National Handloom Day 2026: From Alia Bhatt to Samantha Ruth Prabhu; Actresses who celebrated India's textile heritage as brides

The Royals enter the Doctor Who universe: King Charles and Queen Camilla beam into Commonwealth Games in TARDIS

Unitree Robotics targets $9 billion valuation in landmark IPO backed by DeepSeek and Tencent

India names 27 sites in Arunachal Pradesh

Bharat Bhhagya Viddhaata OTT: When will Kangana Ranaut's film stream online?

How many soldiers operate one S-400 battery?

Shakib Al Hasan ready to return to Bangladesh—under one condition

‘Fake news’: MEA rejects report claiming India sought defence pact with Israel after Pakistan, Saudi Arabia, Turkey deal

Rockstar to unveil GTA 6 extended look ahead of November launch

Russia forms Ukrainian Volunteer Spetsnaz Brigade to fight Ukraine

Drug-resistant fungus that hides in hair and enters bloodstream reported in 23 US states

Technology transfer deal boosts India's defence manufacturing ambitions

Border row erupts in Europe after Ceuta crossings, Spain imposes border controls on Italy

Morale plummets on USS Abraham Lincoln: Are US sailors reaching a breaking point? | GRAVITAS

'Security can't be bought with Pakistan, Turkey deal': Iran tells Saudi Arabia

Baba Vanga's 2026 prophecy: 2 predictions 'already came true', 3 terrifying ones remain. Details inside

Colombia’s new president Abelardo de la Espriella vows to ‘defeat narco-terrorists’, signals hardline shift

New Friday OTT releases (August 7, 2026): Operation Safed Sagar, Vadhandhi, Main Vaapis Aaunga- 6 movies and TV shows on Netflix, Prime Video and more

Squadron Leader Bhawana Kanth scripts history as Indian Air Force gets its first woman ‘Top Gun’ pilot

RSS says Gen Z protests reflect genuine distress

Trump says Iranian school bombing photos could be AI-generated - 'I don’t think...'

IAF officer held for sharing sensitive information in 'honey trap' case, booked under Official Secrets Act

Stray Kids under scrutiny? Fans react to Grammy submission silence after BTS boycott

Why the Su-30MKI doesn't need external fuel tanks to fly vast distances

Jugal Hansraj reunites with Shekhar Kapur after 40 years for Masoom: The Next Generation

New speed limits, automatic challans: Big traffic change coming to Delhi-Meerut Expressway. All you need to know

India officially names 27 places in Arunachal to counter China's renaming claims

Trump calls White House ballroom ruling a 'national disgrace' as court says Congress approval needed

US sanctions Iran’s crypto network after Strait of Hormuz attacks, offers $15m bounty for intel on IRGC finance

Why the Su-30MKI is one of the heaviest fighters ever built

Uttarakhand young innovator builds India's own flying vehicle, conducts first test flight: WATCH

Chilling video shows students take cover as teen opens fire at Thai school

Reese Witherspoon's father hospitalised after poolside incident in Nashville: Report

SpaceX has committed $2 billion to Elon Musk’s artificial intelligence startup xAI, the Wall Street Journal reported on Saturday, marking one of the largest single investments into a private AI company and deepening the integration between the billionaire’s business empire. According to the Wall Street Journal, the SpaceX investment is part of a broader $5 billion equity round that now values the combined entity, including xAI and Musk’s social media platform X, at roughly $113 billion.&nbsp;The report underscores Musk’s aggressive push to position xAI as a serious competitor to OpenAI, the firm he co-founded and later fell out with. In May, Musk confirmed that xAI would be merged with X (formerly Twitter), aiming to harness its AI technology across his companies. SpaceX and xAI did not immediately respond to Reuters’ requests for comment.<h2>Grok chatbot at the centre of Musk’s AI ambitions</h2>The funding round highlights Musk’s plan to use xAI’s technology, particularly the Grok chatbot, in diverse applications across his businesses.&nbsp;Grok, xAI’s flagship large-language model, already powers customer support for Starlink, SpaceX’s satellite internet service. The Wall Street Journal also reported plans to integrate Grok into Tesla’s Optimus humanoid robots in future development cycles.&nbsp;&nbsp;Despite some recent controversies over Grok’s unpredictable responses, Musk has continued to promote it as a breakthrough. “The smartest AI in the world,” Musk said of Grok in April, defending its irreverent style as a feature, not a flaw, as quoted by Reuters.&nbsp;<h2>A broader AI arms race</h2>The $2 billion investment also reflects the staggering costs of staying competitive in AI development, where companies like OpenAI, Anthropic and Google DeepMind are spending heavily on training massive models and securing specialised chips.&nbsp;xAI has signalled its commitment to expanding infrastructure and model training at scale to catch up with established rivals. Analysts say the funding underscores Musk’s determination to maintain tight control over critical technology that could reshape everything from online services to robotics and space operations. As per Reuters, xAI has not publicly disclosed the full details of its training architecture or the scale of its compute resources, but Musk has repeatedly hinted at plans to build or acquire large GPU clusters.<h2>Musk’s empire: increasingly interconnected</h2>The latest deal shows how Musk is blurring the lines between his companies. X (Twitter), SpaceX, Tesla, and xAI now share resources, talent and technology to pursue ambitious cross-sector goals.For SpaceX, the AI investment is not merely financial: Grok’s technology could enhance customer service, improve Starlink’s network management and support advanced automation in manufacturing and operations.&nbsp;At the same time, Musk has been clear that controlling powerful AI tools is a strategic priority. He has been an outspoken critic of OpenAI’s direction since leaving its board, claiming it strayed from its original open-source mission.&nbsp;

Elon Musk xAI secures $2B from SpaceX in a $5B funding round, boosting its battle with OpenAI and integrating Grok AI into Tesla robots, Starlink, and beyond, blurring boundaries across Musk empire.

SpaceX has committed $2 billion to Elon Musk’s artificial intelligence startup xAI, the Wall Street Journal reported on Saturday, marking one of the largest single investments into a private AI company and deepening the integration between the billionaire’s business empire. According to the Wall Street Journal, the SpaceX investment is part of a broader $5 billion equity round that now values the combined entity, including xAI and Musk’s social media platform X, at roughly $113 billion. The report underscores Musk’s aggressive push to position xAI as a serious competitor to OpenAI, the firm he co-founded and later fell out with. In May, Musk confirmed that xAI would be merged with X (formerly Twitter), aiming to harness its AI technology across his companies. SpaceX and xAI did not immediately respond to Reuters’ requests for comment. Grok chatbot at the centre of Musk’s AI ambitions The funding round highlights Musk’s plan to use xAI’s technology, particularly the Grok chatbot, in diverse applications across his businesses. Grok, xAI’s flagship large-language model, already powers customer support for Starlink, SpaceX’s satellite internet service. The Wall Street Journal also reported plans to integrate Grok into Tesla’s Optimus humanoid robots in future development cycles. Despite some recent controversies over Grok’s unpredictable responses, Musk has continued to promote it as a breakthrough. “The smartest AI in the world,” Musk said of Grok in April, defending its irreverent style as a feature, not a flaw, as quoted by Reuters. A broader AI arms race The $2 billion investment also reflects the staggering costs of staying competitive in AI development, where companies like OpenAI, Anthropic and Google DeepMind are spending heavily on training massive models and securing specialised chips. xAI has signalled its commitment to expanding infrastructure and model training at scale to catch up with established rivals. Analysts say the funding underscores Musk’s determination to maintain tight control over critical technology that could reshape everything from online services to robotics and space operations. As per Reuters, xAI has not publicly disclosed the full details of its training architecture or the scale of its compute resources, but Musk has repeatedly hinted at plans to build or acquire large GPU clusters. Musk’s empire: increasingly interconnected The latest deal shows how Musk is blurring the lines between his companies. X (Twitter), SpaceX, Tesla, and xAI now share resources, talent and technology to pursue ambitious cross-sector goals. For SpaceX, the AI investment is not merely financial: Grok’s technology could enhance customer service, improve Starlink’s network management and support advanced automation in manufacturing and operations. At the same time, Musk has been clear that controlling powerful AI tools is a strategic priority. He has been an outspoken critic of OpenAI’s direction since leaving its board, claiming it strayed from its original open-source mission.

