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The US dollar gained ground against its major peers on Tuesday, as traders digested the outcome of a White House summit on Ukraine and braced for key signals from the Federal Reserve later this week. According to Reuters, the dollar index inched up 0.1 per cent to 98.19 after US President Donald Trump assured Ukraine’s Volodymyr Zelenskiy that Washington would provide security guarantees in any peace settlement with Russia. The pledge followed a high-level meeting in Washington with European allies, where discussions centred on ending the nearly three-year-long conflict.<h2>Markets eye Ukraine deal impact</h2>Market analysts noted that geopolitical uncertainty was driving investors towards the greenback. “The dollar is the safe haven of choice when geopolitical risks are increasing,” Bart Wakabayashi, Tokyo branch manager at State Street, was quoted as saying by Reuters.&nbsp;If a peace deal materialises with European nations taking on a bigger role, currency flows could further strengthen the dollar while putting pressure on the euro and pound. The euro hovered at $1.1656, down 0.04 per cent in Asian trading, stuck in the middle of its recent range. Sterling also slipped back to $1.3501, nearing the lower end of its past week’s trading band.<h2>Thin trading and Fed spotlight</h2>With many investors away for summer holidays, trading volumes remained thin. But attention is now shifting to the Federal Reserve’s annual Jackson Hole symposium later this week, where Fed Chair Jerome Powell is expected to provide crucial guidance on the US economic outlook and future interest rate trajectory.&nbsp;Independent analyst Tina Teng told Reuters that investors remained cautious, with Wall Street equities trading near record highs and risk sentiment still guiding flows.<h2>Asian markets and safe-haven flows</h2>The dollar edged 0.1 per cent lower against the yen, trading at 147.77, after weak demand at a Japanese government bond auction nudged long-term yields higher. Japanese equities pared early gains, with the Nikkei 225 retreating from record highs.&nbsp;Meanwhile, commodity-linked currencies showed mixed moves. The Australian dollar eased to $0.6489 despite upbeat consumer sentiment data, while the New Zealand dollar was flat at $0.5924 after earlier gains. The Hong Kong dollar stood out, strengthening 0.3 per cent to 7.7944 per US dollar as local interbank rates jumped to a three-month high.<h2>Crypto bucks the trend</h2>Cryptocurrencies were the outliers in Tuesday’s session. Bitcoin fell 1.3 per cent, extending a three-day slide after hitting record highs last week. Ether dropped 2.9 per cent, unable to breach its recent peak.&nbsp;For now, investors are weighing two forces: the geopolitical risk premium tied to Ukraine and the policy direction from the Fed. Both factors are expected to keep the dollar in demand in the near term, according to Reuters.&nbsp;(With inputs from the agencies)

The dollar index rose 0.1% to 98.19 after President Donald Trump pledged security guarantees to Volodymyr Zelenskiy in any peace deal with Russia. The euro slipped to $1.1656 and sterling edged lower to $1.3501, while the yen strengthened slightly to 147.77 per dollar.

The US dollar gained ground against its major peers on Tuesday, as traders digested the outcome of a White House summit on Ukraine and braced for key signals from the Federal Reserve later this week. According to Reuters, the dollar index inched up 0.1 per cent to 98.19 after US President Donald Trump assured Ukraine’s Volodymyr Zelenskiy that Washington would provide security guarantees in any peace settlement with Russia. The pledge followed a high-level meeting in Washington with European allies, where discussions centred on ending the nearly three-year-long conflict. Markets eye Ukraine deal impact Market analysts noted that geopolitical uncertainty was driving investors towards the greenback. “The dollar is the safe haven of choice when geopolitical risks are increasing,” Bart Wakabayashi, Tokyo branch manager at State Street, was quoted as saying by Reuters. If a peace deal materialises with European nations taking on a bigger role, currency flows could further strengthen the dollar while putting pressure on the euro and pound. The euro hovered at $1.1656, down 0.04 per cent in Asian trading, stuck in the middle of its recent range. Sterling also slipped back to $1.3501, nearing the lower end of its past week’s trading band. Thin trading and Fed spotlight With many investors away for summer holidays, trading volumes remained thin. But attention is now shifting to the Federal Reserve’s annual Jackson Hole symposium later this week, where Fed Chair Jerome Powell is expected to provide crucial guidance on the US economic outlook and future interest rate trajectory. Independent analyst Tina Teng told Reuters that investors remained cautious, with Wall Street equities trading near record highs and risk sentiment still guiding flows. Asian markets and safe-haven flows The dollar edged 0.1 per cent lower against the yen, trading at 147.77, after weak demand at a Japanese government bond auction nudged long-term yields higher. Japanese equities pared early gains, with the Nikkei 225 retreating from record highs. Meanwhile, commodity-linked currencies showed mixed moves. The Australian dollar eased to $0.6489 despite upbeat consumer sentiment data, while the New Zealand dollar was flat at $0.5924 after earlier gains. The Hong Kong dollar stood out, strengthening 0.3 per cent to 7.7944 per US dollar as local interbank rates jumped to a three-month high. Crypto bucks the trend Cryptocurrencies were the outliers in Tuesday’s session. Bitcoin fell 1.3 per cent, extending a three-day slide after hitting record highs last week. Ether dropped 2.9 per cent, unable to breach its recent peak. For now, investors are weighing two forces: the geopolitical risk premium tied to Ukraine and the policy direction from the Fed. Both factors are expected to keep the dollar in demand in the near term, according to Reuters. (With inputs from the agencies)

The US dollar gained on Tuesday as investors weighed the outcome of a White House summit on Ukraine and braced for signals from the Federal Reserve’s Jackson Hole symposium later this week.

Dollar firms as Ukraine peace push and Fed expectations guide markets

Oil prices edged lower on Tuesday in Asian trade as investors assessed the potential impact of fresh diplomatic efforts to end the war in Ukraine, a development that could reshape sanctions on Russian crude. According to Reuters, Brent crude futures fell 7 cents, or 0.11 per cent, to $66.53 a barrel by 0000 GMT. US West Texas Intermediate (WTI) crude for September delivery, due to expire on Wednesday, slipped 6 cents, or 0.09 per cent, to $63.36. The more active October WTI contract was down 9 cents, or 0.14 per cent, at $62.61 a barrel. The slight pullback followed a near 1 per cent rise in the previous session.<h2>Trump pushes for trilateral summit</h2>As quoted by Reuters, US President Donald Trump said he had spoken to his Russian counterpart Vladimir Putin after meeting Ukraine’s President Volodymyr Zelenskiy and European allies in the White House on Monday. Trump confirmed that plans were underway to organise a trilateral summit between himself, Putin, and Zelenskiy to discuss ending the war.&nbsp;Zelenskiy described his direct talks with Trump as “very good”, adding that security guarantees for Ukraine were on the table, according to Reuters.&nbsp;The push comes as Trump presses for a swift resolution to Europe’s deadliest conflict in eight decades. However, Kyiv and its allies remain concerned that Washington may push for terms that favour Moscow.<h2>Oil market reaction</h2>Analysts said the market is bracing for two possible outcomes. Bart Melek, head of commodity strategy at TD Securities, told Reuters that any breakthrough which de-escalates tensions and reduces the threat of sanctions or tariffs could drag oil prices closer to the bank’s fourth-quarter 2025 and first-quarter 2026 average target of $58 per barrel.&nbsp;On the other hand, if Washington decides to tighten pressure on Moscow through broader secondary tariffs against buyers of Russian oil, similar to those already imposed on India, crude could rally back toward the highs seen earlier this month, Melek added.&nbsp;For now, traders remain cautious, with oil markets caught between hopes of diplomacy and the risk of renewed sanctions pressure.&nbsp;(With inputs from the agencies)&nbsp;

The pullback followed a near 1% gain in the previous session. The moves came after US President Donald Trump said he had spoken with Vladimir Putin following talks with Volodymyr Zelenskiy, confirming plans for a trilateral summit to discuss ending the conflict.

Oil prices edged lower on Tuesday in Asian trade as investors assessed the potential impact of fresh diplomatic efforts to end the war in Ukraine, a development that could reshape sanctions on Russian crude. According to Reuters, Brent crude futures fell 7 cents, or 0.11 per cent, to $66.53 a barrel by 0000 GMT. US West Texas Intermediate (WTI) crude for September delivery, due to expire on Wednesday, slipped 6 cents, or 0.09 per cent, to $63.36. The more active October WTI contract was down 9 cents, or 0.14 per cent, at $62.61 a barrel. The slight pullback followed a near 1 per cent rise in the previous session. Trump pushes for trilateral summit As quoted by Reuters, US President Donald Trump said he had spoken to his Russian counterpart Vladimir Putin after meeting Ukraine’s President Volodymyr Zelenskiy and European allies in the White House on Monday. Trump confirmed that plans were underway to organise a trilateral summit between himself, Putin, and Zelenskiy to discuss ending the war. Zelenskiy described his direct talks with Trump as “very good”, adding that security guarantees for Ukraine were on the table, according to Reuters. The push comes as Trump presses for a swift resolution to Europe’s deadliest conflict in eight decades. However, Kyiv and its allies remain concerned that Washington may push for terms that favour Moscow. Oil market reaction Analysts said the market is bracing for two possible outcomes. Bart Melek, head of commodity strategy at TD Securities, told Reuters that any breakthrough which de-escalates tensions and reduces the threat of sanctions or tariffs could drag oil prices closer to the bank’s fourth-quarter 2025 and first-quarter 2026 average target of $58 per barrel. On the other hand, if Washington decides to tighten pressure on Moscow through broader secondary tariffs against buyers of Russian oil, similar to those already imposed on India, crude could rally back toward the highs seen earlier this month, Melek added. For now, traders remain cautious, with oil markets caught between hopes of diplomacy and the risk of renewed sanctions pressure. (With inputs from the agencies)

Oil prices dipped in Asian trade on Tuesday as investors weighed fresh diplomatic momentum to end the war in Ukraine. Brent crude futures slipped 7 cents to $66.53 a barrel, while US WTI for September delivery eased 6 cents to $63.36.

Oil slips as markets weigh Trump’s push for Russia-Ukraine peace talks

China has informed India that it has lifted export restrictions on fertilisers, rare earth magnets and minerals, and tunnel boring machines, according to sources. The major breakthrough came after Indian External Affairs Minister S Jaishankar raised the three key demands in a meeting with his Chinese counterpart Wang Yi last month. The Chinese foreign minister is currently visiting India on a three-day diplomatic trip. On Monday, Yi, reportedly assured Jaishankar that Beijing had already begun acting on India's demands. China has also started the shipment of said critical items, suggest reports.&nbsp;<h2>Why is this important? What was the Impact of Chinese curbs on Indian markets?</h2>India had earlier raised concerns over China suddenly imposing restrictions on the three critical items. Reports suggest that the sudden imposition of an export ban affected the Rabi season, as it hit the supply of Di-Ammonium Phosphate (DAP). Meanwhile, shipment delays of tunnel boring machines affected crucial infrastructure projects, including those by foreign companies with manufacturing plants in China.The curb on Rare earth mineral exports impacted the auto and electronics sectors, which faced severe shortages and warned of disruptions in production.Also read |&nbsp;<h2>Why did China impose the export curbs?</h2>According to reports, China imposed the restrictions while citing security concerns and strained bilateral relations with India.&nbsp;However, Yi, in a statement published on Tuesday (Aug 19), lauded the progress in relations between India and China, noting that they were on a "positive trend".On Monday, during talks with Jaishankar, Wang Yi said that the two countries should "view each other as partners and opportunities, rather than adversaries or threats". Pointing to the resumption of "dialogue at all levels" and "maintenance of peace and tranquillity in border areas" as evidence, the Chinese foreign minister said that the bilateral ties were on a "positive trend of returning to the main path of cooperation".Watch | Wang Yi In India: Differences Shouldn’t Turn Into Disputes, S. Jaishankar to Wang <a href="https://www.wionews.com/videos/wang-yi-in-india-differences-shouldn-t-turn-into-disputes-s-jaishankar-to-wang-1755583135520/embed">https://www.wionews.com/videos/wang-yi-in-india-differences-shouldn-t-turn-into-disputes-s-jaishankar-to-wang-1755583135520/embed</a>&nbsp;

China has told India it has lifted export curbs on fertilizers, rare earth magnets, minerals, and tunnel boring machines, sources said. The move follows EAM S Jaishankar’s talks with Wang Yi last month.

China has informed India that it has lifted export restrictions on fertilisers, rare earth magnets and minerals, and tunnel boring machines, according to sources. The major breakthrough came after Indian External Affairs Minister S Jaishankar raised the three key demands in a meeting with his Chinese counterpart Wang Yi last month. The Chinese foreign minister is currently visiting India on a three-day diplomatic trip. On Monday, Yi, reportedly assured Jaishankar that Beijing had already begun acting on India's demands. China has also started the shipment of said critical items, suggest reports. Why is this important? What was the Impact of Chinese curbs on Indian markets? India had earlier raised concerns over China suddenly imposing restrictions on the three critical items. Reports suggest that the sudden imposition of an export ban affected the Rabi season, as it hit the supply of Di-Ammonium Phosphate (DAP). Meanwhile, shipment delays of tunnel boring machines affected crucial infrastructure projects, including those by foreign companies with manufacturing plants in China. The curb on Rare earth mineral exports impacted the auto and electronics sectors, which faced severe shortages and warned of disruptions in production. Also read | Why did China impose the export curbs? According to reports, China imposed the restrictions while citing security concerns and strained bilateral relations with India. However, Yi, in a statement published on Tuesday (Aug 19), lauded the progress in relations between India and China, noting that they were on a "positive trend". On Monday, during talks with Jaishankar, Wang Yi said that the two countries should "view each other as partners and opportunities, rather than adversaries or threats". Pointing to the resumption of "dialogue at all levels" and "maintenance of peace and tranquillity in border areas" as evidence, the Chinese foreign minister said that the bilateral ties were on a "positive trend of returning to the main path of cooperation". Watch | Wang Yi In India: Differences Shouldn’t Turn Into Disputes, S. Jaishankar to Wang https://www.wionews.com/videos/wang-yi-in-india-differences-shouldn-t-turn-into-disputes-s-jaishankar-to-wang-1755583135520/embed

China has told India it has lifted export curbs on fertilisers, rare earth magnets, minerals, and tunnel boring machines, sources said. The move follows EAM S Jaishankar’s talks with Wang Yi last month.

China lifts export ban on fertilisers, rare earths, tunnel machines as Wang Yi visits India: Report

Intel has secured a $2 billion equity investment from Japan’s SoftBank Group, marking a major vote of confidence in the US chipmaker’s turnaround efforts. The deal, announced on Monday, comes as Intel struggles to regain its footing in the artificial intelligence (AI) chip race after years of missteps. The fresh capital injection will make SoftBank one of Intel’s top-10 shareholders, according to Reuters. The Japanese investment giant is paying $23 per share, slightly below Intel’s Monday closing price of $23.66. Based on Intel’s market capitalisation, the purchase translates into a stake of just under 2 per cent, making SoftBank the company’s sixth-largest investor.&nbsp;The deal adds to SoftBank’s sweeping AI ambitions, which include its $500 billion Stargate data centre project in the US. Despite the size of the investment, SoftBank will not take a board seat at Intel nor commit to buying its chips, Reuters reported.<h2>Market reaction and White House backdrop</h2>News of the deal pushed Intel shares up 5.6 per cent in after-hours trading, while SoftBank’s stock dropped more than 5 per cent on Tuesday.&nbsp;The announcement also comes days after reports that the US government may itself buy a stake in Intel. Bloomberg reported that Washington is considering taking up to a 10 per cent holding after a recent meeting between Intel’s new CEO Lip-Bu Tan and President Donald Trump. Trump has been critical of Tan’s past ties to Chinese firms, though sources told Reuters that SoftBank’s investment is not connected to the White House’s discussions.&nbsp;SoftBank CEO Masayoshi Son described the deal as a strategic bet on America’s semiconductor base, saying the group believes “advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role,” as quoted by Reuters.<h2>Intel’s mounting challenges</h2>For Intel, the funding is a lifeline. The company posted a $18.8 billion loss in 2024, its first annual loss since 1986. Rival AMD has steadily chipped away at its dominance in the personal computer and server markets, while Taiwan’s TSMC continues to lead in contract chip manufacturing.&nbsp;Intel’s costly plan to build a foundry business that could rival TSMC has struggled to take off. According to Reuters, the company is now considering a significant shift in its contract chip strategy in a bid to attract big customers, though such a move could be expensive.&nbsp;Industry analysts say Intel’s position as both a designer and manufacturer of chips could still prove decisive. “Intel’s dual role as designer and manufacturer uniquely positions it as potentially the best platform in the US to compete with TSMC,” Charu Chanana, chief investment strategist at Saxo, told Reuters.<h2>SoftBank’s AI spree</h2>SoftBank’s investment in Intel is part of a larger wave of high-profile bets this year. The Japanese firm has already committed $30 billion to OpenAI and is backing the Stargate project, which will see massive data centres built across the US. As part of that project, Taiwan’s Foxconn said on Monday it would manufacture data centre equipment with SoftBank at its Ohio facility, formerly an electric vehicle plant.&nbsp;Intel’s partnership with SoftBank offers short-term financial relief, but its long-term revival will hinge on whether it can finally compete in the AI chip market — a race where Nvidia and TSMC are already far ahead.&nbsp;(With inputs from the agencies)&nbsp;

The deal, priced at $23 per share, gives SoftBank just under a 2% stake and marks a rare vote of confidence in Intel’s turnaround amid mounting AI chip competition. 

