and employee-related costs, have made it India’s largest foreign investor, a key driver of e-commerce exports, and one of the biggest contributors to employment nationwide. Amazon said its next phase of growth will focus on AI-led digitisation, expansion of exports, and large-scale job creation, aligning with India’s digital development goals. Also Read: China-Japan tensions escalate: Russia joins Chinese jets, South Korea lodges protest - What's happening now Over the years, the company has built extensive physical and digital infrastructure across the country, ranging from fulfilment centres and logistics networks to data centres, payment solutions and tech platforms. The Keystone report highlighted that Amazon has already digitised more than 12 million small businesses, generated $20 billion in cumulative e-commerce exports, and supported around 2.8 million jobs across technology, logistics, operations and customer support in 2024. These jobs come with benefits such as competitive wages, healthcare access and structured skills training. Beyond direct employment, Amazon’s presence has boosted work opportunities in packaging, transport, manufacturing and tech services, while helping countless small sellers grow their reach within India and beyond. Target: One million more jobs by 2030 By the end of the decade, Amazon aims to create another one million jobs, direct, indirect, seasonal and induced, through expanding its operations, increasing capacity in its fulfilment and delivery network and generating ripple effects across related sectors. Amit Agarwal, Senior Vice President for Emerging Markets at Amazon, said the company’s trajectory in India has mirrored the country’s digital aspirations. He noted that Amazon’s 15-year journey in India reflects the vision of an Atmanirbhar (self-reliant) and Viksit (developed) Bharat, supported by heavy investments in infrastructure for small businesses, job creation and global promotion of Made-in-India products. Major push for AI, exports and digital inclusion As part of its long-term roadmap, Amazon plans to expand access to AI tools for businesses, consumers and students across India. By 2030, it hopes to bring AI benefits to 15 million small businesses. Sellers are already using Amazon’s AI-driven tools such as Seller Assistant and next-generation selling features. Users can also expect enhanced shopping experiences through tools including Lens AI for visual search, Rufus for conversational shopping and multilingual features designed to overcome literacy challenges. Amazon additionally pledged to support AI education for 4 million students in government schools, offering structured curriculum support, teacher training, hands-on learning and exposure to tech careers, aligned with India’s National Education Policy 2020. On the export front, Amazon aims to quadruple India-led e-commerce exports to $80 billion by 2030, up from the current $20 billion. Agarwal said the company is committed to driving India’s growth by democratizing AI, generating one million new jobs and accelerating exports.

Amazon will invest $35 billion in India by 2030, boosting AI access, exports and infrastructure while creating one million new jobs and expanding digital inclusion

Indian civil aviation minister K Ram Mohan Naidu, in an interview, has vowed that, if required, the Government of India will fire IndiGo Airlines CEO Pieter Elbers over the flight chaos that left thousands of flyers stranded in recent days. Speaking to the Times of India, Naidu apologised for the inconvenience borne by passengers and said that "if it comes to that," he will "definitely" sack the company's CEO. But, how can that be? Can the GOI sack IndiGo, a private company's CEO? Here's all you need to know. &nbsp;<h2>What did Naidu say?</h2>During the interview, aviation minister Naidu was asked if he was going to sack the IndiGo CEO for the recent chaos. "If it comes to that, definitely I will do it. I will charge them with all the penalties that are there. Definitely, I will look into all of those aspects...", he said.Also read | <a href="https://www.wionews.com/india-news/indigo-flight-crisis-not-urgent-cji-declines-immediate-hearing-on-pil-says-1765177884996">IndiGo flight crisis 'not urgent'? CJI declines immediate hearing on PIL, says...</a><h2>But, can the Indian government sack a private company's CEO?</h2>Yes and No. While the Government cannot directly sack the CEO of a private company, in its regulatory role, it can demand the removal. However, this can only be done in cases involving significant legal or regulatory violations, such as fraud, embezzlement, or some other serious misconduct.<h2>Has the GOI ever used its power to fire the CEO of a private company?</h2>Yes, the Government of India, in the past, has intervened in major corporate crises and has forced the removal of existing management, including the CEO.Also read | <a href="https://www.wionews.com/world/make-america-safe-again-us-state-department-touts-achievement-85-000-visas-revoked-since-trump-returned-to-white-house-indians-students-affected-1765332063561">Trump cancelled 85,000 visas since January. The reasons may surprise you</a>In 2018, after a major debt default by IL&amp;FS (Infrastructure Leasing &amp; Financial Services), amid fears of "contagion effect" on the wider financial system, the GOI asked the National Company Law Tribunal (NCLT) to take control of IL&amp;FS. The NCLT then dissolved the company's board of directors and management. In their place, a new government-nominated super-board led by Uday Kotak was appointed to manage the resolution and process of recovering excess remuneration paid to former directors.Before that, in 2009, the government intervened in the massive accounting fraud surrounding Ramalinga Raju, the founder and chairman of Satyam Computer Services. The government then dissolved the existing board and appointed its own board in its place. The company was later sold to Tech Mahindra.