SpaceX to invests $2 billion into Elon Musk’s AI startup xAI, strengthening ties across his companies as Grok becomes central to a multi-sector tech strategy.

Spacex to invest $2 billion in Musk’s AI startup xAI in major funding push

Crypto markets are once again gripped by memecoin mania after Pump.fun, a platform that lets anyone create their own highly speculative tokens, raised $600 million in just 12 minutes during its public sale on Saturday. The staggering figure was confirmed by Pump.fun co-founder Alon Cohen in an interview with Bloomberg News. Including private sales, the platform’s total fundraising has reached $1.32 billion, marking one of the largest initial coin offerings (ICOs) in recent history.<h2>Huge demand despite regulatory limits</h2>Pump.fun, which runs on the Solana blockchain, announced its public sale via a post on X (formerly Twitter), offering 150 billion of its tokens at $0.004 each. The sale sold out within 12 minutes, underscoring the frenzied appetite for memecoin exposure.

<blockquote class="twitter-tweet">the <a href="https://twitter.com/search?q=%24PUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PUMP</a> public sale has now ended. we are delighted to reveal that the <a href="https://twitter.com/search?q=%24PUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PUMP</a> public sale was able to sell out in only 12 minutes. we would like to thank our entire community for participating! the <a href="https://twitter.com/search?q=%24PUMP&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$PUMP</a> tokens will now enter the distribution phase 👇🏻 <a href="https://t.co/uqhQwRkL4f">pic.twitter.com/uqhQwRkL4f</a>&mdash; pump.fun (@pumpdotfun) <a href="https://twitter.com/pumpdotfun/status/1944043746292584849?ref_src=twsrc%5Etfw">July 12, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Bloomberg reports that the platform had earlier sold 180 billion tokens at the same price to private investors. However, the sale explicitly barred participants in the United States and the United Kingdom, a move aimed at avoiding regulatory complications.<h2>“You go from max fear to max FOMO”</h2>The crypto world’s roller-coaster psychology was on full display during the sale. Zaheer Ebtikar, founder of the crypto investment fund Split Capital, told Bloomberg. “You go from max fear to max FOMO very quickly,” he said, referring to how investors who initially hesitated jumped in once the sale started gaining momentum.&nbsp;While some investors had worried that such a massive sale might drain liquidity from other memecoins, Ebtikar noted the rapid shift in sentiment is typical in the space.<h2>A billion-dollar bet on blockchain culture</h2>Pump.fun has become a dominant player in the memecoin explosion on the Solana network. According to Bloomberg, the platform has generated nearly $800 million in revenue since its 2024 launch, largely by collecting fees from users eager to create and trade tokens themed on memes, jokes, and celebrities.&nbsp;Memecoins have become a cultural phenomenon, sometimes featuring the likeness of public figures. Even US President Donald Trump launched his own memecoin shortly before his second inauguration in January, reflecting the format’s mainstream infiltration.<h2>ICOs make a comeback despite past failures</h2>Pump.fun’s sale is part of a broader revival in ICOs, a funding model that nearly vanished after peaking at around $3 billion a month in early 2018. Bloomberg notes that ICOs fell out of favour after widespread fraud and regulatory crackdowns decimated investor confidence.&nbsp;&nbsp;A notorious example is TON, the blockchain project initially linked to Telegram Messenger, which raised $1.7 billion but was forced to return $1.2 billion to investors as part of a settlement with the US Securities and Exchange Commission. Despite these cautionary tales, the Pump.fun event shows ICOs are once again attracting massive sums from speculative investors.<h2>Industry reaction and future risks</h2>While the sale demonstrates crypto’s enduring appeal, it has also reignited debate about the sustainability and risks of memecoin speculation. Critics argue such platforms enable quick-profit gambling, while proponents see them as democratising access to blockchain development.&nbsp;According to Bloomberg, Cohen and his co-founders Noah Tweedale and Dylan Kerler designed Pump.fun to make token creation simple, even if many of those tokens have little intrinsic value beyond hype.<h2>The bottom line</h2>Pump.fun’s astonishing $1.32 billion total sale, completed just as Bitcoin set a fresh record high signals the crypto market’s speculative energy is far from exhausted. However, the platform’s decision to exclude US and UK investors shows the regulatory uncertainty looming over the space.&nbsp;&nbsp;As ICOs roar back, the challenge for the industry will be proving it has learned from past excesses. For now, the 12-minute, $600 million public sale stands as one of the clearest signs yet that memecoin fever is alive and well.&nbsp;

Pump.fun $600 million, 12-minute public token sale marks a dramatic comeback for ICOs and memecoins, as the crypto world navigates hype, revenue surges, and regulatory red lines.

Crypto markets are once again gripped by memecoin mania after Pump.fun, a platform that lets anyone create their own highly speculative tokens, raised $600 million in just 12 minutes during its public sale on Saturday. The staggering figure was confirmed by Pump.fun co-founder Alon Cohen in an interview with Bloomberg News. Including private sales, the platform’s total fundraising has reached $1.32 billion, marking one of the largest initial coin offerings (ICOs) in recent history. Huge demand despite regulatory limits Pump.fun, which runs on the Solana blockchain, announced its public sale via a post on X (formerly Twitter), offering 150 billion of its tokens at $0.004 each. The sale sold out within 12 minutes, underscoring the frenzied appetite for memecoin exposure.

Pump.fun raises $1.32 billion in a record-setting memecoin ICO, reviving speculative frenzy in crypto markets amid rising regulatory scrutiny.

Memecoin platform Pump.fun nets $600 million in lightning-fast ICO

From American consumers facing the return of price pressures, to China cementing new Asian trade corridors, to Argentina’s hard-won fight to tame hyperinflation, 2025 is proving a pivotal year for the global economy, Fresh data from official agencies, compiled by Bloomberg, reveals an increasingly fragmented landscape. While some economies maintain their footing, others are navigating headwinds from tariffs, soft demand, and persistent inflation.<h2>US inflation edges higher as tariffs bite</h2>Steep US tariffs are feeding through to consumers after months of relatively subdued price gains. Bloomberg’s latest survey of economists' points to a clear pick-up in June’s core consumer price index (CPI), excluding volatile food and energy.

