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The Trump administration is moving to significantly bolster America’s domestic supply of critical minerals and materials with a proposed funding package worth nearly $1 billion, the US Department of Energy (DOE) announced on August 13. The plan aims to advance and scale mining, processing, and manufacturing technologies vital to industries ranging from electric vehicle batteries to semiconductors, sectors currently dominated by China and other foreign suppliers.“For too long, the United States has relied on foreign actors to supply and process the critical materials that are essential to modern life and our national security,” said Energy Secretary Chris Wright. “Thanks to President Trump’s leadership, the Energy Department will play a leading role in reshoring processing and expanding our domestic supply of these indispensable resources.”<h2>Four major initiatives under funding plan</h2>The DOE’s Office of Manufacturing and Energy Supply Chains (MESC) will oversee the largest portion of the funding, offering up to $500 million to expand US critical minerals processing, battery manufacturing, and recycling capabilities. Another $135 million will be directed toward establishing a Rare Earth Elements Demonstration Facility to prove the commercial viability of domestic refining and recovery methods from mining tailings and waste streams.The Office of Fossil Energy and Carbon Management plans to provide $250 million in assistance to industrial plants, including coal facilities, to pilot technologies for recovering valuable mineral byproducts from existing processes. In addition, the DOE’s Advanced Materials and Manufacturing Technologies Office will offer up to $50 million under its Critical Minerals and Materials Accelerator programme to support technology maturation in areas such as rare-earth magnet supply chains, direct lithium extraction, and refining of gallium, germanium, and silicon carbide for semiconductor use.<h2>Tapping unconventional sources</h2>The Advanced Research Projects Agency-Energy (ARPA-E) will also advance its $40 million Recover programme, which focuses on extracting critical minerals from industrial wastewater. The initiative could unlock domestic supplies that would otherwise be discarded, complementing traditional mining. The DOE said these initiatives align with President Trump’s executive order on maximising US energy development, reinforcing supply chain security and industrial competitiveness. Funding opportunities will require recipients to match at least 50% of project costs, ensuring private-sector participation.By scaling domestic capabilities, officials say the US can reduce strategic vulnerabilities, create jobs, and secure key materials essential for the nation’s energy and technology future.&nbsp;(With inputs from agencies)

The plan aims to advance and scale mining, processing, and manufacturing technologies vital to industries ranging from electric vehicle batteries to semiconductors, sectors currently dominated by China and other foreign suppliers.

The Trump administration is moving to significantly bolster America’s domestic supply of critical minerals and materials with a proposed funding package worth nearly $1 billion, the US Department of Energy (DOE) announced on August 13. The plan aims to advance and scale mining, processing, and manufacturing technologies vital to industries ranging from electric vehicle batteries to semiconductors, sectors currently dominated by China and other foreign suppliers. “For too long, the United States has relied on foreign actors to supply and process the critical materials that are essential to modern life and our national security,” said Energy Secretary Chris Wright. “Thanks to President Trump’s leadership, the Energy Department will play a leading role in reshoring processing and expanding our domestic supply of these indispensable resources.” Four major initiatives under funding plan The DOE’s Office of Manufacturing and Energy Supply Chains (MESC) will oversee the largest portion of the funding, offering up to $500 million to expand US critical minerals processing, battery manufacturing, and recycling capabilities. Another $135 million will be directed toward establishing a Rare Earth Elements Demonstration Facility to prove the commercial viability of domestic refining and recovery methods from mining tailings and waste streams. The Office of Fossil Energy and Carbon Management plans to provide $250 million in assistance to industrial plants, including coal facilities, to pilot technologies for recovering valuable mineral byproducts from existing processes. In addition, the DOE’s Advanced Materials and Manufacturing Technologies Office will offer up to $50 million under its Critical Minerals and Materials Accelerator programme to support technology maturation in areas such as rare-earth magnet supply chains, direct lithium extraction, and refining of gallium, germanium, and silicon carbide for semiconductor use. Tapping unconventional sources The Advanced Research Projects Agency-Energy (ARPA-E) will also advance its $40 million Recover programme, which focuses on extracting critical minerals from industrial wastewater. The initiative could unlock domestic supplies that would otherwise be discarded, complementing traditional mining. The DOE said these initiatives align with President Trump’s executive order on maximising US energy development, reinforcing supply chain security and industrial competitiveness. Funding opportunities will require recipients to match at least 50% of project costs, ensuring private-sector participation. By scaling domestic capabilities, officials say the US can reduce strategic vulnerabilities, create jobs, and secure key materials essential for the nation’s energy and technology future. (With inputs from agencies)

The plan aims to advance and scale mining, processing, and manufacturing technologies vital to industries ranging from electric vehicle batteries to semiconductors, sectors currently dominated by China and other foreign suppliers.

Trump administration unveils nearly $1 billion plan to boost US critical minerals supply

Alphabet’s Google announced on August 13 that it will pour an additional $9 billion into Oklahoma over the next two years to expand its cloud and artificial intelligence (AI) infrastructure, underscoring the intensifying race among Big Tech companies to dominate the rapidly growing AI market. The investment will fund the construction of a new data centre campus in Stillwater and the expansion of its existing facility in Pryor, positioning Oklahoma as a key hub in Google’s US AI and cloud operations. Alphabet Chief Executive Sundar Pichai called the communities “vital engines of the internet and American innovation.”Google said part of the $9 billion is included in its 2025 capital expenditure plan—recently raised from $75 billion to about $85 billion—while the remainder is slated for future projects. The spending aligns with broader industry trends, as rivals including Microsoft, Amazon, and Apple ramp up their own data centre and AI investments in response to booming demand for generative AI and advanced computing services.<h2>Building capacity and talent for AI</h2>Alongside infrastructure expansion, Google is committing $1 billion toward AI education and workforce development in the United States. The initiative will provide free Google Career Certificates and AI training courses, targeting higher education institutions, nonprofits, and workforce programmes. More than 100 universities have already joined the programme, including large public systems such as Texas A&amp;M University and the University of North Carolina.&nbsp;Google is also partnering with the Electrical Training ALLIANCE to increase Oklahoma’s electrical workforce pipeline by 135 per cent, ensuring the state has the skilled labour required to support its growing tech infrastructure. This education push follows similar moves by OpenAI, Anthropic, and Amazon, which are also investing in AI literacy to meet the sector’s talent demands.<h2>Onshoring momentum and national tech ambitions</h2>Google’s expansion comes amid a broader wave of US onshoring initiatives encouraged by US President Donald Trump’s administration. Recent policy shifts have spurred major technology companies, including Micron, Nvidia, and CoreWeave, to boost domestic AI infrastructure. Apple, for instance, announced plans last week to invest $600 billion in the US over four years.By investing in both physical infrastructure and human capital, Google aims to solidify America’s leadership in AI development and cloud services while strengthening supply chain resilience in critical technology sectors.Construction on Google’s new Stillwater campus and Pryor expansion is expected to continue through 2027-2028. Once completed, the facilities will significantly increase the company’s AI and cloud computing capacity, supporting services that power search, productivity tools, and enterprise AI applications. Pichai said the initiative reflects Google’s “long-term commitment to US innovation”, adding that Oklahoma’s role in the company’s network will be “central to delivering the next generation of AI-powered tools to users and businesses worldwide”.&nbsp;(With inputs from agencies)

Google said part of the $9 billion is included in its 2025 capital expenditure plan—recently raised from $75 billion to about $85 billion—while the remainder is slated for future projects. The spending aligns with broader industry trends, as rivals including Microsoft, Amazon, and Apple.

Alphabet’s Google announced on August 13 that it will pour an additional $9 billion into Oklahoma over the next two years to expand its cloud and artificial intelligence (AI) infrastructure, underscoring the intensifying race among Big Tech companies to dominate the rapidly growing AI market. The investment will fund the construction of a new data centre campus in Stillwater and the expansion of its existing facility in Pryor, positioning Oklahoma as a key hub in Google’s US AI and cloud operations. Alphabet Chief Executive Sundar Pichai called the communities “vital engines of the internet and American innovation.” Google said part of the $9 billion is included in its 2025 capital expenditure plan—recently raised from $75 billion to about $85 billion—while the remainder is slated for future projects. The spending aligns with broader industry trends, as rivals including Microsoft, Amazon, and Apple ramp up their own data centre and AI investments in response to booming demand for generative AI and advanced computing services. Building capacity and talent for AI Alongside infrastructure expansion, Google is committing $1 billion toward AI education and workforce development in the United States. The initiative will provide free Google Career Certificates and AI training courses, targeting higher education institutions, nonprofits, and workforce programmes. More than 100 universities have already joined the programme, including large public systems such as Texas A&M University and the University of North Carolina. Google is also partnering with the Electrical Training ALLIANCE to increase Oklahoma’s electrical workforce pipeline by 135 per cent, ensuring the state has the skilled labour required to support its growing tech infrastructure. This education push follows similar moves by OpenAI, Anthropic, and Amazon, which are also investing in AI literacy to meet the sector’s talent demands. Onshoring momentum and national tech ambitions Google’s expansion comes amid a broader wave of US onshoring initiatives encouraged by US President Donald Trump’s administration. Recent policy shifts have spurred major technology companies, including Micron, Nvidia, and CoreWeave, to boost domestic AI infrastructure. Apple, for instance, announced plans last week to invest $600 billion in the US over four years. By investing in both physical infrastructure and human capital, Google aims to solidify America’s leadership in AI development and cloud services while strengthening supply chain resilience in critical technology sectors. Construction on Google’s new Stillwater campus and Pryor expansion is expected to continue through 2027-2028. Once completed, the facilities will significantly increase the company’s AI and cloud computing capacity, supporting services that power search, productivity tools, and enterprise AI applications. Pichai said the initiative reflects Google’s “long-term commitment to US innovation”, adding that Oklahoma’s role in the company’s network will be “central to delivering the next generation of AI-powered tools to users and businesses worldwide”. (With inputs from agencies)

Google said part of the $9 billion is included in its 2025 capital expenditure plan—recently raised from $75 billion to about $85 billion—while the remainder is slated for future projects. The spending aligns with broader industry trends, as rivals including Microsoft, Amazon, and Apple.

Google to invest $9 billion in Oklahoma to boost AI and cloud infrastructure

As Russian President Vladimir Putin heads to Alaska for a high-stakes summit with US President Donald Trump, his battlefield strategy in Ukraine may be colliding with a new front, economic survival. Behind the Kremlin’s confident rhetoric, signs of strain are emerging that could give Washington unexpected leverage.&nbsp;According to Bloomberg, Russia’s economic growth has slowed sharply, oil revenues have fallen, and the budget deficit has ballooned to its highest level in more than three decades. Inflation is high, interest rates are at their most punishing in over 20 years, and insiders in the banking sector are warning of a looming debt crisis.<h2>War machine vs. economic reality</h2>When Putin ordered the invasion of Ukraine in February 2022, Moscow bet it could finance a long war without destabilising the home front. Military and national security spending has now soared to nearly $172 billion in 2025, about 8 per cent of GDP, as per Alexandra Prokopenko of the Carnegie Endowment for International Peace, quoted by Bloomberg.&nbsp;To keep the war economy running, Russian banks, many state-controlled and run by Putin loyalists, were compelled to give “preferential” loans to defence contractors at below-market rates. Harvard’s Craig Kennedy estimates that from mid-2022 to late 2024, corporate debt surged by up to 71 per cent, or about 36.6 trillion rubles ($460 billion), with most of it concentrated in military-linked industries.<h2>The oil price blow</h2>For much of the war, rising energy prices shielded Russia from sanctions. But now, global crude has slipped to around $60 per barrel, and Russia’s discounted oil sells for even less. As per the Bank of Finland’s analysis cited by Bloomberg, this has delivered a heavy hit to state coffers, pushing July’s monthly deficit to 4.9 trillion rubles, even worse than the peak of the Covid-19 pandemic.&nbsp;The shortfall is draining the National Wealth Fund, Russia’s key fiscal cushion. Economists at the Gaidar Institute warn it could be fully depleted by the end of 2025, stripping Moscow of a major buffer against sanctions.

Russia’s oil revenue projection<figure class="table"><table><tbody><tr><td>Year</td><td>Oil &amp; Gas Revenue (RUB trillions)</td><td>Non-Oil &amp; Gas Revenue (RUB trillions)</td><td>Projected Total Budget Revenue (RUB trillions)</td></tr><tr><td>2019</td><td>~7</td><td>~15</td><td>—</td></tr><tr><td>2020</td><td>~6</td><td>~14</td><td>—</td></tr><tr><td>2021</td><td>~9</td><td>~15</td><td>—</td></tr><tr><td>2022</td><td>~9</td><td>~17</td><td>—</td></tr><tr><td>2023</td><td>~8</td><td>~20</td><td>—</td></tr><tr><td>2024</td><td>~8</td><td>~21</td><td>—</td></tr><tr><td>2025</td><td>~8</td><td>~22</td><td>~35 (projected)</td></tr><tr><td>2026</td><td>~8</td><td>~22</td><td>~35 (projected)</td></tr><tr><td>2027</td><td>~8</td><td>~22</td><td>~35 (projected)</td></tr></tbody></table></figure>(Source: Russian Ministry of Finance Budget, Janes – via Bloomberg)

Despite Russia’s war-driven fiscal expansion, oil and gas revenues, which accounted for roughly 30 per cent of federal income in 2024 are expected to stagnate at around 8 trillion rubles annually through 2027. Bloomberg notes this is a sharp contrast to earlier wartime windfalls, with global crude prices slipping to $60 per barrel and discounted Russian grades fetching just $55 by mid-2025. The resulting shortfall has widened the monthly budget deficit to a record 4.9 trillion rubles in July, forcing Moscow to draw heavily on its National Wealth Fund.<h2>Banking on trouble</h2>High interest rates, raised to 21 per cent in October 2024, the highest in two decades are crushing both consumers and businesses. Many banks are trapped: they must pay high rates on deposits and borrowing while sitting on mountains of low-yield war loans. Even defence firms, supposedly flush with state work, are struggling to repay debts.&nbsp;The Central Bank of Russia, under Governor Elvira Nabiullina, has quietly allowed banks to roll over bad loans and loosened monitoring rules for the defence sector. That makes it difficult to know the true scale of risk, but senior figures in Moscow’s own banking system, quoted anonymously by Bloomberg, fear a systemic crisis within a year.<h2>A tale of two economies</h2>Defence-linked industries are running hot; the civilian economy is barely ticking over. GDP growth fell to 1.1 per cent in Q2 2025 from over 4 per cent in 2024. The IMF has cut its 2025 forecast to just 0.9 per cent. Sectors like construction, retail and agriculture are seeing rising bankruptcies and falling demand.

&nbsp;Breakdown of Russia’s military spending<figure class="table"><table><tbody><tr><td>Year</td><td>Personnel</td><td>Procurement of Weapons</td><td>Operations &amp; Maintenance</td><td>R&amp;D</td><td>Other</td><td>Total Military Spend (USD billions)</td></tr><tr><td>2006</td><td>Low</td><td>Low</td><td>Minimal</td><td>Low</td><td>Low</td><td>&lt;50</td></tr><tr><td>2014</td><td>Higher</td><td>Rising</td><td>Moderate</td><td>Low</td><td>Low</td><td>~70</td></tr><tr><td>2020</td><td>Elevated</td><td>Moderate</td><td>Moderate</td><td>Low</td><td>Low</td><td>~90</td></tr><tr><td>2022</td><td>Sharp rise</td><td>Higher</td><td>Higher</td><td>Low</td><td>Low</td><td>~120</td></tr><tr><td>2024</td><td>Peak</td><td>Moderate</td><td>Higher</td><td>Low</td><td>Low</td><td>~150</td></tr><tr><td>2025</td><td>Peak</td><td>Moderate</td><td>Higher</td><td>Low</td><td>Low</td><td>~172</td></tr></tbody></table></figure>(Source: Janes – via Bloomberg)

Janes’ data, cited by Bloomberg, shows that the majority of Russia’s record $172 billion military budget in 2025 is being absorbed by personnel costs soldier salaries, allowances and benefits, leaving a smaller share for procurement, maintenance and R&amp;D. This spending pattern underscores Moscow’s focus on sustaining troop numbers in Ukraine rather than investing in advanced weapons systems, a choice that could weaken long-term military capability if economic pressures persist.<h2>Trump’s leverage</h2>As per Bloomberg, Trump has openly said Russia’s weak economy could force Putin’s hand in Ukraine talks, even suggesting that lowering oil prices by $10 a barrel would leave Moscow with “no choice” but to scale back the war.&nbsp;Putin arrives in Alaska asking for sanctions relief, while demanding that Ukraine cede all of Donbas and Crimea. Kyiv and European capitals, excluded from the talks have rejected the terms outright. If Trump uses Russia’s economic fragility as a bargaining chip, it could test how far Putin’s war economy can bend before it breaks.&nbsp;Russia’s war economy has so far defied Western pressure, but the combination of falling oil revenues, high borrowing costs, and mounting debt risk is eroding its resilience. Whether Putin can sustain his war footing now depends on two things: global oil prices and Trump’s willingness to press his advantage in Alaska.&nbsp;If Washington turns the screws, through lower energy prices or tighter sanctions, the Kremlin may be forced into compromises it has long resisted. The coming summit could reveal whether Russia’s economic armour is already cracked.&nbsp;(With inputs from the agencies)&nbsp;

Discounted crude prices, a rapidly depleting National Wealth Fund, and banks burdened with bad war loans have deepened the strain. Trump sees Moscow economic fragility as leverage in Ukraine talks, hinting that lower oil prices or tighter sanctions could force concessions.