Can the government really fire IndiGo’s CEO? After flight chaos, Aviation Minister Naidu says he will sack Pieter Elbers if needed. But can the GOI remove a private company boss? Here's all you need to know. 

Indian civil aviation minister K Ram Mohan Naidu, in an interview, has vowed that, if required, the Government of India will fire IndiGo Airlines CEO Pieter Elbers over the flight chaos that left thousands of flyers stranded in recent days. Speaking to the Times of India, Naidu apologised for the inconvenience borne by passengers and said that "if it comes to that," he will "definitely" sack the company's CEO. But, how can that be? Can the GOI sack IndiGo, a private company's CEO? Here's all you need to know. What did Naidu say? During the interview, aviation minister Naidu was asked if he was going to sack the IndiGo CEO for the recent chaos. "If it comes to that, definitely I will do it. I will charge them with all the penalties that are there. Definitely, I will look into all of those aspects...", he said. Also read | IndiGo flight crisis 'not urgent'? CJI declines immediate hearing on PIL, says... But, can the Indian government sack a private company's CEO? Yes and No. While the Government cannot directly sack the CEO of a private company, in its regulatory role, it can demand the removal. However, this can only be done in cases involving significant legal or regulatory violations, such as fraud, embezzlement, or some other serious misconduct. Has the GOI ever used its power to fire the CEO of a private company? Yes, the Government of India, in the past, has intervened in major corporate crises and has forced the removal of existing management, including the CEO. Also read | Trump cancelled 85,000 visas since January. The reasons may surprise you In 2018, after a major debt default by IL&FS (Infrastructure Leasing & Financial Services), amid fears of "contagion effect" on the wider financial system, the GOI asked the National Company Law Tribunal (NCLT) to take control of IL&FS. The NCLT then dissolved the company's board of directors and management. In their place, a new government-nominated super-board led by Uday Kotak was appointed to manage the resolution and process of recovering excess remuneration paid to former directors. Before that, in 2009, the government intervened in the massive accounting fraud surrounding Ramalinga Raju, the founder and chairman of Satyam Computer Services. The government then dissolved the existing board and appointed its own board in its place. The company was later sold to Tech Mahindra.

Can the government really fire IndiGo’s CEO? After flight chaos, Aviation Minister Naidu says he will sack Pieter Elbers if needed. But can the GOI remove a private company boss? Here's all you need to know.&nbsp;

Indian aviation minister says will fire IndiGo chief if needed. Can government sack the CEO of private business? What the law actually allows