US Consumer Prices Seen Climbing on Tariffs Pass-Through<figure class="table"><table><tbody><tr><td>Month</td><td>Change in Core CPI (MoM, %)</td><td>Forecast (%)</td></tr><tr><td>Jun 2022</td><td>~0.6</td><td>-</td></tr><tr><td>Sep 2022</td><td>~0.5</td><td>-</td></tr><tr><td>Dec 2022</td><td>~0.3</td><td>-</td></tr><tr><td>Mar 2023</td><td>~0.4</td><td>-</td></tr><tr><td>Jun 2023</td><td>~0.2</td><td>-</td></tr><tr><td>Sep 2023</td><td>~0.2</td><td>-</td></tr><tr><td>Dec 2023</td><td>~0.3</td><td>-</td></tr><tr><td>Mar 2024</td><td>~0.4</td><td>-</td></tr><tr><td>Jun 2024</td><td>~0.1</td><td>-</td></tr><tr><td>Sep 2024</td><td>~0.2</td><td>-</td></tr><tr><td>Dec 2024</td><td>~0.3</td><td>-</td></tr><tr><td>Mar 2025</td><td>~0.2</td><td>-</td></tr><tr><td>May 2025</td><td>~0.1</td><td>-</td></tr><tr><td>Jun 2025</td><td>-</td><td>0.3</td></tr></tbody></table></figure>Source: Bureau of Labor Statistics, Census Bureau, Bloomberg surveyNote: Core CPI excludes food and energy

As per Bloomberg, June 2025’s forecast rise of 0.3 per cent would be the fastest monthly increase in five months. Annual core inflation is also seen accelerating for the first time since January to 2.9 per cent.Economists attribute the uptick to companies passing on higher costs from President Donald Trump’s tariffs on imported goods. Yet the Federal Reserve remains cautious about cutting interest rates too soon, worried that sustained pass-through will keep price pressures alive even as the labour market cools.&nbsp;Policymakers meet again on July 29-30, with many watching closely whether tariffs force more businesses to hike prices despite wary consumers showing spending restraint.<h2>China’s trade pivot deepens ties in Asia</h2>Amid US tariff tensions, China is rapidly strengthening export channels to its Asian neighbours. Data from China’s General Administration of Customs, compiled by Bloomberg, show remarkable growth in shipments to ASEAN and other key partners.

Chinese Exports to Some Asian Nations Soar<figure class="table"><table><tbody><tr><td>Destination</td><td>Exports (12-month trailing average, 2025)</td></tr><tr><td>ASEAN</td><td>~$50 billion</td></tr><tr><td>Vietnam</td><td>~$15 billion</td></tr><tr><td>Malaysia</td><td>~$8 billion</td></tr><tr><td>Thailand</td><td>~$8 billion</td></tr><tr><td>Singapore</td><td>~$8 billion</td></tr><tr><td>Indonesia</td><td>~$8 billion</td></tr><tr><td>Philippines</td><td>~$6 billion</td></tr></tbody></table></figure>Source: China’s General Administration of Customs, BloombergNote: Shows 12-month trailing average

As per Bloomberg, Chinese exports to ASEAN as a bloc have now topped $50 billion on a rolling annual basis, more than doubling since 2020. Vietnam alone has seen shipments climb to about $15 billion, triple its 2020 level.&nbsp;This strategic reorientation is no accident. As the US ratchets up tariffs, threatening duties of up to 50 per cent on metals and other goods, China is solidifying regional supply chains to maintain its manufacturing dominance.&nbsp;Analysts see this as part of a longer-term shift that will reshape global trade flows. Southeast Asia is both a market and a production partner, enabling China to “near-shore” certain stages of manufacturing while blunting tariff risk, as per Bloomberg.&nbsp;<h2>UK growth remains fragile with production slump</h2>Britain’s economy has been lurching from month to month, struggling to find sustained growth in the face of stubborn inflation, elevated borrowing costs and fiscal challenges.

UK Economy Was Dragged Down by Production in May<figure class="table"><table><tbody><tr><td>Month</td><td>GDP (%)</td><td>Services (%)</td><td>Production (%)</td><td>Construction (%)</td></tr><tr><td>May 2024</td><td>0.4</td><td>~0.3</td><td>~0.05</td><td>~0.05</td></tr><tr><td>Jun 2024</td><td>-0.3</td><td>~-0.2</td><td>~-0.1</td><td>~0</td></tr><tr><td>Oct 2024</td><td>~0.3</td><td>~0.25</td><td>~0.05</td><td>~0</td></tr><tr><td>Jan 2025</td><td>~0.1</td><td>~0.1</td><td>~0</td><td>~0</td></tr><tr><td>Mar 2025</td><td>-0.3</td><td>~-0.2</td><td>~-0.1</td><td>~0</td></tr><tr><td>May 2025</td><td>0.1</td><td>~0.15</td><td>~-0.1</td><td>~0</td></tr></tbody></table></figure>Source: UK Office for National Statistics, Bloomberg

According to Bloomberg, in May 2025, GDP grew a meagre 0.1 per cent, with services contributing the only meaningful boost. Production contracted yet again, continuing a pattern of weakness that has plagued British industry since the energy price shocks of 2022.&nbsp;The numbers reflect an economy caught in limbo. While inflation is gradually retreating, headline CPI remains stubbornly above 3 per cent, interest rates remain high, damping business investment and household spending, as reported by Bloomberg.&nbsp;&nbsp;Chancellor Rachel Reeves and Bank of England Governor Andrew Bailey have signalled cautious optimism, but markets remain alert to any further evidence that growth is stagnating even as public finances strain under higher debt servicing costs.<h2>Brazil’s economic streak faces tariff headwinds</h2>Latin America’s largest economy continues to outperform peers, posting its 16th straight quarter of expansion.

Brazil Likely Sustained Current Expansion in May<figure class="table"><table><tbody><tr><td>Period</td><td>IBC-BR GDP-proxy (YoY %)</td></tr><tr><td>Jul 2021</td><td>~5</td></tr><tr><td>Feb 2023</td><td>~6</td></tr><tr><td>Oct 2023</td><td>~7</td></tr><tr><td>Mar 2024</td><td>~4</td></tr><tr><td>Oct 2024</td><td>~3</td></tr><tr><td>May 2025</td><td>~2</td></tr></tbody></table></figure>Source: Central Bank of Brazil, BloombergNote: Average YoY from Jan. 2004 = 2.1%

According to Brazil’s central bank proxy, May’s estimated year-on-year growth of around 2 per cent is slightly below its long-term average of 2.1 per cent but still represents a notable streak, as per Bloomberg.&nbsp;&nbsp;According to Bloomberg, despite this resilience, the outlook is clouded by US trade tensions. President Trump’s threatened 50 per cent tariffs on imported metals could hit Brazil’s key export sectors hard. Analysts warn that a second-half slowdown or even a mild recession can’t be ruled out if such duties take effect.&nbsp;&nbsp;High domestic interest rates, among the highest in emerging markets, are also squeezing credit and consumption. Yet for now, Brazil’s diversified economy and commodity exports have kept growth on track.<h2>Argentina battles back from hyperinflation&nbsp;</h2>Once among the world’s most notorious inflation stories, Argentina has achieved 14 straight months of disinflation thanks to President Javier Milei’s drastic fiscal reforms.