As Russian President Vladimir Putin heads to Alaska for a high-stakes summit with US President Donald Trump, his battlefield strategy in Ukraine may be colliding with a new front, economic survival. Behind the Kremlin’s confident rhetoric, signs of strain are emerging that could give Washington unexpected leverage. According to Bloomberg, Russia’s economic growth has slowed sharply, oil revenues have fallen, and the budget deficit has ballooned to its highest level in more than three decades. Inflation is high, interest rates are at their most punishing in over 20 years, and insiders in the banking sector are warning of a looming debt crisis. War machine vs. economic reality When Putin ordered the invasion of Ukraine in February 2022, Moscow bet it could finance a long war without destabilising the home front. Military and national security spending has now soared to nearly $172 billion in 2025, about 8 per cent of GDP, as per Alexandra Prokopenko of the Carnegie Endowment for International Peace, quoted by Bloomberg. To keep the war economy running, Russian banks, many state-controlled and run by Putin loyalists, were compelled to give “preferential” loans to defence contractors at below-market rates. Harvard’s Craig Kennedy estimates that from mid-2022 to late 2024, corporate debt surged by up to 71 per cent, or about 36.6 trillion rubles ($460 billion), with most of it concentrated in military-linked industries. The oil price blow For much of the war, rising energy prices shielded Russia from sanctions. But now, global crude has slipped to around $60 per barrel, and Russia’s discounted oil sells for even less. As per the Bank of Finland’s analysis cited by Bloomberg, this has delivered a heavy hit to state coffers, pushing July’s monthly deficit to 4.9 trillion rubles, even worse than the peak of the Covid-19 pandemic. The shortfall is draining the National Wealth Fund, Russia’s key fiscal cushion. Economists at the Gaidar Institute warn it could be fully depleted by the end of 2025, stripping Moscow of a major buffer against sanctions.

Ahead of the &nbsp;Alaska summit with US President Donald Trump, Vladimir Putin faces a war economy under severe pressure. Russia’s $172 billion military budget in 2025 has coincided with slowing GDP growth, record budget deficits, and stagnant oil revenues, eroding its fiscal resilience.

Russia’s war economy: Can Putin withstand Trump’s pressure in Alaska?

India’s manufacturing dreams, nurtured for over a decade under Prime Minister Narendra Modi’s “Make in India” campaign, are now facing one of their biggest challenges yet. As per Bloomberg, US President Donald Trump has announced that tariffs on Indian exports will be doubled to 50 per cent, the highest US tariff rate for any Asian economy.<h2>A direct hit to India’s export sector</h2>The shock decision has already halted major investment plans. Farida Group, India’s largest shoemaker, had secured a 150-acre site in Tamil Nadu for a new export plant worth 10 billion rupees ($114 million). With the US accounting for 60 per cent of its business, the firm froze the project after the announcement.“With 25 per cent tariffs, you can still work, negotiate and adjust profits. At 50 per cent, you don’t have anything,” said Rafeeque Ahmed, Farida’s chairman, as quoted by Bloomberg.&nbsp;Trump’s move spares smartphones and pharmaceuticals for now, but it puts at risk the rest of India’s $87 billion worth of US-bound exports. Bloomberg Economics warns that the impact could be severe, exports could fall by 60 per cent, costing nearly 1 per cent of India’s GDP. Without sectoral exemptions, the drop could reach 80 per cent.<h2>India now faces the steepest tariff in Asia</h2>The White House data, compiled by Bloomberg, shows that India’s reciprocal tariff rate announced by the US in August 2025 surpasses even that of China’s.

US Reciprocal Tariff Rates in Asia (August 2025)<figure class="table"><table><tbody><tr><td>Rank</td><td>Country</td><td>Tariff Rate (%)</td></tr><tr><td>1</td><td>India</td><td>50</td></tr><tr><td>2</td><td>Laos</td><td>40</td></tr><tr><td>2</td><td>Myanmar</td><td>40</td></tr><tr><td>4</td><td>Bangladesh</td><td>20</td></tr><tr><td>4</td><td>Vietnam</td><td>20</td></tr><tr><td>4</td><td>Sri Lanka</td><td>20</td></tr><tr><td>4</td><td>Taiwan</td><td>20</td></tr><tr><td>8</td><td>Cambodia</td><td>19</td></tr><tr><td>8</td><td>Indonesia</td><td>19</td></tr><tr><td>8</td><td>Malaysia</td><td>19</td></tr><tr><td>8</td><td>Pakistan</td><td>19</td></tr><tr><td>8</td><td>Philippines</td><td>19</td></tr><tr><td>8</td><td>Thailand</td><td>19</td></tr><tr><td>14</td><td>Japan</td><td>15</td></tr></tbody></table></figure>Source: The White House / Bloomberg. Data excludes China, which faces separate tariff rates.

<h2>Strategic and political ripple effects</h2>According to Bloomberg, Trump has linked the tariff hike to India’s purchases of discounted Russian oil, which he argues help fund President Vladimir Putin’s war in Ukraine. Notably, India is the only major economy targeted with such “secondary tariffs,” even though China is Moscow’s largest crude buyer.&nbsp;The move also poses political challenges for Modi, with India now paying a higher blanket tariff rate than China. It risks undoing recent gains from Apple’s expanded iPhone assembly, growth in pharmaceuticals and green tech, and increased foreign investment from companies pursuing a “China Plus One” diversification strategy.<h2>Industry anxiety grows</h2>Exporters warn of an immediate slowdown. Ajay Sahai of the Federation of Indian Export Organisations told Bloomberg that orders for summer 2026 are already at risk, with buyers hesitating amid the higher costs. Apparel makers, scaffolding producers, and textile exporters are slashing prices to keep clients, but many say margins are unsustainable.&nbsp;Some companies are even exploring relocation. “Forget China Plus One right now. Companies are thinking India Plus One,” Ahmed said, referring to the search for alternative sourcing destinations.<h2>Possible off-ramps, but the clock is ticking</h2>US–India trade talks are ongoing, with hopes that a partial bilateral deal this autumn could reduce tariffs. Any progress in Trump’s upcoming meeting with Putin in Alaska might also ease oil-related penalties. But analysts warn that supply chains can shift quickly, and India’s share in many product categories is too small to deter US buyers from switching suppliers.&nbsp;On the factory floor, the human cost looms large. Farida Group employs 23,000 people, over half dedicated to US orders. “What will happen to workers? Shall I send them back?” Ahmed asked. “Workers would be one of the biggest sufferers.”&nbsp;With export orders drying up and sentiment sliding, the 50 per cent tariff risks not just economic slowdown but a direct setback to India’s manufacturing ambitions, potentially undoing years of progress in its push to challenge China’s dominance.&nbsp;(With inputs from the agencies)&nbsp;

The move spares smartphones and pharmaceuticals but endangers $87 billion in trade, with Bloomberg Economics warning of a potential 60–80% export drop and a GDP hit of nearly 1%.

India’s manufacturing dreams, nurtured for over a decade under Prime Minister Narendra Modi’s “Make in India” campaign, are now facing one of their biggest challenges yet. As per Bloomberg, US President Donald Trump has announced that tariffs on Indian exports will be doubled to 50 per cent, the highest US tariff rate for any Asian economy. A direct hit to India’s export sector The shock decision has already halted major investment plans. Farida Group, India’s largest shoemaker, had secured a 150-acre site in Tamil Nadu for a new export plant worth 10 billion rupees ($114 million). With the US accounting for 60 per cent of its business, the firm froze the project after the announcement. “With 25 per cent tariffs, you can still work, negotiate and adjust profits. At 50 per cent, you don’t have anything,” said Rafeeque Ahmed, Farida’s chairman, as quoted by Bloomberg. Trump’s move spares smartphones and pharmaceuticals for now, but it puts at risk the rest of India’s $87 billion worth of US-bound exports. Bloomberg Economics warns that the impact could be severe, exports could fall by 60 per cent, costing nearly 1 per cent of India’s GDP. Without sectoral exemptions, the drop could reach 80 per cent. India now faces the steepest tariff in Asia The White House data, compiled by Bloomberg, shows that India’s reciprocal tariff rate announced by the US in August 2025 surpasses even that of China’s.

India faces a record 50% US tariff on $87 billion in exports, threatening jobs, investment, and Modi’s “Make in India” ambitions.

India faces record-high US tariff rate, exports worth $87 billion at risk: Details here

South Africa’s automotive industry and broader labour market are under mounting pressure as a combination of low domestic sales, high import penetration, stalled localisation efforts, and new US tariffs threaten jobs and investment. Trade Minister Parks Tau said on August 13 that 12 companies in the sector have shut down over the past two years, leading to more than 4,000 job losses. Speaking at an auto parts conference, he revealed that 64 per cent of vehicles sold in South Africa are imported, while localisation, the share of local assembly, labour and components, remains stuck at 39 per cent, far short of the 60 per cent target under the South Africa Automotive Masterplan 2035.Last year, sales of locally produced vehicles stood at 515,850, well below the target of 784,509. The sector also faces a fresh blow from the 30 per cent US tariff on automotive imports imposed in April, which threatens South Africa’s 28.7 billion rand ($1.64 billion) export market to America. Some manufacturers have already lost US contracts, raising fears of further layoffs in an industry that directly employs 115,000 people.To address the slowdown, the government has expanded its manufacturing incentive scheme to include electric vehicles and related components. Tau argued that a 5 per cent rise in localisation could unlock 30 billion rand in procurement, surpassing the value of the US export market. Automakers such as Stellantis and China’s Chery are exploring local production, with Stellantis preparing to break ground in the Eastern Cape.<h2>Jobless rate among highest in the world</h2>The auto industry’s troubles come against the backdrop of a worsening national unemployment crisis. According to Statistics South Africa, the official jobless rate rose for a second straight quarter to 33.2 per cent in April-June 2025, placing the country among those with the highest unemployment globally. The number of unemployed reached 8.367 million, up by nearly 140,000 from the first quarter. While the expanded unemployment rate, which includes discouraged job seekers, saw a marginal drop, analysts warn this reflects a shift from active job hunting to giving up entirely.<h2>Structural challenges and tariff risks</h2>Economists say the problem is deeply entrenched, driven by slow growth, extreme inequality, and a mismatch between workforce skills and modern industry needs. Sectors such as community services, agriculture, and finance saw notable job losses, with agriculture hit by disease outbreaks and erratic weather and finance undergoing automation-driven restructuring. The new US tariffs could worsen the picture, particularly for automotive and agricultural exporters, prompting Pretoria to submit a revised trade offer to Washington this week.With the year-old coalition government pledging to tackle unemployment as a top priority, analysts say success will hinge on boosting local manufacturing, diversifying exports, and implementing policies that bridge the skills gap while attracting investment.&nbsp;(With inputs from agencies)

Economists say the problem is deeply entrenched, driven by slow growth, extreme inequality, and a mismatch between workforce skills and modern industry needs. Sectors such as community services, agriculture, and finance saw notable job losses

South Africa’s automotive industry and broader labour market are under mounting pressure as a combination of low domestic sales, high import penetration, stalled localisation efforts, and new US tariffs threaten jobs and investment. Trade Minister Parks Tau said on August 13 that 12 companies in the sector have shut down over the past two years, leading to more than 4,000 job losses. Speaking at an auto parts conference, he revealed that 64 per cent of vehicles sold in South Africa are imported, while localisation, the share of local assembly, labour and components, remains stuck at 39 per cent, far short of the 60 per cent target under the South Africa Automotive Masterplan 2035. Last year, sales of locally produced vehicles stood at 515,850, well below the target of 784,509. The sector also faces a fresh blow from the 30 per cent US tariff on automotive imports imposed in April, which threatens South Africa’s 28.7 billion rand ($1.64 billion) export market to America. Some manufacturers have already lost US contracts, raising fears of further layoffs in an industry that directly employs 115,000 people. To address the slowdown, the government has expanded its manufacturing incentive scheme to include electric vehicles and related components. Tau argued that a 5 per cent rise in localisation could unlock 30 billion rand in procurement, surpassing the value of the US export market. Automakers such as Stellantis and China’s Chery are exploring local production, with Stellantis preparing to break ground in the Eastern Cape. Jobless rate among highest in the world The auto industry’s troubles come against the backdrop of a worsening national unemployment crisis. According to Statistics South Africa, the official jobless rate rose for a second straight quarter to 33.2 per cent in April-June 2025, placing the country among those with the highest unemployment globally. The number of unemployed reached 8.367 million, up by nearly 140,000 from the first quarter. While the expanded unemployment rate, which includes discouraged job seekers, saw a marginal drop, analysts warn this reflects a shift from active job hunting to giving up entirely. Structural challenges and tariff risks Economists say the problem is deeply entrenched, driven by slow growth, extreme inequality, and a mismatch between workforce skills and modern industry needs. Sectors such as community services, agriculture, and finance saw notable job losses, with agriculture hit by disease outbreaks and erratic weather and finance undergoing automation-driven restructuring. The new US tariffs could worsen the picture, particularly for automotive and agricultural exporters, prompting Pretoria to submit a revised trade offer to Washington this week. With the year-old coalition government pledging to tackle unemployment as a top priority, analysts say success will hinge on boosting local manufacturing, diversifying exports, and implementing policies that bridge the skills gap while attracting investment. (With inputs from agencies)

Economists say the problem is deeply entrenched, driven by slow growth, extreme inequality, and a mismatch between workforce skills and modern industry needs. Sectors such as community services, agriculture, and finance saw notable job losses

South Africa’s auto industry and jobs market hit by imports, tariffs

The probability of a US Federal Reserve rate cut in September has surged to near certainty after fresh data showed inflation rising at a moderate pace in July and Treasury Secretary Scott Bessent hinted that a larger-than-usual cut could be on the table.&nbsp;As per Reuters, traders in contracts tied to the Fed’s benchmark rate on Wednesday placed the odds of a quarter-point reduction at 99.9 per cent for the September 16–17 policy meeting. The estimates, calculated by the CME Group’s FedWatch tool, followed the release of July Consumer Price Index (CPI) data and later comments by Bessent.&nbsp;Bessent told Bloomberg television that weak labour market data could justify an aggressive 50-basis-point cut. He noted that the Fed used similar concerns over a softening job market to deliver a larger cut last September.<h2>Labour market revisions sway outlook</h2>According to Reuters, Bessent’s remarks were rooted in recent revisions by the US Bureau of Labor Statistics, which showed that job growth slowed sharply in May, June and July. Earlier preliminary estimates had indicated stronger employment, allowing Fed officials to argue that the labour market was holding firm.&nbsp;“If we’d seen those numbers in May, in June, I suspect we could have had rate cuts in June and July. So that tells me that there’s a very good chance of a 50 basis-point rate cut in September,” Bessent said.<h2>Political tension over policy timing</h2>The prospect of a larger September cut comes amid political scrutiny. US President Donald Trump has criticised last year’s pre-election rate cut as politically motivated, citing its timing ahead of the November vote.&nbsp;With inflation contained, jobs growth slowing, and political rhetoric heating up, markets are bracing for what could be the Fed’s most closely watched decision this year.&nbsp;(With inputs from the agencies)

Revised US jobs data revealed sharper labour market weakness than previously thought, strengthening the case for policy action. Markets now see a near-certain September Fed rate cut, with odds rising for a larger half-point move after soft inflation and weak jobs data.