Union Mutual Fund has launched the Union Consumption Fund, an open-ended equity scheme following the consumption theme. The New Fund Offer (NFO), which opened on December 1, will close on December 15. The launch seeks to ride on five ‘big bang initiatives’ unveiled over the last one year by the Indian government targeted at the nation's economy: Lowered tax rate in FY 26, GST 2.0 revisions, Eighth Pay commission, sustained lower Inflation and RBI's synchronised interventions. These factors, coupled with good monsoons, could lead to an orbital shift in consumption.&nbsp;<h2>India's consumption index has outperformed the broader market&nbsp;</h2>India's consumption index has been outperforming the broader market 13 times over the last 19years. In 2019-2024, the Nifty India Consumption TRI delivered an average return on equity of 14.7 per cent, higher than the 12.5 per cent average of the broader Nifty 500 Index, according to Bloomberg estimates.“On the back of 5 big structural changes unveiled by the GOI, India seems to on the cusp of a big shift in broad-based Consumption. We believe our R.I.S.E. framework is suited to extract the mostpotential of this consumption theme, said Madhu Nair, CEO of Union Asset ManagementCompany Private Limited (Union AMC), while speaking about the fund. &nbsp;"The expansion of the consuming class, the shift from mass to premium, and the digitisation of marketplaces together could form one of the most powerful multi-decadal investment themes. Through the Union Consumption Fund, we aim to offer investors a disciplined and diversified way to participate in this journey where every rupee spent contributes to the story ofprogress.”<h2>What is the RISE framework?</h2>Union Consumption Fund (UCF) aims to invest in subsectors of consumption through its RISE framework : Reach, Intermediates, Spend Up and Experience, aiming to capture how India lives, spends and aspires.&nbsp;R - Reach (Penetration): Companies expanding access to goods and services –such as consumer durables, packaged foods and quick-service restaurants.I - Intermediates (Enablers): Businesses facilitating consumption – including digitalplatforms, fintech players and financial intermediaries.S - Spend Up (Premiumisation): Firms catering to aspirational and higher-valuesegments like the SUV market and real estate.E - Experience (Consumer Services): Sectors where spending is driven by lifestyleand experiences – such as travel, hospitality and entertainment.&nbsp;<h2>India’s per capita income set to grow 1.6 times&nbsp;</h2>The per-capita income of India has nearly tripled since 2008 and is expected to growanother 1.6 times by FY2030, according to IMF World Economic Outlook. The number of upper-middle and high-income households, along with middle-income households, is projected to expand from 11.3 crore in 2023 to 18 crore by 2030, marking a 60 per cent increase in the country’s most consumption-heavy segment.&nbsp;<h2>Union Consumption Fund is ideal for investors seeking to align portfolios with the Indian economy's structural transformation</h2>The scheme aims to provide diversified exposure across multiple consumption touchpoints — from mass markets to aspirational categories — offering potential participation in both stableand high-growth opportunities. The scheme will be managed by Mr Vinod Malviya, Fund Manager – Equity and Mr Sanjay Bembalkar, Head - Equity at Union AMC, the company said in a release.&nbsp;<img src="https://cdn1.wionews.com/prod/wion/images/2025/20251210/image-1765350646589.png"> &nbsp;<h2>Statutory warning:</h2>*Investors should consult their financial advisers if in doubt about whether theproduct is suitable for them.Note: The product labelling assigned during the New Fund Offer is based oninternal assessment of the Scheme Characteristics or model portfolio and the samemay vary post NFO when actual investments are made. The Benchmark riskometeris based on the evaluation of the portfolios for the month ended October 31, 2025.

Union Mutual Fund’s new Union Consumption Fund targets India’s rising consumption driven by tax cuts, GST reforms and income growth, using its RISE framework to capture mass-to-premium and experiential spending.