Argentina Annual Inflation Likely Slowed for 14th Month<figure class="table"><table><tbody><tr><td>Month</td><td>Headline CPI (YoY %)</td><td>Monthly CPI (%)</td></tr><tr><td>Peak 2024</td><td>289.4</td><td>-</td></tr><tr><td>May 2025</td><td>~41</td><td>1.5</td></tr><tr><td>June 2025</td><td>39.6 (est.)</td><td>1.8 (est.)</td></tr></tbody></table></figure>Source: Argentina National Statistics Agency, BloombergNote: Average YoY from December 2017

Annual inflation has plummeted from a crisis peak near 290 per cent in 2024 to below 40 per cent in mid-2025. June’s headline CPI is projected at 39.6 per cent, with monthly increases forecast at 1.8 per cent, up slightly from May’s 1.5 per cent, as per Bloomberg.&nbsp;&nbsp;While the pace of disinflation has slowed, the improvement is striking. Milei’s administration slashed subsidies, reduced spending and allowed the peso to weaken, helping stabilise fiscal accounts and crush demand-driven price spirals.&nbsp;Still, economists warn that long-term stability will require not only monetary discipline but also growth-boosting reforms. Argentina remains one of the world’s most volatile economies and the cost of this adjustment has been immense for ordinary citizens.<h2>A world in flux</h2>From the world’s largest economy facing tariff-driven inflation risks, to China remapping its trade routes, to Britain’s struggle for growth, to Latin America’s twin stories of resilience and recovery, the global economy in 2025 is anything but settled.&nbsp;

In 2025, the global economy enters a period of realignment, US tariffs fuel inflation, China retools Asian trade routes, the UK and Brazil face growth hurdles, while Argentina makes rare progress against hyperinflation.

From American consumers facing the return of price pressures, to China cementing new Asian trade corridors, to Argentina’s hard-won fight to tame hyperinflation, 2025 is proving a pivotal year for the global economy, Fresh data from official agencies, compiled by Bloomberg, reveals an increasingly fragmented landscape. While some economies maintain their footing, others are navigating headwinds from tariffs, soft demand, and persistent inflation. US inflation edges higher as tariffs bite Steep US tariffs are feeding through to consumers after months of relatively subdued price gains. Bloomberg’s latest survey of economists' points to a clear pick-up in June’s core consumer price index (CPI), excluding volatile food and energy.

As the global economy fragments in 2025, the US faces rising inflation from Trump-era tariffs, China deepens trade ties across Asia, the UK and Brazil navigate growth challenges, and Argentina sees progress in taming hyperinflation.

US inflation expected to pick up as Trump’s tariffs bite

Online shopping in the United States surged by over $24 billion during a four-day sales blitz this week, as major retailers rolled out aggressive discounts in a bid to lure back-to-school shoppers, according to new data released by Adobe Analytics and reported by Reuters.&nbsp;Adobe said US consumers spent a total of $24.1 billion online between July 8 and 11, a period branded by many retailers as “Black Friday in Summer”—outstripping even Adobe’s own forecast for the sales event. The spending spike reflected year-on-year growth of 30.3 per cent for the promotional window, surpassing expectations of 28.4 per cent, as per Reuters.&nbsp;&nbsp;The sales event included Amazon’s Prime Day, which has firmly established itself as a major “back-to-school” shopping milestone. As quoted by Reuters, Adobe noted that shoppers were eager to secure early deals on school supplies and other essentials, trying to get ahead of the seasonal rush.<h2>Prime Day, extended sales windows fuel surge</h2>Amazon.com led the charge by extending its Prime Day sale from the usual 48 hours to 96 hours this year, offering deep discounts across categories from clothing to electronics. According to Reuters, this extended sales window helped maintain shopper interest for longer and drove up overall sales volumes.Retail heavyweights including Walmart, Target and Best Buy also launched their own rival promotions during the same period, intensifying the competition and helping fuel a broader industry-wide boom in online spending.&nbsp;Adobe said overall discount levels offered by US retailers ranged between 11 per cent and 24 per cent, compared to the earlier forecast of 10 to 24 per cent. The apparel category posted the most aggressive price cuts at 24 per cent, up from 20 per cent last year. Electronics, meanwhile, saw discounts averaging 23 per cent, roughly in line with 2023 levels.<h2>Mobile shopping dominates transactions</h2>Reuters also cited Adobe data showing that mobile phones were the dominant channel for shopping during the sales period. Adobe reported that 53.2 per cent of all online purchases were made on mobile devices, exceeding its earlier forecast of 52.5 per cent.&nbsp;The strong mobile performance highlights the continued shift in consumer behaviour, with shoppers increasingly comfortable browsing and buying big-ticket items directly from their smartphones.<h2>Broader economic backdrop</h2>The surge in online sales comes against a backdrop of heightened economic uncertainty in the United States, as President Donald Trump’s administration continues to pursue an aggressive trade agenda.As Reuters reported, the threat of new tariffs, including a looming August 1 deadline for countries to renegotiate trade deals has rattled businesses and injected fresh volatility into consumer sentiment.&nbsp;Retailers are responding by pushing heavier discounts in a bid to keep sales resilient despite these headwinds. Adobe also suggested the spending spree was partly driven by shoppers’ willingness to “trade up” on bigger purchases they might normally avoid, enticed by the deep discounts.<h2>A robust shopping moment despite challenges</h2>For the retail sector, the strong sales figures offer a rare bright spot in a landscape shaped by global trade tensions and cautious consumer spending.&nbsp;Adobe’s report underscores how carefully orchestrated sales events—coupled with targeted, early back-to-school promotions—can still generate powerful spikes in demand.&nbsp;As quoted by Reuters, Adobe pointed to the evolution of Prime Day into a wider shopping festival that now sets the pace for mid-year retail, much as Black Friday does for the year-end holiday season. With the success of this year’s promotions, industry analysts say retailers will be closely watching how they can replicate the “Black Friday in Summer” playbook in the future, particularly as economic uncertainty shows little sign of abating. &nbsp;

US consumers spent over $24 billion online from July 8 to 11, as Amazon 96 hour Prime Day and rival discounts from Walmart and Target created a summer shopping boom. Adobe Analytics reports 30.3% year-on-year growth, with mobile devices accounting for 53% of all purchases. 