The probability of a US Federal Reserve rate cut in September has surged to near certainty after fresh data showed inflation rising at a moderate pace in July and Treasury Secretary Scott Bessent hinted that a larger-than-usual cut could be on the table. As per Reuters, traders in contracts tied to the Fed’s benchmark rate on Wednesday placed the odds of a quarter-point reduction at 99.9 per cent for the September 16–17 policy meeting. The estimates, calculated by the CME Group’s FedWatch tool, followed the release of July Consumer Price Index (CPI) data and later comments by Bessent. Bessent told Bloomberg television that weak labour market data could justify an aggressive 50-basis-point cut. He noted that the Fed used similar concerns over a softening job market to deliver a larger cut last September. Labour market revisions sway outlook According to Reuters, Bessent’s remarks were rooted in recent revisions by the US Bureau of Labor Statistics, which showed that job growth slowed sharply in May, June and July. Earlier preliminary estimates had indicated stronger employment, allowing Fed officials to argue that the labour market was holding firm. “If we’d seen those numbers in May, in June, I suspect we could have had rate cuts in June and July. So that tells me that there’s a very good chance of a 50 basis-point rate cut in September,” Bessent said. Political tension over policy timing The prospect of a larger September cut comes amid political scrutiny. US President Donald Trump has criticised last year’s pre-election rate cut as politically motivated, citing its timing ahead of the November vote. With inflation contained, jobs growth slowing, and political rhetoric heating up, markets are bracing for what could be the Fed’s most closely watched decision this year. (With inputs from the agencies)

Following July CPI data showing moderate inflation and comments from Treasury Secretary Scott Bessent hinting at aggressive easing, traders put the probability of a September 25-basis-point Fed cut at 99.9%, with growing bets on a 50-basis-point move.

Fed rate cut seen almost certain after July inflation data, Bessent signals

Bitcoin surged to a fresh all-time high on August 14, breaking past the $124,500 mark during early Asian trading, as optimism over US monetary easing and sweeping pro-crypto reforms under US President Donald Trump propelled the market higher. The world’s largest cryptocurrency by market capitalisation rose as much as 1.27 per cent to $124,514.57 before trimming gains to trade 0.6 per cent higher at $123,690 as of 8:30 am IST. The rally lifted Bitcoin’s market value to around $2.5 trillion, according to CoinGecko. Year to date, the token has jumped roughly 32 per cent and nearly 80 per cent since Trump’s election victory in November 2024.The latest leg up came after Wall Street’s main indexes hit record closing highs for the second consecutive day on August 13, with the S&amp;P 500 rising 0.32 per cent and the Nasdaq adding 0.14 per cent. Risk-on sentiment has been buoyed by mounting expectations that the Federal Reserve will begin cutting interest rates as early as September. US Treasury Secretary Scott Bessent has publicly urged a half-point cut, while speculation grows that Trump may replace the Fed chair sooner than anticipated.<h2>Trump’s policy pivot unlocks retirement savings for crypto</h2>Momentum in the digital asset space intensified last week when Trump signed an executive order enabling 401(k) retirement accounts to invest in alternative assets, including cryptocurrencies. The directive could open up the $8.9 trillion US retirement savings market to the sector, sparking optimism for deeper institutional involvement. Trump’s administration has also rolled back restrictions that previously discouraged banks from working with crypto firms and overseen the passage of stablecoin regulations.&nbsp;<h2>Altcoins soar alongside Bitcoin</h2>Ethereum (ETH), the second-largest cryptocurrency, hit $4,785.67, its highest level since late 2021, before easing to $4,748.99. Cardano (ADA) jumped 11 per cent, Solana (SOL) gained 4.1 per cent, Dogecoin (DOGE) rose 5 per cent, and Binance Coin (BNB) advanced 0.89 per cent. The broader crypto market capitalisation has ballooned to over $4.18 trillion, up from about $2.5 trillion in November 2024, according to CoinMarketCap. Analysts say a decisive break above $125,000 could set Bitcoin on course for $150,000, further cementing its position as the year’s top-performing major asset.&nbsp;(With inputs from agency)

Risk-on sentiment has been buoyed by mounting expectations that the Federal Reserve will begin cutting interest rates as early as September. US Treasury Secretary has publicly urged a half-point cut, while speculation grows that Trump may replace the Fed chair sooner than anticipated.

Bitcoin surged to a fresh all-time high on August 14, breaking past the $124,500 mark during early Asian trading, as optimism over US monetary easing and sweeping pro-crypto reforms under US President Donald Trump propelled the market higher. The world’s largest cryptocurrency by market capitalisation rose as much as 1.27 per cent to $124,514.57 before trimming gains to trade 0.6 per cent higher at $123,690 as of 8:30 am IST. The rally lifted Bitcoin’s market value to around $2.5 trillion, according to CoinGecko. Year to date, the token has jumped roughly 32 per cent and nearly 80 per cent since Trump’s election victory in November 2024. The latest leg up came after Wall Street’s main indexes hit record closing highs for the second consecutive day on August 13, with the S&P 500 rising 0.32 per cent and the Nasdaq adding 0.14 per cent. Risk-on sentiment has been buoyed by mounting expectations that the Federal Reserve will begin cutting interest rates as early as September. US Treasury Secretary Scott Bessent has publicly urged a half-point cut, while speculation grows that Trump may replace the Fed chair sooner than anticipated. Trump’s policy pivot unlocks retirement savings for crypto Momentum in the digital asset space intensified last week when Trump signed an executive order enabling 401(k) retirement accounts to invest in alternative assets, including cryptocurrencies. The directive could open up the $8.9 trillion US retirement savings market to the sector, sparking optimism for deeper institutional involvement. Trump’s administration has also rolled back restrictions that previously discouraged banks from working with crypto firms and overseen the passage of stablecoin regulations. Altcoins soar alongside Bitcoin Ethereum (ETH), the second-largest cryptocurrency, hit $4,785.67, its highest level since late 2021, before easing to $4,748.99. Cardano (ADA) jumped 11 per cent, Solana (SOL) gained 4.1 per cent, Dogecoin (DOGE) rose 5 per cent, and Binance Coin (BNB) advanced 0.89 per cent. The broader crypto market capitalisation has ballooned to over $4.18 trillion, up from about $2.5 trillion in November 2024, according to CoinMarketCap. Analysts say a decisive break above $125,000 could set Bitcoin on course for $150,000, further cementing its position as the year’s top-performing major asset. (With inputs from agency)

Risk-on sentiment has been buoyed by mounting expectations that the Federal Reserve will begin cutting interest rates as early as September. US Treasury Secretary has publicly urged a half-point cut, while speculation grows that Trump may replace the Fed chair sooner than anticipated.

Bitcoin smashes past $124,500 amid Fed rate-cut hopes, Trump’s crypto push fuel rally

Gold prices rose for a third straight session on Thursday, buoyed by growing bets that the US Federal Reserve will deliver interest rate cuts as early as next month. The momentum picked up after Treasury Secretary Scott Bessent urged the central bank to slash borrowing costs significantly.&nbsp;As quoted by Bloomberg, spot gold was 0.5 per cent higher at $3,372.03 an ounce at 7:25 a.m. in Singapore, extending gains from the previous day. Bullion has now climbed close to $3,370 an ounce after Bessent suggested that the Fed’s benchmark rate should be at least 1.5 percentage points lower than its current level.&nbsp;Lower interest rates and falling Treasury yields tend to support gold, which offers no interest, by reducing the opportunity cost of holding the metal. Yields retreated on Wednesday after Bessent’s remarks, amplifying demand for the safe-haven asset.<h2>Market expectations shift sharply</h2>The outlook for US monetary policy has changed dramatically in recent weeks. According to Bloomberg, markets had placed less than a 50 per cent chance on a September rate cut just last month. Now, traders see a quarter-point reduction as almost certain, with some betting on a larger half-point move.&nbsp;Gold prices have surged 28 per cent so far in 2025, with the majority of gains concentrated in the first four months. Persistent geopolitical tensions, trade disputes, and strong central bank purchases have all underpinned demand.<h2>Dollar weakness and tariff confusion in focus</h2>The Bloomberg Dollar Spot Index slipped 0.1 per cent on Thursday, further supporting gold by making it cheaper for holders of other currencies. Other precious metals, including silver, platinum and palladium, also edged higher.&nbsp;Meanwhile, the market is still seeking clarity on whether US imports of gold bars will face tariffs. Confusion earlier this week pushed the premium for gold futures in New York above spot prices in London. President Donald Trump said on Monday that no such levy would be imposed, which helped align the two markets, though he did not elaborate further.&nbsp;With interest rate expectations leaning dovishly, and political risk still elevated, gold’s upward momentum may find further fuel in the weeks ahead.&nbsp;(With inputs from the agencies)

Spot gold rose for a third straight session to around $3,372 an ounce, driven by growing expectations of a September US Fed rate cut following Treasury Secretary Scott Bessent’s call for aggressive easing. Gold is up 28% so far in 2025, supported by central bank buying and strong safe-haven flows.

Gold prices rose for a third straight session on Thursday, buoyed by growing bets that the US Federal Reserve will deliver interest rate cuts as early as next month. The momentum picked up after Treasury Secretary Scott Bessent urged the central bank to slash borrowing costs significantly. As quoted by Bloomberg, spot gold was 0.5 per cent higher at $3,372.03 an ounce at 7:25 a.m. in Singapore, extending gains from the previous day. Bullion has now climbed close to $3,370 an ounce after Bessent suggested that the Fed’s benchmark rate should be at least 1.5 percentage points lower than its current level. Lower interest rates and falling Treasury yields tend to support gold, which offers no interest, by reducing the opportunity cost of holding the metal. Yields retreated on Wednesday after Bessent’s remarks, amplifying demand for the safe-haven asset. Market expectations shift sharply The outlook for US monetary policy has changed dramatically in recent weeks. According to Bloomberg, markets had placed less than a 50 per cent chance on a September rate cut just last month. Now, traders see a quarter-point reduction as almost certain, with some betting on a larger half-point move. Gold prices have surged 28 per cent so far in 2025, with the majority of gains concentrated in the first four months. Persistent geopolitical tensions, trade disputes, and strong central bank purchases have all underpinned demand. Dollar weakness and tariff confusion in focus The Bloomberg Dollar Spot Index slipped 0.1 per cent on Thursday, further supporting gold by making it cheaper for holders of other currencies. Other precious metals, including silver, platinum and palladium, also edged higher. Meanwhile, the market is still seeking clarity on whether US imports of gold bars will face tariffs. Confusion earlier this week pushed the premium for gold futures in New York above spot prices in London. President Donald Trump said on Monday that no such levy would be imposed, which helped align the two markets, though he did not elaborate further. With interest rate expectations leaning dovishly, and political risk still elevated, gold’s upward momentum may find further fuel in the weeks ahead. (With inputs from the agencies)

Gold extended its winning streak as dovish Fed rate cut bets, a weaker dollar, and geopolitical uncertainty lifted safe-haven demand.

Gold extends rally as Bessent pushes for steep US rate cuts

Oil prices ticked higher on Thursday, regaining some ground after sliding to two-month lows in the previous session. As per Reuters, the rebound comes ahead of a high-stakes meeting between US President Donald Trump and Russian President Vladimir Putin, which has injected fresh geopolitical risk premiums into the market.&nbsp;At 0057 GMT, Brent crude futures rose 28 cents, or 0.43 per cent, to $65.91 a barrel, while US West Texas Intermediate (WTI) crude gained 23 cents, or 0.37 per cent, to $62.89. Both benchmarks had plunged to their weakest levels since June after bearish supply forecasts from the US government and the International Energy Agency (IEA).&nbsp;The Trump–Putin meeting, set for Friday in Alaska, has emerged as a focal point for traders. On Wednesday, Trump warned of “severe consequences” if Putin failed to agree to a peace settlement in Ukraine. While he did not specify the measures, he has previously threatened fresh economic sanctions should talks prove fruitless.<h2>Geopolitics and Fed policy provide support</h2>According to Rystad Energy, the uncertainty surrounding the US–Russia peace talks is fuelling a bullish risk premium, as Russian oil buyers could face greater economic pressure if tensions escalate. Adding to the upside, markets are now pricing in near certainty that the US Federal Reserve will cut interest rates in September. As quoted by Reuters, the CME FedWatch tool shows a 99.9 per cent probability of a quarter-point cut, with some investors expecting an aggressive half-point move given recent weak US jobs data. Treasury Secretary Scott Bessent has also signalled that deeper cuts are possible.&nbsp;A weaker dollar, hovering near multi-week lows against the euro and sterling has further supported oil, making crude cheaper for holders of other currencies. Lower borrowing costs are generally seen as a boost for energy demand.<h2>Inventory build and supply forecasts cap gains</h2>However, gains in oil prices were tempered by a surprise build in US crude inventories. The US Energy Information Administration reported an increase of 3 million barrels for the week ended August 8, against expectations in a Reuters poll for a 275,000-barrel draw.&nbsp;Meanwhile, the IEA has forecast that global oil supply in 2025 and 2026 will grow faster than previously anticipated. As per Reuters, the agency cited higher production from OPEC+ and robust output from non-OPEC producers as key factors.&nbsp;With geopolitical tensions, central bank policy shifts, and supply-demand forecasts all in play, oil markets are expected to remain volatile heading into the Trump–Putin meeting. (With inputs from the agencies)

Brent and WTI crude gained on Thursday after recent sharp declines, buoyed by geopolitical tensions ahead of US and Russia peace talks in Alaska and expectations of a September US Fed rate cut. Markets remain volatile amid uncertainty over the outcome of the Trump–Putin meeting.

Oil prices ticked higher on Thursday, regaining some ground after sliding to two-month lows in the previous session. As per Reuters, the rebound comes ahead of a high-stakes meeting between US President Donald Trump and Russian President Vladimir Putin, which has injected fresh geopolitical risk premiums into the market. At 0057 GMT, Brent crude futures rose 28 cents, or 0.43 per cent, to $65.91 a barrel, while US West Texas Intermediate (WTI) crude gained 23 cents, or 0.37 per cent, to $62.89. Both benchmarks had plunged to their weakest levels since June after bearish supply forecasts from the US government and the International Energy Agency (IEA). The Trump–Putin meeting, set for Friday in Alaska, has emerged as a focal point for traders. On Wednesday, Trump warned of “severe consequences” if Putin failed to agree to a peace settlement in Ukraine. While he did not specify the measures, he has previously threatened fresh economic sanctions should talks prove fruitless. Geopolitics and Fed policy provide support According to Rystad Energy, the uncertainty surrounding the US–Russia peace talks is fuelling a bullish risk premium, as Russian oil buyers could face greater economic pressure if tensions escalate. Adding to the upside, markets are now pricing in near certainty that the US Federal Reserve will cut interest rates in September. As quoted by Reuters, the CME FedWatch tool shows a 99.9 per cent probability of a quarter-point cut, with some investors expecting an aggressive half-point move given recent weak US jobs data. Treasury Secretary Scott Bessent has also signalled that deeper cuts are possible. A weaker dollar, hovering near multi-week lows against the euro and sterling has further supported oil, making crude cheaper for holders of other currencies. Lower borrowing costs are generally seen as a boost for energy demand. Inventory build and supply forecasts cap gains However, gains in oil prices were tempered by a surprise build in US crude inventories. The US Energy Information Administration reported an increase of 3 million barrels for the week ended August 8, against expectations in a Reuters poll for a 275,000-barrel draw. Meanwhile, the IEA has forecast that global oil supply in 2025 and 2026 will grow faster than previously anticipated. As per Reuters, the agency cited higher production from OPEC+ and robust output from non-OPEC producers as key factors. With geopolitical tensions, central bank policy shifts, and supply-demand forecasts all in play, oil markets are expected to remain volatile heading into the Trump–Putin meeting. (With inputs from the agencies)

Oil prices rebounded from two-month lows as traders weighed geopolitical risks from the upcoming Trump–Putin meeting, potential US rate cuts, and mixed supply signals.