Union Mutual Fund has launched the Union Consumption Fund, an open-ended equity scheme following the consumption theme. The New Fund Offer (NFO), which opened on December 1, will close on December 15. The launch seeks to ride on five ‘big bang initiatives’ unveiled over the last one year by the Indian government targeted at the nation's economy: Lowered tax rate in FY 26, GST 2.0 revisions, Eighth Pay commission, sustained lower Inflation and RBI's synchronised interventions. These factors, coupled with good monsoons, could lead to an orbital shift in consumption. India's consumption index has outperformed the broader market India's consumption index has been outperforming the broader market 13 times over the last 19 years. In 2019-2024, the Nifty India Consumption TRI delivered an average return on equity of 14.7 per cent, higher than the 12.5 per cent average of the broader Nifty 500 Index, according to Bloomberg estimates. “On the back of 5 big structural changes unveiled by the GOI, India seems to on the cusp of a big shift in broad-based Consumption. We believe our R.I.S.E. framework is suited to extract the most potential of this consumption theme, said Madhu Nair, CEO of Union Asset Management Company Private Limited (Union AMC), while speaking about the fund. "The expansion of the consuming class, the shift from mass to premium, and the digitisation of marketplaces together could form one of the most powerful multi-decadal investment themes. Through the Union Consumption Fund, we aim to offer investors a disciplined and diversified way to participate in this journey where every rupee spent contributes to the story of progress.” What is the RISE framework? Union Consumption Fund (UCF) aims to invest in subsectors of consumption through its RISE framework : Reach, Intermediates, Spend Up and Experience, aiming to capture how India lives, spends and aspires. R - Reach (Penetration): Companies expanding access to goods and services – such as consumer durables, packaged foods and quick-service restaurants. I - Intermediates (Enablers): Businesses facilitating consumption – including digital platforms, fintech players and financial intermediaries. S - Spend Up (Premiumisation): Firms catering to aspirational and higher-value segments like the SUV market and real estate. E - Experience (Consumer Services): Sectors where spending is driven by lifestyle and experiences – such as travel, hospitality and entertainment. India’s per capita income set to grow 1.6 times The per-capita income of India has nearly tripled since 2008 and is expected to grow another 1.6 times by FY2030, according to IMF World Economic Outlook. The number of upper-middle and high-income households, along with middle-income households, is projected to expand from 11.3 crore in 2023 to 18 crore by 2030, marking a 60 per cent increase in the country’s most consumption-heavy segment. Union Consumption Fund is ideal for investors seeking to align portfolios with the Indian economy's structural transformation The scheme aims to provide diversified exposure across multiple consumption touchpoints — from mass markets to aspirational categories — offering potential participation in both stable and high-growth opportunities. The scheme will be managed by Mr Vinod Malviya, Fund Manager – Equity and Mr Sanjay Bembalkar, Head - Equity at Union AMC, the company said in a release. Statutory warning: *Investors should consult their financial advisers if in doubt about whether the product is suitable for them. Note: The product labelling assigned during the New Fund Offer is based on internal assessment of the Scheme Characteristics or model portfolio and the same may vary post NFO when actual investments are made. The Benchmark riskometer is based on the evaluation of the portfolios for the month ended October 31, 2025.

Union Mutual Fund’s new Union Consumption Fund targets India’s rising consumption driven by tax cuts, GST reforms and income growth, using its RISE framework to capture mass-to-premium and experiential spending.

Union Mutual Fund launches Union Consumption Fund aiming to ride on India’s growing consumption cycle

A Bloomberg report has claimed that Elon Musk’s space company SpaceX could be valued at $1.5 trillion, the biggest ever in IPO history, if and when it launches on the stock market in 2026. The report on Tuesday (Dec 9), citing unnamed insiders, claimed that SpaceX is raising more than $30 billion from the IPO, which is likely to come either in the middle of or late 2026.<h2>What did the report say on the SpaceX IPO?</h2>The Bloomberg report pegged the fundraising amount significantly more than $30 billion as speculated earlier, targeting a valuation of about $1.5 trillion for the entire company. That would place SpaceX near the market value of Saudi Aramco at the time of its record 2019 listing, when the oil giant raised $29.4 billion at a $1.7 trillion valuation. The report said the IPO could shift to 2027 based on market conditions. Proceeds of the IPO would be used to develop space-based data centres, including purchasing the chips required to run them, it said.Also read: <a href="https://www.wionews.com/world/spacex-to-offer-insider-shares-elon-musk-clarifies-amid-market-buzz-over-800b-valuation-1765090614016">SpaceX to offer insider shares? Elon Musk clarifies amid market buzz over $800B valuation</a><h2>SpaceX financials are solid</h2>The report suggested that SpaceX may generate about $15 billion in revenue in 2025, rising to between $22 billion and $24 billion in 2026, mostly its satellite-internet service Starlink. In a current secondary offering, employees are being allowed to sell around $2 billion worth of stock at a per-share price of roughly $420. That implied a valuation above the $800 billion mark for the company.<a href="https://www.wionews.com/videos/spacex-megarocket-most-powerful-launch-vehicle-ever-loud-cheers-for-musk-1756264425620/embed">https://www.wionews.com/videos/spacex-megarocket-most-powerful-launch-vehicle-ever-loud-cheers-for-musk-1756264425620/embed</a>Earlier reports had valued SpaceX at about $800 billion based on insider share sales, but the new Bloomberg-led figure of $1.5 trillion applies specifically to the targeted IPO valuation. As of now, SpaceX or Musk have not confirmed or denied the Bloomberg report, and all details of the IPO in the report remain based on unnamed insiders.Also read: <a href="https://www.wionews.com/trending/russian-cosmonaut-oleg-artemyev-kicked-off-iss-mission-for-snooping-on-spacex-tech-in-california-1764821040754">Russian cosmonaut with 560 days of space time kicked off ISS mission for taking photos of SpaceX tech: Report</a><h2>What did Musk say about SpaceX valuation?</h2>Musk has previously said that an $800 billion valuation figure from secondary share sales was “not accurate”, though he acknowledged the existence of the share-sale structure. He has not commented on the latest reported $1.5 trillion IPO valuation.Musk has said that SpaceX has been cash-flow positive for years and that employee share buybacks have occurred roughly every two years without requiring external fundraising. He has also been historically reluctant to take SpaceX public, as he prefers focusing on long-term projects like Mars colonisation rather than responding to shareholder pressures.&nbsp;The details of the SpaceX listing remain speculative, and the timeline, structure and valuation could change depending on regulatory issues and market conditions.