Intel has secured a $2 billion equity investment from Japan’s SoftBank Group, marking a major vote of confidence in the US chipmaker’s turnaround efforts. The deal, announced on Monday, comes as Intel struggles to regain its footing in the artificial intelligence (AI) chip race after years of missteps. The fresh capital injection will make SoftBank one of Intel’s top-10 shareholders, according to Reuters. The Japanese investment giant is paying $23 per share, slightly below Intel’s Monday closing price of $23.66. Based on Intel’s market capitalisation, the purchase translates into a stake of just under 2 per cent, making SoftBank the company’s sixth-largest investor. The deal adds to SoftBank’s sweeping AI ambitions, which include its $500 billion Stargate data centre project in the US. Despite the size of the investment, SoftBank will not take a board seat at Intel nor commit to buying its chips, Reuters reported. Market reaction and White House backdrop News of the deal pushed Intel shares up 5.6 per cent in after-hours trading, while SoftBank’s stock dropped more than 5 per cent on Tuesday. The announcement also comes days after reports that the US government may itself buy a stake in Intel. Bloomberg reported that Washington is considering taking up to a 10 per cent holding after a recent meeting between Intel’s new CEO Lip-Bu Tan and President Donald Trump. Trump has been critical of Tan’s past ties to Chinese firms, though sources told Reuters that SoftBank’s investment is not connected to the White House’s discussions. SoftBank CEO Masayoshi Son described the deal as a strategic bet on America’s semiconductor base, saying the group believes “advanced semiconductor manufacturing and supply will further expand in the United States, with Intel playing a critical role,” as quoted by Reuters. Intel’s mounting challenges For Intel, the funding is a lifeline. The company posted a $18.8 billion loss in 2024, its first annual loss since 1986. Rival AMD has steadily chipped away at its dominance in the personal computer and server markets, while Taiwan’s TSMC continues to lead in contract chip manufacturing. Intel’s costly plan to build a foundry business that could rival TSMC has struggled to take off. According to Reuters, the company is now considering a significant shift in its contract chip strategy in a bid to attract big customers, though such a move could be expensive. Industry analysts say Intel’s position as both a designer and manufacturer of chips could still prove decisive. “Intel’s dual role as designer and manufacturer uniquely positions it as potentially the best platform in the US to compete with TSMC,” Charu Chanana, chief investment strategist at Saxo, told Reuters. SoftBank’s AI spree SoftBank’s investment in Intel is part of a larger wave of high-profile bets this year. The Japanese firm has already committed $30 billion to OpenAI and is backing the Stargate project, which will see massive data centres built across the US. As part of that project, Taiwan’s Foxconn said on Monday it would manufacture data centre equipment with SoftBank at its Ohio facility, formerly an electric vehicle plant. Intel’s partnership with SoftBank offers short-term financial relief, but its long-term revival will hinge on whether it can finally compete in the AI chip market — a race where Nvidia and TSMC are already far ahead. (With inputs from the agencies)

Intel has landed a $2 billion equity investment from Japan’s SoftBank Group, making the Japanese giant one of its top-10 shareholders.

Intel gets $2 billion SoftBank lifeline as chipmaker struggles for AI relevance

A fleet of Russian liquefied natural gas (LNG) tankers has set sail for Asia from a US-sanctioned Arctic facility, raising questions over how far Washington will go in enforcing its restrictions while pushing for a peace deal in Ukraine. According to Bloomberg, ship-tracking data shows that at least four LNG vessels have departed from the Arctic LNG 2 project in Siberia, operated by Novatek PJSC. Two of these ships, the Iris and the Voskhod began their journey towards North Asia via the Northern Sea Route on August 15 after being idle for weeks. Two other tankers also left the sanctioned terminal last week.<h2>Arctic LNG 2: Russia’s strategic energy pivot</h2>The Arctic LNG 2 plant is central to Moscow’s ambition of tripling LNG exports by 2030, as it seeks new markets following the collapse of pipeline sales to Europe. The project, sanctioned by the Biden administration in 2023, was forced to halt exports last October due to a lack of buyers and seasonal ice buildup.&nbsp;Bloomberg reports that the plant resumed loading cargoes in June this year, but so far none of the shipments have been received at an import terminal. The four vessels currently sailing may test Asian demand, though it remains uncertain whether they will secure buyers.&nbsp;Industry observers note that Russia has marshalled a “shadow fleet” of about a dozen ships, some specially equipped for icy waters, to move LNG from the Arctic facility. Several of these tankers have switched management companies multiple times, a strategy aimed at concealing ultimate ownership and avoiding sanctions scrutiny.<h2>Geopolitics clouds energy flows</h2>The renewed activity comes at a delicate moment in international diplomacy. US President Donald Trump met Russian President Vladimir Putin in Alaska last week, describing the talks as “extremely productive.” Trump has so far held back from tightening sanctions on countries buying Russian energy, including China, as Washington seeks to push forward ceasefire negotiations with Ukraine.&nbsp;This calibrated approach means Russian LNG continues to move, albeit cautiously through grey market channels. Asian buyers, especially in China and India, may be tempted by discounted cargoes, though the risk of secondary sanctions remains a looming deterrent.<h2>What it means for global gas markets?</h2>The Arctic LNG 2 shipments underline how energy trade remains a powerful lever in the Ukraine conflict. If the tankers manage to unload in Asia, Moscow will see it as a victory in diversifying away from&nbsp;&nbsp;European dependence. But if buyers hesitate, it could expose the limitations of Russia’s strategy.Either way, the voyages place Washington in a difficult spot, caught between enforcing sanctions strictly and leaving room for diplomacy in its push for a peace deal.&nbsp;(With inputs from the agencies)&nbsp;&nbsp;

At least four Russian LNG tankers have departed the US-sanctioned Arctic LNG 2 project in Siberia, marking Moscow’s latest attempt to tap Asian demand amid the Ukraine conflict. 

A fleet of Russian liquefied natural gas (LNG) tankers has set sail for Asia from a US-sanctioned Arctic facility, raising questions over how far Washington will go in enforcing its restrictions while pushing for a peace deal in Ukraine. According to Bloomberg, ship-tracking data shows that at least four LNG vessels have departed from the Arctic LNG 2 project in Siberia, operated by Novatek PJSC. Two of these ships, the Iris and the Voskhod began their journey towards North Asia via the Northern Sea Route on August 15 after being idle for weeks. Two other tankers also left the sanctioned terminal last week. Arctic LNG 2: Russia’s strategic energy pivot The Arctic LNG 2 plant is central to Moscow’s ambition of tripling LNG exports by 2030, as it seeks new markets following the collapse of pipeline sales to Europe. The project, sanctioned by the Biden administration in 2023, was forced to halt exports last October due to a lack of buyers and seasonal ice buildup. Bloomberg reports that the plant resumed loading cargoes in June this year, but so far none of the shipments have been received at an import terminal. The four vessels currently sailing may test Asian demand, though it remains uncertain whether they will secure buyers. Industry observers note that Russia has marshalled a “shadow fleet” of about a dozen ships, some specially equipped for icy waters, to move LNG from the Arctic facility. Several of these tankers have switched management companies multiple times, a strategy aimed at concealing ultimate ownership and avoiding sanctions scrutiny. Geopolitics clouds energy flows The renewed activity comes at a delicate moment in international diplomacy. US President Donald Trump met Russian President Vladimir Putin in Alaska last week, describing the talks as “extremely productive.” Trump has so far held back from tightening sanctions on countries buying Russian energy, including China, as Washington seeks to push forward ceasefire negotiations with Ukraine. This calibrated approach means Russian LNG continues to move, albeit cautiously through grey market channels. Asian buyers, especially in China and India, may be tempted by discounted cargoes, though the risk of secondary sanctions remains a looming deterrent. What it means for global gas markets? The Arctic LNG 2 shipments underline how energy trade remains a powerful lever in the Ukraine conflict. If the tankers manage to unload in Asia, Moscow will see it as a victory in diversifying away from European dependence. But if buyers hesitate, it could expose the limitations of Russia’s strategy. Either way, the voyages place Washington in a difficult spot, caught between enforcing sanctions strictly and leaving room for diplomacy in its push for a peace deal. (With inputs from the agencies)

Russian Arctic LNG tankers head for Asia, testing US sanctions and global gas markets.

US-sanctioned Russian LNG tankers head to Asia amid Ukraine peace talks

India’s largest lender, the State Bank of India (SBI), is reportedly under fire for classifying Reliance Communications (RCOM) and its former director, Anil D. Ambani, as fraud. The move, passed through an ex-parte order in June 2025, has been branded “arbitrary and discriminatory” by Ambani’s counsel, who argue that the decision violates the principles of natural justice laid down by the Supreme Court.<h2>Counsel’s objections to SBI’s move</h2>According to Zee Business, Ambani’s lawyers say SBI’s Fraud Identification Committee passed its order without giving him a personal hearing, a requirement mandated by multiple rulings, including SBI v. Rajesh Agarwal (2023), T. Takano v. SEBI (2022), Milind Patel v. Union Bank of India (2024), and Ankit Bhuwalka v. IDBI Bank (2025).&nbsp;The counsel further alleges that SBI withheld key annexures of the forensic audit report. One annexure, meant to contain revenue breakup details, was reportedly shared in an incomplete form showing only icons instead of data sheets. This, they argue, deprived Ambani of a fair chance to respond.&nbsp;Adding to this, SBI had in April 2025 withdrawn show-cause notices against five non-executive directors of RCOM, including former SBI chairman Arun Purwar and ex-LIC chief Raj Narain Murari L. Bhardwaj, acknowledging they had no role in daily operations. Yet Ambani alone continues to face fraud action, raising concerns of selective treatment.&nbsp;What makes the matter more complex is the stance of other lenders. On 10 July 2025, Canara Bank, another consortium member, unconditionally withdrew its fraud classification against RCOM and Ambani before the Bombay High Court. As per PTI, the bank admitted the classification “could not be sustained in law.” This contradiction within the lenders’ consortium highlights a lack of uniformity.<h2>SBI’s position</h2>SBI, for its part, maintains that its order is consistent with the Reserve Bank of India’s Master Directions on fraud reporting. The bank points to findings of fund diversion and irregularities in loan agreements, based on a forensic audit of RCOM’s accounts. As reported by Reuters, the bank argues that it is duty-bound to report fraud cases to the RBI and file complaints with investigative agencies.<h2>Why this matters?&nbsp;</h2>Fraud classification has far-reaching consequences. Once tagged, borrowers and guarantors lose access to institutional credit for five years, and banks are required to lodge criminal complaints.&nbsp;For Ambani, this action adds to a series of regulatory setbacks. As per Bloomberg, insolvency proceedings continue at the NCLT over his personal guarantees, including a ₹1,385 crore ($166 million) exposure to SBI. In July 2025, the Enforcement Directorate conducted raids on Ambani-linked firms in connection with alleged diversion of Yes Bank loans, according to PTI.&nbsp;Meanwhile, SEBI in August 2025 rejected Ambani’s settlement plea in the Reliance Mutual Fund–Yes Bank AT1 bonds case, citing investor losses of ₹1,828 crore ($220 million), as reported by the New Indian Express. The government also told Parliament in July 2025 that SBI’s exposure to RCOM stood at over ₹3,000 crore ($360 million), including ₹2,227 crore in fund-based loans, as reported by Moneylife.<h2>A long and winding legal battle</h2>This is not the first time Anil Ambani and Reliance Communications have been caught in disputes with lenders over fraud classification. The saga dates back to November 2020, when SBI first declared RCom’s loan account fraudulent. In January 2021, SBI even lodged a complaint with the Central Bureau of Investigation (CBI), before the Delhi High Court stepped in and stayed the move, as per Reuters.&nbsp;In March 2023, the Supreme Court ruled that borrowers must be given a hearing before such a classification. Following this verdict, SBI withdrew its fraud tag in September 2023. But the relief was short-lived. Between December 2023 and September 2024, fresh show-cause notices were issued to RCom and Anil Ambani. On 23 June 2025, SBI reinstated the fraud classification against the company, as reported&nbsp;by PTI.&nbsp;Meanwhile, other lenders also shifted their stance. On 29 April 2025, SBI withdrew showcause notices against five non-executive directors of the company, while on 10 July 2025, Canara Bank informed the Bombay High Court that it had withdrawn its fraud classification against RCom, according to Reuters.&nbsp;The government has also been drawn into the matter. In July 2025, it told Parliament that SBI’s exposure to Reliance Communications stood at over ₹3,000 crore ($360 million), including ₹2,227 crore ($267 million) in fund-based loans, as reported by Moneylife. The same month, the Enforcement Directorate conducted raids on firms linked to Ambani over alleged diversion of loans from Yes Bank, according to PTI.&nbsp;Separately, the Securities and Exchange Board of India (SEBI) rejected settlement pleas filed by Anil Ambani and others in August 2025, in a case concerning Reliance Mutual Fund’s investments in Yes Bank’s additional tier-1 bonds. The regulator cited investor losses of ₹1,828 crore ($220 million) as the reason for not accepting the settlement, as reported by the New Indian Express.&nbsp;Alongside these cases, insolvency proceedings continue against Ambani’s personal guarantees, including a ₹1,385 crore ($166 million) exposure to SBI, which is being heard by the Mumbai bench of the National Company Law Tribunal (NCLT), as per Bloomberg.<h2>The bigger picture</h2>At the heart of the dispute is a critical question that can Indian banks enforce accountability in high-profile defaults while respecting due process and judicial precedents?&nbsp;SBI’s firm stance, contrasted with Canara Bank’s withdrawal, underscores the lack of uniformity in how lenders approach fraud classification. For Ambani, the outcome of this case could determine not just access to credit, but also his standing in multiple ongoing legal and regulatory battles.&nbsp;(With inputs from the agencies)&nbsp;&nbsp;

Ambani’s counsel argues that the order was passed without a hearing and with incomplete forensic audit disclosures, while other lenders like Canara Bank have withdrawn similar classifications.

India’s largest lender, the State Bank of India (SBI), is reportedly under fire for classifying Reliance Communications (RCOM) and its former director, Anil D. Ambani, as fraud. The move, passed through an ex-parte order in June 2025, has been branded “arbitrary and discriminatory” by Ambani’s counsel, who argue that the decision violates the principles of natural justice laid down by the Supreme Court. Counsel’s objections to SBI’s move According to Zee Business, Ambani’s lawyers say SBI’s Fraud Identification Committee passed its order without giving him a personal hearing, a requirement mandated by multiple rulings, including SBI v. Rajesh Agarwal (2023), T. Takano v. SEBI (2022), Milind Patel v. Union Bank of India (2024), and Ankit Bhuwalka v. IDBI Bank (2025). The counsel further alleges that SBI withheld key annexures of the forensic audit report. One annexure, meant to contain revenue breakup details, was reportedly shared in an incomplete form showing only icons instead of data sheets. This, they argue, deprived Ambani of a fair chance to respond. Adding to this, SBI had in April 2025 withdrawn show-cause notices against five non-executive directors of RCOM, including former SBI chairman Arun Purwar and ex-LIC chief Raj Narain Murari L. Bhardwaj, acknowledging they had no role in daily operations. Yet Ambani alone continues to face fraud action, raising concerns of selective treatment. What makes the matter more complex is the stance of other lenders. On 10 July 2025, Canara Bank, another consortium member, unconditionally withdrew its fraud classification against RCOM and Ambani before the Bombay High Court. As per PTI, the bank admitted the classification “could not be sustained in law.” This contradiction within the lenders’ consortium highlights a lack of uniformity. SBI’s position SBI, for its part, maintains that its order is consistent with the Reserve Bank of India’s Master Directions on fraud reporting. The bank points to findings of fund diversion and irregularities in loan agreements, based on a forensic audit of RCOM’s accounts. As reported by Reuters, the bank argues that it is duty-bound to report fraud cases to the RBI and file complaints with investigative agencies. Why this matters? Fraud classification has far-reaching consequences. Once tagged, borrowers and guarantors lose access to institutional credit for five years, and banks are required to lodge criminal complaints. For Ambani, this action adds to a series of regulatory setbacks. As per Bloomberg, insolvency proceedings continue at the NCLT over his personal guarantees, including a ₹1,385 crore ($166 million) exposure to SBI. In July 2025, the Enforcement Directorate conducted raids on Ambani-linked firms in connection with alleged diversion of Yes Bank loans, according to PTI. Meanwhile, SEBI in August 2025 rejected Ambani’s settlement plea in the Reliance Mutual Fund–Yes Bank AT1 bonds case, citing investor losses of ₹1,828 crore ($220 million), as reported by the New Indian Express. The government also told Parliament in July 2025 that SBI’s exposure to RCOM stood at over ₹3,000 crore ($360 million), including ₹2,227 crore in fund-based loans, as reported by Moneylife. A long and winding legal battle This is not the first time Anil Ambani and Reliance Communications have been caught in disputes with lenders over fraud classification. The saga dates back to November 2020, when SBI first declared RCom’s loan account fraudulent. In January 2021, SBI even lodged a complaint with the Central Bureau of Investigation (CBI), before the Delhi High Court stepped in and stayed the move, as per Reuters. In March 2023, the Supreme Court ruled that borrowers must be given a hearing before such a classification. Following this verdict, SBI withdrew its fraud tag in September 2023. But the relief was short-lived. Between December 2023 and September 2024, fresh show-cause notices were issued to RCom and Anil Ambani. On 23 June 2025, SBI reinstated the fraud classification against the company, as reported by PTI. Meanwhile, other lenders also shifted their stance. On 29 April 2025, SBI withdrew showcause notices against five non-executive directors of the company, while on 10 July 2025, Canara Bank informed the Bombay High Court that it had withdrawn its fraud classification against RCom, according to Reuters. The government has also been drawn into the matter. In July 2025, it told Parliament that SBI’s exposure to Reliance Communications stood at over ₹3,000 crore ($360 million), including ₹2,227 crore ($267 million) in fund-based loans, as reported by Moneylife. The same month, the Enforcement Directorate conducted raids on firms linked to Ambani over alleged diversion of loans from Yes Bank, according to PTI. Separately, the Securities and Exchange Board of India (SEBI) rejected settlement pleas filed by Anil Ambani and others in August 2025, in a case concerning Reliance Mutual Fund’s investments in Yes Bank’s additional tier-1 bonds. The regulator cited investor losses of ₹1,828 crore ($220 million) as the reason for not accepting the settlement, as reported by the New Indian Express. Alongside these cases, insolvency proceedings continue against Ambani’s personal guarantees, including a ₹1,385 crore ($166 million) exposure to SBI, which is being heard by the Mumbai bench of the National Company Law Tribunal (NCLT), as per Bloomberg. The bigger picture At the heart of the dispute is a critical question that can Indian banks enforce accountability in high-profile defaults while respecting due process and judicial precedents? SBI’s firm stance, contrasted with Canara Bank’s withdrawal, underscores the lack of uniformity in how lenders approach fraud classification. For Ambani, the outcome of this case could determine not just access to credit, but also his standing in multiple ongoing legal and regulatory battles. (With inputs from the agencies)

SBI has classified Reliance Communications and Anil Ambani as fraud, triggering a legal storm over alleged violations of due process.

SBI’s fraud tag on Anil Ambani sparks legal challenge: Was due process ignored?