Online shopping in the United States surged by over $24 billion during a four-day sales blitz this week, as major retailers rolled out aggressive discounts in a bid to lure back-to-school shoppers, according to new data released by Adobe Analytics and reported by Reuters. Adobe said US consumers spent a total of $24.1 billion online between July 8 and 11, a period branded by many retailers as “Black Friday in Summer”—outstripping even Adobe’s own forecast for the sales event. The spending spike reflected year-on-year growth of 30.3 per cent for the promotional window, surpassing expectations of 28.4 per cent, as per Reuters. The sales event included Amazon’s Prime Day, which has firmly established itself as a major “back-to-school” shopping milestone. As quoted by Reuters, Adobe noted that shoppers were eager to secure early deals on school supplies and other essentials, trying to get ahead of the seasonal rush. Prime Day, extended sales windows fuel surge Amazon.com led the charge by extending its Prime Day sale from the usual 48 hours to 96 hours this year, offering deep discounts across categories from clothing to electronics. According to Reuters, this extended sales window helped maintain shopper interest for longer and drove up overall sales volumes. Retail heavyweights including Walmart, Target and Best Buy also launched their own rival promotions during the same period, intensifying the competition and helping fuel a broader industry-wide boom in online spending. Adobe said overall discount levels offered by US retailers ranged between 11 per cent and 24 per cent, compared to the earlier forecast of 10 to 24 per cent. The apparel category posted the most aggressive price cuts at 24 per cent, up from 20 per cent last year. Electronics, meanwhile, saw discounts averaging 23 per cent, roughly in line with 2023 levels. Mobile shopping dominates transactions Reuters also cited Adobe data showing that mobile phones were the dominant channel for shopping during the sales period. Adobe reported that 53.2 per cent of all online purchases were made on mobile devices, exceeding its earlier forecast of 52.5 per cent. The strong mobile performance highlights the continued shift in consumer behaviour, with shoppers increasingly comfortable browsing and buying big-ticket items directly from their smartphones. Broader economic backdrop The surge in online sales comes against a backdrop of heightened economic uncertainty in the United States, as President Donald Trump’s administration continues to pursue an aggressive trade agenda. As Reuters reported, the threat of new tariffs, including a looming August 1 deadline for countries to renegotiate trade deals has rattled businesses and injected fresh volatility into consumer sentiment. Retailers are responding by pushing heavier discounts in a bid to keep sales resilient despite these headwinds. Adobe also suggested the spending spree was partly driven by shoppers’ willingness to “trade up” on bigger purchases they might normally avoid, enticed by the deep discounts. A robust shopping moment despite challenges For the retail sector, the strong sales figures offer a rare bright spot in a landscape shaped by global trade tensions and cautious consumer spending. Adobe’s report underscores how carefully orchestrated sales events—coupled with targeted, early back-to-school promotions—can still generate powerful spikes in demand. As quoted by Reuters, Adobe pointed to the evolution of Prime Day into a wider shopping festival that now sets the pace for mid-year retail, much as Black Friday does for the year-end holiday season. With the success of this year’s promotions, industry analysts say retailers will be closely watching how they can replicate the “Black Friday in Summer” playbook in the future, particularly as economic uncertainty shows little sign of abating.

Online shopping in the US soared past $24 billion during a four-day mid-July sales blitz, with Amazon’s extended Prime Day driving record back-to-school spending.

US online sales soar $24 billion on deep discounts, says Adobe

United States President Donald Trump has threatened to slap 30 per cent tariffs on imports from both the European Union and Mexico starting August 1, reigniting fears of a fresh wave of trade conflict with key allies.&nbsp;As per Reuters, the warning was delivered in letters Trump posted on his Truth Social platform on Saturday, addressed to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum.&nbsp;The dramatic move marks an escalation in what has been a rocky year of negotiations between the US and some of its largest trading partners. Trump, who has previously relied on tariffs to extract trade concessions, appears determined to ramp up pressure again.<h2>EU, Mexico call tariffs unfair and disruptive</h2>Both the European Union and Mexico quickly pushed back against the threat, describing the proposed 30 per cent tariffs as unfair and disruptive to established supply chains.&nbsp;European Commission President Ursula von der Leyen warned that the move would damage essential transatlantic commerce. “Such tariffs would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic,” she said, as quoted by Reuters.&nbsp;She added the EU would continue to seek a negotiated settlement but would also “take all necessary steps to safeguard EU interests,” including considering proportionate countermeasures.&nbsp;Mexico’s President Claudia Sheinbaum also struck a defiant but measured tone, saying she believed an agreement could still be reached. “I’ve always said that in these cases, what you have to do is keep a cool head,” she told local media, reaffirming that Mexico would defend its sovereignty in negotiations.<h2>Broader tariff offensive</h2>Reuters reported that Trump didn’t stop with the EU and Mexico. In the past week, his administration sent similar letters to 23 other trading partners—including Canada, Japan and Brazil—proposing blanket tariff rates from 20 per cent up to 50 per cent.&nbsp;These new tariff threats come on top of existing sectoral tariffs: the US already charges 50 per cent on steel and aluminium imports and 25 per cent on autos. Trump’s letter clarified the new 30 per cent rate was “separate” from these existing measures.&nbsp;While the administration set an August 1 deadline for the threatened tariffs to take effect, Trump suggested countries still had time to negotiate to avoid them. Analysts noted he has a history of using aggressive tariff threats as leverage before pulling back.<h2>Politics and trade deficits</h2>The justification for the tariff hikes has varied. In his letter to the EU, Trump demanded that Europe remove its own tariffs to help reduce the US trade deficit. “The European Union will allow complete, open market access to the United States, with no tariff being charged to us,” he wrote, arguing for reciprocal treatment.&nbsp;Mexico’s letter singled out the cross-border drug trade. Trump criticised Mexico’s efforts to stop cartels smuggling fentanyl, blaming the country for failing to prevent North America from becoming what he described as a “narco-trafficking playground.”&nbsp;Reuters noted that while Trump’s letter to Mexico proposed a 30 per cent tariff rate, the threat to Canada was even steeper at 35 per cent, despite data showing fentanyl seizures at the Canadian border are minimal compared to the US-Mexico border.<h2>Markets watching closely</h2>The new tariff threats come despite the US stock market recently hitting record highs. Analysts told Reuters that Trump is betting on the resilience of the American economy to weather any short-term turbulence caused by a trade war.&nbsp;But there is real concern among business leaders and trade experts that a new wave of tariffs could undermine supply chains, raise costs for consumers, and prompt retaliatory measures.Bernd Lange, head of the European Parliament’s trade committee, told Reuters that the EU should consider countermeasures as soon as Monday, calling Trump’s approach “a slap in the face for the negotiations.”&nbsp;Jacob Funk Kirkegaard, a senior fellow at the Brussels-based think tank Bruegel, warned the move risked triggering a tariff spiral reminiscent of the trade war with China. “US and Chinese tariffs went up together and they came back down again. Not all the way down, but still down together,” he said.<h2>Billions in new revenue, but diplomatic strain</h2>Despite the diplomatic fallout, the Trump administration’s aggressive trade policy has delivered new customs revenue. According to US Treasury data cited by Reuters, customs duties revenue topped $100 billion in the federal fiscal year through June.&nbsp;However, it has also strained relations with close allies. Japan’s Prime Minister Shigeru Ishiba recently said Tokyo needed to reduce its dependence on the US. Some European allies have even begun exploring alternatives to US-made weapons systems in response to Washington’s hardball trade tactics.&nbsp;Trump’s latest tariff threats underscore his willingness to play tough on trade as he seeks leverage for new deals. But with an August 1 deadline looming and negotiations with partners still ongoing, the world will be watching to see whether this is genuine policy or another high-stakes negotiating tactic. &nbsp;

President Donald Trump has warned of 30% tariffs on imports from the EU and Mexico, escalating trade tensions just weeks ahead of the August 1 deadline. The move, criticised as disruptive and unfair by both Brussels and Mexico City, is part of a broader tariff push targeting over 20 nations.