Oil prices recover from two-month lows ahead of Trump–Putin talks

US stocks extended their record-setting momentum on August 13, with the S&amp;P 500 and Nasdaq Composite closing at all-time highs for the second straight session, as mounting expectations for interest rate cuts kept investor sentiment buoyant. The Dow Jones Industrial Average rose 463.66 points, or 1.04 per cent, to 44,922.27. The S&amp;P 500 gained 20.82 points, or 0.32 per cent, to 6,466.58, while the Nasdaq added 31.24 points, or 0.14 per cent, to finish at 21,713.14. The rally comes on the heels of a tamer-than-expected US inflation report earlier in the week, which bolstered hopes that the Federal Reserve will begin easing policy as soon as September.According to the CME FedWatch Tool, traders are now pricing in nearly a 100 per cent probability of a 25 basis-point cut, with some, including Treasury Secretary Scott Bessent, suggesting a half-point reduction could be on the table given recent weak jobs data. The central bank last lowered rates in December.<h2>Tech momentum pauses, small caps rally</h2>While Wall Street’s broader tone was positive, some heavyweight technology names lost steam following sharp gains on August 12. Nvidia, Alphabet, and Microsoft ended lower as investors rotated into other sectors. Apple bucked the trend, climbing 1.6 per cent after a Bloomberg report revealed plans to expand into AI-powered robots, home security, and smart displays.Advanced Micro Devices surged 5.4 per cent to lead technology gainers. Small-cap stocks, tracked by the Russell 2000 index, jumped 2 per cent to a six-month high, benefiting from the prospect of cheaper borrowing costs. Healthcare stocks, one of the year’s laggards, advanced 1.6 per cent to rank among the top-performing S&amp;P 500 sectors.&nbsp;<h2>Market breadth improves, eyes on data ahead</h2>Market breadth was strong, with advancing issues outnumbering decliners by more than four-to-one on the NYSE. Paramount Skydance soared 36.7 per cent after securing exclusive broadcasting rights to the Ultimate Fighting Championship for seven years.Investors are now watching the producer price index report to be released on August 14 for further clues on inflation trends. The upcoming Federal Reserve Jackson Hole symposium, set for August 21-23, could also provide fresh signals on the timing and scale of rate cuts. Volume on US exchanges totalled 16.9 billion shares, slightly below the 20-session average of 18.3 billion.&nbsp;(With inputs from agencies)

The US markets rally comes on the heels of a tamer-than-expected US inflation report earlier in the week, which bolstered hopes that the Federal Reserve will begin easing policy as soon as September.

US stocks extended their record-setting momentum on August 13, with the S&P 500 and Nasdaq Composite closing at all-time highs for the second straight session, as mounting expectations for interest rate cuts kept investor sentiment buoyant. The Dow Jones Industrial Average rose 463.66 points, or 1.04 per cent, to 44,922.27. The S&P 500 gained 20.82 points, or 0.32 per cent, to 6,466.58, while the Nasdaq added 31.24 points, or 0.14 per cent, to finish at 21,713.14. The rally comes on the heels of a tamer-than-expected US inflation report earlier in the week, which bolstered hopes that the Federal Reserve will begin easing policy as soon as September. According to the CME FedWatch Tool, traders are now pricing in nearly a 100 per cent probability of a 25 basis-point cut, with some, including Treasury Secretary Scott Bessent, suggesting a half-point reduction could be on the table given recent weak jobs data. The central bank last lowered rates in December. Tech momentum pauses, small caps rally While Wall Street’s broader tone was positive, some heavyweight technology names lost steam following sharp gains on August 12. Nvidia, Alphabet, and Microsoft ended lower as investors rotated into other sectors. Apple bucked the trend, climbing 1.6 per cent after a Bloomberg report revealed plans to expand into AI-powered robots, home security, and smart displays. Advanced Micro Devices surged 5.4 per cent to lead technology gainers. Small-cap stocks, tracked by the Russell 2000 index, jumped 2 per cent to a six-month high, benefiting from the prospect of cheaper borrowing costs. Healthcare stocks, one of the year’s laggards, advanced 1.6 per cent to rank among the top-performing S&P 500 sectors. Market breadth improves, eyes on data ahead Market breadth was strong, with advancing issues outnumbering decliners by more than four-to-one on the NYSE. Paramount Skydance soared 36.7 per cent after securing exclusive broadcasting rights to the Ultimate Fighting Championship for seven years. Investors are now watching the producer price index report to be released on August 14 for further clues on inflation trends. The upcoming Federal Reserve Jackson Hole symposium, set for August 21-23, could also provide fresh signals on the timing and scale of rate cuts. Volume on US exchanges totalled 16.9 billion shares, slightly below the 20-session average of 18.3 billion. (With inputs from agencies)

The US markets rally comes on the heels of a tamer-than-expected US inflation report earlier in the week, which bolstered hopes that the Federal Reserve will begin easing policy as soon as September.

Wall Street extends record run as Fed rate-cut bets build

In a bold move to expand its artificial intelligence (AI) capabilities, Microsoft is targeting top engineers and researchers from its competitor Meta, offering multimillion-dollar compensation packages to attract them. According to internal documents viewed by Business Insider, the tech giant has compiled a list of Meta’s most coveted AI talent, focusing on key teams such as Reality Labs, GenAI Infrastructure, and Meta AI Research. The recruitment push comes as Microsoft’s valuation approaches $4 trillion, driven largely by the booming demand for generative AI technology.Microsoft’s aggressive hiring strategy follows a period of massive layoffs across the company, with approximately 9,000 positions cut earlier this year. Despite these layoffs, the company has insisted that its overall headcount will remain flat, signalling that selective recruitment, particularly for high-value roles in AI, will remain a top priority.<h2>Competing with Meta’s jaw-dropping compensation packages</h2>The competition for AI talent has reached unprecedented levels, with both Meta and Microsoft offering eye-watering compensation to secure the brightest minds in the field. Meta has been known for offering nine-figure pay packages, including $100 million signing bonuses, and reportedly attracting some hires with total compensation packages as high as $250 million. In response, Microsoft is ramping up its own recruitment efforts, including matching or even exceeding Meta’s offers in some cases.Media reports suggest that Microsoft is now making multimillion-dollar offers to AI professionals. These packages include competitive base salaries, up to $408,000, along with stock awards that can total nearly $3.4 million (including both on-hire and annual stock grants) and cash bonuses of up to 90 per cent. For particularly desirable candidates, Microsoft’s new fast-track hiring process can ensure that offers are made within 24 hours, with a compensation modeller used to create customised pay ranges and input from a compensation consultant.Two Microsoft divisions are leading the charge in these recruitment efforts: Microsoft AI, which is overseen by former DeepMind cofounder Mustafa Suleyman, and CoreAI, managed by former Meta engineering boss Jay Parikh. The documents reveal that specialised recruiting teams within these groups are identifying and flagging “critical AI talent”, allowing the company to respond quickly and ensure it doesn’t lose out on the competition for top engineers.<h2>AI talent becoming the core of Microsoft’s growth strategy</h2>The drive to recruit elite AI engineers is central to Microsoft’s broader strategy to maintain its position at the forefront of the AI industry. The company has benefited greatly from its generative AI investments, especially through partnerships with OpenAI and its own AI divisions. As AI technologies continue to advance, Microsoft aims to stay ahead of rivals like Meta, Google, and Amazon, all of whom are in a fierce race to dominate the next wave of innovation.Jay Parikh’s leadership within CoreAI, comprising several former Meta executives, illustrates Microsoft’s intention to directly challenge its rival by drawing from the same talent pool. The company's efforts underscore the escalating importance of securing top-tier researchers and engineers, whose work will be instrumental in shaping the future of AI-driven products and services.Microsoft’s efforts to poach Meta talent are more than just a tactical move to fill open positions; they are a reflection of the growing power of AI within the tech industry and the broader economy. With the AI market forecasted to continue growing rapidly, securing the best and brightest minds is now viewed as an essential element for future success. As the battle for AI supremacy intensifies, Microsoft’s recruiting efforts are set to shape not only its own future but also the broader trajectory of the tech industry, which is increasingly defined by its ability to innovate in artificial intelligence.&nbsp;(With inputs from agencies)

Microsoft’s aggressive hiring strategy follows a period of massive layoffs across the company earlier this year. Despite these layoffs, it has insisted that its overall headcount will remain flat, signalling that selective recruitment, particularly for high-value roles in AI.

In a bold move to expand its artificial intelligence (AI) capabilities, Microsoft is targeting top engineers and researchers from its competitor Meta, offering multimillion-dollar compensation packages to attract them. According to internal documents viewed by Business Insider, the tech giant has compiled a list of Meta’s most coveted AI talent, focusing on key teams such as Reality Labs, GenAI Infrastructure, and Meta AI Research. The recruitment push comes as Microsoft’s valuation approaches $4 trillion, driven largely by the booming demand for generative AI technology. Microsoft’s aggressive hiring strategy follows a period of massive layoffs across the company, with approximately 9,000 positions cut earlier this year. Despite these layoffs, the company has insisted that its overall headcount will remain flat, signalling that selective recruitment, particularly for high-value roles in AI, will remain a top priority. Competing with Meta’s jaw-dropping compensation packages The competition for AI talent has reached unprecedented levels, with both Meta and Microsoft offering eye-watering compensation to secure the brightest minds in the field. Meta has been known for offering nine-figure pay packages, including $100 million signing bonuses, and reportedly attracting some hires with total compensation packages as high as $250 million. In response, Microsoft is ramping up its own recruitment efforts, including matching or even exceeding Meta’s offers in some cases. Media reports suggest that Microsoft is now making multimillion-dollar offers to AI professionals. These packages include competitive base salaries, up to $408,000, along with stock awards that can total nearly $3.4 million (including both on-hire and annual stock grants) and cash bonuses of up to 90 per cent. For particularly desirable candidates, Microsoft’s new fast-track hiring process can ensure that offers are made within 24 hours, with a compensation modeller used to create customised pay ranges and input from a compensation consultant. Two Microsoft divisions are leading the charge in these recruitment efforts: Microsoft AI, which is overseen by former DeepMind cofounder Mustafa Suleyman, and CoreAI, managed by former Meta engineering boss Jay Parikh. The documents reveal that specialised recruiting teams within these groups are identifying and flagging “critical AI talent”, allowing the company to respond quickly and ensure it doesn’t lose out on the competition for top engineers. AI talent becoming the core of Microsoft’s growth strategy The drive to recruit elite AI engineers is central to Microsoft’s broader strategy to maintain its position at the forefront of the AI industry. The company has benefited greatly from its generative AI investments, especially through partnerships with OpenAI and its own AI divisions. As AI technologies continue to advance, Microsoft aims to stay ahead of rivals like Meta, Google, and Amazon, all of whom are in a fierce race to dominate the next wave of innovation. Jay Parikh’s leadership within CoreAI, comprising several former Meta executives, illustrates Microsoft’s intention to directly challenge its rival by drawing from the same talent pool. The company's efforts underscore the escalating importance of securing top-tier researchers and engineers, whose work will be instrumental in shaping the future of AI-driven products and services. Microsoft’s efforts to poach Meta talent are more than just a tactical move to fill open positions; they are a reflection of the growing power of AI within the tech industry and the broader economy. With the AI market forecasted to continue growing rapidly, securing the best and brightest minds is now viewed as an essential element for future success. As the battle for AI supremacy intensifies, Microsoft’s recruiting efforts are set to shape not only its own future but also the broader trajectory of the tech industry, which is increasingly defined by its ability to innovate in artificial intelligence. (With inputs from agencies)

Microsoft’s aggressive hiring strategy follows a period of massive layoffs across the company earlier this year. Despite these layoffs, it has insisted that its overall headcount will remain flat, signalling that selective recruitment, particularly for high-value roles in AI.

Microsoft targets Meta’s top AI talent with multimillion-dollar pay packages

For the first time in US history, the nation’s gross national debt has exceeded $37 trillion, according to a new report from the US Treasury Department. The national debt stood at $37,004,817,625,842.56 on the afternoon of August 12, a stark reminder of the accelerating pace at which the US government is borrowing. This milestone was reached less than eight months after the country hit the $36 trillion mark in November 2024 and just over a year after surpassing $35 trillion in July 2024.The speed of this debt accumulation has raised alarms among economists and fiscal experts. Michael Peterson, CEO of the Peter G. Peterson Foundation, told AP that the US is now adding $1 trillion to its national debt every five months, a rate more than twice as fast as the average pace over the last quarter-century. This rapid growth is primarily attributed to pandemic-related spending and recent tax cuts and government spending approved by Congress earlier this year under the Trump administration.<h2>Impact on the economy and future generations</h2>The surge in national debt has broad implications for the US economy. As the federal government borrows more, interest rates are pushed higher, raising borrowing costs for everyday Americans on mortgages, car loans, and credit cards. Additionally, businesses face higher borrowing costs, leading to reduced investment and potentially lower wages. The Government Accountability Office has also warned that rising debt could lead to more expensive goods and services. Some experts highlighted the long-term consequences of the Republicans’ tax law, which is expected to add $4.1 trillion to the debt over the next decade.&nbsp;<h2>Policymakers urged to act before crisis hits</h2>Maya MacGuineas, President of the Committee for a Responsible Federal Budget (CRFB), urged policymakers to take immediate action to tackle the growing debt. “This milestone should serve as a wake-up call for lawmakers,” she told AP. “We’re on track to spend $1 trillion just on interest costs. The fiscal situation is unsustainable.” Despite the grim reality, experts emphasise that it’s not too late for reform. However, with debt now greater than the combined economies of the Eurozone and China, the window for meaningful action is closing rapidly.&nbsp;(With inputs from agencies)

This rapid growth in the US national debt is primarily attributed to pandemic-related spending and recent tax cuts and government spending approved by Congress earlier this year under the Trump administration.

For the first time in US history, the nation’s gross national debt has exceeded $37 trillion, according to a new report from the US Treasury Department. The national debt stood at $37,004,817,625,842.56 on the afternoon of August 12, a stark reminder of the accelerating pace at which the US government is borrowing. This milestone was reached less than eight months after the country hit the $36 trillion mark in November 2024 and just over a year after surpassing $35 trillion in July 2024. The speed of this debt accumulation has raised alarms among economists and fiscal experts. Michael Peterson, CEO of the Peter G. Peterson Foundation, told AP that the US is now adding $1 trillion to its national debt every five months, a rate more than twice as fast as the average pace over the last quarter-century. This rapid growth is primarily attributed to pandemic-related spending and recent tax cuts and government spending approved by Congress earlier this year under the Trump administration. Impact on the economy and future generations The surge in national debt has broad implications for the US economy. As the federal government borrows more, interest rates are pushed higher, raising borrowing costs for everyday Americans on mortgages, car loans, and credit cards. Additionally, businesses face higher borrowing costs, leading to reduced investment and potentially lower wages. The Government Accountability Office has also warned that rising debt could lead to more expensive goods and services. Some experts highlighted the long-term consequences of the Republicans’ tax law, which is expected to add $4.1 trillion to the debt over the next decade. Policymakers urged to act before crisis hits Maya MacGuineas, President of the Committee for a Responsible Federal Budget (CRFB), urged policymakers to take immediate action to tackle the growing debt. “This milestone should serve as a wake-up call for lawmakers,” she told AP. “We’re on track to spend $1 trillion just on interest costs. The fiscal situation is unsustainable.” Despite the grim reality, experts emphasise that it’s not too late for reform. However, with debt now greater than the combined economies of the Eurozone and China, the window for meaningful action is closing rapidly. (With inputs from agencies)

This rapid growth in the US national debt is primarily attributed to pandemic-related spending and recent tax cuts and government spending approved by Congress earlier this year under the Trump administration.