China’s capital outflows accelerated sharply in July, reaching a record high as investors seized new opportunities to diversify overseas. According to Bloomberg, domestic banks transferred a net $58.3 billion on behalf of clients for securities investments, the largest monthly outflow since records began in 2010.&nbsp;The surge was fuelled by mainland demand for Hong Kong stocks and bonds, alongside the July expansion of the Southbound Bond Connect, which allows more offshore debt investments. At the same time, foreign funds continued to cut back holdings of Chinese government bonds, citing weaker returns compared to global alternatives.<h2>Beijing tolerates managed outflows</h2>China appears willing to absorb some capital outflows this year, as it uses a weak-dollar environment to cautiously liberalise its capital account. In June, regulators raised quotas for approved institutions to invest abroad for the first time in over a year, a move that supports the yuan’s long-term globalisation.Analysts say the current outflows differ from the destabilising 2015–16 capital flight, when fears of a yuan devaluation sparked sharp market turmoil. This time, flows are more structured and largely channelled into regulated programmes like Bond Connect and Stock Connect.

China’s rising capital outflows<figure class="table"><table><tbody><tr><td>Month (2025)</td><td>Net Capital Outflow via Banks</td></tr><tr><td>March</td><td>$32.1 billion</td></tr><tr><td>April</td><td>$28.4 billion</td></tr><tr><td>May</td><td>$36.7 billion</td></tr><tr><td>June</td><td>$41.5 billion</td></tr><tr><td>July</td><td>$58.3 billion (record high)</td></tr></tbody></table></figure>(Source: Data accumulated by Bloomberg)&nbsp;

The table highlights how July marked a sharp acceleration in outflows, nearly doubling from March levels. While earlier months saw steady increases tied to equity purchases, the July spike was directly linked to regulatory easing through the Bond Connect scheme.<h2>What it means?</h2>For Beijing, the challenge will be balancing liberalisation with financial stability. While capital outflows are part of a deliberate strategy to globalise the yuan, persistent foreign selling of Chinese bonds could put pressure on liquidity and the exchange rate.&nbsp;Still, with July’s record number driven by structured channels rather than panic selling, policymakers appear comfortable with the trend, at least for now.&nbsp;(With inputs from the agencies)&nbsp;&nbsp;

While foreign investors pared holdings of Chinese government debt, analysts stressed that current outflows are orderly and policy driven, in contrast with past destabilising episodes. 

China’s capital outflows accelerated sharply in July, reaching a record high as investors seized new opportunities to diversify overseas. According to Bloomberg, domestic banks transferred a net $58.3 billion on behalf of clients for securities investments, the largest monthly outflow since records began in 2010. The surge was fuelled by mainland demand for Hong Kong stocks and bonds, alongside the July expansion of the Southbound Bond Connect, which allows more offshore debt investments. At the same time, foreign funds continued to cut back holdings of Chinese government bonds, citing weaker returns compared to global alternatives. Beijing tolerates managed outflows China appears willing to absorb some capital outflows this year, as it uses a weak-dollar environment to cautiously liberalise its capital account. In June, regulators raised quotas for approved institutions to invest abroad for the first time in over a year, a move that supports the yuan’s long-term globalisation. Analysts say the current outflows differ from the destabilising 2015–16 capital flight, when fears of a yuan devaluation sparked sharp market turmoil. This time, flows are more structured and largely channelled into regulated programmes like Bond Connect and Stock Connect.

China’s capital outflows hit a record $58.3 billion in July as regulatory easing fuelled demand for overseas assets through Bond Connect and Stock Connect. Unlike the panic-driven flight of 2015–16, flows are structured and tolerated by Beijing as part of its yuan globalisation push.

China’s capital outflows hit record high after market liberalisation push

Gold prices held steady on Monday after suffering their biggest weekly decline in months, as concerns grew that President Donald Trump’s tariff-driven inflation pressures in the US could delay the Federal Reserve’s rate-cutting cycle. According to Bloomberg, bullion traded around $3,340 an ounce in early Asian hours, down 0.1 per cent at 8:35 a.m. Singapore time. This follows a 1.8 per cent drop last week, the sharpest fall in three months, as signs of accelerating US wholesale inflation tempered expectations of near-term monetary easing.<h2>Tariff strains fuelling inflation</h2>Data released last week showed US wholesale inflation in July jumped at its fastest pace in three years, prompting traders to trim bets on a September Fed rate cut. Gold, which offers no yield, tends to lose appeal in a higher interest rate environment.&nbsp;Raphael Bostic, President of the Atlanta Federal Reserve, told Bloomberg after touring the southeastern US that “tariff strains are real” and that high borrowing costs are eroding corporate profits. Markets, however, still expect as many as two Fed cuts before year-end, though the timing remains uncertain.<h2>Geopolitical lens: Trump-Zelenskiy talks in focus</h2>Traders are also keeping a close watch on President Trump’s upcoming meeting with Ukrainian leader Volodymyr Zelenskiy. The talks are expected to define terms for a possible peace deal discussed during Trump’s meeting with Russian President Vladimir Putin in Alaska last week.&nbsp;As per Bloomberg, the outcome of these negotiations could sway gold sentiment, with a ceasefire potentially reducing haven demand, while prolonged conflict could spur more inflows into bullion.<h2>Gold consolidates near record highs</h2>Despite the recent pullback, gold has been consolidating just below its record high of $3,500 an ounce, reached in April. The metal remains up more than 25 per cent so far this year, buoyed by geopolitical risks, concerns over global growth, and central banks diversifying away from dollar-denominated assets.&nbsp;Silver and platinum were little changed on Monday, while palladium posted modest gains, Bloomberg reported. Meanwhile, the Bloomberg Dollar Spot Index was steady, offering little directional push for precious metals.&nbsp;With inflation fears intensifying and geopolitics still unsettled, gold’s trajectory may hinge on whether the Fed can balance market expectations with economic realities.&nbsp;(With inputs from the agencies)&nbsp;&nbsp;

Traders trimmed bets on September easing after wholesale prices surged, though markets still expect up to two Fed cuts by year end.

Gold prices held steady on Monday after suffering their biggest weekly decline in months, as concerns grew that President Donald Trump’s tariff-driven inflation pressures in the US could delay the Federal Reserve’s rate-cutting cycle. According to Bloomberg, bullion traded around $3,340 an ounce in early Asian hours, down 0.1 per cent at 8:35 a.m. Singapore time. This follows a 1.8 per cent drop last week, the sharpest fall in three months, as signs of accelerating US wholesale inflation tempered expectations of near-term monetary easing. Tariff strains fuelling inflation Data released last week showed US wholesale inflation in July jumped at its fastest pace in three years, prompting traders to trim bets on a September Fed rate cut. Gold, which offers no yield, tends to lose appeal in a higher interest rate environment. Raphael Bostic, President of the Atlanta Federal Reserve, told Bloomberg after touring the southeastern US that “tariff strains are real” and that high borrowing costs are eroding corporate profits. Markets, however, still expect as many as two Fed cuts before year-end, though the timing remains uncertain. Geopolitical lens: Trump-Zelenskiy talks in focus Traders are also keeping a close watch on President Trump’s upcoming meeting with Ukrainian leader Volodymyr Zelenskiy. The talks are expected to define terms for a possible peace deal discussed during Trump’s meeting with Russian President Vladimir Putin in Alaska last week. As per Bloomberg, the outcome of these negotiations could sway gold sentiment, with a ceasefire potentially reducing haven demand, while prolonged conflict could spur more inflows into bullion. Gold consolidates near record highs Despite the recent pullback, gold has been consolidating just below its record high of $3,500 an ounce, reached in April. The metal remains up more than 25 per cent so far this year, buoyed by geopolitical risks, concerns over global growth, and central banks diversifying away from dollar-denominated assets. Silver and platinum were little changed on Monday, while palladium posted modest gains, Bloomberg reported. Meanwhile, the Bloomberg Dollar Spot Index was steady, offering little directional push for precious metals. With inflation fears intensifying and geopolitics still unsettled, gold’s trajectory may hinge on whether the Fed can balance market expectations with economic realities. (With inputs from the agencies)

Gold steadied near $3,340 an ounce on Monday after its steepest weekly fall in three months, as Trump’s tariff-driven inflation risks clouded the outlook for US rate cuts.&nbsp;

Gold steadies after weekly drop as US inflation fears mount

The US dollar held firm on Monday as traders balanced geopolitical risks with expectations for monetary policy ahead of a crucial week that includes a meeting between President Donald Trump and Ukrainian President Volodymyr Zelenskiy, alongside the Federal Reserve’s Jackson Hole symposium.&nbsp;According to Reuters, currency movements were muted in early Asian trading, though the dollar regained some ground after last week’s slide. Against a basket of currencies, the greenback inched up to 97.85, having shed 0.4 per cent over the past week. The euro was little changed at $1.1705, while sterling ticked up 0.07 per cent to $1.3557. The dollar also rose 0.11 per cent against the yen to 147.34.<h2>Trump-Zelenskiy meeting in focus</h2>The main political event for markets on Monday is Trump’s meeting with Zelenskiy, joined by European leaders, as Washington pushes Kyiv to accept a rapid peace deal to end Europe’s deadliest war in eight decades.&nbsp;This follows Trump’s talks with Russian President Vladimir Putin in Alaska, where the two leaders signalled alignment on prioritising a peace agreement over a ceasefire. As per Reuters, the US president is expected to press Ukraine’s leadership towards concessions that may accelerate negotiations, though such moves remain contentious among European allies.<h2>Fed’s Jackson Hole symposium looms large</h2>Investors are equally focused on the Kansas City Federal Reserve’s annual Jackson Hole symposium, scheduled for August 21-23. Fed Chair Jerome Powell is set to deliver remarks on the US economic outlook and the central bank’s policy framework, a speech closely watched for signals on the pace of interest rate cuts.&nbsp;Markets are currently pricing in an 84 per cent chance of a quarter-point cut in September, down from 98 per cent a week ago. The shift came after stronger-than-expected data, including higher wholesale prices and robust July retail sales, dampened bets on a larger 50-basis-point reduction.&nbsp;“While the data don’t all point in the same direction, the US economy looks to be in okay shape in the third quarter,” Comerica Bank chief economist Bill Adams told Reuters. He added that the Fed is likely to cut rates by year-end, either in September or later in the year.&nbsp;Joseph Capurso, head of international and sustainable economics at the Commonwealth Bank of Australia, said Powell’s comments could test market expectations: “Given market pricing is very high for a rate cut in September, I think the risk is that Powell is hawkish, or is perceived to be hawkish, if he gives a balanced view of the US economy.”<h2>Asian currencies find support</h2>In Asia-Pacific trading, the Australian dollar rose 0.1 per cent to $0.65145, while the New Zealand dollar gained 0.15 per cent to $0.5934, both recovering slightly after losses last week. Japan’s yen remained under scrutiny after rare remarks from US Treasury Secretary Scott Bessent, who said the Bank of Japan was “behind the curve” on policy. Tokyo brushed aside the criticism, with Japan’s government reaffirming support for the central bank’s cautious stance.&nbsp;With geopolitics and central bank policy converging, markets face a tense week where headlines from Alaska to Wyoming could set the tone for currencies worldwide. (With inputs from the agencies)

Markets are bracing for a tense week where geopolitics and central bank policy collide. Trump’s push for a Ukraine peace deal, following his talks with Russian President Vladimir Putin, has sharpened political uncertainty in Europe.

The US dollar held firm on Monday as traders balanced geopolitical risks with expectations for monetary policy ahead of a crucial week that includes a meeting between President Donald Trump and Ukrainian President Volodymyr Zelenskiy, alongside the Federal Reserve’s Jackson Hole symposium. According to Reuters, currency movements were muted in early Asian trading, though the dollar regained some ground after last week’s slide. Against a basket of currencies, the greenback inched up to 97.85, having shed 0.4 per cent over the past week. The euro was little changed at $1.1705, while sterling ticked up 0.07 per cent to $1.3557. The dollar also rose 0.11 per cent against the yen to 147.34. Trump-Zelenskiy meeting in focus The main political event for markets on Monday is Trump’s meeting with Zelenskiy, joined by European leaders, as Washington pushes Kyiv to accept a rapid peace deal to end Europe’s deadliest war in eight decades. This follows Trump’s talks with Russian President Vladimir Putin in Alaska, where the two leaders signalled alignment on prioritising a peace agreement over a ceasefire. As per Reuters, the US president is expected to press Ukraine’s leadership towards concessions that may accelerate negotiations, though such moves remain contentious among European allies. Fed’s Jackson Hole symposium looms large Investors are equally focused on the Kansas City Federal Reserve’s annual Jackson Hole symposium, scheduled for August 21-23. Fed Chair Jerome Powell is set to deliver remarks on the US economic outlook and the central bank’s policy framework, a speech closely watched for signals on the pace of interest rate cuts. Markets are currently pricing in an 84 per cent chance of a quarter-point cut in September, down from 98 per cent a week ago. The shift came after stronger-than-expected data, including higher wholesale prices and robust July retail sales, dampened bets on a larger 50-basis-point reduction. “While the data don’t all point in the same direction, the US economy looks to be in okay shape in the third quarter,” Comerica Bank chief economist Bill Adams told Reuters. He added that the Fed is likely to cut rates by year-end, either in September or later in the year. Joseph Capurso, head of international and sustainable economics at the Commonwealth Bank of Australia, said Powell’s comments could test market expectations: “Given market pricing is very high for a rate cut in September, I think the risk is that Powell is hawkish, or is perceived to be hawkish, if he gives a balanced view of the US economy.” Asian currencies find support In Asia-Pacific trading, the Australian dollar rose 0.1 per cent to $0.65145, while the New Zealand dollar gained 0.15 per cent to $0.5934, both recovering slightly after losses last week. Japan’s yen remained under scrutiny after rare remarks from US Treasury Secretary Scott Bessent, who said the Bank of Japan was “behind the curve” on policy. Tokyo brushed aside the criticism, with Japan’s government reaffirming support for the central bank’s cautious stance. With geopolitics and central bank policy converging, markets face a tense week where headlines from Alaska to Wyoming could set the tone for currencies worldwide. (With inputs from the agencies)

The US dollar steadied on Monday as traders weighed geopolitical risks against monetary policy signals ahead of a pivotal week featuring President Donald Trump’s meeting with Ukrainian President Volodymyr Zelenskiy and the Federal Reserve’s Jackson Hole symposium.

Dollar steadies ahead of Trump-Zelenskiy meet and Fed’s Jackson Hole signals

Oil prices edged lower on Monday after the much-anticipated meeting between US President Donald Trump and Russian President Vladimir Putin signalled no immediate escalation in measures against Moscow’s energy exports. As per Reuters, Brent crude futures slipped 26 cents, or 0.39 per cent, to $65.59 a barrel by 0028 GMT, while US West Texas Intermediate (WTI) crude was down 18 cents, or 0.29 per cent, at $62.62.<h2>Trump-Putin talks shift focus from sanctions to peace deal</h2>The two leaders met in Alaska on Friday and emerged more aligned on pursuing a peace deal rather than prioritising a ceasefire in Ukraine, according to Reuters. The US president’s stance eased investor concerns about the possibility of new sanctions or secondary tariffs that could have further curbed Russian crude flows.&nbsp;Trump is scheduled to meet Ukrainian President Volodymyr Zelenskiy and European leaders on Monday in a fresh bid to accelerate talks towards ending what has become Europe’s deadliest conflict in 80 years.&nbsp;On Friday, Trump signalled that retaliatory tariffs on countries such as China for continuing purchases of Russian oil were not on the immediate agenda, though he left the door open to such measures “in two or three weeks”. That pause helped calm fears of a near-term disruption in Russian supply.<h2>China and India remain key buyers</h2>China, the world’s biggest crude importer, remains the largest buyer of Russian oil, followed closely by India. According to Reuters, analysts noted that secondary sanctions aimed at Beijing or New Delhi had been the major risk factor for markets in recent weeks.&nbsp;Helima Croft, an analyst at RBC Capital, was quoted by Reuters as saying: “What was primarily in play were the secondary tariffs targeting the key importers of Russian energy, and President Trump has indeed indicated that he will pause pursuing incremental action on this front, at least for China. The status quo remains largely intact for now.”&nbsp;However, Croft cautioned that Moscow is unlikely to retreat from its territorial demands, while Ukraine and some European leaders are expected to resist any land-for-peace agreement.<h2>Markets eye Fed outlook</h2>Beyond geopolitics, investors are also turning their attention to US monetary policy. Federal Reserve Chair Jerome Powell is set to speak at the Jackson Hole economic symposium later this week, a closely watched event for signals on the timing of rate cuts.&nbsp;“It’s likely he will remain non-committal and data-dependent, especially with one more payroll and CPI report before the September 17 FOMC meeting,” IG market analyst Tony Sycamore said in a note, as per Reuters.&nbsp;The combination of steady Russian flows and uncertainty over US monetary policy kept oil markets cautious at the start of the week.&nbsp;(With inputs from the agencies)&nbsp;

The Trump-Putin meeting in Alaska shifted focus from sanctions to a possible peace deal in Ukraine, easing fears of fresh curbs on Russian crude flows. Analysts said the delay in punitive measures calmed near-term supply risks, though uncertainties remain over a potential land for peace arrangement.

Oil prices edged lower on Monday after the much-anticipated meeting between US President Donald Trump and Russian President Vladimir Putin signalled no immediate escalation in measures against Moscow’s energy exports. As per Reuters, Brent crude futures slipped 26 cents, or 0.39 per cent, to $65.59 a barrel by 0028 GMT, while US West Texas Intermediate (WTI) crude was down 18 cents, or 0.29 per cent, at $62.62. Trump-Putin talks shift focus from sanctions to peace deal The two leaders met in Alaska on Friday and emerged more aligned on pursuing a peace deal rather than prioritising a ceasefire in Ukraine, according to Reuters. The US president’s stance eased investor concerns about the possibility of new sanctions or secondary tariffs that could have further curbed Russian crude flows. Trump is scheduled to meet Ukrainian President Volodymyr Zelenskiy and European leaders on Monday in a fresh bid to accelerate talks towards ending what has become Europe’s deadliest conflict in 80 years. On Friday, Trump signalled that retaliatory tariffs on countries such as China for continuing purchases of Russian oil were not on the immediate agenda, though he left the door open to such measures “in two or three weeks”. That pause helped calm fears of a near-term disruption in Russian supply. China and India remain key buyers China, the world’s biggest crude importer, remains the largest buyer of Russian oil, followed closely by India. According to Reuters, analysts noted that secondary sanctions aimed at Beijing or New Delhi had been the major risk factor for markets in recent weeks. Helima Croft, an analyst at RBC Capital, was quoted by Reuters as saying: “What was primarily in play were the secondary tariffs targeting the key importers of Russian energy, and President Trump has indeed indicated that he will pause pursuing incremental action on this front, at least for China. The status quo remains largely intact for now.” However, Croft cautioned that Moscow is unlikely to retreat from its territorial demands, while Ukraine and some European leaders are expected to resist any land-for-peace agreement. Markets eye Fed outlook Beyond geopolitics, investors are also turning their attention to US monetary policy. Federal Reserve Chair Jerome Powell is set to speak at the Jackson Hole economic symposium later this week, a closely watched event for signals on the timing of rate cuts. “It’s likely he will remain non-committal and data-dependent, especially with one more payroll and CPI report before the September 17 FOMC meeting,” IG market analyst Tony Sycamore said in a note, as per Reuters. The combination of steady Russian flows and uncertainty over US monetary policy kept oil markets cautious at the start of the week. (With inputs from the agencies)

Oil prices slipped on Monday as US President Donald Trump and Russian President Vladimir Putin signalled no immediate escalation of sanctions on Moscow’s energy exports. Brent crude fell 26 cents to $65.59 a barrel, while WTI dropped 18 cents to $62.62.