United States President Donald Trump has threatened to slap 30 per cent tariffs on imports from both the European Union and Mexico starting August 1, reigniting fears of a fresh wave of trade conflict with key allies. As per Reuters, the warning was delivered in letters Trump posted on his Truth Social platform on Saturday, addressed to European Commission President Ursula von der Leyen and Mexican President Claudia Sheinbaum. The dramatic move marks an escalation in what has been a rocky year of negotiations between the US and some of its largest trading partners. Trump, who has previously relied on tariffs to extract trade concessions, appears determined to ramp up pressure again. EU, Mexico call tariffs unfair and disruptive Both the European Union and Mexico quickly pushed back against the threat, describing the proposed 30 per cent tariffs as unfair and disruptive to established supply chains. European Commission President Ursula von der Leyen warned that the move would damage essential transatlantic commerce. “Such tariffs would disrupt essential transatlantic supply chains, to the detriment of businesses, consumers and patients on both sides of the Atlantic,” she said, as quoted by Reuters. She added the EU would continue to seek a negotiated settlement but would also “take all necessary steps to safeguard EU interests,” including considering proportionate countermeasures. Mexico’s President Claudia Sheinbaum also struck a defiant but measured tone, saying she believed an agreement could still be reached. “I’ve always said that in these cases, what you have to do is keep a cool head,” she told local media, reaffirming that Mexico would defend its sovereignty in negotiations. Broader tariff offensive Reuters reported that Trump didn’t stop with the EU and Mexico. In the past week, his administration sent similar letters to 23 other trading partners—including Canada, Japan and Brazil—proposing blanket tariff rates from 20 per cent up to 50 per cent. These new tariff threats come on top of existing sectoral tariffs: the US already charges 50 per cent on steel and aluminium imports and 25 per cent on autos. Trump’s letter clarified the new 30 per cent rate was “separate” from these existing measures. While the administration set an August 1 deadline for the threatened tariffs to take effect, Trump suggested countries still had time to negotiate to avoid them. Analysts noted he has a history of using aggressive tariff threats as leverage before pulling back. Politics and trade deficits The justification for the tariff hikes has varied. In his letter to the EU, Trump demanded that Europe remove its own tariffs to help reduce the US trade deficit. “The European Union will allow complete, open market access to the United States, with no tariff being charged to us,” he wrote, arguing for reciprocal treatment. Mexico’s letter singled out the cross-border drug trade. Trump criticised Mexico’s efforts to stop cartels smuggling fentanyl, blaming the country for failing to prevent North America from becoming what he described as a “narco-trafficking playground.” Reuters noted that while Trump’s letter to Mexico proposed a 30 per cent tariff rate, the threat to Canada was even steeper at 35 per cent, despite data showing fentanyl seizures at the Canadian border are minimal compared to the US-Mexico border. Markets watching closely The new tariff threats come despite the US stock market recently hitting record highs. Analysts told Reuters that Trump is betting on the resilience of the American economy to weather any short-term turbulence caused by a trade war. But there is real concern among business leaders and trade experts that a new wave of tariffs could undermine supply chains, raise costs for consumers, and prompt retaliatory measures. Bernd Lange, head of the European Parliament’s trade committee, told Reuters that the EU should consider countermeasures as soon as Monday, calling Trump’s approach “a slap in the face for the negotiations.” Jacob Funk Kirkegaard, a senior fellow at the Brussels-based think tank Bruegel, warned the move risked triggering a tariff spiral reminiscent of the trade war with China. “US and Chinese tariffs went up together and they came back down again. Not all the way down, but still down together,” he said. Billions in new revenue, but diplomatic strain Despite the diplomatic fallout, the Trump administration’s aggressive trade policy has delivered new customs revenue. According to US Treasury data cited by Reuters, customs duties revenue topped $100 billion in the federal fiscal year through June. However, it has also strained relations with close allies. Japan’s Prime Minister Shigeru Ishiba recently said Tokyo needed to reduce its dependence on the US. Some European allies have even begun exploring alternatives to US-made weapons systems in response to Washington’s hardball trade tactics. Trump’s latest tariff threats underscore his willingness to play tough on trade as he seeks leverage for new deals. But with an August 1 deadline looming and negotiations with partners still ongoing, the world will be watching to see whether this is genuine policy or another high-stakes negotiating tactic.

US President Donald Trump threatens sweeping 30% tariffs on EU and Mexico starting August 1, sparking global backlash and fears of a new trade war.

Trump threatens 30% tariffs on EU and Mexico, escalating trade tensions

Meta Platforms Inc. has completed the acquisition of PlayAI, a voice-focused artificial intelligence (AI) startup, as part of its broader push to dominate the conversational AI and wearable tech space. The deal, finalised on July 11, sees PlayAI’s entire 59-person team joining Meta next week, according to a Bloomberg report. While financial details remain undisclosed, reports estimate the deal’s value at approximately $45 million. The PlayAI team will report to Johan Schalkwyk, a recent Meta hire with a deep background in voice AI, having previously worked at Google and Sesame AI. The acquisition is expected to significantly strengthen Meta’s capabilities in natural speech generation and real-time voice interaction across its product suite.<h2>Enhancing Meta’s voice ecosystem</h2>Founded in 2016 by Mahmoud Felfel and former WhatsApp engineer Hammad Syed, PlayAI began as a basic text-to-speech tool and evolved into a sophisticated voice AI company. Its flagship product, PlayDialog, uses contextual understanding to generate emotionally nuanced, human-like speech in over 40 languages. This innovation allows for more realistic and responsive AI assistants, an essential component of Meta’s vision for next-gen digital experiences.The internal memo notes that PlayAI’s “work in creating natural voices, along with a platform for easy voice creation, is a great match for our work and roadmapacross AI Characters, Meta AI, Wearables, and audio content creation.”With Meta’s virtual assistant, Meta AI, already integrated into platforms like WhatsApp, Instagram, and Messenger, the addition of PlayAI’s technology is expected to significantly enhance the realism and functionality of voice interactions. Furthermore, the acquisition plays directly into Meta’s expanding ambitions in hardware. The company recently launched new versions of its Ray-Ban smart glasses and hinted at upcoming products in collaboration with Oakley.<h2>A strategic bet on voice tech</h2>The PlayAI acquisition is part of Meta’s broader AI overhaul. CEO Mark Zuckerberg has made AI the company’s top priority in 2024, backed by massive investments in custom silicon, new data centres, and top-tier AI research talent. As part of this effort, Meta recently announced the formation of Meta Superintelligence Labs, a centralised division aimed at unifying and accelerating AI development across the company’s sprawling ecosystem.With the global voice AI market projected to reach $47.5 billion by 2034, proprietary voice capabilities are becoming a crucial differentiator. PlayAI’s advanced cloning and natural speech tech offer Meta a competitive edge as voice becomes a primary interface for interacting with both devices and digital services.However, the move also invites ethical scrutiny. PlayAI’s ability to clone voices with limited input raises concerns about consent and misuse—issues that regulators, especially in the US and EU, are increasingly focused on. As Meta integrates PlayAI’s capabilities, it must navigate not just technical challenges but also build public trust in how the technology is used.