US national debt surpasses $37 trillion, marking a historic milestone

Boeing and Airbus continued to diverge in their delivery and production performance in July 2025, with Airbus maintaining a strong lead in aircraft deliveries while Boeing faces ongoing production challenges. Boeing delivered 48 jets in July, a dip from June’s 60 deliveries, though it still marked an improvement from the 43 jets delivered during the same month last year. The US planemaker’s deliveries were driven primarily by 37 737 MAX jets, but it also handed over eight 787s, two 777 freighters, and one 767 freighter. However, Boeing has not set a specific delivery target for 2025, focusing instead on stabilising production, especially for the MAX programme.In comparison, Airbus delivered 67 jets, including five A220s, 54 A320neo family jets, two A330s, and six A350s. While slightly down from 77 jets delivered in July 2024, the European planemaker’s year-to-date delivery tally of 373 aircraft has kept it on track for its goal of delivering 820 jets by the end of 2025. Airbus will need to ramp up deliveries significantly in the final months of the year to meet this target, an average of over 89 aircraft per month.<h2>Airbus A320neo gains momentum as Boeing works to stabilise production</h2>Airbus has made headway in boosting its A320neo family deliveries, accounting for 54 of the 67 jets handed over in July. Despite early challenges with ramping up production, Airbus is showing signs of momentum, aiming for a higher output in the second half of 2025. However, the A220 programme continues to face challenges in meeting its production targets, with deliveries stabilising at about eight jets per month.Boeing, meanwhile, continues to focus on stabilising its production of the 737 MAX, which remains its flagship programme. The company has achieved positive momentum in the MAX programme, with production stabilising around 38 aircraft per month. Boeing’s monthly deliveries for the MAX have generally ranged between 40 and 45 jets this year, with July delivering 37. Boeing also remains on track to hit a production rate of seven 787s per month by the end of 2025, though its wider-body programmes like the 777X remain delayed.<h2>Boeing surpasses Airbus in 2025 order book</h2>While Boeing continues to trail Airbus in deliveries, it has surpassed its European competitor in new orders for 2025. Boeing secured 699 gross orders by July 31, including 243 for the 787, while Airbus received 501 orders in the same period. This shift in orders largely reflects strong demand for Boeing’s 737 MAX and 787, though both companies are facing significant challenges in fulfilling their backlogs.As of July 2025, Boeing's total unfilled orders stood at 6,563 aircraft, with nearly 75 per cent consisting of 737 MAXs. Meanwhile, Airbus’s backlog reached 8,678 jets, with the A320neo family making up the majority of that figure. Despite Boeing’s superior order book, the real challenge for both companies will be in translating these orders into deliveries, an area where Airbus is currently ahead.&nbsp;(With inputs from agencies)

While Boeing continues to trail Airbus in deliveries, it has surpassed its European competitor in new orders for 2025. Boeing secured 699 gross orders by July 31, including 243 for the 787, while Airbus received 501 orders in the same period. 

Boeing and Airbus continued to diverge in their delivery and production performance in July 2025, with Airbus maintaining a strong lead in aircraft deliveries while Boeing faces ongoing production challenges. Boeing delivered 48 jets in July, a dip from June’s 60 deliveries, though it still marked an improvement from the 43 jets delivered during the same month last year. The US planemaker’s deliveries were driven primarily by 37 737 MAX jets, but it also handed over eight 787s, two 777 freighters, and one 767 freighter. However, Boeing has not set a specific delivery target for 2025, focusing instead on stabilising production, especially for the MAX programme. In comparison, Airbus delivered 67 jets, including five A220s, 54 A320neo family jets, two A330s, and six A350s. While slightly down from 77 jets delivered in July 2024, the European planemaker’s year-to-date delivery tally of 373 aircraft has kept it on track for its goal of delivering 820 jets by the end of 2025. Airbus will need to ramp up deliveries significantly in the final months of the year to meet this target, an average of over 89 aircraft per month. Airbus A320neo gains momentum as Boeing works to stabilise production Airbus has made headway in boosting its A320neo family deliveries, accounting for 54 of the 67 jets handed over in July. Despite early challenges with ramping up production, Airbus is showing signs of momentum, aiming for a higher output in the second half of 2025. However, the A220 programme continues to face challenges in meeting its production targets, with deliveries stabilising at about eight jets per month. Boeing, meanwhile, continues to focus on stabilising its production of the 737 MAX, which remains its flagship programme. The company has achieved positive momentum in the MAX programme, with production stabilising around 38 aircraft per month. Boeing’s monthly deliveries for the MAX have generally ranged between 40 and 45 jets this year, with July delivering 37. Boeing also remains on track to hit a production rate of seven 787s per month by the end of 2025, though its wider-body programmes like the 777X remain delayed. Boeing surpasses Airbus in 2025 order book While Boeing continues to trail Airbus in deliveries, it has surpassed its European competitor in new orders for 2025. Boeing secured 699 gross orders by July 31, including 243 for the 787, while Airbus received 501 orders in the same period. This shift in orders largely reflects strong demand for Boeing’s 737 MAX and 787, though both companies are facing significant challenges in fulfilling their backlogs. As of July 2025, Boeing's total unfilled orders stood at 6,563 aircraft, with nearly 75 per cent consisting of 737 MAXs. Meanwhile, Airbus’s backlog reached 8,678 jets, with the A320neo family making up the majority of that figure. Despite Boeing’s superior order book, the real challenge for both companies will be in translating these orders into deliveries, an area where Airbus is currently ahead. (With inputs from agencies)

While Boeing continues to trail Airbus in deliveries, it has surpassed its European competitor in new orders for 2025. Boeing secured 699 gross orders by July 31, including 243 for the 787, while Airbus received 501 orders in the same period.&nbsp;

Boeing and Airbus show diverging trends in aircraft deliveries and orders for July

Global electric vehicle (EV) sales grew 21 per cent year-on-year in July, the slowest rate since January, according to market research firm Rho Motion. This growth rate was down from 25 per cent in June and highlights a slowdown in the booming EV sector. The decline was primarily driven by a significant dip in plug-in hybrid electric vehicle (PHEV) sales in China, the world’s largest car market, which accounts for more than half of global EV sales.In July, China’s EV market saw its growth rate fall to 12 per cent from an average of 36 per cent per month in the first half of the year. Rho Motion’s data manager, Charles Lester, attributed this slowdown to a pause in government subsidies for EV and PHEV purchases, which had been a key driver for the market's rapid growth. Despite the slowdown, China remained the largest EV market, with sales reaching around one million units.<h2>Europe and North America show resilient growth</h2>While China’s market has cooled, other regions are compensating with impressive growth figures. In Europe, EV sales surged by 48 per cent year-on-year to approximately 390,000 units, fuelled by government incentives aimed at accelerating the decarbonisation of the automotive sector. North America also saw growth, with sales increasing by 10 per cent to over 170,000 units in July. Meanwhile, sales in other parts of the world grew by 55 per cent, reaching more than 140,000 units.The growth in European markets like Germany, the UK, and Italy has been notable, with sales in these countries increasing by 43 per cent, 32 per cent, and 40 per cent, respectively. The European Union’s policies and tax incentives continue to drive the adoption of EVs as part of its broader climate goals.<h2>Market outlook and challenges ahead</h2>Despite the regional variations, Rho Motion maintains a positive outlook for global EV adoption, with the trajectory still expected to be strongly upward in the coming years. However, the market faces some challenges. In China, the EV sector is expected to return to strong growth in August as new funds are made available for government subsidy schemes. On the other hand, a planned reduction in US tax credits for EV purchases, set to take effect by the end of September, could dampen demand in North America.The slowdown in global EV sales in July reflects shifting dynamics in major markets. As countries continue to tweak policies to meet sustainability targets, the path forward for the EV industry is expected to be a mix of regional successes and challenges.&nbsp;(With inputs from agencies)

Despite the regional variations, Rho Motion maintains a positive outlook for global EV adoption, with the trajectory still expected to be strongly upward in the coming years. However, the market faces some challenges.

Global electric vehicle (EV) sales grew 21 per cent year-on-year in July, the slowest rate since January, according to market research firm Rho Motion. This growth rate was down from 25 per cent in June and highlights a slowdown in the booming EV sector. The decline was primarily driven by a significant dip in plug-in hybrid electric vehicle (PHEV) sales in China, the world’s largest car market, which accounts for more than half of global EV sales. In July, China’s EV market saw its growth rate fall to 12 per cent from an average of 36 per cent per month in the first half of the year. Rho Motion’s data manager, Charles Lester, attributed this slowdown to a pause in government subsidies for EV and PHEV purchases, which had been a key driver for the market's rapid growth. Despite the slowdown, China remained the largest EV market, with sales reaching around one million units. Europe and North America show resilient growth While China’s market has cooled, other regions are compensating with impressive growth figures. In Europe, EV sales surged by 48 per cent year-on-year to approximately 390,000 units, fuelled by government incentives aimed at accelerating the decarbonisation of the automotive sector. North America also saw growth, with sales increasing by 10 per cent to over 170,000 units in July. Meanwhile, sales in other parts of the world grew by 55 per cent, reaching more than 140,000 units. The growth in European markets like Germany, the UK, and Italy has been notable, with sales in these countries increasing by 43 per cent, 32 per cent, and 40 per cent, respectively. The European Union’s policies and tax incentives continue to drive the adoption of EVs as part of its broader climate goals. Market outlook and challenges ahead Despite the regional variations, Rho Motion maintains a positive outlook for global EV adoption, with the trajectory still expected to be strongly upward in the coming years. However, the market faces some challenges. In China, the EV sector is expected to return to strong growth in August as new funds are made available for government subsidy schemes. On the other hand, a planned reduction in US tax credits for EV purchases, set to take effect by the end of September, could dampen demand in North America. The slowdown in global EV sales in July reflects shifting dynamics in major markets. As countries continue to tweak policies to meet sustainability targets, the path forward for the EV industry is expected to be a mix of regional successes and challenges. (With inputs from agencies)

Despite the regional variations, Rho Motion maintains a positive outlook for global EV adoption, with the trajectory still expected to be strongly upward in the coming years. However, the market faces some challenges.

Global electric vehicle sales slow in July amid decline in China

Japan has opened a formal anti-dumping investigation into steel imports from China and South Korea, in a move aimed at protecting its domestic producers from a wave of cheap foreign products. The probe will examine imports of hot-dipped galvanised coil, sheet and strip, according to a joint statement from the trade and finance ministries on Wednesday, as reported by Bloomberg. The investigation is set to run for up to a year. It follows an application filed in April by four major Japanese steelmakers, including Nippon Steel Corp. and Kobe Steel Ltd., which argued that the influx of low-priced imports was harming the local industry. Officials confirmed that Chinese and South Korean suppliers will have an opportunity to submit evidence before any decision on duties is made.<h2>China’s steel export boom pressures global prices</h2>China, the world’s largest steel producer, has seen its exports surge in 2025 as domestic demand falters. A prolonged slowdown in the property sector — traditionally a key driver of steel consumption has left producers with large surpluses, prompting them to flood overseas markets with low-cost steel.&nbsp;According to Bloomberg, this export wave has weighed heavily on global steel prices and intensified competition, hitting producers in Japan, South Korea, and other key manufacturing hubs. Analysts say Japan’s move reflects a broader global trend, as governments look to shield their industries from the impact of aggressive export strategies by Chinese mills.<h2>Trade tensions and US tariffs complicate market dynamics</h2>The Japanese steel industry is already contending with shifting trade flows and heightened competition. Tariffs imposed by the US government under President Donald Trump have reshaped global steel supply chains, adding a further layer of complexity for Japanese producers trying to maintain competitiveness.&nbsp;These trade measures have forced exporters to seek new markets and adjust pricing strategies, creating additional volatility in the steel trade. In this context, Japan’s anti-dumping action is seen as a defensive measure to maintain stability in its domestic market.<h2>Not the first recent action by Japan</h2>This is Japan’s second anti-dumping investigation in as many months. In July, Tokyo began a probe into Chinese and Taiwanese nickel-added cold-rolled stainless-steel coil, sheet and strip. Both actions signal a stronger stance from the Japanese government in countering what it sees as unfair trade practices.&nbsp;As per Bloomberg, if the current probe concludes that dumping has occurred, Japan could impose new import duties on Chinese and South Korean steel products. Such a move would join a growing list of global trade restrictions reshaping the steel market in 2025.&nbsp;(With inputs from the agencies)&nbsp; &nbsp;

The year long probe targets hot dipped galvanised products. China steel export surge due to domestic demand declines has pressured global prices, complicating market dynamics further impacted by US tariffs. 

Japan has opened a formal anti-dumping investigation into steel imports from China and South Korea, in a move aimed at protecting its domestic producers from a wave of cheap foreign products. The probe will examine imports of hot-dipped galvanised coil, sheet and strip, according to a joint statement from the trade and finance ministries on Wednesday, as reported by Bloomberg. The investigation is set to run for up to a year. It follows an application filed in April by four major Japanese steelmakers, including Nippon Steel Corp. and Kobe Steel Ltd., which argued that the influx of low-priced imports was harming the local industry. Officials confirmed that Chinese and South Korean suppliers will have an opportunity to submit evidence before any decision on duties is made. China’s steel export boom pressures global prices China, the world’s largest steel producer, has seen its exports surge in 2025 as domestic demand falters. A prolonged slowdown in the property sector — traditionally a key driver of steel consumption has left producers with large surpluses, prompting them to flood overseas markets with low-cost steel. According to Bloomberg, this export wave has weighed heavily on global steel prices and intensified competition, hitting producers in Japan, South Korea, and other key manufacturing hubs. Analysts say Japan’s move reflects a broader global trend, as governments look to shield their industries from the impact of aggressive export strategies by Chinese mills. Trade tensions and US tariffs complicate market dynamics The Japanese steel industry is already contending with shifting trade flows and heightened competition. Tariffs imposed by the US government under President Donald Trump have reshaped global steel supply chains, adding a further layer of complexity for Japanese producers trying to maintain competitiveness. These trade measures have forced exporters to seek new markets and adjust pricing strategies, creating additional volatility in the steel trade. In this context, Japan’s anti-dumping action is seen as a defensive measure to maintain stability in its domestic market. Not the first recent action by Japan This is Japan’s second anti-dumping investigation in as many months. In July, Tokyo began a probe into Chinese and Taiwanese nickel-added cold-rolled stainless-steel coil, sheet and strip. Both actions signal a stronger stance from the Japanese government in countering what it sees as unfair trade practices. As per Bloomberg, if the current probe concludes that dumping has occurred, Japan could impose new import duties on Chinese and South Korean steel products. Such a move would join a growing list of global trade restrictions reshaping the steel market in 2025. (With inputs from the agencies)

Japan has initiated an anti-dumping investigation into steel imports from China and South Korea to protect its domestic producers from low-priced imports, following a request from major steelmakers.

Japan launches anti-dumping probe into Chinese, South Korean steel imports

In a move set to shake up Silicon Valley, Perplexity AI, a three-year-old artificial intelligence startup, has submitted an unsolicited all-cash bid of $34.5 billion to acquire Google Chrome, the world’s most popular web browser. The bid, significantly higher than the company’s current valuation of $14 billion, underscores Perplexity’s aggressive strategy to expand its footprint in the browser market, leveraging Chrome’s massive user base of over three billion people.The offer arrives at a critical juncture for Google, which is facing mounting regulatory pressure over its alleged monopolistic practices in the search industry. Recently, a US court ruled that Google holds an unlawful monopoly in online search, with some legal experts suggesting that the forced divestiture of Chrome could be one of the remedies. Although Google has vowed to appeal the decision, Perplexity’s offer reflects the growing importance of web browsers in the AI search race.<h2>Perplexity’s plan to keep Chrome open and invest $3 billion</h2>Perplexity, which already develops an AI-powered browser named Comet, plans to keep Chrome’s underlying code, Chromium, open-source, thereby maintaining the browser’s integrity for developers and users alike. The startup also promises to invest $3 billion over the next two years to further enhance Chrome’s capabilities and continue its development. Importantly, Perplexity has pledged not to make any changes to the browser’s default search engine, which is currently Google Search, aiming to maintain stability for both users and advertisers.The deal is structured to avoid antitrust concerns, as Perplexity’s offer does not involve any equity component in the company itself. According to a term sheet reviewed by Reuters, Perplexity would also commit to retaining a substantial portion of Chrome’s existing team to ensure a smooth transition and continuity of service. Several unnamed investment funds have reportedly agreed to fully finance the deal, signalling strong backing for the bold proposal.<h2>Google’s response and legal hurdles ahead</h2>Despite Perplexity’s ambitious offer, it remains unclear whether Google will entertain the proposal. The tech giant, which has consistently resisted calls for Chrome’s sale, is expected to engage in a prolonged legal battle to protect its interests. Legal experts suggest that the antitrust case could take several years to resolve, with the possibility of the matter ultimately reaching the US Supreme Court.While Perplexity’s offer is likely a strategic move to ruffle Google’s feathers and make a play for the browser market, the stakes are high. A successful acquisition of Chrome could propel Perplexity into direct competition with some of the biggest names in AI, including OpenAI, which is also developing its own AI-powered browser. However, even if Google ultimately rejects the offer, Perplexity’s bold bid signals the growing prominence of web browsers in the next-generation AI landscape.&nbsp;&nbsp;(With inputs from agencies)

Recently, a US court ruled that Google holds an unlawful monopoly in online search, with some suggesting a forced divestiture of Chrome as a remedy. Although Google has vowed to appeal the decision, Perplexity’s offer reflects the growing importance of web browsers in the AI search race.