Oil slips as Trump-Putin meeting cools fears of Russian supply disruption

After confirmed discoveries of gold reserves in multiple districts, Odisha has emerged as a potential new hub for gold mining in India. The site was identified by the Geological Survey of India (GSI) during the recent mineral exploration projects that resulted in immediate interest in mining and auction strategy.&nbsp;Several gold deposits have been confirmed by GSI, which include Deogarh (Adasa-Rampalli), Keonjhar, Sundargarh, Nabarangpur, Angul, and Koraput, and further exploratory work is ongoing in Mayurbhanj, Sambalpur, Malkangiri, and Boudh. These sites came to light after Odisha Mines Minister Bibhuti Bhushan Jena confirmed the findings in the legislative assembly in March 2025, according to a report by Times Now.&nbsp;However, no official data have been released till now. But based on geological indicators, analysts estimated the reserves could range from a sizeable amount between 10 to 20 metric tons, though modest relative to the gold import volumes of India.&nbsp;Meanwhile, India imported around 700–800 metric tons of gold in the last year because domestic gold production is very low, just 1.6 tons annually as of 2020. That's why the discovery of gold sites in Odisha won't drastically shift the gold landscape of India; however, it will definitely open doors for domestic extraction and economic diversification.&nbsp;Alongside Odisha Mining Corporation (OMC) and GSI, the state government is fast-tracking efforts for commercialising these finds, and plans are underway to auction the first gold mining block in Deogarh that will mark a watershed moment for the mineral sector of Odisha.<h3>The advancing exploration of Geological Survey of India&nbsp;</h3>To validate resources, the Geological Survey of India (GSI) is moving along its exploration from G3 (initial reconnaissance) to G2 level (detailed sampling and drilling) in areas like Adasa-Rampalli and Gopur-Gajipur. After it is confirmed and made viable, these gold deposits may bolster regional development, prompting an upsurge of infrastructure investment and jobs, mining activity, transport facilities, and local services.&nbsp;Reduced reliance on imports, though not enough to dramatically alter the trade balance. Broader diversification of Odisha’s mineral exports, strengthening its role in India’s mining sector. The state already accounts for 96% of the country’s chromite, 52% of bauxite, and 33% of iron ore reserves.&nbsp;

The Geological Survey of India (GSI) has discovered gold reserves in Deogarh (Adasa-Rampalli), Keonjhar, Sundargarh, Nabarangpur, Angul, and Koraput, and further exploratory work is ongoing in Mayurbhanj, Sambalpur, Malkangiri, and Boudh. 

After confirmed discoveries of gold reserves in multiple districts, Odisha has emerged as a potential new hub for gold mining in India. The site was identified by the Geological Survey of India (GSI) during the recent mineral exploration projects that resulted in immediate interest in mining and auction strategy. Several gold deposits have been confirmed by GSI, which include Deogarh (Adasa-Rampalli), Keonjhar, Sundargarh, Nabarangpur, Angul, and Koraput, and further exploratory work is ongoing in Mayurbhanj, Sambalpur, Malkangiri, and Boudh. These sites came to light after Odisha Mines Minister Bibhuti Bhushan Jena confirmed the findings in the legislative assembly in March 2025, according to a report by Times Now. However, no official data have been released till now. But based on geological indicators, analysts estimated the reserves could range from a sizeable amount between 10 to 20 metric tons, though modest relative to the gold import volumes of India. Meanwhile, India imported around 700–800 metric tons of gold in the last year because domestic gold production is very low, just 1.6 tons annually as of 2020. That's why the discovery of gold sites in Odisha won't drastically shift the gold landscape of India; however, it will definitely open doors for domestic extraction and economic diversification. Alongside Odisha Mining Corporation (OMC) and GSI, the state government is fast-tracking efforts for commercialising these finds, and plans are underway to auction the first gold mining block in Deogarh that will mark a watershed moment for the mineral sector of Odisha. The advancing exploration of Geological Survey of India To validate resources, the Geological Survey of India (GSI) is moving along its exploration from G3 (initial reconnaissance) to G2 level (detailed sampling and drilling) in areas like Adasa-Rampalli and Gopur-Gajipur. After it is confirmed and made viable, these gold deposits may bolster regional development, prompting an upsurge of infrastructure investment and jobs, mining activity, transport facilities, and local services. Reduced reliance on imports, though not enough to dramatically alter the trade balance. Broader diversification of Odisha’s mineral exports, strengthening its role in India’s mining sector. The state already accounts for 96% of the country’s chromite, 52% of bauxite, and 33% of iron ore reserves.

The Geological Survey of India (GSI) has discovered gold reserves in Deogarh (Adasa-Rampalli), Keonjhar, Sundargarh, Nabarangpur, Angul, and Koraput, and further exploratory work is ongoing in Mayurbhanj, Sambalpur, Malkangiri, and Boudh.&nbsp;

Golden Jackpot! Nearly 20 tonnes of gold reserves unearthed in multiple districts of Odisha

India is set to witness its biggest GST reform since 2007 after Prime Minister Narendra Modi announced a significant decision while addressing the nation on Independence Day to simplify the GST framework by Diwali. The decision was announced to reduce taxes primarily on everyday items to boost consumer spending and cushion the economy amid trade pressures, with the aim of boosting disposable incomes for the middle class.&nbsp;PM Modi has also said that taxes paid by citizens will be drastically reduced, and it will benefit small industries as well as MSMEs, along with daily-use products that will become cheaper.<h3>What taxes will come down, and what will get cheaper?</h3>The four-tier GST structure (5%, 12%, 18%, and 28%) will be streamlined into two main slabs: 5 per cent and 18 per cent. Additionally, a special 40 per cent rate for luxury goods and sin goods like tobacco, according to a report by TOI.&nbsp;Notably, 99 per cent of items currently taxed at 12 per cent may shift to the 5 per cent slab, dramatically reducing prices on numerous essentials. Similarly, up to 90 per cent of goods in the 28 per cent category, including consumer durables and automobiles, could be moved to the 18 per cent slab, as per the PTI report.Also read: <a href="https://www.wionews.com/india-news/independence-day-pm-modi-announces-major-gst-reforms-what-does-it-mean-for-middle-class-1755252273141">PM Modi announces major GST reforms. What does it mean for middle class</a>&nbsp;As per the Mint report, everyday essential items that will get cheaper will include groceries, medicines, and frozen veggies. Food items include dried fruits, jams, pasta, namkeens, and sausages. Household goods include utensils, carpets, furniture, and umbrellas. Lifestyle products include footwear (below ₹1,000), handbags (jute/cotton), and appliances (televisions and washing machines); Education &amp; insurance services; and the Farm sector includes agricultural equipment and bicycles.&nbsp;Additionally, small cars, which currently attract 28 per cent GST plus small cess rates of 1-3 per cent, might get moved into the 18 per cent tax slab in the new dispensation, government sources told The Indian Express. On the other end, the bigger luxury cars and SUVs are likely to be moved into the special rate category of 40 per cent following the removal of the 28 per cent slab, sources added.<h3>What will remain unchanged?</h3>According to the Economic Times, the GST structure will continue to feature the 5%, 18%, and 40% slabs, with no mention of further lowering of luxury items beyond the sin goods bracket. Moreover, products like petroleum and alcohol, which are outside the GST regime, are taxed as before.&nbsp;While this revamp in the tax is expected to cost the exchequer significantly, officials affirmed that the revenue loss can be managed through efficient fiscal planning. In addition, economists estimate that the cuts could give a 0.6–0.7% GDP boost, as per the news agency Reuters. &nbsp;

The upcoming GST reform is likely to revamp the four-tier GST structure (5%, 12%, 18%, and 28%), streamlining it into two main slabs. Taxes paid by citizens will be drastically reduced, and it will benefit small industries as well as MSMEs, along with daily-use products.

India is set to witness its biggest GST reform since 2007 after Prime Minister Narendra Modi announced a significant decision while addressing the nation on Independence Day to simplify the GST framework by Diwali. The decision was announced to reduce taxes primarily on everyday items to boost consumer spending and cushion the economy amid trade pressures, with the aim of boosting disposable incomes for the middle class. PM Modi has also said that taxes paid by citizens will be drastically reduced, and it will benefit small industries as well as MSMEs, along with daily-use products that will become cheaper. What taxes will come down, and what will get cheaper? The four-tier GST structure (5%, 12%, 18%, and 28%) will be streamlined into two main slabs: 5 per cent and 18 per cent. Additionally, a special 40 per cent rate for luxury goods and sin goods like tobacco, according to a report by TOI. Notably, 99 per cent of items currently taxed at 12 per cent may shift to the 5 per cent slab, dramatically reducing prices on numerous essentials. Similarly, up to 90 per cent of goods in the 28 per cent category, including consumer durables and automobiles, could be moved to the 18 per cent slab, as per the PTI report. Also read: PM Modi announces major GST reforms. What does it mean for middle class As per the Mint report, everyday essential items that will get cheaper will include groceries, medicines, and frozen veggies. Food items include dried fruits, jams, pasta, namkeens, and sausages. Household goods include utensils, carpets, furniture, and umbrellas. Lifestyle products include footwear (below ₹1,000), handbags (jute/cotton), and appliances (televisions and washing machines); Education & insurance services; and the Farm sector includes agricultural equipment and bicycles. Additionally, small cars, which currently attract 28 per cent GST plus small cess rates of 1-3 per cent, might get moved into the 18 per cent tax slab in the new dispensation, government sources told The Indian Express. On the other end, the bigger luxury cars and SUVs are likely to be moved into the special rate category of 40 per cent following the removal of the 28 per cent slab, sources added. What will remain unchanged? According to the Economic Times, the GST structure will continue to feature the 5%, 18%, and 40% slabs, with no mention of further lowering of luxury items beyond the sin goods bracket. Moreover, products like petroleum and alcohol, which are outside the GST regime, are taxed as before. While this revamp in the tax is expected to cost the exchequer significantly, officials affirmed that the revenue loss can be managed through efficient fiscal planning. In addition, economists estimate that the cuts could give a 0.6–0.7% GDP boost, as per the news agency Reuters.

The upcoming GST reform is likely to revamp the four-tier GST structure (5%, 12%, 18%, and 28%), streamlining it into two main slabs. Taxes paid by citizens will be drastically reduced, and it will benefit small industries as well as MSMEs, along with daily-use products.

GST overhaul by Diwali: What taxes will come down, what remains unchanged — Details inside

A planned round of US-India trade talks scheduled for August 25–29 in New Delhi has been called off, according to a PTI report citing a source with direct knowledge. The development delays negotiations on a proposed bilateral trade agreement and dims hopes of relief from fresh US tariffs set to hit Indian exports later this month.<h2>What happened?</h2>The meetings were expected to bring negotiators from the United States Trade Representative (USTR) to New Delhi for discussions on reducing trade frictions. But the visit has now been scrapped, PTI reported, with the next round of talks yet to be rescheduled.&nbsp;The US embassy in New Delhi said it had no additional information on the matter, while India’s Commerce Ministry did not immediately respond to a Reuters request for comment.<h2>What did the US do?&nbsp;</h2>Earlier this month, US President Donald Trump imposed an additional 25 per cent tariff on Indian goods, citing India’s continued imports of Russian oil. The new duties, coming into effect on August 27, will raise tariffs on some Indian exports to as high as 50 per cent, among the steepest levies imposed on any US trading partner.&nbsp;Washington’s move escalated trade tensions sharply, with New Delhi accusing the US of unfairly targeting it while Europe and America themselves continue to buy Russian products, as India’s Foreign Ministry has repeatedly pointed out.<h2>Why the talks collapsed?</h2>Trade negotiations between the two sides have already faced turbulence. According to Reuters, five previous rounds ended without progress, largely over Washington’s demands to open India’s farm and dairy markets and to curb purchases of Russian oil.&nbsp;The collapse of the August round leaves businesses and policymakers bracing for a more protracted standoff. As per PTI, the delay not only pushes back hopes of a trade pact but also means Indian exporters will soon face higher tariffs without clarity on when talks might resume.<h2>What this means?</h2>With tariffs of up to 50 per cent looming, Indian exporters could see reduced competitiveness in the US market, especially in labour-intensive sectors like textiles, engineering goods and some agricultural products. For Washington, the stalled talks underline the difficulty of balancing its Russia containment strategy with its need to strengthen ties with India, a key partner in the Indo-Pacific.&nbsp;(With inputs from the agencies)&nbsp;

The standoff highlights the challenge for Washington in balancing its Russia containment strategy with its broader Indo-Pacific partnership goals.

A planned round of US-India trade talks scheduled for August 25–29 in New Delhi has been called off, according to a PTI report citing a source with direct knowledge. The development delays negotiations on a proposed bilateral trade agreement and dims hopes of relief from fresh US tariffs set to hit Indian exports later this month. What happened? The meetings were expected to bring negotiators from the United States Trade Representative (USTR) to New Delhi for discussions on reducing trade frictions. But the visit has now been scrapped, PTI reported, with the next round of talks yet to be rescheduled. The US embassy in New Delhi said it had no additional information on the matter, while India’s Commerce Ministry did not immediately respond to a Reuters request for comment. What did the US do? Earlier this month, US President Donald Trump imposed an additional 25 per cent tariff on Indian goods, citing India’s continued imports of Russian oil. The new duties, coming into effect on August 27, will raise tariffs on some Indian exports to as high as 50 per cent, among the steepest levies imposed on any US trading partner. Washington’s move escalated trade tensions sharply, with New Delhi accusing the US of unfairly targeting it while Europe and America themselves continue to buy Russian products, as India’s Foreign Ministry has repeatedly pointed out. Why the talks collapsed? Trade negotiations between the two sides have already faced turbulence. According to Reuters, five previous rounds ended without progress, largely over Washington’s demands to open India’s farm and dairy markets and to curb purchases of Russian oil. The collapse of the August round leaves businesses and policymakers bracing for a more protracted standoff. As per PTI, the delay not only pushes back hopes of a trade pact but also means Indian exporters will soon face higher tariffs without clarity on when talks might resume. What this means? With tariffs of up to 50 per cent looming, Indian exporters could see reduced competitiveness in the US market, especially in labour-intensive sectors like textiles, engineering goods and some agricultural products. For Washington, the stalled talks underline the difficulty of balancing its Russia containment strategy with its need to strengthen ties with India, a key partner in the Indo-Pacific. (With inputs from the agencies)

A planned round of US-India trade talks scheduled for August 25–29 in New Delhi has been reportedly called off, delaying negotiations on a bilateral trade pact.

US-India trade talks from August 25 called off amid tariff tensions, says Reports

China’s $11 trillion stock market is once again in the spotlight, not for spectacular gains, but for persistent underperformance that is worrying both Beijing and Washington. As per Bloomberg, the Chinese equity market has failed to deliver returns for households, making it a key reason why consumers save more and spend less, a structural issue that complicates President Xi Jinping’s growth plans and President Donald Trump’s trade war strategy.<h2>What’s the problem with China’s stock market?</h2>Despite a recent rally, Chinese indexes have only just recovered to levels seen after the dramatic bubble burst a decade ago. A $10,000 investment in the S&amp;P 500 ten years ago would have more than tripled in value, while the same in China’s CSI 300 benchmark would have added only around $3,000.According to long-time China watchers quoted by Bloomberg, the problem is structural. When exchanges were set up 35 years ago, their primary purpose was to channel household savings into funding state-owned enterprises and infrastructure, rather than delivering returns to investors. That bias has left retail investors disappointed and skeptical.&nbsp;<h2>Why does this matter now?</h2>Xi Jinping is depending on household consumption to drive China’s economy toward its 5 per cent growth goal, especially amid intensifying tariff battles with the US. But a lack of faith in the stock market has pushed households toward saving instead of spending.&nbsp;China’s household savings rate is extraordinarily high at 35 per cent of disposable income, compared with much lower levels in the US, UK, and Japan. Without confidence in equities as a vehicle for wealth creation, consumers are unlikely to loosen their wallets.<h2>Investor sentiments</h2>“China’s capital market has long been a paradise for financiers and a hell for investors,” Liu Jipeng, a securities veteran, told Bloomberg.&nbsp;Many retail investors say they often lose money when chasing rallies. State-owned enterprises often prioritize government goals over shareholder returns, while private firms are accused of weak investor protection. IPO scandals and delistings, such as the case of Beijing Zuojiang Technology, have further eroded trust.<h2>Reforms and progress, but not enough</h2>Beijing has tried to improve oversight:<ul><li>IPO screening tightened — Poor-quality listings are being curbed.</li><li>Dividend payouts rising — In 2024, Shanghai and Shenzhen-listed firms distributed 2.4 trillion yuan ($334 billion) in cash dividends, up 9 per cent from the previous year.</li><li>Buybacks increasing — Though still far smaller than in&nbsp;US markets.</li></ul>Yet, reforms still tilt toward raising funds for companies, especially in high-tech sectors, rather than protecting small investors.<h2>Why is Xi pushing risky IPOs?</h2>With the US tightening controls on semiconductors and AI, China is accelerating funding for domestic tech champions. Regulators have resumed allowing unprofitable firms to list on Shanghai’s STAR board and Shenzhen’s ChiNext, echoing the Nasdaq model.&nbsp;So far this year, IPOs are up nearly 30 per cent from 2024, but analysts warn that fast-tracking weak companies without stronger safeguards risks worsening the trust deficit among retail investors.<h2>Why Trump cares too?</h2>For Donald Trump, the state of China’s equity market also matters. With tariffs piling pressure on Chinese exports, Xi is relying on domestic demand to offset external shocks. But if consumers keep saving instead of spending, China’s growth slows and the trade imbalance Trump is targeting becomes even harder to fix.&nbsp;As Bloomberg notes, China’s stock market has been decades in the making as a tool for financing growth, not enriching investors. While recent reforms have made progress, the fundamental bias remains. Without a deeper transformation that prioritizes investor returns, China risks keeping its households locked in a savings trap, with big consequences for both Xi’s growth goals and Trump’s trade war strategy.&nbsp;(With inputs from the agencies)&nbsp;

For Donald Trump, China weak stock market also matters as it hampers Beijing ability to rebalance its economy and address the trade imbalances at the heart of his tariff strategy. 