Elon Musk's SpaceX is planning a 2026 IPO targeting a $1.5 trillion valuation, which could be a world record, according to a Bloomberg report. The timing, valuation and structure remain unconfirmed and may shift based on market conditions. Here is what the reports are saying


A Bloomberg report has claimed that Elon Musk’s space company SpaceX could be valued at $1.5 trillion, the biggest ever in IPO history, if and when it launches on the stock market in 2026. The report on Tuesday (Dec 9), citing unnamed insiders, claimed that SpaceX is raising more than $30 billion from the IPO, which is likely to come either in the middle of or late 2026. What did the report say on the SpaceX IPO? The Bloomberg report pegged the fundraising amount significantly more than $30 billion as speculated earlier, targeting a valuation of about $1.5 trillion for the entire company. That would place SpaceX near the market value of Saudi Aramco at the time of its record 2019 listing, when the oil giant raised $29.4 billion at a $1.7 trillion valuation. The report said the IPO could shift to 2027 based on market conditions. Proceeds of the IPO would be used to develop space-based data centres, including purchasing the chips required to run them, it said. Also read: SpaceX to offer insider shares? Elon Musk clarifies amid market buzz over $800B valuation SpaceX financials are solid The report suggested that SpaceX may generate about $15 billion in revenue in 2025, rising to between $22 billion and $24 billion in 2026, mostly its satellite-internet service Starlink. In a current secondary offering, employees are being allowed to sell around $2 billion worth of stock at a per-share price of roughly $420. That implied a valuation above the $800 billion mark for the company. https://www.wionews.com/videos/spacex-megarocket-most-powerful-launch-vehicle-ever-loud-cheers-for-musk-1756264425620/embed Earlier reports had valued SpaceX at about $800 billion based on insider share sales, but the new Bloomberg-led figure of $1.5 trillion applies specifically to the targeted IPO valuation. As of now, SpaceX or Musk have not confirmed or denied the Bloomberg report, and all details of the IPO in the report remain based on unnamed insiders. Also read: Russian cosmonaut with 560 days of space time kicked off ISS mission for taking photos of SpaceX tech: Report What did Musk say about SpaceX valuation? Musk has previously said that an $800 billion valuation figure from secondary share sales was “not accurate”, though he acknowledged the existence of the share-sale structure. He has not commented on the latest reported $1.5 trillion IPO valuation. Musk has said that SpaceX has been cash-flow positive for years and that employee share buybacks have occurred roughly every two years without requiring external fundraising. He has also been historically reluctant to take SpaceX public, as he prefers focusing on long-term projects like Mars colonisation rather than responding to shareholder pressures. The details of the SpaceX listing remain speculative, and the timeline, structure and valuation could change depending on regulatory issues and market conditions.