In a move set to shake up Silicon Valley, Perplexity AI, a three-year-old artificial intelligence startup, has submitted an unsolicited all-cash bid of $34.5 billion to acquire Google Chrome, the world’s most popular web browser. The bid, significantly higher than the company’s current valuation of $14 billion, underscores Perplexity’s aggressive strategy to expand its footprint in the browser market, leveraging Chrome’s massive user base of over three billion people. The offer arrives at a critical juncture for Google, which is facing mounting regulatory pressure over its alleged monopolistic practices in the search industry. Recently, a US court ruled that Google holds an unlawful monopoly in online search, with some legal experts suggesting that the forced divestiture of Chrome could be one of the remedies. Although Google has vowed to appeal the decision, Perplexity’s offer reflects the growing importance of web browsers in the AI search race. Perplexity’s plan to keep Chrome open and invest $3 billion Perplexity, which already develops an AI-powered browser named Comet, plans to keep Chrome’s underlying code, Chromium, open-source, thereby maintaining the browser’s integrity for developers and users alike. The startup also promises to invest $3 billion over the next two years to further enhance Chrome’s capabilities and continue its development. Importantly, Perplexity has pledged not to make any changes to the browser’s default search engine, which is currently Google Search, aiming to maintain stability for both users and advertisers. The deal is structured to avoid antitrust concerns, as Perplexity’s offer does not involve any equity component in the company itself. According to a term sheet reviewed by Reuters, Perplexity would also commit to retaining a substantial portion of Chrome’s existing team to ensure a smooth transition and continuity of service. Several unnamed investment funds have reportedly agreed to fully finance the deal, signalling strong backing for the bold proposal. Google’s response and legal hurdles ahead Despite Perplexity’s ambitious offer, it remains unclear whether Google will entertain the proposal. The tech giant, which has consistently resisted calls for Chrome’s sale, is expected to engage in a prolonged legal battle to protect its interests. Legal experts suggest that the antitrust case could take several years to resolve, with the possibility of the matter ultimately reaching the US Supreme Court. While Perplexity’s offer is likely a strategic move to ruffle Google’s feathers and make a play for the browser market, the stakes are high. A successful acquisition of Chrome could propel Perplexity into direct competition with some of the biggest names in AI, including OpenAI, which is also developing its own AI-powered browser. However, even if Google ultimately rejects the offer, Perplexity’s bold bid signals the growing prominence of web browsers in the next-generation AI landscape. (With inputs from agencies)

Recently, a US court ruled that Google holds an unlawful monopoly in online search, with some suggesting a forced divestiture of Chrome as a remedy. Although Google has vowed to appeal the decision, Perplexity’s offer reflects the growing importance of web browsers in the AI search race.

Perplexity AI makes bold $34.5 billion offer to acquire Google Chrome amid antitrust scrutiny

US President Donald Trump is weighing a lawsuit against Federal Reserve Chair Jerome Powell, accusing him of gross mismanagement in a multi-billion-dollar renovation of the central bank’s Washington headquarters. The move marks a new escalation in Trump’s pressure campaign on the Fed to cut interest rates, according to Reuters.<h2>White House flags renovation cost overruns</h2>White House spokeswoman Karoline Leavitt confirmed on August 12 that the administration is investigating the renovation of two historic Federal Reserve buildings. Officials allege poor oversight, inflated expenses, and unnecessary luxury additions have driven costs far above initial estimates.&nbsp;When the project began, the Fed expected it to cost $1.9 billion. Updated figures now put the budget at $2.4 billion, a nearly $500 million increase. The central bank says this is due to higher labour and materials costs, asbestos abatement, and other unforeseen construction challenges, as per Fed documents cited by Reuters.&nbsp;Trump personally toured the site last month, a rare presidential visit to the Fed, and repeated his accusations directly to Powell. He also used the meeting to push for rate cuts.<h2>Trump’s social media blast</h2>On Truth Social, Trump referred to Powell as “Jerome ‘Too Late’ Powell” and renewed his call for immediate rate cuts. He accused Powell of overseeing “a horrible, and grossly incompetent” construction job that ballooned into a “three billion dollar” project when it should have been a $50 million fix.“Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board,” Trump wrote. “I am considering allowing a major lawsuit against Powell to proceed.”

The White House has not confirmed which specific lawsuit Trump was referring to, but Bloomberg reports the statement appears linked to ongoing legal reviews of the renovation contracts.<h2>Legal and policy backdrop</h2>While presidents cannot remove a Fed chair over policy disagreements, per a recent Supreme Court opinion,Trump’s legal team appears to be exploring alternative channels, such as potential negligence or fraud claims tied to the construction. The dispute comes as Trump seeks aggressive rate cuts ahead of the Fed’s September 16–17 policy meeting. Market bets now suggest an 85% probability of a rate cut, according to Reuters, after data showed core US inflation edged higher in July but goods prices rose more slowly, tempering tariff-driven price pressures.&nbsp;Trump has argued that lower rates would reduce the federal government’s debt servicing costs, even as he insists the economy is strong thanks to his tax, trade, and immigration policies. The Federal Reserve’s headquarters renovation, initially set at $1.9 billion, aimed to modernise two historic Washington buildings while preserving architectural heritage. However, by 2025, the projected cost has surged to $2.4 billion. The Fed attributes this to market-driven labour and material price hikes, unexpected asbestos removal, and logistical challenges inherent in working with protected structures.&nbsp;Trump’s estimate of $50 million that reflects what he claims would have been sufficient for a “basic fix-up,” suggesting the bulk of the spending is excessive. His “$3 billion” figure, while not reflected in official Fed numbers, underscores his accusation of waste and mismanagement. These competing narratives form the core of the legal and political battle over the project’s legitimacy.&nbsp;(With inputs from the agencies)&nbsp;

Trump criticised Powell, calling for immediate rate cuts, and labelled the construction efforts as grossly incompetent. Although presidents cannot remove a Fed chair for policy disagreements, Trump legal team may pursue negligence or fraud claims related to the construction mismanagement.

US President Donald Trump is weighing a lawsuit against Federal Reserve Chair Jerome Powell, accusing him of gross mismanagement in a multi-billion-dollar renovation of the central bank’s Washington headquarters. The move marks a new escalation in Trump’s pressure campaign on the Fed to cut interest rates, according to Reuters. White House flags renovation cost overruns White House spokeswoman Karoline Leavitt confirmed on August 12 that the administration is investigating the renovation of two historic Federal Reserve buildings. Officials allege poor oversight, inflated expenses, and unnecessary luxury additions have driven costs far above initial estimates. When the project began, the Fed expected it to cost $1.9 billion. Updated figures now put the budget at $2.4 billion, a nearly $500 million increase. The central bank says this is due to higher labour and materials costs, asbestos abatement, and other unforeseen construction challenges, as per Fed documents cited by Reuters. Trump personally toured the site last month, a rare presidential visit to the Fed, and repeated his accusations directly to Powell. He also used the meeting to push for rate cuts. Trump’s social media blast On Truth Social, Trump referred to Powell as “Jerome ‘Too Late’ Powell” and renewed his call for immediate rate cuts. He accused Powell of overseeing “a horrible, and grossly incompetent” construction job that ballooned into a “three billion dollar” project when it should have been a $50 million fix. “Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board,” Trump wrote. “I am considering allowing a major lawsuit against Powell to proceed.”

President Trump is considering a lawsuit against Federal Reserve Chair Jerome Powell over alleged mismanagement of a costly renovation project for the Fed’s Washington headquarters.&nbsp;

Trump mulls lawsuit against Fed’s Powell over costly headquarters renovation

Japan's wholesale inflation continued to cool in July, marking the fourth consecutive month of slowing price growth, according to government data released on August 13. The Corporate Goods Price Index (CGPI), which tracks the prices that businesses charge one another for goods and services, rose by 2.6 per cent year-on-year, down from June’s 2.9 per cent increase. While this was above market expectations of 2.5 per cent, it signals that inflationary pressures from raw material costs are gradually dissipating.Despite the overall slowdown, food and agricultural goods prices continued to climb, pointing to a broader trend of price increases beyond just raw materials. Food and beverage prices jumped 4.2 per cent in the year to July, indicating persistent price pressures in the consumer goods sector. This has raised market speculation that the Bank of Japan (BOJ) may be forced to adjust its monetary policy, potentially hiking interest rates sooner than anticipated.<h2>Cooling PPI amid tariff pressures</h2>The Producer Price Index (PPI), a key measure of domestic inflation, rose by 2.6 per cent in July, a slightly higher-than-expected figure, but remained at its slowest pace in 11 months. This marks a significant deceleration from the 2.9 per cent increase recorded in June. The month-on-month growth stood at 0.2 per cent, in line with forecasts. Analysts attribute the moderation in PPI to a combination of factors, including lower demand, a slowdown in consumer spending, and the impact of higher US trade tariffs on Japanese manufacturers.Japan’s manufacturing sector has faced increased costs from overseas tariffs, particularly the 25 per cent duty on automobile imports imposed by the US. However, a recent trade deal between Japan and the US saw a reduction in tariffs on automobiles from 25 per cent to 15 per cent, providing some relief to local producers.<h2>Bank of Japan’s rate hike dilemma</h2>While Japan's central bank has expressed confidence that inflation will stabilise and hit its 2 per cent target, some economists warn that persistent price increases in food and agriculture may force the BOJ to take more decisive action. The BOJ raised interest rates to 0.5 per cent in January, marking the first hike in over a decade, as part of a broader effort to normalise its monetary policy. Governor Kazuo Ueda has indicated that further rate hikes will depend on sustained inflationary pressure, though he has also urged caution, pointing to one-off factors like raw material costs as the primary drivers of recent inflation. The central bank’s next moves will likely be dictated by the ongoing balance between inflation trends and the economic growth outlook. With both inflation and economic growth showing signs of slowing, the BOJ faces difficult decisions in the months ahead.&nbsp;(With inputs from agencies)

Despite the overall slowdown in Japan's inflation, food and agricultural goods prices continued to climb, pointing to a broader trend of price increases beyond just raw materials. Food and beverage prices jumped 4.2 per cent in the year to July.

Japan's wholesale inflation continued to cool in July, marking the fourth consecutive month of slowing price growth, according to government data released on August 13. The Corporate Goods Price Index (CGPI), which tracks the prices that businesses charge one another for goods and services, rose by 2.6 per cent year-on-year, down from June’s 2.9 per cent increase. While this was above market expectations of 2.5 per cent, it signals that inflationary pressures from raw material costs are gradually dissipating. Despite the overall slowdown, food and agricultural goods prices continued to climb, pointing to a broader trend of price increases beyond just raw materials. Food and beverage prices jumped 4.2 per cent in the year to July, indicating persistent price pressures in the consumer goods sector. This has raised market speculation that the Bank of Japan (BOJ) may be forced to adjust its monetary policy, potentially hiking interest rates sooner than anticipated. Cooling PPI amid tariff pressures The Producer Price Index (PPI), a key measure of domestic inflation, rose by 2.6 per cent in July, a slightly higher-than-expected figure, but remained at its slowest pace in 11 months. This marks a significant deceleration from the 2.9 per cent increase recorded in June. The month-on-month growth stood at 0.2 per cent, in line with forecasts. Analysts attribute the moderation in PPI to a combination of factors, including lower demand, a slowdown in consumer spending, and the impact of higher US trade tariffs on Japanese manufacturers. Japan’s manufacturing sector has faced increased costs from overseas tariffs, particularly the 25 per cent duty on automobile imports imposed by the US. However, a recent trade deal between Japan and the US saw a reduction in tariffs on automobiles from 25 per cent to 15 per cent, providing some relief to local producers. Bank of Japan’s rate hike dilemma While Japan's central bank has expressed confidence that inflation will stabilise and hit its 2 per cent target, some economists warn that persistent price increases in food and agriculture may force the BOJ to take more decisive action. The BOJ raised interest rates to 0.5 per cent in January, marking the first hike in over a decade, as part of a broader effort to normalise its monetary policy. Governor Kazuo Ueda has indicated that further rate hikes will depend on sustained inflationary pressure, though he has also urged caution, pointing to one-off factors like raw material costs as the primary drivers of recent inflation. The central bank’s next moves will likely be dictated by the ongoing balance between inflation trends and the economic growth outlook. With both inflation and economic growth showing signs of slowing, the BOJ faces difficult decisions in the months ahead. (With inputs from agencies)

Despite the overall slowdown in Japan's inflation, food and agricultural goods prices continued to climb, pointing to a broader trend of price increases beyond just raw materials. Food and beverage prices jumped 4.2 per cent in the year to July.

Japan's wholesale inflation slows, but food prices keep rising

US President Donald Trump has launched a fresh attack on Wall Street, this time targeting Goldman Sachs CEO David Solomon over the bank’s assessment of his tariff policies. In a post on his Truth Social account, quoted by Reuters, Trump claimed that tariffs have been a boon for the US economy, insisting they have brought in “trillions of dollars” without stoking inflation. He accused Solomon and his team of making “a bad prediction” on the economic effects of tariffs, and suggested the Goldman chief “focus on being a DJ” rather than running a major financial institution.<h2>The trigger: Goldman’s tariff analysis</h2>While Trump did not specify which research note he was referring to, Reuters reports that Goldman Sachs has consistently taken a bearish view on tariffs. In its latest note, chief economist Jan Hatzius said US consumers had absorbed 22 per cent of tariff costs through June, a figure that could rise to 67 per cent if recent levies continue on their current trajectory.&nbsp;Goldman has also warned that sweeping tariffs could weigh on global growth and push the US Federal Reserve to cut interest rates more aggressively than expected. Hatzius&nbsp;declined to comment when contacted by Reuters, and a Goldman Sachs spokesperson also offered no response to Trump’s remarks.<h2>Trump responds&nbsp;</h2>In his Truth Social post, Trump doubled down on his argument that the burden of tariffs falls largely on foreign companies and governments rather than US consumers.&nbsp;“It has been shown that, for the most part, consumers aren’t even paying these tariffs, it is mostly companies and governments, many of them foreign, picking up the tabs,” Trump wrote.&nbsp;

&nbsp;Since February 1, when Trump intensified his trade war by imposing levies on imports from Mexico, Canada, and China, at least 333 companies worldwide have reacted to tariffs in some way, according to a Reuters tracker.<h2>Tariffs: Economic weapon or consumer cost?</h2>Tariffs are taxes on imported goods, usually intended to protect domestic industries or influence trade terms. Their cost distribution depends on global supply chains, market demand, and pricing strategies.According to Reuters’ global tariff tracker, companies reported a combined financial hit of $13.6 billion to $15.2 billion between July 16 and August 8 for the full year from Trump’s tariffs.Economists remain divided:<ul><li>Trump’s view:&nbsp;Tariffs are filling US Treasury coffers, strengthening the stock market, and not causing inflation.</li><li>Goldman and others: The costs are being shared by businesses and consumers, and sustained tariffs could slow growth.</li></ul><h2>Broader corporate tension over tariffs</h2>Trump’s criticism of Goldman Sachs comes amid a broader pattern of presidential rebukes aimed at corporate leaders. He has previously criticised:<ul><li>JPMorgan Chase and Bank of America over alleged “debanking” of individuals.</li><li>Intel CEO Lip Bu-Tan over ties to Chinese firms.</li><li>Apple’s Tim Cook for manufacturing iPhones outside the US</li><li>Amazon for considering listing prices that reflect tariff costs (an idea the company later abandoned).</li><li>A senior JPMorgan Asset Management strategist told Reuters earlier this year that he had toned down his public comments on tariffs due to concerns about internal and external repercussions.</li></ul><h2>US economics backdrop</h2>The clash comes as new data shows US consumer prices rose moderately in July. According to Reuters, costs for services such as airline fares and tariff-sensitive goods like household furniture pushed a measure of underlying inflation to its largest six-month gain.&nbsp;Despite the uptick, markets expect the Federal Reserve to cut interest rates in September amid weakening labour market conditions. But economists warn that the inflationary effects of Trump’s tariffs may still be working through the system, especially as firms sell off pre-tariff inventory.<h2>Political turmoil&nbsp;</h2>Reuters also notes that concerns about data quality are rising after staffing cuts and the suspension of data collection for parts of the Consumer Price Index in some areas. These concerns intensified following the firing of BLS chief Erika McEntarfer earlier this month after weak job growth data in July.&nbsp;Trump has nominated E.J. Antoni, a Heritage Foundation economist and critic of the BLS, to lead the statistics agency. Antoni previously contributed to “Project 2025,” a conservative plan to overhaul the US federal government.&nbsp;(With inputs from the agencies)&nbsp;&nbsp;

Trump argued that the tariff burden mostly falls on foreign companies rather than US consumers. Goldman Sachs analysis indicated that US consumers have absorbed a significant portion of tariff costs and warned that continued tariffs could slow growth

US President Donald Trump has launched a fresh attack on Wall Street, this time targeting Goldman Sachs CEO David Solomon over the bank’s assessment of his tariff policies. In a post on his Truth Social account, quoted by Reuters, Trump claimed that tariffs have been a boon for the US economy, insisting they have brought in “trillions of dollars” without stoking inflation. He accused Solomon and his team of making “a bad prediction” on the economic effects of tariffs, and suggested the Goldman chief “focus on being a DJ” rather than running a major financial institution. The trigger: Goldman’s tariff analysis While Trump did not specify which research note he was referring to, Reuters reports that Goldman Sachs has consistently taken a bearish view on tariffs. In its latest note, chief economist Jan Hatzius said US consumers had absorbed 22 per cent of tariff costs through June, a figure that could rise to 67 per cent if recent levies continue on their current trajectory. Goldman has also warned that sweeping tariffs could weigh on global growth and push the US Federal Reserve to cut interest rates more aggressively than expected. Hatzius declined to comment when contacted by Reuters, and a Goldman Sachs spokesperson also offered no response to Trump’s remarks. Trump responds In his Truth Social post, Trump doubled down on his argument that the burden of tariffs falls largely on foreign companies and governments rather than US consumers. “It has been shown that, for the most part, consumers aren’t even paying these tariffs, it is mostly companies and governments, many of them foreign, picking up the tabs,” Trump wrote.