China’s $11 trillion stock market is once again in the spotlight, not for spectacular gains, but for persistent underperformance that is worrying both Beijing and Washington. As per Bloomberg, the Chinese equity market has failed to deliver returns for households, making it a key reason why consumers save more and spend less, a structural issue that complicates President Xi Jinping’s growth plans and President Donald Trump’s trade war strategy. What’s the problem with China’s stock market? Despite a recent rally, Chinese indexes have only just recovered to levels seen after the dramatic bubble burst a decade ago. A $10,000 investment in the S&P 500 ten years ago would have more than tripled in value, while the same in China’s CSI 300 benchmark would have added only around $3,000. According to long-time China watchers quoted by Bloomberg, the problem is structural. When exchanges were set up 35 years ago, their primary purpose was to channel household savings into funding state-owned enterprises and infrastructure, rather than delivering returns to investors. That bias has left retail investors disappointed and skeptical. Why does this matter now? Xi Jinping is depending on household consumption to drive China’s economy toward its 5 per cent growth goal, especially amid intensifying tariff battles with the US. But a lack of faith in the stock market has pushed households toward saving instead of spending. China’s household savings rate is extraordinarily high at 35 per cent of disposable income, compared with much lower levels in the US, UK, and Japan. Without confidence in equities as a vehicle for wealth creation, consumers are unlikely to loosen their wallets. Investor sentiments “China’s capital market has long been a paradise for financiers and a hell for investors,” Liu Jipeng, a securities veteran, told Bloomberg. Many retail investors say they often lose money when chasing rallies. State-owned enterprises often prioritize government goals over shareholder returns, while private firms are accused of weak investor protection. IPO scandals and delistings, such as the case of Beijing Zuojiang Technology, have further eroded trust. Reforms and progress, but not enough Beijing has tried to improve oversight: IPO screening tightened — Poor-quality listings are being curbed. Dividend payouts rising — In 2024, Shanghai and Shenzhen-listed firms distributed 2.4 trillion yuan ($334 billion) in cash dividends, up 9 per cent from the previous year. Buybacks increasing — Though still far smaller than in US markets. Yet, reforms still tilt toward raising funds for companies, especially in high-tech sectors, rather than protecting small investors. Why is Xi pushing risky IPOs? With the US tightening controls on semiconductors and AI, China is accelerating funding for domestic tech champions. Regulators have resumed allowing unprofitable firms to list on Shanghai’s STAR board and Shenzhen’s ChiNext, echoing the Nasdaq model. So far this year, IPOs are up nearly 30 per cent from 2024, but analysts warn that fast-tracking weak companies without stronger safeguards risks worsening the trust deficit among retail investors. Why Trump cares too? For Donald Trump, the state of China’s equity market also matters. With tariffs piling pressure on Chinese exports, Xi is relying on domestic demand to offset external shocks. But if consumers keep saving instead of spending, China’s growth slows and the trade imbalance Trump is targeting becomes even harder to fix. As Bloomberg notes, China’s stock market has been decades in the making as a tool for financing growth, not enriching investors. While recent reforms have made progress, the fundamental bias remains. Without a deeper transformation that prioritizes investor returns, China risks keeping its households locked in a savings trap, with big consequences for both Xi’s growth goals and Trump’s trade war strategy. (With inputs from the agencies)

Despite reforms and a recent rally, China’s equity market has delivered meagre long-term returns compared to global peers, leaving households wary of investing

China’s $11 trillion stock market tests Xi’s growth push, Trump’s tariff gamble

The global economy is at a crossroads with US consumers still spending, China slowing down, and Britain posting a surprise rebound. From inflationary pressures in America to tariff headwinds in Asia and labour shortages in Europe, the week’s data paints a mixed picture of resilience and strain. US retail sales rose for the second straight month in July, marking the first back-to-back advance this year. The data eased fears of a sharp pullback in spending, even as households remain wary of higher prices from potential tariff-driven inflation.&nbsp;As per Bloomberg, the July gains were broad-based and the previous month’s numbers were revised upward. Still, economists caution that weakening consumer sentiment and a softening jobs market could weigh on future demand. At the same time, inflation showed signs of quickening. Underlying US inflation accelerated in July at the fastest pace since the start of 2025, fuelled by services such as airfares. While goods prices rose only modestly, Bloomberg noted that the surge in services pushed the core Consumer Price Index higher, raising questions about whether tariffs could add further inflationary pressure.<h2>Housing affordability crisis deepens</h2>Beyond retail spending, US households are also grappling with worsening housing affordability. According to Bloomberg, buying a home has become significantly more expensive than renting across America’s largest cities. The imbalance stems from limited new construction since the 2008 financial crisis, a “lock-in effect” with homeowners holding onto low-rate mortgages, and regulatory policies that have made both building and buying more costly.<h2>China slows as tariffs bite</h2>China’s economy slowed across the board in July, with factory activity, investment, and retail sales all underperforming. Bloomberg reported that Beijing’s crackdown on destructive price wars, coupled with the impact of higher US tariffs, has weighed heavily on growth. The urban unemployment rate climbed to 5.2 per cent, while outstanding loans contracted for the first time since 2005, a worrying signal of credit stress.&nbsp;India too faces tariff-related pressures. A proposed 50 per cent US duty on imports would be the highest rate imposed on any Asian country. Bloomberg highlighted that such a move could threaten Prime Minister Narendra Modi’s decade-long “Make in India” campaign. Despite government efforts, manufacturing’s share of India’s economy has fallen from 16 per cent in 2015 to 13 per cent last year, according to World Bank data.<h2>UK economy delivers a surprise</h2>Across the Atlantic, Britain’s economy outperformed expectations in the second quarter. The stronger growth offered some relief for Chancellor Rachel Reeves but also complicated the Bank of England’s decision-making.&nbsp;Bloomberg reported that Britain’s labour market appears to be stabilising. Payrolls declined by 8,353 in July, but this was the smallest drop since January, suggesting the worst of the jobs downturn may have passed. For the Bank of England, however, this improvement raises the bar for further interest-rate cuts.<h2>Russia struggles with war economy strains</h2>Russia’s economy is showing signs of strain despite heavy government spending. Bloomberg reported that oil revenues have slumped, the budget deficit has widened to its largest in more than three decades, and inflation alongside interest rates remain painfully high.&nbsp;Behind the scenes, some insiders in Russia’s financial sector are warning of a looming debt crisis, exposing cracks in President Vladimir Putin’s war economy.<h2>Germany faces skills shortage</h2>In Europe’s largest economy, Germany is confronting a deepening skills gap. Bloomberg cited a survey by the German Chamber of Commerce and Industry showing that nearly half of companies offering vocational training in 2024 were unable to fill all positions. Worse, over one-third received no applications at all.&nbsp;With one in three trainees quitting before finishing, businesses are finding it increasingly difficult to hire qualified staff, a trend that could weigh on Germany’s long-term competitiveness.<h2>Emerging markets: Brazil’s inflation eases</h2>Elsewhere, Brazil provided some relief. Inflation fell more than expected in July, according to Bloomberg, helping consumers. But with borrowing costs still near record highs, the central bank is expected to maintain its restrictive stance for now.<h2>Trump reshaping the dollar’s dominance</h2>Beyond individual economies, the global financial order itself is under strain. Bloomberg noted that President Donald Trump’s push to redesign trade rules and tariffs in favour of the US is testing one of the cornerstones of post-war stability: the dollar’s status as the world’s reserve currency.&nbsp;While the dollar remains dominant, efforts by countries like China and Russia to diversify away from it, coupled with America’s more protectionist stance, have raised questions about whether this supremacy can be sustained.&nbsp;The latest data, as per Bloomberg, highlights a world economy where the US still shows resilience, but cracks are widening elsewhere, from China’s slowdown and Russia’s fiscal strains to Europe’s labour shortages. Against this backdrop, global markets remain sensitive to the policy shifts in Washington, Beijing, and London.&nbsp;(With inputs from the agencies)&nbsp;

At the same time, Trump’s tariff-driven trade strategy is testing the dollar’s reserve currency dominance, leaving markets sensitive to policy shifts in Washington, Beijing, and beyond.

The global economy is at a crossroads with US consumers still spending, China slowing down, and Britain posting a surprise rebound. From inflationary pressures in America to tariff headwinds in Asia and labour shortages in Europe, the week’s data paints a mixed picture of resilience and strain. US retail sales rose for the second straight month in July, marking the first back-to-back advance this year. The data eased fears of a sharp pullback in spending, even as households remain wary of higher prices from potential tariff-driven inflation. As per Bloomberg, the July gains were broad-based and the previous month’s numbers were revised upward. Still, economists caution that weakening consumer sentiment and a softening jobs market could weigh on future demand. At the same time, inflation showed signs of quickening. Underlying US inflation accelerated in July at the fastest pace since the start of 2025, fuelled by services such as airfares. While goods prices rose only modestly, Bloomberg noted that the surge in services pushed the core Consumer Price Index higher, raising questions about whether tariffs could add further inflationary pressure. Housing affordability crisis deepens Beyond retail spending, US households are also grappling with worsening housing affordability. According to Bloomberg, buying a home has become significantly more expensive than renting across America’s largest cities. The imbalance stems from limited new construction since the 2008 financial crisis, a “lock-in effect” with homeowners holding onto low-rate mortgages, and regulatory policies that have made both building and buying more costly. China slows as tariffs bite China’s economy slowed across the board in July, with factory activity, investment, and retail sales all underperforming. Bloomberg reported that Beijing’s crackdown on destructive price wars, coupled with the impact of higher US tariffs, has weighed heavily on growth. The urban unemployment rate climbed to 5.2 per cent, while outstanding loans contracted for the first time since 2005, a worrying signal of credit stress. India too faces tariff-related pressures. A proposed 50 per cent US duty on imports would be the highest rate imposed on any Asian country. Bloomberg highlighted that such a move could threaten Prime Minister Narendra Modi’s decade-long “Make in India” campaign. Despite government efforts, manufacturing’s share of India’s economy has fallen from 16 per cent in 2015 to 13 per cent last year, according to World Bank data. UK economy delivers a surprise Across the Atlantic, Britain’s economy outperformed expectations in the second quarter. The stronger growth offered some relief for Chancellor Rachel Reeves but also complicated the Bank of England’s decision-making. Bloomberg reported that Britain’s labour market appears to be stabilising. Payrolls declined by 8,353 in July, but this was the smallest drop since January, suggesting the worst of the jobs downturn may have passed. For the Bank of England, however, this improvement raises the bar for further interest-rate cuts. Russia struggles with war economy strains Russia’s economy is showing signs of strain despite heavy government spending. Bloomberg reported that oil revenues have slumped, the budget deficit has widened to its largest in more than three decades, and inflation alongside interest rates remain painfully high. Behind the scenes, some insiders in Russia’s financial sector are warning of a looming debt crisis, exposing cracks in President Vladimir Putin’s war economy. Germany faces skills shortage In Europe’s largest economy, Germany is confronting a deepening skills gap. Bloomberg cited a survey by the German Chamber of Commerce and Industry showing that nearly half of companies offering vocational training in 2024 were unable to fill all positions. Worse, over one-third received no applications at all. With one in three trainees quitting before finishing, businesses are finding it increasingly difficult to hire qualified staff, a trend that could weigh on Germany’s long-term competitiveness. Emerging markets: Brazil’s inflation eases Elsewhere, Brazil provided some relief. Inflation fell more than expected in July, according to Bloomberg, helping consumers. But with borrowing costs still near record highs, the central bank is expected to maintain its restrictive stance for now. Trump reshaping the dollar’s dominance Beyond individual economies, the global financial order itself is under strain. Bloomberg noted that President Donald Trump’s push to redesign trade rules and tariffs in favour of the US is testing one of the cornerstones of post-war stability: the dollar’s status as the world’s reserve currency. While the dollar remains dominant, efforts by countries like China and Russia to diversify away from it, coupled with America’s more protectionist stance, have raised questions about whether this supremacy can be sustained. The latest data, as per Bloomberg, highlights a world economy where the US still shows resilience, but cracks are widening elsewhere, from China’s slowdown and Russia’s fiscal strains to Europe’s labour shortages. Against this backdrop, global markets remain sensitive to the policy shifts in Washington, Beijing, and London. (With inputs from the agencies)

Fresh economic data paints a mixed global picture: US retail sales rose for a second month in July, easing slowdown fears even as inflation quickened and housing affordability worsened.

US retail sales surprise on upside, China stumbles in tariff-hit economy

Canada’s government has intervened to end a massive strike at Air Canada, directing more than 10,000 flight attendants back to work after the walkout grounded flights and stranded tens of thousands of passengers. The decision, however, has ignited a political and labour firestorm.&nbsp;According to Bloomberg, around 10,500 flight attendants walked off the job early Saturday after contract talks between the Canadian Union of Public Employees (CUPE) and Air Canada collapsed. The airline responded by cancelling hundreds of flights and locking out staff, disrupting travel for an estimated 130,000 passengers a day during the peak summer season.&nbsp;Air Canada, the country’s largest carrier, also warned that its network could take up to a week to return to full operations. Business groups estimated nearly one million passengers and significant cargo shipments could be impacted if the disruption dragged on.<h2>Ottawa steps in</h2>Less than 12 hours into the strike, Jobs Minister Patty Hajdu directed the independent Canada Industrial Relations Board (CIRB) to order flight attendants back to work. Hajdu also asked the board to impose binding arbitration and extend the terms of the current contract until a new one is decided.&nbsp;“It has now become clear that this dispute won’t be resolved at the table,” Hajdu said in a statement, adding that Canadians were already in “very difficult situations” and the strike was “rapidly impacting the Canadian economy.”&nbsp;Bloomberg noted that in past disputes involving Canada’s railway and postal workers, the CIRB acted within days to enforce similar government orders.<h2>Union backlash</h2>The move has been fiercely opposed by CUPE, which represents the flight attendants. The union accused the government of siding with the airline, saying the directive rewards Air Canada while “crushing workers’ rights.”&nbsp;Despite the government order, CUPE vowed that the strike would continue, intensifying the pressure on Ottawa and the airline.&nbsp;Polling by Abacus Data, cited by Bloomberg, revealed that 59 per cent of Canadians wanted the government to respect workers’ right to strike, even at the cost of travel disruptions. A majority of respondents expressed more sympathy for the flight attendants than for the airline.<h2>Political and business reactions</h2>The government’s move has divided opinion across Canada. Business groups welcomed the intervention. Matthew Holmes, head of public policy at the Canadian Chamber of Commerce, said: “With valuable cargo grounded and passengers stranded, the government made the right decision to refer the two sides to binding arbitration. Every hour counts.”&nbsp;But opposition politicians condemned Prime Minister Mark Carney’s handling of the crisis. Conservative Party labour spokesman Kyle Seeback accused Carney of siding with corporations over workers. “He is proving once again that he is no friend to workers or labour, and would rather reward his corporate buddies than pay flight attendants who work tirelessly on their feet all day,” Seeback said, as quoted by Bloomberg.<h2>A controversial legal tool</h2>At the heart of the dispute is Ottawa’s use of a controversial legal power that allows the government to direct the CIRB to impose arbitration in order to “secure industrial peace.” While successive governments have used it in critical labour disputes, unions argue it undermines collective bargaining and emboldens companies to wait for state intervention rather than negotiate.&nbsp;It remains unclear when flights will resume. If the CIRB acts as swiftly as in past cases, arbitration could be enforced within days. But until then, Canada faces deepening travel chaos, a widening political storm, and a fundamental clash over the balance between workers’ rights and economic stability.&nbsp;(With inputs from the agencies)&nbsp;

The Canadian Union of Public Employees denounced the move as a blow to workers’ rights and vowed to continue striking, while polling showed most Canadians sympathise with the attendants.

Canada’s government has intervened to end a massive strike at Air Canada, directing more than 10,000 flight attendants back to work after the walkout grounded flights and stranded tens of thousands of passengers. The decision, however, has ignited a political and labour firestorm. According to Bloomberg, around 10,500 flight attendants walked off the job early Saturday after contract talks between the Canadian Union of Public Employees (CUPE) and Air Canada collapsed. The airline responded by cancelling hundreds of flights and locking out staff, disrupting travel for an estimated 130,000 passengers a day during the peak summer season. Air Canada, the country’s largest carrier, also warned that its network could take up to a week to return to full operations. Business groups estimated nearly one million passengers and significant cargo shipments could be impacted if the disruption dragged on. Ottawa steps in Less than 12 hours into the strike, Jobs Minister Patty Hajdu directed the independent Canada Industrial Relations Board (CIRB) to order flight attendants back to work. Hajdu also asked the board to impose binding arbitration and extend the terms of the current contract until a new one is decided. “It has now become clear that this dispute won’t be resolved at the table,” Hajdu said in a statement, adding that Canadians were already in “very difficult situations” and the strike was “rapidly impacting the Canadian economy.” Bloomberg noted that in past disputes involving Canada’s railway and postal workers, the CIRB acted within days to enforce similar government orders. Union backlash The move has been fiercely opposed by CUPE, which represents the flight attendants. The union accused the government of siding with the airline, saying the directive rewards Air Canada while “crushing workers’ rights.” Despite the government order, CUPE vowed that the strike would continue, intensifying the pressure on Ottawa and the airline. Polling by Abacus Data, cited by Bloomberg, revealed that 59 per cent of Canadians wanted the government to respect workers’ right to strike, even at the cost of travel disruptions. A majority of respondents expressed more sympathy for the flight attendants than for the airline. Political and business reactions The government’s move has divided opinion across Canada. Business groups welcomed the intervention. Matthew Holmes, head of public policy at the Canadian Chamber of Commerce, said: “With valuable cargo grounded and passengers stranded, the government made the right decision to refer the two sides to binding arbitration. Every hour counts.” But opposition politicians condemned Prime Minister Mark Carney’s handling of the crisis. Conservative Party labour spokesman Kyle Seeback accused Carney of siding with corporations over workers. “He is proving once again that he is no friend to workers or labour, and would rather reward his corporate buddies than pay flight attendants who work tirelessly on their feet all day,” Seeback said, as quoted by Bloomberg. A controversial legal tool At the heart of the dispute is Ottawa’s use of a controversial legal power that allows the government to direct the CIRB to impose arbitration in order to “secure industrial peace.” While successive governments have used it in critical labour disputes, unions argue it undermines collective bargaining and emboldens companies to wait for state intervention rather than negotiate. It remains unclear when flights will resume. If the CIRB acts as swiftly as in past cases, arbitration could be enforced within days. But until then, Canada faces deepening travel chaos, a widening political storm, and a fundamental clash over the balance between workers’ rights and economic stability. (With inputs from the agencies)

Canada’s government has stepped in to end a massive Air Canada strike that grounded flights and disrupted travel for over 130,000 passengers daily. Jobs Minister Patty Hajdu directed the labour board to impose binding arbitration, citing mounting economic fallout.