The acquisition is expected to significantly strengthen Meta’s capabilities in natural speech generation and real-time voice interaction across its product suite.

Meta Platforms Inc. has completed the acquisition of PlayAI, a voice-focused artificial intelligence (AI) startup, as part of its broader push to dominate the conversational AI and wearable tech space. The deal, finalised on July 11, sees PlayAI’s entire 59-person team joining Meta next week, according to a Bloomberg report. While financial details remain undisclosed, reports estimate the deal’s value at approximately $45 million. The PlayAI team will report to Johan Schalkwyk, a recent Meta hire with a deep background in voice AI, having previously worked at Google and Sesame AI. The acquisition is expected to significantly strengthen Meta’s capabilities in natural speech generation and real-time voice interaction across its product suite. Enhancing Meta’s voice ecosystem Founded in 2016 by Mahmoud Felfel and former WhatsApp engineer Hammad Syed, PlayAI began as a basic text-to-speech tool and evolved into a sophisticated voice AI company. Its flagship product, PlayDialog, uses contextual understanding to generate emotionally nuanced, human-like speech in over 40 languages. This innovation allows for more realistic and responsive AI assistants, an essential component of Meta’s vision for next-gen digital experiences. The internal memo notes that PlayAI’s “work in creating natural voices, along with a platform for easy voice creation, is a great match for our work and roadmapacross AI Characters, Meta AI, Wearables, and audio content creation.” With Meta’s virtual assistant, Meta AI, already integrated into platforms like WhatsApp, Instagram, and Messenger, the addition of PlayAI’s technology is expected to significantly enhance the realism and functionality of voice interactions. Furthermore, the acquisition plays directly into Meta’s expanding ambitions in hardware. The company recently launched new versions of its Ray-Ban smart glasses and hinted at upcoming products in collaboration with Oakley. A strategic bet on voice tech The PlayAI acquisition is part of Meta’s broader AI overhaul. CEO Mark Zuckerberg has made AI the company’s top priority in 2024, backed by massive investments in custom silicon, new data centres, and top-tier AI research talent. As part of this effort, Meta recently announced the formation of Meta Superintelligence Labs, a centralised division aimed at unifying and accelerating AI development across the company’s sprawling ecosystem. With the global voice AI market projected to reach $47.5 billion by 2034, proprietary voice capabilities are becoming a crucial differentiator. PlayAI’s advanced cloning and natural speech tech offer Meta a competitive edge as voice becomes a primary interface for interacting with both devices and digital services. However, the move also invites ethical scrutiny. PlayAI’s ability to clone voices with limited input raises concerns about consent and misuse—issues that regulators, especially in the US and EU, are increasingly focused on. As Meta integrates PlayAI’s capabilities, it must navigate not just technical challenges but also build public trust in how the technology is used.

The acquisition is expected to significantly strengthen Meta’s capabilities in natural speech generation and real-time voice interaction across its product suite.

Meta acquires voice AI startup to bolster conversational tech

Shiv Nadar, who founded HCL, and his family earned the highest amount of dividends&nbsp;in the financial year 2025. He surpassed Wipro's Azim Premji. Nadar's family earned Rs 9906 crore (over a billion dollars). His family had earned a whopping Rs 8585 crore last year from dividends. The Shiv Nadar family owns a 60.82 &nbsp;per cent stake in the software company. HCL paid Rs 16290 crore in dividends&nbsp;in the financial year.&nbsp;The Azim Premji family earned Rs 4760 crore in FY 2025, down from Rs 9128 crore in FY 2024. The family owns 72.7 per cent of Wipro.&nbsp;Vedanta’s Anil Agarwal earned nearly Rs 9,589 crore from his listed group companies in FY25, reported Business Standard. It delivered total dividends of Rs 17009 crore. His family owns 56.38 per cent of the firm.&nbsp;Reliance Industries’ Mukesh Ambani earned Rs 3,655 crore. Aster DM Healthcare’s M A Moopen earned Rs 2,574 crore from dividends.&nbsp;Reliance Industries, which paid a dividend worth Rs 7,443 crore in FY25, up from ₹6,766 crore a year, is owned by the Mukesh Ambani family, which holds 49.11 per cent in the company.&nbsp;The Dilip Shanghvi family earned a dividend of Rs 2091 crore from Sun Pharmaceuticals in FY25.Gautam Adani's family earned dividend income worth Rs 1,460 crore from the group’s listed ventures in FY25.<h2>Who is Shiv Nadar?</h2>Shiv Nadar's net worth, according to Forbes, is 36.4 billion dollars. He opened HCL in a garage in 1976, along with five friends, to make calculators and microprocessors. He is a noted philanthropist. He has donated $1.1 billion to his foundation, which backs education-related initiatives. Nadar's wife Kiran is an avid art collector. Their daughter, Roshni Nadar, currently leads HCL.&nbsp;Shiv Nadar holds a degree in Electrical and Electronics Engineering from PSG College of Technology, Coimbatore. He received Padma Bhushan, India's third-highest civilian award, in 2008.

Shiv Nadar, who founded HCL, and his family earned the highest amount of dividends in the financial year 2025. He surpassed Wipro's Azim Premji. Nadar's family earned Rs 9906 crore (over a billion dollars).

Shiv Nadar, who founded HCL, and his family earned the highest amount of dividends in the financial year 2025. He surpassed Wipro's Azim Premji. Nadar's family earned Rs 9906 crore (over a billion dollars). His family had earned a whopping Rs 8585 crore last year from dividends. The Shiv Nadar family owns a 60.82 per cent stake in the software company. HCL paid Rs 16290 crore in dividends in the financial year. The Azim Premji family earned Rs 4760 crore in FY 2025, down from Rs 9128 crore in FY 2024. The family owns 72.7 per cent of Wipro. Vedanta’s Anil Agarwal earned nearly Rs 9,589 crore from his listed group companies in FY25, reported Business Standard. It delivered total dividends of Rs 17009 crore. His family owns 56.38 per cent of the firm. Reliance Industries’ Mukesh Ambani earned Rs 3,655 crore. Aster DM Healthcare’s M A Moopen earned Rs 2,574 crore from dividends. Reliance Industries, which paid a dividend worth Rs 7,443 crore in FY25, up from ₹6,766 crore a year, is owned by the Mukesh Ambani family, which holds 49.11 per cent in the company. The Dilip Shanghvi family earned a dividend of Rs 2091 crore from Sun Pharmaceuticals in FY25. Gautam Adani's family earned dividend income worth Rs 1,460 crore from the group’s listed ventures in FY25. Who is Shiv Nadar? Shiv Nadar's net worth, according to Forbes, is 36.4 billion dollars. He opened HCL in a garage in 1976, along with five friends, to make calculators and microprocessors. He is a noted philanthropist. He has donated $1.1 billion to his foundation, which backs education-related initiatives. Nadar's wife Kiran is an avid art collector. Their daughter, Roshni Nadar, currently leads HCL. Shiv Nadar holds a degree in Electrical and Electronics Engineering from PSG College of Technology, Coimbatore. He received Padma Bhushan, India's third-highest civilian award, in 2008.