Elon Musk's SpaceX is planning a 2026 IPO targeting a $1.5 trillion valuation, which could be a world record, according to a Bloomberg report. The timing, valuation and structure remain unconfirmed and may shift based on market conditions. Here is what the reports are saying &nbsp;

SpaceX BIGGEST LAUNCH could be on stock market: 2026 IPO to value Elon Musk’s firm at $1.5 trillion, claims report

In a major push to accelerate India’s artificial intelligence ecosystem, Microsoft CEO Satya Nadella announced a $17.5 billion commitment to strengthen the country’s AI infrastructure, skills pipeline and sovereign capabilities. This marks Microsoft’s largest investment in Asia to date. Nadella revealed the investment in a post on X shortly after meeting Prime Minister Narendra Modi at his Delhi residence. &nbsp;“Thank you, PM @narendramodi ji, for an inspiring conversation on India’s AI opportunity. To support the country’s ambitions, Microsoft is committing USD 17.5B… to help build the infrastructure, skills, and sovereign capabilities needed for India’s AI-first future,” he wrote. Prime Minister Modi described their interaction as “productive,” expressing confidence that global confidence in India’s AI potential is growing. “Glad to see Microsoft choosing India for its biggest Asian investment,” he said, adding that the country’s youth would drive innovation and use AI to improve the planet.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/india-to-deploy-indigenous-air-defence-weapon-system-to-protect-national-capital-from-enemy-aerial-threats-1765290185034">India to deploy indigenous air defence weapon system to protect national capital from enemy aerial threats</a><h2>See PM Modi's tweet after meeting Satya Nadella</h2>

<blockquote class="twitter-tweet">When it comes to AI, the world is optimistic about India! Had a very productive discussion with Mr. Satya Nadella. Happy to see India being the place where Microsoft will make its largest-ever investment in Asia. The youth of India will harness this opportunity to innovate… <a href="https://t.co/fMFcGQ8ctK">https://t.co/fMFcGQ8ctK</a>&mdash; Narendra Modi (@narendramodi) <a href="https://twitter.com/narendramodi/status/1998386413885386847?ref_src=twsrc%5Etfw">December 9, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<h3>Nadella’s India Tour</h3>The Microsoft chief is on a four-day tour of India, with planned stops in Bengaluru and Mumbai after New Delhi. His visit seeks to reinforce Microsoft’s expanding footprint in India’s cloud and AI markets. Earlier in January, Nadella had announced a $3 billion investment over two years for AI and cloud expansion, along with a strong push to train 10 million Indians in AI skills by 2030, especially women and youth from smaller towns.&nbsp;A key milestone under Microsoft’s roadmap is the rollout of Microsoft 365 Copilot with in-country data processing by late 2025, ensuring that sensitive data for sectors like government, BFSI and healthcare remains within Indian borders in line with regulatory needs. Nadella’s trip underscores India’s growing role as a global center for AI research, talent and digital infrastructure. Microsoft aims to deepen collaboration between India and the US in AI, digital trade and workforce skilling to support inclusive and sustainable development.

Microsoft will invest $17.5bn in India to expand AI infrastructure, skills and data capabilities, marking its biggest Asian investment after Nadella’s meeting with PM Modi

In a major push to accelerate India’s artificial intelligence ecosystem, Microsoft CEO Satya Nadella announced a $17.5 billion commitment to strengthen the country’s AI infrastructure, skills pipeline and sovereign capabilities. This marks Microsoft’s largest investment in Asia to date. Nadella revealed the investment in a post on X shortly after meeting Prime Minister Narendra Modi at his Delhi residence. “Thank you, PM @narendramodi ji, for an inspiring conversation on India’s AI opportunity. To support the country’s ambitions, Microsoft is committing USD 17.5B… to help build the infrastructure, skills, and sovereign capabilities needed for India’s AI-first future,” he wrote. Prime Minister Modi described their interaction as “productive,” expressing confidence that global confidence in India’s AI potential is growing. “Glad to see Microsoft choosing India for its biggest Asian investment,” he said, adding that the country’s youth would drive innovation and use AI to improve the planet. Also Read: India to deploy indigenous air defence weapon system to protect national capital from enemy aerial threats See PM Modi's tweet after meeting Satya Nadella

Microsoft will invest $17.5bn in India to expand AI infrastructure, skills and data capabilities, marking its biggest Asian investment after Nadella’s meeting with PM Modi

'AI first future': Microsoft CEO Satya Nadella meets Indian PM Narendra Modi; promises $17.5 billion investment in India