President Trump criticised Goldman Sachs CEO David Solomon over the bank's negative assessment of his tariff policies, stating that tariffs had positively impacted the US economy.

Trump hits out at Goldman Sachs CEO over tariff research

Iran's Foreign Minister Seyed Abbas Araghchi said on Wednesday that Western governments falsely portray sanctions as a ‘bloodless alternative to war’. He accused the US of committing crimes against humanity. Citing a Lancet study, he said the US sanctions have unilaterally killed 500,000 people every year since 1970. He called the Western sanctions 'inhumane' and called for a collective effort between the sanctioned nations for a unified response.“Western regimes have long claimed that sanctions are a bloodless alternative to war. Reality check: New study by @TheLancet says unilateral sanctions, particularly by the US, may be as lethal as war. 500+k lives claimed annually since 1970s, mostly children and the elderly,” said Seyed Abbas Araghchi.

<blockquote class="twitter-tweet">Western regimes have long claimed that sanctions are a bloodless alternative to war. Reality check: New study by <a href="https://twitter.com/TheLancet?ref_src=twsrc%5Etfw">@TheLancet</a> says unilateral sanctions, particularly by the US, may be as lethal as war. 500+k lives claimed annually since 1970s, mostly children and the elderly.… <a href="https://t.co/02tIQiAFA5">pic.twitter.com/02tIQiAFA5</a>&mdash; Seyed Abbas Araghchi (@araghchi) <a href="https://twitter.com/araghchi/status/1955485536962957736?ref_src=twsrc%5Etfw">August 13, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The Lancet study, funded by the Centre for Economic and Policy Research, conducted cross-national panel data analysis between age-specific mortality rates and 152 countries sanctioned between 1971 and 2021, applying a wide range of methods such as observational data, entropy balancing, Granger causality, event-study representations, and instrumental variables to form a causal relationship. The findings suggest that sanctions have similar impacts to war. It also suggests rethinking the foreign policy tools, highlighting the importance of exercising restraint in their use and seriously considering efforts to reform their design.Use of Economic sanctions has grown substantially, according to the Global Sanctions Database 25 per cent of all countries are subjected to sanctions either by the US or the EU or the UN between 2010-22, as compared to 8 per cent of 1970. As of August 2025, the US or the EU or the UN have sanctions over Brazil, Cuba, Iran, Venezuela, Russia and its oil buyers such as India and China, as well as Syria and Libya to some extent are under either sanctions or a heavy tariff burden. There are other kinds like the FATF blacklist, Shadow Fleet, Terrorism, and Human rights related sanctions, which encompass a complex web of global sanctions.

Iran slams US sanctions as ‘crimes against humanity’,  citing a Lancet Study Seyed Abbas Araghchi accused Western nations' sanction tactics of claiming countless lives every year since 1970. 

Iran's Foreign Minister Seyed Abbas Araghchi said on Wednesday that Western governments falsely portray sanctions as a ‘bloodless alternative to war’. He accused the US of committing crimes against humanity. Citing a Lancet study, he said the US sanctions have unilaterally killed 500,000 people every year since 1970. He called the Western sanctions 'inhumane' and called for a collective effort between the sanctioned nations for a unified response. “Western regimes have long claimed that sanctions are a bloodless alternative to war. Reality check: New study by @TheLancet says unilateral sanctions, particularly by the US, may be as lethal as war. 500+k lives claimed annually since 1970s, mostly children and the elderly,” said Seyed Abbas Araghchi.

Iran slams US sanctions as ‘crimes against humanity’, &nbsp;citing a Lancet study Seyed Abbas Araghchi accused Western nations' sanction tactics of claiming countless lives every year since 1970.&nbsp;

'As deadly as war’: Iran says US sanctions kill 500,000 people a year, mostly children

The US dollar weakened on Wednesday after a softer-than-expected inflation reading reinforced market expectations that the Federal Reserve could cut interest rates as early as September. According to Reuters, President Donald Trump’s escalating clashes with US institutions, including the Fed, further weighed on the currency’s sentiment.<h2>Inflation data fuels rate cut bets</h2>Data from the US Labor Department showed consumer prices rose only marginally in July, in line with forecasts. As per Reuters, the impact of Trump’s sweeping tariffs on goods prices has so far been limited, with the July CPI report showing little evidence of strong tariff pass-through to consumers. The muted reading encouraged traders to price in a 98 per cent chance of a Fed rate cut next month, pulling the greenback lower.&nbsp;The dollar index stood at 98.08, after sliding about 0.5 per cent in the previous session. Against the yen, the dollar eased 0.05 per cent to 147.76, while the euro held steady at $1.1676 after a 0.5 per cent gain on Tuesday. US Treasury yields also fell on the heightened rate cut expectations, with the two-year yield at 3.7371 per cent and the benchmark 10-year yield hovering at 4.2965 per cent, according to Reuters.<h2>Trump’s pushback against the Fed</h2>Market confidence in the dollar was further eroded by President Trump’s renewed attempts to challenge the Fed’s independence. Reuters reported that White House spokeswoman Karoline Leavitt said Trump was considering legal action against Fed Chair Jerome Powell over his management of renovation works at the central bank’s Washington headquarters.&nbsp;Trump has repeatedly criticised Powell for not cutting rates sooner and also targeted Goldman Sachs CEO David Solomon, accusing the Wall Street bank of being wrong about the economic impact of US tariffs.<h2>Pound gains despite weak jobs market</h2>In the UK, the pound edged 0.03 per cent higher to $1.3504, supported by steady wage growth despite a weakening labour market. According to Reuters, Britain’s latest jobs data underscored why the Bank of England remains cautious about easing policy, with analysts at Pepperstone forecasting the next rate cut in November if economic conditions warrant.<h2>Asia-Pacific currencies mixed after RBA cut</h2>In the Asia-Pacific region, the Australian dollar slipped 0.05 per cent to $0.6526, while the New Zealand dollar fell 0.03 per cent to $0.5953. The Reserve Bank of Australia, as per Reuters, lowered interest rates on Tuesday as expected and signalled that further policy easing could be needed to support growth and meet inflation targets.&nbsp;(With inputs from the agencies)&nbsp;

Trump conflicts with institutions, particularly the Fed, intensified market concerns. The dollar index fell to 98.08, while the yen and euro remained stable. Meanwhile, the pound rose slightly due to steady wage growth amid a weakening job market. 

The US dollar weakened on Wednesday after a softer-than-expected inflation reading reinforced market expectations that the Federal Reserve could cut interest rates as early as September. According to Reuters, President Donald Trump’s escalating clashes with US institutions, including the Fed, further weighed on the currency’s sentiment. Inflation data fuels rate cut bets Data from the US Labor Department showed consumer prices rose only marginally in July, in line with forecasts. As per Reuters, the impact of Trump’s sweeping tariffs on goods prices has so far been limited, with the July CPI report showing little evidence of strong tariff pass-through to consumers. The muted reading encouraged traders to price in a 98 per cent chance of a Fed rate cut next month, pulling the greenback lower. The dollar index stood at 98.08, after sliding about 0.5 per cent in the previous session. Against the yen, the dollar eased 0.05 per cent to 147.76, while the euro held steady at $1.1676 after a 0.5 per cent gain on Tuesday. US Treasury yields also fell on the heightened rate cut expectations, with the two-year yield at 3.7371 per cent and the benchmark 10-year yield hovering at 4.2965 per cent, according to Reuters. Trump’s pushback against the Fed Market confidence in the dollar was further eroded by President Trump’s renewed attempts to challenge the Fed’s independence. Reuters reported that White House spokeswoman Karoline Leavitt said Trump was considering legal action against Fed Chair Jerome Powell over his management of renovation works at the central bank’s Washington headquarters. Trump has repeatedly criticised Powell for not cutting rates sooner and also targeted Goldman Sachs CEO David Solomon, accusing the Wall Street bank of being wrong about the economic impact of US tariffs. Pound gains despite weak jobs market In the UK, the pound edged 0.03 per cent higher to $1.3504, supported by steady wage growth despite a weakening labour market. According to Reuters, Britain’s latest jobs data underscored why the Bank of England remains cautious about easing policy, with analysts at Pepperstone forecasting the next rate cut in November if economic conditions warrant. Asia-Pacific currencies mixed after RBA cut In the Asia-Pacific region, the Australian dollar slipped 0.05 per cent to $0.6526, while the New Zealand dollar fell 0.03 per cent to $0.5953. The Reserve Bank of Australia, as per Reuters, lowered interest rates on Tuesday as expected and signalled that further policy easing could be needed to support growth and meet inflation targets. (With inputs from the agencies)

The US dollar declined on Wednesday following softer inflation data, increasing expectations of a Federal Reserve rate cut as early as September.

Dollar slips as Fed rate cut bets grow amid Trump–Fed tensions

In a bold move, Perplexity AI offered Google $34.5 billion on Tuesday to acquire its widely used Chrome web browser. The tech giant could be compelled to sell this asset as part of ongoing antitrust proceedings. The offered sum, outlined in a letter of intent, is nearly double the value of Perplexity's own estimate of $18 billion from its most recent funding round.&nbsp;"This proposal is designed to satisfy an antitrust remedy in the highest public interest by placing Chrome with a capable, independent operator focused on continuity, openness, and consumer protection," Perplexity chief executive Aravind Srinivas said, AFP reported.&nbsp;Google is currently awaiting US District Court Judge Amit Mehta's ruling on potential "remedies" after last year's landmark judgment that found the tech giant company maintaining an illegal monopoly in online search.<h3>What's Google's official response?</h3>US government attorneys have pushed for Google to divest the Chrome browser, warning that the rise of artificial intelligence could further strengthen its dominance as the internet's dominant gateway.&nbsp;Meanwhile, Google has requested that the court reject the divestment, with a decision from Mehta expected by the end of the month. But Google has not issued an official response to the bid from Perplexity AI. However, analysts at Baird Equity Research dismissed the proposal, stating that it severely undervalues Chrome and "should not be taken seriously."&nbsp;One of the Baird analysts theorised that the AI startup could be trying to spark others to bid or "influence the pending decision" in the antitrust case, as it already has a browser that competes with Chrome.&nbsp;"Either way, we believe Perplexity would view an independent Chrome -- or one no longer affiliated with Google -- as an advantage as it attempts to take browser share," Baird analysts told investors.&nbsp;Also read: <a href="https://www.wionews.com/technology/perplexity-denies-cloudflare-accusation-of-secretly-scraping-restricted-websites-1754488233534">Perplexity denies Cloudflare accusation of secretly scraping restricted websites</a>

Dismissing the proposal, analysts at Baird Equity Research said that it severely undervalues Chrome and "should not be taken seriously."

In a bold move, Perplexity AI offered Google $34.5 billion on Tuesday to acquire its widely used Chrome web browser. The tech giant could be compelled to sell this asset as part of ongoing antitrust proceedings. The offered sum, outlined in a letter of intent, is nearly double the value of Perplexity's own estimate of $18 billion from its most recent funding round. "This proposal is designed to satisfy an antitrust remedy in the highest public interest by placing Chrome with a capable, independent operator focused on continuity, openness, and consumer protection," Perplexity chief executive Aravind Srinivas said, AFP reported. Google is currently awaiting US District Court Judge Amit Mehta's ruling on potential "remedies" after last year's landmark judgment that found the tech giant company maintaining an illegal monopoly in online search. What's Google's official response? US government attorneys have pushed for Google to divest the Chrome browser, warning that the rise of artificial intelligence could further strengthen its dominance as the internet's dominant gateway. Meanwhile, Google has requested that the court reject the divestment, with a decision from Mehta expected by the end of the month. But Google has not issued an official response to the bid from Perplexity AI. However, analysts at Baird Equity Research dismissed the proposal, stating that it severely undervalues Chrome and "should not be taken seriously." One of the Baird analysts theorised that the AI startup could be trying to spark others to bid or "influence the pending decision" in the antitrust case, as it already has a browser that competes with Chrome. "Either way, we believe Perplexity would view an independent Chrome -- or one no longer affiliated with Google -- as an advantage as it attempts to take browser share," Baird analysts told investors. Also read: Perplexity denies Cloudflare accusation of secretly scraping restricted websites

Dismissing the proposal, analysts at Baird Equity Research said that it severely undervalues Chrome and "should not be taken seriously."

Google Chrome for sale? Perplexity AI makes bold $34.5B offer to buy it amid antitrust row

The US government’s budget deficit climbed by nearly 20 per cent in July to $291 billion, driven by rising government outlays that outpaced an increase in revenue, despite a surge in tariff collections from US President Donald Trump’s import taxes. According to Treasury Department data released on August 12, the deficit for July was up 19 per cent, or $47 billion, from the same month last year. Receipts totalled $338 billion, marking a modest 2 per cent growth, or an additional $8 billion. However, government outlays rose by a far larger 10 per cent, totalling $630 billion, a record high for July.<h2>Trump’s tariff revenues soar, but not enough to offset spending</h2>A key factor in the government's revenue boost was a dramatic rise in customs duty collections. July’s tariff revenue jumped 273 per cent, or $21 billion, compared to the same period last year, reaching approximately $27.7 billion. The increase is attributed to higher tariffs imposed on imports by President Trump, particularly following his trade policies with China and other countries.Despite the surge in tariff income, US spending continues to grow faster than revenues. Much of the increase in outlays is linked to a rise in interest payments on public debt, as well as higher government healthcare costs and inflation-driven Social Security payments. Over the first 10 months of the fiscal year, the deficit has reached $1.629 trillion, a 7 per cent increase from the previous year. While tariff revenues have helped to offset some of the rising costs, economists note that the overall impact on reducing the deficit remains uncertain.&nbsp;<h2>Trade negotiations and future tariff revenue</h2>The growing tariff income is being closely watched as part of the Trump administration’s broader plan to reduce the deficit. Treasury Secretary Scott Bessent has stated that the administration remains focused on bringing down the deficit, even as the US gross national debt approaches $37 trillion.In related news, US President Trump extended his trade truce with China for another 90 days, maintaining the 30 per cent tariffs on Chinese imports as a bargaining chip. While negotiations continue, experts speculate that the US could see more tariff revenue as companies deplete their inventories and begin importing more goods, triggering additional duties. However, many are sceptical about the long-term effectiveness of the tariff strategy, with concerns that higher costs for consumers and reduced trade growth could ultimately offset any gains in federal revenue.

A key factor in the government's revenue boost was a dramatic rise in customs duty collections. July’s tariff revenue jumped 273 per cent, or $21 billion, compared to the same period last year, reaching approximately $27.7 billion. 