Canada directs labour board to end strike amid Air Canada travel crisis

Global oil prices are expected to open on a muted note this week after US President Donald Trump and Russian President Vladimir Putin met in Alaska, where the two leaders discussed a direct peace deal for Ukraine. As per Reuters, Trump said that both sides had agreed to pursue a “fully-fledged peace deal” rather than a temporary ceasefire. This marks a shift from the earlier US-backed position, which aligned with Ukraine and its European allies in seeking an interim ceasefire first.<h2>Tariffs on hold, Russian oil flows undisturbed</h2>In a significant policy move, Trump also indicated that he would hold off imposing tariffs on countries buying Russian oil, such as China. The US president had previously threatened to sanction Moscow directly and impose secondary sanctions on major buyers like China and India if no progress was made on ending the Ukraine war.&nbsp;Analysts say this stance could ease concerns of immediate disruption to Russian oil exports. Ajay Parmar, an analyst at ICIS, told Reuters that uninterrupted Russian supply should be bearish for prices. “It is worth noting that we think the impact of this will be minimal though and prices will likely see only a small dip in the very near term as a result of this news,” Parmar added.<h2>Markets waiting for clarity</h2>Attention now turns to Washington, where Trump will meet Ukrainian President Volodymyr Zelenskiy on Monday. According to a Reuters source, European leaders have also been invited to join the talks.Giovanni Staunovo, analyst at UBS, said market watchers will be closely tracking European reactions. “For now, Russian supply disruption risks will remain contained,” he noted.<h2>Oil prices before the meeting</h2>Before the Alaska talks, Brent crude settled at $65.85 a barrel on Friday, while US West Texas Intermediate closed at $62.80 – both nearly $1 lower. Analysts say traders are waiting for a clearer outcome from the negotiations before making any big moves.&nbsp;Phil Flynn, senior analyst at Price Futures Group, told Reuters that until a deal emerges, prices will likely stay stuck in a narrow range. “What we do know is that the threat of immediate sanctions on Russia, or secondary sanctions on other countries is put on hold for now, which would be bearish,” he said.<h2>Russia’s redirected oil flows</h2>Since the imposition of Western sanctions – including a seaborne oil embargo and price caps on Russian crude – Moscow has shifted its oil exports towards Asia, particularly China and India. The Alaska meeting outcome suggests this redirection will continue unhindered for now.&nbsp;With supply risks contained and sanctions pressure temporarily eased, oil markets are expected to lean bearish in the near term. But traders remain cautious, with much depending on the outcome of Trump’s upcoming meeting with Zelenskiy and Europe’s response to the new US approach.&nbsp;(With inputs from the agencies)&nbsp;

Following the August 15 Alaska talks, Donald Trump and Vladimir Putin agreed to pursue a direct Ukraine peace deal, shifting away from earlier ceasefire-first proposals. Trump also held off imposing tariffs on countries buying Russian oil, easing concerns of immediate supply disruption.

Global oil prices are expected to open on a muted note this week after US President Donald Trump and Russian President Vladimir Putin met in Alaska, where the two leaders discussed a direct peace deal for Ukraine. As per Reuters, Trump said that both sides had agreed to pursue a “fully-fledged peace deal” rather than a temporary ceasefire. This marks a shift from the earlier US-backed position, which aligned with Ukraine and its European allies in seeking an interim ceasefire first. Tariffs on hold, Russian oil flows undisturbed In a significant policy move, Trump also indicated that he would hold off imposing tariffs on countries buying Russian oil, such as China. The US president had previously threatened to sanction Moscow directly and impose secondary sanctions on major buyers like China and India if no progress was made on ending the Ukraine war. Analysts say this stance could ease concerns of immediate disruption to Russian oil exports. Ajay Parmar, an analyst at ICIS, told Reuters that uninterrupted Russian supply should be bearish for prices. “It is worth noting that we think the impact of this will be minimal though and prices will likely see only a small dip in the very near term as a result of this news,” Parmar added. Markets waiting for clarity Attention now turns to Washington, where Trump will meet Ukrainian President Volodymyr Zelenskiy on Monday. According to a Reuters source, European leaders have also been invited to join the talks. Giovanni Staunovo, analyst at UBS, said market watchers will be closely tracking European reactions. “For now, Russian supply disruption risks will remain contained,” he noted. Oil prices before the meeting Before the Alaska talks, Brent crude settled at $65.85 a barrel on Friday, while US West Texas Intermediate closed at $62.80 – both nearly $1 lower. Analysts say traders are waiting for a clearer outcome from the negotiations before making any big moves. Phil Flynn, senior analyst at Price Futures Group, told Reuters that until a deal emerges, prices will likely stay stuck in a narrow range. “What we do know is that the threat of immediate sanctions on Russia, or secondary sanctions on other countries is put on hold for now, which would be bearish,” he said. Russia’s redirected oil flows Since the imposition of Western sanctions – including a seaborne oil embargo and price caps on Russian crude – Moscow has shifted its oil exports towards Asia, particularly China and India. The Alaska meeting outcome suggests this redirection will continue unhindered for now. With supply risks contained and sanctions pressure temporarily eased, oil markets are expected to lean bearish in the near term. But traders remain cautious, with much depending on the outcome of Trump’s upcoming meeting with Zelenskiy and Europe’s response to the new US approach. (With inputs from the agencies)

Analysts say uninterrupted Russian exports keep prices tilted bearish in the short term, though Brent and WTI remain range-bound as traders await Trump’s upcoming meeting with Zelenskiy and Europe’s response.&nbsp;

Oil prices set for muted open after Trump-Putin Alaska meeting

India may be gearing up for its biggest reset of the Goods and Services Tax (GST) regime since it was introduced in 2017. In his Independence Day speech on Friday, Prime Minister Narendra Modi promised “next-generation GST reforms”, which he hinted could be rolled out before Diwali 2025. According to reports, the reforms could simplify the tax structure, reduce levies on common goods and services, and ease the burden on households and small businesses. Here are the speculations of what will get cheaper.&nbsp;<h2>What is being planned?</h2>The Centre has reportedly forwarded a three-pillar blueprint for GST reforms to the Group of Ministers (GoM), which will place its recommendations before the GST Council chaired by Union Finance Minister Nirmala Sitharaman. If adopted, the plan could scrap the 12 per cent GST slab entirely and restructure the regime into just three slabs that is 5 per cent, 18 per cent, and 40 per cent (for sin goods like cigarettes and beer).&nbsp;“This Diwali, I am going to make it a double Diwali for you. This Diwali, you fellow countrymen will get a tremendous gift,” Modi said, signalling tax relief ahead of the festive season.<h2>What could become cheaper?</h2><ul><li>Everyday essentials such as groceries, soaps, medicines, and packaged foods</li><li>Bicycles, agricultural equipment, and tractors – with tax rates potentially dropping to 5 per cent</li><li>Consumer durables like TVs, washing machines, and air conditioners – currently taxed at 28 per cent, could fall under the 18 per cent bracket</li><li>Insurance and education services – sectors flagged by brokerages like Jefferies and Nomura as likely beneficiaries</li><li>Items taxed at 12 per cent, including jam, pasta, frozen vegetables, umbrellas, carpets, footwear under ₹1,000, and feeding bottles, may see rates slashed to 5 per cent, giving households direct relief.</li></ul><h2>Why the change now?</h2>The current GST system has four main slabs, that is 5 per cent, 12 per cent, 18 per cent, and 28 per cent, and has long faced criticism for its complexity. Industry bodies have pushed for a simpler regime with fewer slabs and lower rates on essentials.&nbsp;Reports suggest the government aims to boost consumption ahead of the festive season, while also balancing inflation concerns.<h2>The economic impact</h2>Brokerage firm Citi estimates that moving most 12 per cent slab items into the 5 per cent basket could lead to a revenue loss of up to 0.15 per cent of GDP, but would also provide a policy stimulus worth around 0.7 per cent of GDP in FY26.&nbsp;Experts say rationalisation will need to strike a balance between affordability for consumers, inflation control, and revenue neutrality for the government.<h2>What stays expensive?</h2>Not everything will get cheaper. Goods classified as luxury or harmful, such as cigarettes, pan masala, and alcohol, are expected to remain under a higher 40 per cent GST slab. Automobiles and luxury durables could also continue attracting higher taxes.&nbsp;If implemented as indicated, these reforms could be India’s biggest tax reset since GST’s rollout in 2017. They could simplify compliance, reduce costs for households, and spur demand across key sectors, from farming and consumer durables to insurance.&nbsp;However, the proposals are still under discussion, and the final decision lies with the GST Council, which will weigh fiscal risks against the political and economic push for tax relief.&nbsp;For now, the big question remains: Will Diwali 2025 really bring Modi’s promised “double Diwali” for Indian consumers?&nbsp;(With inputs from the agencies)

A proposed blueprint aims to simplify the tax structure, reducing rates on essentials. Potential shifts include abolishing the 12% slab, creating three slabs: 5%, 18%, and 40% for sin goods. Costs for groceries, bicycles, and consumer durables may drop.

India may be gearing up for its biggest reset of the Goods and Services Tax (GST) regime since it was introduced in 2017. In his Independence Day speech on Friday, Prime Minister Narendra Modi promised “next-generation GST reforms”, which he hinted could be rolled out before Diwali 2025. According to reports, the reforms could simplify the tax structure, reduce levies on common goods and services, and ease the burden on households and small businesses. Here are the speculations of what will get cheaper. What is being planned? The Centre has reportedly forwarded a three-pillar blueprint for GST reforms to the Group of Ministers (GoM), which will place its recommendations before the GST Council chaired by Union Finance Minister Nirmala Sitharaman. If adopted, the plan could scrap the 12 per cent GST slab entirely and restructure the regime into just three slabs that is 5 per cent, 18 per cent, and 40 per cent (for sin goods like cigarettes and beer). “This Diwali, I am going to make it a double Diwali for you. This Diwali, you fellow countrymen will get a tremendous gift,” Modi said, signalling tax relief ahead of the festive season. What could become cheaper? Everyday essentials such as groceries, soaps, medicines, and packaged foods Bicycles, agricultural equipment, and tractors – with tax rates potentially dropping to 5 per cent Consumer durables like TVs, washing machines, and air conditioners – currently taxed at 28 per cent, could fall under the 18 per cent bracket Insurance and education services – sectors flagged by brokerages like Jefferies and Nomura as likely beneficiaries Items taxed at 12 per cent, including jam, pasta, frozen vegetables, umbrellas, carpets, footwear under ₹1,000, and feeding bottles, may see rates slashed to 5 per cent, giving households direct relief. Why the change now? The current GST system has four main slabs, that is 5 per cent, 12 per cent, 18 per cent, and 28 per cent, and has long faced criticism for its complexity. Industry bodies have pushed for a simpler regime with fewer slabs and lower rates on essentials. Reports suggest the government aims to boost consumption ahead of the festive season, while also balancing inflation concerns. The economic impact Brokerage firm Citi estimates that moving most 12 per cent slab items into the 5 per cent basket could lead to a revenue loss of up to 0.15 per cent of GDP, but would also provide a policy stimulus worth around 0.7 per cent of GDP in FY26. Experts say rationalisation will need to strike a balance between affordability for consumers, inflation control, and revenue neutrality for the government. What stays expensive? Not everything will get cheaper. Goods classified as luxury or harmful, such as cigarettes, pan masala, and alcohol, are expected to remain under a higher 40 per cent GST slab. Automobiles and luxury durables could also continue attracting higher taxes. If implemented as indicated, these reforms could be India’s biggest tax reset since GST’s rollout in 2017. They could simplify compliance, reduce costs for households, and spur demand across key sectors, from farming and consumer durables to insurance. However, the proposals are still under discussion, and the final decision lies with the GST Council, which will weigh fiscal risks against the political and economic push for tax relief. For now, the big question remains: Will Diwali 2025 really bring Modi’s promised “double Diwali” for Indian consumers? (With inputs from the agencies)

India is poised for significant Goods and Services Tax (GST) reforms, with Prime Minister Narendra Modi hinting at changes before Diwali 2025.

GST reset ahead of Diwali? Here’s what may become cheaper

The US Commerce Department has significantly expanded the scope of its 50% tariffs on steel and aluminium products, targeting hundreds of additional derivative items. According to a Federal Register notice on Friday, the Bureau of Industry and Security (BIS) added 407 new product codes to the Harmonised Tariff Schedule, bringing a surge of goods now subject to import duties tied to their steel and aluminium content. Effective August 18, these newly listed products will face the same hefty levies. While the metal portions of those items fall under the 50% tariff, non-metal components will continue to be taxed at regular rates based on their originating countries.&nbsp;<h2>A broader push under section 232</h2>This expansion builds on the Section 232 “inclusions” process, introduced by the Commerce Department in April to widen the breadth of existing steel and aluminium tariffs. That framework allowed for the inclusion of derivative articles into the tariff net, ensuring that items containing steel or aluminium couldn’t bypass duties.&nbsp;&nbsp;With this latest announcement, Washington is clearly doubling down on its protectionist strategy, tightening controls over a broader swath of downstream industrial goods.<h2>Political timing &amp; broader trade strategy</h2>The timing of this initiative aligns with President Trump’s active political calendar. Speaking aboard Air Force One en route to his summit in Alaska with Russian President Vladimir Putin, Trump hinted that further announcements, including new tariffs on semiconductor imports, are on the way.Reuters notes that this phased approach to tariffs, initially lower rates, escalating later, mirrors his method applied to pharmaceutical duties. It underscores a strategic push to incentivise domestic production by gradually raising the economic cost of imports.&nbsp;<h2>Sharpened fallout and market implications</h2>Economic and trade analysts warn that these expanded tariffs may ripple through global supply chains, pushing up costs across manufacturing industries. With new areas falling under steep tariffs, importers and intermediaries may be forced to recalibrate strategies, potentially favouring domestic suppliers or shifting sourcing routes.&nbsp;Moreover, this moves sits amid a longer pattern of aggressive tariff policies under Trump’s “America First” agenda. Earlier in 2025, tariffs on steel and aluminium were raised from 25% to 50%, and coverage was extended to appliances and derivative items.&nbsp;Simultaneously, reciprocal tariffs and sector-specific levies on copper, autos, and semiconductors are also being deployed, adding complexity to U.S. trade policy.<h2>What this means?&nbsp;</h2><ul><li>For businesses: Expect higher compliance costs as more products fall under tariff obligations. Strategic sourcing and supply chain adaptation will be critical.</li><li>For global trade: More tariff exposure may prompt slower trade flows, localised sourcing, or trade negotiations aimed at carve-outs.</li><li>For markets and consumers: Higher input costs could translate into elevated prices for consumers, especially in manufacturing-heavy sectors.</li></ul>The aim is clear: the administration is escalating pressure on foreign producers while encouraging domestic manufacturing seeding, now using a broader enforcement net.&nbsp;(With inputs from the agencies)

The tariff strategy coincides with President Trump political agenda, with additional announcements on semiconductor tariffs anticipated.

The US Commerce Department has significantly expanded the scope of its 50% tariffs on steel and aluminium products, targeting hundreds of additional derivative items. According to a Federal Register notice on Friday, the Bureau of Industry and Security (BIS) added 407 new product codes to the Harmonised Tariff Schedule, bringing a surge of goods now subject to import duties tied to their steel and aluminium content. Effective August 18, these newly listed products will face the same hefty levies. While the metal portions of those items fall under the 50% tariff, non-metal components will continue to be taxed at regular rates based on their originating countries. A broader push under section 232 This expansion builds on the Section 232 “inclusions” process, introduced by the Commerce Department in April to widen the breadth of existing steel and aluminium tariffs. That framework allowed for the inclusion of derivative articles into the tariff net, ensuring that items containing steel or aluminium couldn’t bypass duties. With this latest announcement, Washington is clearly doubling down on its protectionist strategy, tightening controls over a broader swath of downstream industrial goods. Political timing & broader trade strategy The timing of this initiative aligns with President Trump’s active political calendar. Speaking aboard Air Force One en route to his summit in Alaska with Russian President Vladimir Putin, Trump hinted that further announcements, including new tariffs on semiconductor imports, are on the way. Reuters notes that this phased approach to tariffs, initially lower rates, escalating later, mirrors his method applied to pharmaceutical duties. It underscores a strategic push to incentivise domestic production by gradually raising the economic cost of imports. Sharpened fallout and market implications Economic and trade analysts warn that these expanded tariffs may ripple through global supply chains, pushing up costs across manufacturing industries. With new areas falling under steep tariffs, importers and intermediaries may be forced to recalibrate strategies, potentially favouring domestic suppliers or shifting sourcing routes. Moreover, this moves sits amid a longer pattern of aggressive tariff policies under Trump’s “America First” agenda. Earlier in 2025, tariffs on steel and aluminium were raised from 25% to 50%, and coverage was extended to appliances and derivative items. Simultaneously, reciprocal tariffs and sector-specific levies on copper, autos, and semiconductors are also being deployed, adding complexity to U.S. trade policy. What this means? For businesses: Expect higher compliance costs as more products fall under tariff obligations. Strategic sourcing and supply chain adaptation will be critical. For global trade: More tariff exposure may prompt slower trade flows, localised sourcing, or trade negotiations aimed at carve-outs. For markets and consumers: Higher input costs could translate into elevated prices for consumers, especially in manufacturing-heavy sectors. The aim is clear: the administration is escalating pressure on foreign producers while encouraging domestic manufacturing seeding, now using a broader enforcement net. (With inputs from the agencies)

The US Commerce Department has expanded 50% tariffs on steel and aluminium to include 407 new derivative items effective August 18. This move follows the Section 232 inclusions process aimed at preventing circumvention of tariffs.