The US government’s budget deficit climbed by nearly 20 per cent in July to $291 billion, driven by rising government outlays that outpaced an increase in revenue, despite a surge in tariff collections from US President Donald Trump’s import taxes. According to Treasury Department data released on August 12, the deficit for July was up 19 per cent, or $47 billion, from the same month last year. Receipts totalled $338 billion, marking a modest 2 per cent growth, or an additional $8 billion. However, government outlays rose by a far larger 10 per cent, totalling $630 billion, a record high for July. Trump’s tariff revenues soar, but not enough to offset spending A key factor in the government's revenue boost was a dramatic rise in customs duty collections. July’s tariff revenue jumped 273 per cent, or $21 billion, compared to the same period last year, reaching approximately $27.7 billion. The increase is attributed to higher tariffs imposed on imports by President Trump, particularly following his trade policies with China and other countries. Despite the surge in tariff income, US spending continues to grow faster than revenues. Much of the increase in outlays is linked to a rise in interest payments on public debt, as well as higher government healthcare costs and inflation-driven Social Security payments. Over the first 10 months of the fiscal year, the deficit has reached $1.629 trillion, a 7 per cent increase from the previous year. While tariff revenues have helped to offset some of the rising costs, economists note that the overall impact on reducing the deficit remains uncertain. Trade negotiations and future tariff revenue The growing tariff income is being closely watched as part of the Trump administration’s broader plan to reduce the deficit. Treasury Secretary Scott Bessent has stated that the administration remains focused on bringing down the deficit, even as the US gross national debt approaches $37 trillion. In related news, US President Trump extended his trade truce with China for another 90 days, maintaining the 30 per cent tariffs on Chinese imports as a bargaining chip. While negotiations continue, experts speculate that the US could see more tariff revenue as companies deplete their inventories and begin importing more goods, triggering additional duties. However, many are sceptical about the long-term effectiveness of the tariff strategy, with concerns that higher costs for consumers and reduced trade growth could ultimately offset any gains in federal revenue.

A key factor in the government's revenue boost was a dramatic rise in customs duty collections. July’s tariff revenue jumped 273 per cent, or $21 billion, compared to the same period last year, reaching approximately $27.7 billion.&nbsp;

US budget deficit surges 20% in July despite record tariff revenues

As traders look ahead to a high-stakes meeting between US President Donald Trump and Russian President Vladimir Putin on Friday, a diplomatic encounter that could reshape the outlook for sanctions on Russian crude, oil markets were steady. West Texas Intermediate (WTI) traded near $63 a barrel after slipping 1.2 per cent in the previous session, while Brent closed just below $66, according to Bloomberg. The drop came in thin trading, with investors waiting for geopolitical cues from the upcoming Alaska summit, where Ukraine’s conflict is expected to dominate the agenda.<h2>Why the Trump–Putin talks matter for oil?</h2>An easing of US sanctions on OPEC+ member Russia could reportedly release more supply into the market, a development that traders are watching closely. Any such move could add to an already bearish supply picture, as global output is ramping up despite concerns about slowing demand due to US tariff pressures on the world economy.&nbsp;The US Department of Energy (DOE), as reported by Bloomberg, has revised up its 2025 global oversupply forecast to 1.7 million barrels per day. The International Energy Agency (IEA) will release its own estimates later on Wednesday. OPEC, meanwhile, has kept its more bullish view, predicting a tighter oil market next year than previously projected.<h2>US stockpiles rise, demand season nears its end</h2>Whereas, data from the American Petroleum Institute (API), cited by Reuters, showed US crude inventories rising by 1.52 million barrels last week. Gasoline stocks fell, but distillate inventories used for diesel and heating oil gained slightly. Analysts polled by Reuters expect the US Energy Information Administration (EIA) to show a smaller crude drawdown of about 300,000 barrels in its official data later Wednesday, suggesting that the summer driving season may have already peaked. This seasonal demand window usually runs from Memorial Day in late May to Labour Day in early September.&nbsp;According to Reuters, the EIA projects US crude output will hit a record 13.41 million barrels per day in 2025, thanks to higher well productivity. However, it expects a decline in 2026 as lower oil prices prompt reduced drilling. OPEC’s latest monthly report, as quoted by Reuters, raises its 2026 global demand growth forecast to 1.38 million barrels per day, an increase of 100,000 bpd from its previous projection, while keeping its 2025 demand estimate unchanged.&nbsp;The White House, as reported by Reuters, has already signalled that a quick Ukraine ceasefire is unlikely, meaning sanctions relief for Russia may not be imminent. Still, ANZ senior commodity strategist Daniel Hynes told Reuters that traders appear less convinced about the possibility of fresh sanctions, even though President Trump has downplayed expectations of a breakthrough.<h2>Oil market snapshot</h2>As per Reuters, Brent crude, the global benchmark, inched up to $66.15 a barrel, a modest gain of three cents in early trade. The move comes after a 0.8 per cent drop in the previous session, reflecting market hesitation ahead of the Trump–Putin meeting in Alaska. Whereas, US WTI crude slipped slightly by three cents to $63.14 a barrel, as per Reuters. While the change was marginal, it followed a sharper 1.2 per cent decline a day earlier. Oversupply concerns and a build-up in domestic stockpiles are keeping prices under pressure.&nbsp;API figures, as cited by Reuters, show US crude inventories rising by 1.52 million barrels last week. This suggests refiners may be cutting back runs as the summer demand season winds down. Gasoline stocks fell, but distillate inventories posted a small gain. Bloomberg reports that the DOE now expects a much larger global surplus in 2025, 1.7 million barrels per day, compared to earlier projections. Without production cuts from OPEC+, this could weigh heavily on prices.&nbsp;Reuters cites the EIA’s projection that US crude production will reach a record 13.41 million barrels per day in 2025, boosted by well productivity gains, before easing in 2026. OPEC’s latest monthly report, as quoted by Reuters, raises its 2026 global oil demand growth forecast to 1.38 million barrels per day, driven by Asia and emerging markets, while demand growth in mature economies slows.

<figure class="table"><table><tbody><tr><td>Indicator</td><td>Latest Level</td><td>Change from Previous Session</td></tr><tr><td>Brent crude</td><td>$66.15/bbl</td><td>+$0.03 (+0.05%)</td></tr><tr><td>WTI crude</td><td>$63.14/bbl</td><td>-$0.03 (-0.05%)</td></tr><tr><td>US crude stocks</td><td>+1.52 million barrels</td><td>Week ended Aug 8</td></tr><tr><td>DOE oversupply forecast (2025)</td><td>1.7 million bpd</td><td>Up from earlier estimate</td></tr><tr><td>US crude output forecast (2025)</td><td>13.41 million bpd</td><td>Record high</td></tr><tr><td>OPEC global demand forecast (2026)</td><td>+1.38 million bpd</td><td>+100,000 bpd vs earlier</td></tr></tbody></table></figure>(Source: Reuters, Bloomberg)&nbsp;

<h2>Possible price paths after the Trump–Putin meeting</h2>If Trump and Putin agree on steps to lift or soften sanctions on Russian crude, more supply could flow into the global market. According to Bloomberg, this could push Brent prices back toward the low $60s. If there is no major breakthrough, prices may stay range-bound. As per Reuters analysts, Brent could hold between $63 and $66 as traders continue to price in the current sanctions regime. If fresh sanctions are imposed, further restricting Russian crude exports, the resulting supply squeeze could push Brent above $70 per barrel, especially if OPEC+ output remains steady, according to&nbsp;Reuters. (With inputs from the agencies)&nbsp; &nbsp;

Traders are closely monitoring an imminent meeting between US President Donald Trump and Russian President Vladimir Putin, which could influence sanctions on Russian crude. US crude inventories grew by 1.52 million barrels, hinting at reduced refinery activity as the summer season ends. 

As traders look ahead to a high-stakes meeting between US President Donald Trump and Russian President Vladimir Putin on Friday, a diplomatic encounter that could reshape the outlook for sanctions on Russian crude, oil markets were steady. West Texas Intermediate (WTI) traded near $63 a barrel after slipping 1.2 per cent in the previous session, while Brent closed just below $66, according to Bloomberg. The drop came in thin trading, with investors waiting for geopolitical cues from the upcoming Alaska summit, where Ukraine’s conflict is expected to dominate the agenda. Why the Trump–Putin talks matter for oil? An easing of US sanctions on OPEC+ member Russia could reportedly release more supply into the market, a development that traders are watching closely. Any such move could add to an already bearish supply picture, as global output is ramping up despite concerns about slowing demand due to US tariff pressures on the world economy. The US Department of Energy (DOE), as reported by Bloomberg, has revised up its 2025 global oversupply forecast to 1.7 million barrels per day. The International Energy Agency (IEA) will release its own estimates later on Wednesday. OPEC, meanwhile, has kept its more bullish view, predicting a tighter oil market next year than previously projected. US stockpiles rise, demand season nears its end Whereas, data from the American Petroleum Institute (API), cited by Reuters, showed US crude inventories rising by 1.52 million barrels last week. Gasoline stocks fell, but distillate inventories used for diesel and heating oil gained slightly. Analysts polled by Reuters expect the US Energy Information Administration (EIA) to show a smaller crude drawdown of about 300,000 barrels in its official data later Wednesday, suggesting that the summer driving season may have already peaked. This seasonal demand window usually runs from Memorial Day in late May to Labour Day in early September. According to Reuters, the EIA projects US crude output will hit a record 13.41 million barrels per day in 2025, thanks to higher well productivity. However, it expects a decline in 2026 as lower oil prices prompt reduced drilling. OPEC’s latest monthly report, as quoted by Reuters, raises its 2026 global demand growth forecast to 1.38 million barrels per day, an increase of 100,000 bpd from its previous projection, while keeping its 2025 demand estimate unchanged. The White House, as reported by Reuters, has already signalled that a quick Ukraine ceasefire is unlikely, meaning sanctions relief for Russia may not be imminent. Still, ANZ senior commodity strategist Daniel Hynes told Reuters that traders appear less convinced about the possibility of fresh sanctions, even though President Trump has downplayed expectations of a breakthrough. Oil market snapshot As per Reuters, Brent crude, the global benchmark, inched up to $66.15 a barrel, a modest gain of three cents in early trade. The move comes after a 0.8 per cent drop in the previous session, reflecting market hesitation ahead of the Trump–Putin meeting in Alaska. Whereas, US WTI crude slipped slightly by three cents to $63.14 a barrel, as per Reuters. While the change was marginal, it followed a sharper 1.2 per cent decline a day earlier. Oversupply concerns and a build-up in domestic stockpiles are keeping prices under pressure. API figures, as cited by Reuters, show US crude inventories rising by 1.52 million barrels last week. This suggests refiners may be cutting back runs as the summer demand season winds down. Gasoline stocks fell, but distillate inventories posted a small gain. Bloomberg reports that the DOE now expects a much larger global surplus in 2025, 1.7 million barrels per day, compared to earlier projections. Without production cuts from OPEC+, this could weigh heavily on prices. Reuters cites the EIA’s projection that US crude production will reach a record 13.41 million barrels per day in 2025, boosted by well productivity gains, before easing in 2026. OPEC’s latest monthly report, as quoted by Reuters, raises its 2026 global oil demand growth forecast to 1.38 million barrels per day, driven by Asia and emerging markets, while demand growth in mature economies slows.

Oil prices remained stable, with WTI near $63 and Brent just under $66. An easing of sanctions could increase supply, impacting an already bearish outlook as global production rises amid dwindling demand.

Oil steadies as Trump–Putin meeting looms over Ukraine conflict and sanctions

Inflation is a key parameter to measure the economic health of a country. While moderate inflation is normal but high inflation rates destabilise markets, decrease purchasing power and push millions into poverty. Here are the top 10 countries with the highest inflation rates

Global price crisis- Top 10 countries with highest inflation rates in the world

Italy’s government, led by Prime Minister Giorgia Meloni, is considering new measures to limit Chinese ownership in key Italian companies, particularly those in strategic sectors such as energy, technology, and infrastructure. This move aims to protect national security and strengthen Italy’s geopolitical standing, especially in the face of growing tensions between the US and China. According to a report by Reuters, the government’s focus is on firms like tiremaker Pirelli, where China’s Sinochem International Corporation holds a 37 per cent stake. The government is exploring options that would pressure Sinochem to sell its stake, as the company’s involvement with Pirelli could hinder the firm’s access to US markets due to security concerns over Chinese-controlled technology.<h2>Strategic sectors under scrutiny</h2>The Italian government’s initiative is part of a broader effort to reassess foreign investments in critical industries. The presence of Chinese investors in strategic sectors, such as Italy’s energy grids and power plants, is causing concern. For example, the Chinese state-owned State Grid Corporation of China holds a 35 per cent stake in CDP Reti, which controls Italy’s energy grids, and Chinese influence in power plant maker Ansaldo Energia is still felt despite Shanghai Electric reducing its stake. Meloni's government has already invoked the “golden power” rule, a legal mechanism that enables the state to intervene in foreign investments in strategic sectors.<h2>Geopolitical tensions and economic considerations</h2>The move also highlights the delicate balancing act Italy faces in its relations with both the US and China. Washington has already raised concerns about Pirelli’s cyber sensors, fearing potential data risks, and warned that Chinese-controlled companies could face restrictions in the US market. However, any aggressive action against Chinese investments could strain Italy’s relationship with one of its largest trading partners, particularly after the country exited China’s Belt and Road Initiative in 2023. Despite this, Meloni’s government has been cautious, seeking to avoid upsetting China while simultaneously aligning with US interests.This geopolitical shift underscores Europe’s growing wariness of Chinese influence, particularly in sectors that could affect national security. While the EU has welcomed Chinese investment in the past, it has become more selective, steering Chinese capital away from critical infrastructure and towards sectors like electric vehicles and renewable energy that align more closely with European economic priorities.&nbsp;(With inputs from agencies)

The Italian government’s move highlights the delicate balancing act Italy faces in its relations with both the US and China. Washington has already raised concerns about Pirelli’s cyber sensors, fearing potential data risks, and warned that Chinese firms could face restrictions in the US.

Italy’s government, led by Prime Minister Giorgia Meloni, is considering new measures to limit Chinese ownership in key Italian companies, particularly those in strategic sectors such as energy, technology, and infrastructure. This move aims to protect national security and strengthen Italy’s geopolitical standing, especially in the face of growing tensions between the US and China. According to a report by Reuters, the government’s focus is on firms like tiremaker Pirelli, where China’s Sinochem International Corporation holds a 37 per cent stake. The government is exploring options that would pressure Sinochem to sell its stake, as the company’s involvement with Pirelli could hinder the firm’s access to US markets due to security concerns over Chinese-controlled technology. Strategic sectors under scrutiny The Italian government’s initiative is part of a broader effort to reassess foreign investments in critical industries. The presence of Chinese investors in strategic sectors, such as Italy’s energy grids and power plants, is causing concern. For example, the Chinese state-owned State Grid Corporation of China holds a 35 per cent stake in CDP Reti, which controls Italy’s energy grids, and Chinese influence in power plant maker Ansaldo Energia is still felt despite Shanghai Electric reducing its stake. Meloni's government has already invoked the “golden power” rule, a legal mechanism that enables the state to intervene in foreign investments in strategic sectors. Geopolitical tensions and economic considerations The move also highlights the delicate balancing act Italy faces in its relations with both the US and China. Washington has already raised concerns about Pirelli’s cyber sensors, fearing potential data risks, and warned that Chinese-controlled companies could face restrictions in the US market. However, any aggressive action against Chinese investments could strain Italy’s relationship with one of its largest trading partners, particularly after the country exited China’s Belt and Road Initiative in 2023. Despite this, Meloni’s government has been cautious, seeking to avoid upsetting China while simultaneously aligning with US interests. This geopolitical shift underscores Europe’s growing wariness of Chinese influence, particularly in sectors that could affect national security. While the EU has welcomed Chinese investment in the past, it has become more selective, steering Chinese capital away from critical infrastructure and towards sectors like electric vehicles and renewable energy that align more closely with European economic priorities. (With inputs from agencies)

The Italian government’s move highlights the delicate balancing act Italy faces in its relations with both the US and China. Washington has already raised concerns about Pirelli’s cyber sensors, fearing potential data risks, and warned that Chinese firms could face restrictions in the US.

Italy seeks to curb Chinese influence in strategic companies