Trump administration broadens steel & ​aluminium tariffs to hundreds more goods

Meta Platforms is preparing its fourth reorganisation of artificial intelligence (AI) operations in just six months, according to a report by The Information. The company’s newly created Superintelligence Labs will be divided into four groups: a new “TBD Lab” (short for to be determined); a products team working on tools such as the Meta AI assistant; an infrastructure team; and the long-term research-focused Fundamental AI Research (FAIR) unit.The restructuring comes amid fierce competition in Silicon Valley’s race to develop artificial general intelligence (AGI), systems capable of surpassing human-level reasoning. Meta Chief Executive Mark Zuckerberg has repeatedly emphasised that AGI will be central to the company’s future growth, even as rivals like OpenAI, Anthropic, and Google scale their own efforts.<h2>Talent wars and leadership shuffle</h2>Media reports said TBD Lab will take charge of developing the next generation of Meta’s flagship Llama model. Leadership roles are expected to be distributed among prominent AI researchers recruited from top rivals. Jack Rae, formerly of Google, may head pre-training work, while ex-Apple executive Ruoming Pang could oversee infrastructure. Jiahui Yu, who previously worked at OpenAI, is likely to lead multimedia initiatives, and Hongyu Ren and Pei Sun, from OpenAI and Google, respectively, are expected to lead post-training teams.At the executive level, Meta has brought in high-profile leaders such as former GitHub CEO Nat Friedman and Scale AI founder Alexandr Wang to guide the superintelligence unit. Robert Fergus, co-founder of FAIR, is expected to continue leading that lab, while Aparna Ramani, a long-time Meta engineering executive, may head infrastructure.<h2>Billions poured into AI bet</h2>Meta’s reshuffle follows a string of challenges, including senior departures and muted reception to the open-source release of Llama 4. At the same time, the company is committing unprecedented sums to infrastructure. In July, Zuckerberg pledged hundreds of billions of dollars to build massive AI data centres, backed by a $29 billion financing package led by PIMCO and Blue Owl Capital for a facility in Louisiana.Meta recently lifted its 2025 capital expenditure forecast to $66–72 billion, citing rising costs from data centres and soaring salaries for top researchers. Executives have cautioned that expenses in 2026 are expected to grow even faster. The latest restructuring underlines the urgency with which Meta is repositioning itself as an AI-first company. Whether the aggressive strategy will translate into breakthrough products and sustainable revenue, however, remains uncertain.&nbsp;(With inputs from agencies)

Meta’s reshuffle follows a string of challenges, including senior departures and muted reception to the open-source release of Llama 4. At the same time, the company is committing unprecedented sums to infrastructure. 

Meta Platforms is preparing its fourth reorganisation of artificial intelligence (AI) operations in just six months, according to a report by The Information. The company’s newly created Superintelligence Labs will be divided into four groups: a new “TBD Lab” (short for to be determined); a products team working on tools such as the Meta AI assistant; an infrastructure team; and the long-term research-focused Fundamental AI Research (FAIR) unit. The restructuring comes amid fierce competition in Silicon Valley’s race to develop artificial general intelligence (AGI), systems capable of surpassing human-level reasoning. Meta Chief Executive Mark Zuckerberg has repeatedly emphasised that AGI will be central to the company’s future growth, even as rivals like OpenAI, Anthropic, and Google scale their own efforts. Talent wars and leadership shuffle Media reports said TBD Lab will take charge of developing the next generation of Meta’s flagship Llama model. Leadership roles are expected to be distributed among prominent AI researchers recruited from top rivals. Jack Rae, formerly of Google, may head pre-training work, while ex-Apple executive Ruoming Pang could oversee infrastructure. Jiahui Yu, who previously worked at OpenAI, is likely to lead multimedia initiatives, and Hongyu Ren and Pei Sun, from OpenAI and Google, respectively, are expected to lead post-training teams. At the executive level, Meta has brought in high-profile leaders such as former GitHub CEO Nat Friedman and Scale AI founder Alexandr Wang to guide the superintelligence unit. Robert Fergus, co-founder of FAIR, is expected to continue leading that lab, while Aparna Ramani, a long-time Meta engineering executive, may head infrastructure. Billions poured into AI bet Meta’s reshuffle follows a string of challenges, including senior departures and muted reception to the open-source release of Llama 4. At the same time, the company is committing unprecedented sums to infrastructure. In July, Zuckerberg pledged hundreds of billions of dollars to build massive AI data centres, backed by a $29 billion financing package led by PIMCO and Blue Owl Capital for a facility in Louisiana. Meta recently lifted its 2025 capital expenditure forecast to $66–72 billion, citing rising costs from data centres and soaring salaries for top researchers. Executives have cautioned that expenses in 2026 are expected to grow even faster. The latest restructuring underlines the urgency with which Meta is repositioning itself as an AI-first company. Whether the aggressive strategy will translate into breakthrough products and sustainable revenue, however, remains uncertain. (With inputs from agencies)

Meta’s reshuffle follows a string of challenges, including senior departures and muted reception to the open-source release of Llama 4. At the same time, the company is committing unprecedented sums to infrastructure.&nbsp;

Meta plans fourth AI restructure in six months

US President Donald Trump said on August 15 his administration will announce new tariffs on imports of steel and semiconductor chips in the coming weeks, marking a major expansion of his aggressive trade agenda. Speaking to reporters aboard Air Force One en route to Alaska for a summit with Russian President Vladimir Putin, Trump said duties would be rolled out in phases, starting at a relatively low level and increasing sharply over time.“I’ll be setting tariffs next week and the week after on steel and on, I would say, chips,” Trump said. “I’m going to have a rate that is going to be lower at the beginning, that gives them a chance to come in and build, and very high after a certain period of time.” The president added he was confident that companies would choose to manufacture inside the United States rather than face punitive duties.<h2>Steel tariffs already higher, chips under review</h2>Trump’s remarks come just months after he doubled tariffs on steel and aluminum imports to 50 per cent, citing the need to protect domestic manufacturers. It was unclear whether his latest comments signaled another increase on those metals. On semiconductors, Trump has repeatedly hinted at sweeping new duties. Last week, he told an audience alongside Apple CEO Tim Cook that he was considering a 100 per cent tariff on imported chips, while offering exemptions to companies that commit to building fabrication plants in the United States.On August 15, he floated the possibility of even steeper penalties. “I’m going to have a rate that is going to be 200 per cent, 300 per cent?” Trump said, without clarifying the details. The Commerce Department has been conducting national security investigations into both the chip and pharmaceutical sectors since April, a procedural step required before tariffs can be formally imposed.<h2>Apple investment adds momentum</h2>Trump’s tariff pledge came as Apple announced it would invest an additional $100 billion in domestic production, part of a broader $600 billion US manufacturing initiative. The move could ease some of the impact of chip tariffs on American consumers and firms reliant on Apple’s supply chain.South Korean technology giants Samsung Electronics and SK hynix, which dominate global memory chip production, are among the companies closely monitoring Washington’s tariff plans. Semiconductor duties would ripple across industries, from consumer electronics to automobiles and artificial intelligence.<h2>Expanding trade confrontation</h2>The steel and chip tariffs mark the latest escalation in Trump’s broader strategy of using trade duties to reshape global supply chains and force companies to invest in the US He has already imposed sweeping tariffs on a wide array of imports, including autos, energy, and consumer goods. While Trump argues the approach will create US jobs and manufacturing capacity, critics warn higher costs could ripple through industries and worsen tensions with key allies and trading partners.With formal tariff announcements expected within two weeks, businesses worldwide are bracing for another round of trade disruption, one that could reshape both the semiconductor market and the global steel industry.&nbsp;(With inputs from agencies)

The steel and semiconductors tariffs mark the latest escalation in Trump’s broader strategy of using trade duties to reshape global supply chains and force firms to invest in the US. He has already imposed sweeping tariffs on a wide array of imports, including autos, energy, consumer goods.

US President Donald Trump said on August 15 his administration will announce new tariffs on imports of steel and semiconductor chips in the coming weeks, marking a major expansion of his aggressive trade agenda. Speaking to reporters aboard Air Force One en route to Alaska for a summit with Russian President Vladimir Putin, Trump said duties would be rolled out in phases, starting at a relatively low level and increasing sharply over time. “I’ll be setting tariffs next week and the week after on steel and on, I would say, chips,” Trump said. “I’m going to have a rate that is going to be lower at the beginning, that gives them a chance to come in and build, and very high after a certain period of time.” The president added he was confident that companies would choose to manufacture inside the United States rather than face punitive duties. Steel tariffs already higher, chips under review Trump’s remarks come just months after he doubled tariffs on steel and aluminum imports to 50 per cent, citing the need to protect domestic manufacturers. It was unclear whether his latest comments signaled another increase on those metals. On semiconductors, Trump has repeatedly hinted at sweeping new duties. Last week, he told an audience alongside Apple CEO Tim Cook that he was considering a 100 per cent tariff on imported chips, while offering exemptions to companies that commit to building fabrication plants in the United States. On August 15, he floated the possibility of even steeper penalties. “I’m going to have a rate that is going to be 200 per cent, 300 per cent?” Trump said, without clarifying the details. The Commerce Department has been conducting national security investigations into both the chip and pharmaceutical sectors since April, a procedural step required before tariffs can be formally imposed. Apple investment adds momentum Trump’s tariff pledge came as Apple announced it would invest an additional $100 billion in domestic production, part of a broader $600 billion US manufacturing initiative. The move could ease some of the impact of chip tariffs on American consumers and firms reliant on Apple’s supply chain. South Korean technology giants Samsung Electronics and SK hynix, which dominate global memory chip production, are among the companies closely monitoring Washington’s tariff plans. Semiconductor duties would ripple across industries, from consumer electronics to automobiles and artificial intelligence. Expanding trade confrontation The steel and chip tariffs mark the latest escalation in Trump’s broader strategy of using trade duties to reshape global supply chains and force companies to invest in the US He has already imposed sweeping tariffs on a wide array of imports, including autos, energy, and consumer goods. While Trump argues the approach will create US jobs and manufacturing capacity, critics warn higher costs could ripple through industries and worsen tensions with key allies and trading partners. With formal tariff announcements expected within two weeks, businesses worldwide are bracing for another round of trade disruption, one that could reshape both the semiconductor market and the global steel industry. (With inputs from agencies)

The steel and semiconductors tariffs mark the latest escalation in Trump’s broader strategy of using trade duties to reshape global supply chains and force firms to invest in the US. He has already imposed sweeping tariffs on a wide array of imports, including autos, energy, consumer goods.

Trump to announce tariffs on steel and semiconductors in coming weeks

The US Federal Reserve has announced it will shut down its dedicated program for overseeing banks’ involvement in cryptocurrencies and financial technology, folding the work into its broader supervisory framework. The decision marks a significant shift in how America’s top banking regulator approaches emerging technologies.&nbsp;According to Reuters, the Fed confirmed on Friday that it will end its “novel activities supervision program,” which was set up in 2023 to specifically monitor how banks engage with crypto firms, blockchain projects and other fintech ventures. At the time, regulators were concerned about gaps in oversight as digital assets and new financial platforms moved deeper into the mainstream banking system.<h2>From experiment to integration</h2>The Fed said the program has now served its purpose. Over the past two years, central bank examiners have gained experience in assessing risks tied to digital assets, distributed ledger technologies, and bank partnerships with fintechs. That knowledge will now be absorbed into routine bank supervision, rather than sitting in a standalone unit.&nbsp;“The Federal Reserve has strengthened its understanding of these risks and how banks manage them,” the central bank said in its announcement, as quoted by Reuters. The move reflects growing confidence that crypto and fintech exposures can be handled within the Fed’s existing supervisory framework, rather than requiring a siloed structure.<h2>Regulatory backdrop</h2>The novel activities program was launched at a time of turmoil in crypto markets. The collapse of major firms in 2022 and 2023, including FTX, triggered a wave of scrutiny in Washington and prompted regulators to tighten their guard. Banks were warned repeatedly that their crypto dealings would be subject to higher review.&nbsp;In parallel, other regulators such as the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) also began highlighting the risks of digital assets to traditional finance. By scrapping the dedicated program, the Fed is signalling that crypto and fintech oversight is maturing into the normal course of supervision, rather than remaining an outlier.<h2>Industry and policy implications</h2>For banks, the decision could streamline compliance, since crypto activities will now be examined alongside their other business lines. For policymakers, it highlights a shift from experimental oversight to mainstream integration, suggesting that digital finance is no longer treated as a novelty, but as part of the broader banking landscape.&nbsp;Still, the move comes at a delicate moment. President Donald Trump’s administration has leaned toward a lighter regulatory stance on crypto, while Democrats in Congress continue to call for stricter guardrails. Analysts told Reuters that how the Fed embeds its crypto expertise into traditional oversight will be closely watched by markets and lawmakers alike.&nbsp;With the program gone, the Fed’s next challenge will be balancing innovation with financial stability, ensuring banks can explore fintech partnerships and blockchain solutions without exposing the wider system to untested risks.&nbsp;(With inputs from the agencies)&nbsp;

The program, started in 2023 amid concerns about oversight gaps, has fulfilled its purpose as examiners have gained knowledge on risks associated with digital assets. 

The US Federal Reserve has announced it will shut down its dedicated program for overseeing banks’ involvement in cryptocurrencies and financial technology, folding the work into its broader supervisory framework. The decision marks a significant shift in how America’s top banking regulator approaches emerging technologies. According to Reuters, the Fed confirmed on Friday that it will end its “novel activities supervision program,” which was set up in 2023 to specifically monitor how banks engage with crypto firms, blockchain projects and other fintech ventures. At the time, regulators were concerned about gaps in oversight as digital assets and new financial platforms moved deeper into the mainstream banking system. From experiment to integration The Fed said the program has now served its purpose. Over the past two years, central bank examiners have gained experience in assessing risks tied to digital assets, distributed ledger technologies, and bank partnerships with fintechs. That knowledge will now be absorbed into routine bank supervision, rather than sitting in a standalone unit. “The Federal Reserve has strengthened its understanding of these risks and how banks manage them,” the central bank said in its announcement, as quoted by Reuters. The move reflects growing confidence that crypto and fintech exposures can be handled within the Fed’s existing supervisory framework, rather than requiring a siloed structure. Regulatory backdrop The novel activities program was launched at a time of turmoil in crypto markets. The collapse of major firms in 2022 and 2023, including FTX, triggered a wave of scrutiny in Washington and prompted regulators to tighten their guard. Banks were warned repeatedly that their crypto dealings would be subject to higher review. In parallel, other regulators such as the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) also began highlighting the risks of digital assets to traditional finance. By scrapping the dedicated program, the Fed is signalling that crypto and fintech oversight is maturing into the normal course of supervision, rather than remaining an outlier. Industry and policy implications For banks, the decision could streamline compliance, since crypto activities will now be examined alongside their other business lines. For policymakers, it highlights a shift from experimental oversight to mainstream integration, suggesting that digital finance is no longer treated as a novelty, but as part of the broader banking landscape. Still, the move comes at a delicate moment. President Donald Trump’s administration has leaned toward a lighter regulatory stance on crypto, while Democrats in Congress continue to call for stricter guardrails. Analysts told Reuters that how the Fed embeds its crypto expertise into traditional oversight will be closely watched by markets and lawmakers alike. With the program gone, the Fed’s next challenge will be balancing innovation with financial stability, ensuring banks can explore fintech partnerships and blockchain solutions without exposing the wider system to untested risks. (With inputs from the agencies)

The US Federal Reserve will end its dedicated program overseeing banks' involvement in cryptocurrencies and fintech, integrating these responsibilities into its broader supervisory framework.

Why did the Fed scrap the dedicated crypto oversight unit?

US retail sales rose solidly in July, buoyed by strong demand for motor vehicles and aggressive promotions from major retailers, even as concerns over a weakening labour market and inflationary pressures tempered optimism about consumer spending in the months ahead. Commerce Department data released on August 15 showed retail sales increased 0.5 per cent last month, following an upwardly revised 0.9 per cent gain in June. Excluding automobiles, sales climbed 0.3 per cent. On an annual basis, sales were up 3.9 per cent. Nine of 13 major categories recorded increases, led by autos, online shopping, and general merchandise stores.Motor vehicle sales advanced 1.6 per cent, supported by a rush to purchase battery-powered electric vehicles before the expiration of federal tax credits at the end of September. Online sales rose 0.8 per cent as Amazon, Walmart, and Target rolled out extended discount events, luring inflation-conscious households with deals on back-to-school goods, electronics, and apparel. Furniture and sporting goods sales also posted gains, partly reflecting higher prices linked to tariffs.<h2>Mixed picture for consumers</h2>Despite the headline gains, economists warned the outlook for consumer spending is becoming more fragile. The University of Michigan’s survey showed consumer sentiment fell in early August, with views on purchasing durable goods slipping to a one-year low. Inflation expectations also edged up, with households now anticipating prices to rise 4.9 per cent over the next year, compared with 4.5 per cent in July.Notably, some categories weakened. Spending at restaurants and bars, often seen as a proxy for household financial confidence, fell 0.4 per cent, the sharpest drop since February. Sales at building materials and electronics stores also declined.<h2>Fed faces policy crossroads</h2>The stronger retail sales data eased fears of a sharp economic slowdown, but inflationary risks complicate the Federal Reserve’s next steps. Consumer spending accounts for nearly two-thirds of US economic activity, making the figures closely watched by policymakers. Some economists argue the resilience in spending undermines the case for a sharp rate cut in September.&nbsp;Still, with payroll growth weakening and import prices rising amid new tariffs, the Fed faces pressure to strike a balance between supporting demand and containing inflation. Import prices for consumer goods excluding autos climbed 0.4 per cent in July, signalling exporters are not absorbing tariff costs as the administration had suggested.Stocks on Wall Street were mostly lower following the report, while Treasury yields rose and the dollar slipped against a basket of currencies.Overall, July’s report suggests a decent start for consumer spending in the third quarter. But with households facing a softer job market, higher borrowing costs, and renewed tariff pressures, economists caution that the durability of US consumer strength will be tested in the months ahead.&nbsp;(With inputs from agencies)

Despite the headline gains, economists warned the outlook for consumer spending is becoming more fragile. The University of Michigan’s survey showed consumer sentiment fell in early August, with views on purchasing durable goods slipping to a one-year low.

US retail sales rose solidly in July, buoyed by strong demand for motor vehicles and aggressive promotions from major retailers, even as concerns over a weakening labour market and inflationary pressures tempered optimism about consumer spending in the months ahead. Commerce Department data released on August 15 showed retail sales increased 0.5 per cent last month, following an upwardly revised 0.9 per cent gain in June. Excluding automobiles, sales climbed 0.3 per cent. On an annual basis, sales were up 3.9 per cent. Nine of 13 major categories recorded increases, led by autos, online shopping, and general merchandise stores. Motor vehicle sales advanced 1.6 per cent, supported by a rush to purchase battery-powered electric vehicles before the expiration of federal tax credits at the end of September. Online sales rose 0.8 per cent as Amazon, Walmart, and Target rolled out extended discount events, luring inflation-conscious households with deals on back-to-school goods, electronics, and apparel. Furniture and sporting goods sales also posted gains, partly reflecting higher prices linked to tariffs. Mixed picture for consumers Despite the headline gains, economists warned the outlook for consumer spending is becoming more fragile. The University of Michigan’s survey showed consumer sentiment fell in early August, with views on purchasing durable goods slipping to a one-year low. Inflation expectations also edged up, with households now anticipating prices to rise 4.9 per cent over the next year, compared with 4.5 per cent in July. Notably, some categories weakened. Spending at restaurants and bars, often seen as a proxy for household financial confidence, fell 0.4 per cent, the sharpest drop since February. Sales at building materials and electronics stores also declined. Fed faces policy crossroads The stronger retail sales data eased fears of a sharp economic slowdown, but inflationary risks complicate the Federal Reserve’s next steps. Consumer spending accounts for nearly two-thirds of US economic activity, making the figures closely watched by policymakers. Some economists argue the resilience in spending undermines the case for a sharp rate cut in September. Still, with payroll growth weakening and import prices rising amid new tariffs, the Fed faces pressure to strike a balance between supporting demand and containing inflation. Import prices for consumer goods excluding autos climbed 0.4 per cent in July, signalling exporters are not absorbing tariff costs as the administration had suggested. Stocks on Wall Street were mostly lower following the report, while Treasury yields rose and the dollar slipped against a basket of currencies. Overall, July’s report suggests a decent start for consumer spending in the third quarter. But with households facing a softer job market, higher borrowing costs, and renewed tariff pressures, economists caution that the durability of US consumer strength will be tested in the months ahead. (With inputs from agencies)

Despite the headline gains, economists warned the outlook for consumer spending is becoming more fragile. The University of Michigan’s survey showed consumer sentiment fell in early August, with views on purchasing durable goods slipping to a one-year low.

US retail sales rise in July, but softening job market clouds outlook

The Trump administration on August 15 announced sweeping changes to how solar and wind projects qualify for federal tax subsidies, adding another hurdle for clean-energy developers already facing a compressed timeline to secure benefits before they phase out. The US Treasury Department’s new rules, which take effect September 2, require utility-scale renewable projects to demonstrate “substantial and continuous physical work” to be considered under construction, eliminating a long-standing practice that allowed developers to qualify by spending at least 5 per cent of project costs up front.The stricter eligibility standards follow an executive order signed by US President Donald Trump last month directing the Treasury to restrict credits to facilities that had progressed beyond permitting, design, or component procurement. Small projects under 1.5 megawatts, including most residential solar systems, will still be able to use the 5 per cent safe-harbor provision.<h2>Tax credits at stake</h2>Under Trump’s newly enacted One Big Beautiful Bill Act, projects must begin construction by July 2026 or enter service by 2027 to qualify for a 30 per cent investment tax credit, plus additional bonuses. Previously, under the Inflation Reduction Act, developers had until 2032 to commence construction. The compressed timeline and elimination of the safe-harbor rule could put thousands of projects in jeopardy. BloombergNEF estimates more than 2,500 announced wind and solar projects, with a combined generating capacity equal to 383 nuclear reactors, have yet to break ground and could be affected. Industry analysts say the new rule is likely to favour large, well-capitalised developers with projects already underway.&nbsp;<h2>Industry backlash and market response</h2>Clean-energy trade groups sharply criticised the move, arguing it undermines Congressional intent and will delay the buildout of affordable power. Despite industry alarm, shares of large solar companies rallied on August 15, with Sunrun rising as much as 28 per cent, NextEra Energy up 5 per cent, and NexTracker nearly 9 per cent, as investors bet major players were better positioned to weather the stricter rules.Still, analysts warn the changes will slow US renewable expansion. BloombergNEF projects annual installations of clean energy could plunge 41 per cent after 2027 as tax credits expire. That outlook comes at a time when the US faces surging power demand from data centres and AI-driven industries, leaving policymakers with fewer low-cost options to meet growth.<h2>Mounting pressure on clean energy</h2>Since taking office in January, Trump has made no secret of his scepticism toward wind and solar, calling them unreliable and dependent on Chinese supply chains. His administration has already cancelled federal permits for major projects and ordered new reviews that further delay development. While large developers such as NextEra and AES Corp. have signalled they can ride out the new rules, the broader industry faces uncertainty.&nbsp;With solar, wind, and batteries making up 96 per cent of new US power capacity added last year, the Treasury’s latest move could reshape the nation’s clean-energy trajectory and raise costs for households and businesses alike.&nbsp;(With inputs from agencies)

The stricter eligibility standards follow an executive order signed by US President Donald Trump last month directing the Treasury to restrict credits to facilities that had progressed beyond permitting, design, or component procurement.

The Trump administration on August 15 announced sweeping changes to how solar and wind projects qualify for federal tax subsidies, adding another hurdle for clean-energy developers already facing a compressed timeline to secure benefits before they phase out. The US Treasury Department’s new rules, which take effect September 2, require utility-scale renewable projects to demonstrate “substantial and continuous physical work” to be considered under construction, eliminating a long-standing practice that allowed developers to qualify by spending at least 5 per cent of project costs up front. The stricter eligibility standards follow an executive order signed by US President Donald Trump last month directing the Treasury to restrict credits to facilities that had progressed beyond permitting, design, or component procurement. Small projects under 1.5 megawatts, including most residential solar systems, will still be able to use the 5 per cent safe-harbor provision. Tax credits at stake Under Trump’s newly enacted One Big Beautiful Bill Act, projects must begin construction by July 2026 or enter service by 2027 to qualify for a 30 per cent investment tax credit, plus additional bonuses. Previously, under the Inflation Reduction Act, developers had until 2032 to commence construction. The compressed timeline and elimination of the safe-harbor rule could put thousands of projects in jeopardy. BloombergNEF estimates more than 2,500 announced wind and solar projects, with a combined generating capacity equal to 383 nuclear reactors, have yet to break ground and could be affected. Industry analysts say the new rule is likely to favour large, well-capitalised developers with projects already underway. Industry backlash and market response Clean-energy trade groups sharply criticised the move, arguing it undermines Congressional intent and will delay the buildout of affordable power. Despite industry alarm, shares of large solar companies rallied on August 15, with Sunrun rising as much as 28 per cent, NextEra Energy up 5 per cent, and NexTracker nearly 9 per cent, as investors bet major players were better positioned to weather the stricter rules. Still, analysts warn the changes will slow US renewable expansion. BloombergNEF projects annual installations of clean energy could plunge 41 per cent after 2027 as tax credits expire. That outlook comes at a time when the US faces surging power demand from data centres and AI-driven industries, leaving policymakers with fewer low-cost options to meet growth. Mounting pressure on clean energy Since taking office in January, Trump has made no secret of his scepticism toward wind and solar, calling them unreliable and dependent on Chinese supply chains. His administration has already cancelled federal permits for major projects and ordered new reviews that further delay development. While large developers such as NextEra and AES Corp. have signalled they can ride out the new rules, the broader industry faces uncertainty. With solar, wind, and batteries making up 96 per cent of new US power capacity added last year, the Treasury’s latest move could reshape the nation’s clean-energy trajectory and raise costs for households and businesses alike. (With inputs from agencies)

The stricter eligibility standards follow an executive order signed by US President Donald Trump last month directing the Treasury to restrict credits to facilities that had progressed beyond permitting, design, or component procurement.

Trump administration tightens rules for wind and solar subsidies

Canada has unveiled a list of tax measures it intends to carry forward from the Trudeau era, even as Prime Minister Mark Carney moves to reshape the country’s fiscal priorities. According to Bloomberg, Finance Minister François-Philippe Champagne released draft legislation on Friday for consultation, confirming that many proposals first announced under former Prime Minister Justin Trudeau are still on track. The draft package includes changes to small business taxes, expanded credits, adjustments to capital gains exemptions, and enhanced powers for the national tax agency. Stronger reporting requirements for nonprofit organisations are also under review. Public feedback will be taken until September 12 before the legislation heads to Parliament later this year.&nbsp;Bloomberg reported that most of the proposals were laid out in last year’s budget and fall economic statement. However, political uncertainty following the abrupt resignation of former finance minister Chrystia Freeland and Trudeau’s subsequent departure had raised doubts over which measures would survive under Carney’s leadership.<h2>Carney signals shifts but keeps core</h2>Not all Trudeau-era policies remain. Bloomberg noted that Carney has already rolled back an increase in the capital gains inclusion rate and suspended the consumer carbon tax, signalling a shift in fiscal direction. Still, by retaining several pre-Carney initiatives, the government is aiming for continuity while preparing to set out new spending priorities.&nbsp;One technical change in the draft legislation would update sales tax exemptions, allowing input tax credits for redeemed coupons if used in the course of commercial activities. The move reflects a recent Canadian court of appeal decision.<h2>Budget delayed to October</h2>A government official told Bloomberg that Ottawa’s long-delayed federal budget will be tabled in October. The focus is expected to be on defence spending, housing, and a reallocation of fiscal resources away from consumption and towards investment—core themes in Carney’s election platform.&nbsp;Economists warn, however, that Canada’s fiscal position is set to deteriorate further. The parliamentary budget officer and several forecasters project a deficit exceeding C$70 billion ($50.7 billion) in the current fiscal year. By comparison, the official forecast published last December had projected a C$42 billion shortfall, before Trump’s new tariffs and Canada’s federal election altered the fiscal landscape.<h2>Balancing continuity and new priorities</h2>Carney’s challenge lies in balancing continuity with change, keeping investor and business confidence stable by preserving key measures, while reshaping Canada’s fiscal trajectory towards investment-heavy spending. As Parliament prepares to resume later this year, the October budget will be the first major test of his government’s economic vision.&nbsp;(With inputs from the agencies)&nbsp;

Key proposals include changes to small business taxes, capital gains exemptions, non-profit reporting requirements, and updated sales tax exemptions. While maintaining some initiatives, Carney has also rolled back certain policies, signaling a fiscal shift. 

Canada has unveiled a list of tax measures it intends to carry forward from the Trudeau era, even as Prime Minister Mark Carney moves to reshape the country’s fiscal priorities. According to Bloomberg, Finance Minister François-Philippe Champagne released draft legislation on Friday for consultation, confirming that many proposals first announced under former Prime Minister Justin Trudeau are still on track. The draft package includes changes to small business taxes, expanded credits, adjustments to capital gains exemptions, and enhanced powers for the national tax agency. Stronger reporting requirements for nonprofit organisations are also under review. Public feedback will be taken until September 12 before the legislation heads to Parliament later this year. Bloomberg reported that most of the proposals were laid out in last year’s budget and fall economic statement. However, political uncertainty following the abrupt resignation of former finance minister Chrystia Freeland and Trudeau’s subsequent departure had raised doubts over which measures would survive under Carney’s leadership. Carney signals shifts but keeps core Not all Trudeau-era policies remain. Bloomberg noted that Carney has already rolled back an increase in the capital gains inclusion rate and suspended the consumer carbon tax, signalling a shift in fiscal direction. Still, by retaining several pre-Carney initiatives, the government is aiming for continuity while preparing to set out new spending priorities. One technical change in the draft legislation would update sales tax exemptions, allowing input tax credits for redeemed coupons if used in the course of commercial activities. The move reflects a recent Canadian court of appeal decision. Budget delayed to October A government official told Bloomberg that Ottawa’s long-delayed federal budget will be tabled in October. The focus is expected to be on defence spending, housing, and a reallocation of fiscal resources away from consumption and towards investment—core themes in Carney’s election platform. Economists warn, however, that Canada’s fiscal position is set to deteriorate further. The parliamentary budget officer and several forecasters project a deficit exceeding C$70 billion ($50.7 billion) in the current fiscal year. By comparison, the official forecast published last December had projected a C$42 billion shortfall, before Trump’s new tariffs and Canada’s federal election altered the fiscal landscape. Balancing continuity and new priorities Carney’s challenge lies in balancing continuity with change, keeping investor and business confidence stable by preserving key measures, while reshaping Canada’s fiscal trajectory towards investment-heavy spending. As Parliament prepares to resume later this year, the October budget will be the first major test of his government’s economic vision. (With inputs from the agencies)

Canada is advancing tax measures from the Trudeau era under Prime Minister Mark Carney, with Finance Minister François-Philippe Champagne releasing draft legislation for consultation.

Canada to retain key Trudeau-era tax measures as Carney government drafts budget

The US dollar slipped on Friday, rounding off a volatile week that kept traders focused on the Federal Reserve’s next move. According to Reuters, markets are betting firmly on a September rate cut, while global attention briefly shifted to Alaska where President Donald Trump and his Russian counterpart Vladimir Putin held closely watched talks over Ukraine. The dollar index fell 0.4 per cent over the week, giving up most of its gains from Thursday after data showed US producer prices rose more than expected in July. Despite that surprise, money markets still see a 93 per cent chance of a quarter-point rate cut in September, as tracked by the CME FedWatch tool.&nbsp;Economists polled by Reuters expect this to be the first cut of the year, with another likely before December, as concerns grow over sluggish growth and the inflationary drag from tariffs. Chicago Fed President Austan Goolsbee acknowledged that services inflation was a source of “unease,” highlighting the stagflationary risk for the economy.<h2>Data mix keeps Fed in spotlight</h2>Fresh retail sales figures showed US consumer demand remains solid, rising 0.5 per cent in July, driven by strong auto purchases and aggressive promotions by Amazon and Walmart. Import prices also picked up, led by costlier consumer goods. Investors now look to next week’s Jackson Hole symposium for guidance on the Fed’s easing trajectory.&nbsp;Brian Jacobsen, chief economist at Annex Wealth Management, told Reuters that while some officials favour quicker cuts, Fed Chair Jerome Powell may attempt to cool expectations on timing and scale.<h2>Trump–Putin talks fall short</h2>The Alaska summit between Trump and Putin drew global attention but delivered little substance. Both leaders described the meeting as “productive,” yet, as per Reuters, there was no agreement on a ceasefire in Ukraine. Analysts said the lack of new sanctions offered minor relief for investors, but the talks were largely symbolic.&nbsp;Shaniel Ramjee of Pictet Asset Management noted that without Ukrainian and European involvement, a durable settlement remains unlikely. Markets, he added, have “learnt not to expect too much” from these negotiations.<h2>Currency moves and crypto steadies</h2>The euro gained 0.5 per cent to $1.1702, sterling rose 0.2 per cent to $1.3552, and the dollar slipped 0.4 per cent to 147.23 yen, supported by stronger-than-expected Japanese growth data. Bitcoin held steady at $117,126, a day after notching a record high amid optimism over looser Fed policy and a friendlier regulatory stance in Washington.&nbsp;(With inputs from the agencies)

Retail sales rose 0.5% in July, indicating solid consumer demand. Trump and Putin Alaska talks lacked substantial outcomes regarding Ukraine. Meanwhile, the euro and sterling gained against the dollar, and Bitcoin remained stable amid favorable regulatory sentiment.

The US dollar slipped on Friday, rounding off a volatile week that kept traders focused on the Federal Reserve’s next move. According to Reuters, markets are betting firmly on a September rate cut, while global attention briefly shifted to Alaska where President Donald Trump and his Russian counterpart Vladimir Putin held closely watched talks over Ukraine. The dollar index fell 0.4 per cent over the week, giving up most of its gains from Thursday after data showed US producer prices rose more than expected in July. Despite that surprise, money markets still see a 93 per cent chance of a quarter-point rate cut in September, as tracked by the CME FedWatch tool. Economists polled by Reuters expect this to be the first cut of the year, with another likely before December, as concerns grow over sluggish growth and the inflationary drag from tariffs. Chicago Fed President Austan Goolsbee acknowledged that services inflation was a source of “unease,” highlighting the stagflationary risk for the economy. Data mix keeps Fed in spotlight Fresh retail sales figures showed US consumer demand remains solid, rising 0.5 per cent in July, driven by strong auto purchases and aggressive promotions by Amazon and Walmart. Import prices also picked up, led by costlier consumer goods. Investors now look to next week’s Jackson Hole symposium for guidance on the Fed’s easing trajectory. Brian Jacobsen, chief economist at Annex Wealth Management, told Reuters that while some officials favour quicker cuts, Fed Chair Jerome Powell may attempt to cool expectations on timing and scale. Trump–Putin talks fall short The Alaska summit between Trump and Putin drew global attention but delivered little substance. Both leaders described the meeting as “productive,” yet, as per Reuters, there was no agreement on a ceasefire in Ukraine. Analysts said the lack of new sanctions offered minor relief for investors, but the talks were largely symbolic. Shaniel Ramjee of Pictet Asset Management noted that without Ukrainian and European involvement, a durable settlement remains unlikely. Markets, he added, have “learnt not to expect too much” from these negotiations. Currency moves and crypto steadies The euro gained 0.5 per cent to $1.1702, sterling rose 0.2 per cent to $1.3552, and the dollar slipped 0.4 per cent to 147.23 yen, supported by stronger-than-expected Japanese growth data. Bitcoin held steady at $117,126, a day after notching a record high amid optimism over looser Fed policy and a friendlier regulatory stance in Washington. (With inputs from the agencies)

The US dollar declined 0.4% over the week as markets expect a September rate cut from the Federal Reserve despite surprise producer price increases.

Dollar weakens as Fed cut bets stay firm, Trump–Putin summit ends with no deal