The Azim Premji family earned Rs 4760 crore in FY 2025, down from Rs 9128 crore in FY 2024. The family owns 72.7 per cent of Wipro.

Shiv Nadar family earned Rs 9906 crore from dividends; check Mukesh Ambani, Gautam Adani's earnings

In a sign of changing winds in China’s strict crypto stance, Shanghai’s top state-owned assets regulator has held high-level talks about stablecoins and digital currencies, an unusual move in a country where crypto trading is officially banned. According to Reuters, the Shanghai State-owned Assets Supervision and Administration Commission convened around 60 to 70 local government officials this week to discuss policy responses to the rapidly evolving world of blockchain-based payments.&nbsp;“We need to have greater sensitivity to emerging technologies and enhanced research into digital currencies,” He Qing, the regulator’s director, told the gathering, as quoted in an official post on the agency’s WeChat account. While China has cracked down on crypto trading and mining since 2021 over financial stability concerns, the Shanghai meeting suggests at least parts of the government are examining ways to manage, adapt to, or even compete with global stablecoin developments.<h2>Why Shanghai’s interest matters?&nbsp;</h2>Shanghai is China’s main international financial hub and has often served as a testing ground for regulatory pilot programmes. Moves there can signal broader policy shifts. Reuters notes that calls have been growing among Chinese firms and experts to develop a yuan-pegged stablecoin to counter the rise of US dollar-linked cryptocurrencies.&nbsp;Companies like JD.com and fintech giant Ant Group have reportedly urged China’s central bank to greenlight yuan-based stablecoins. According to Reuters, these firms plan to apply for stablecoin licenses in Hong Kong, where dedicated stablecoin legislation is set to take effect on August 1. “Given China’s strong fintech ecosystem, it has the potential to be a key player in shaping the future of blockchain-based payments,” Nick Ruck, director at LVRG Research, told Reuters.<h2>Global context</h2>Stablecoins, cryptocurrencies typically pegged to fiat currencies like the dollar, have seen explosive growth worldwide, offering cheaper and faster transactions than traditional systems. According to Reuters, ARK Investment Management estimates the global transaction value of stablecoins hit $15.6 trillion last year, surpassing even Visa in volume. In the United States, where regulations are clearer, giants such as Amazon and Walmart are reportedly exploring stablecoin launches.&nbsp;Asia is also moving forward. South Korea’s government has pledged to allow won-based stablecoins while building the necessary regulatory framework, although its central bank has warned of a need for gradual adoption.<h2>Policy hurdles in China</h2>Despite the Shanghai meeting’s open tone, big barriers remain. Reuters reports that at the meeting, a policy expert from Guotai Haitong Securities gave officials a detailed overview of stablecoins, their history, and global regulatory approaches, while also laying out opportunities and policy challenges.Separately, Yang Tao, deputy director at the National Institution for Finance and Development, suggested China should test yuan-based stablecoins in both the Shanghai Pilot Free Trade Zone and Hong Kong simultaneously.&nbsp;But analysts note that China’s strict capital controls are likely to be a major hurdle for any stablecoin initiative. China’s central bank governor Pan Gongsheng last month warned that the boom in digital currencies and stablecoins poses “huge challenges” for financial regulation, according to Reuters.<h2>Crypto ban still in place</h2>Mainland China banned cryptocurrency trading and mining in 2021 to limit risks to its financial system and curb capital flight. That ban remains in force. While discussions on stablecoins have heated up recently, the official outlook for other cryptocurrencies is far less clear.&nbsp;Meanwhile, outside of China’s borders, crypto markets continue to boom. Bitcoin recently soared to a new record high above $118,000 on Friday, Reuters reported. Shanghai’s cautious but notable discussion of stablecoin policy suggests that while China’s crypto ban stands firm, authorities are now paying closer attention to the global shifts in digital finance and may be preparing for how to respond.&nbsp;&nbsp;

In a surprising move, Shanghai top state owned assets regulator has discussed stablecoins and blockchain payments with local officials, suggesting China may be reassessing its crypto policy.

In a sign of changing winds in China’s strict crypto stance, Shanghai’s top state-owned assets regulator has held high-level talks about stablecoins and digital currencies, an unusual move in a country where crypto trading is officially banned. According to Reuters, the Shanghai State-owned Assets Supervision and Administration Commission convened around 60 to 70 local government officials this week to discuss policy responses to the rapidly evolving world of blockchain-based payments. “We need to have greater sensitivity to emerging technologies and enhanced research into digital currencies,” He Qing, the regulator’s director, told the gathering, as quoted in an official post on the agency’s WeChat account. While China has cracked down on crypto trading and mining since 2021 over financial stability concerns, the Shanghai meeting suggests at least parts of the government are examining ways to manage, adapt to, or even compete with global stablecoin developments. Why Shanghai’s interest matters? Shanghai is China’s main international financial hub and has often served as a testing ground for regulatory pilot programmes. Moves there can signal broader policy shifts. Reuters notes that calls have been growing among Chinese firms and experts to develop a yuan-pegged stablecoin to counter the rise of US dollar-linked cryptocurrencies. Companies like JD.com and fintech giant Ant Group have reportedly urged China’s central bank to greenlight yuan-based stablecoins. According to Reuters, these firms plan to apply for stablecoin licenses in Hong Kong, where dedicated stablecoin legislation is set to take effect on August 1. “Given China’s strong fintech ecosystem, it has the potential to be a key player in shaping the future of blockchain-based payments,” Nick Ruck, director at LVRG Research, told Reuters. Global context Stablecoins, cryptocurrencies typically pegged to fiat currencies like the dollar, have seen explosive growth worldwide, offering cheaper and faster transactions than traditional systems. According to Reuters, ARK Investment Management estimates the global transaction value of stablecoins hit $15.6 trillion last year, surpassing even Visa in volume. In the United States, where regulations are clearer, giants such as Amazon and Walmart are reportedly exploring stablecoin launches. Asia is also moving forward. South Korea’s government has pledged to allow won-based stablecoins while building the necessary regulatory framework, although its central bank has warned of a need for gradual adoption. Policy hurdles in China Despite the Shanghai meeting’s open tone, big barriers remain. Reuters reports that at the meeting, a policy expert from Guotai Haitong Securities gave officials a detailed overview of stablecoins, their history, and global regulatory approaches, while also laying out opportunities and policy challenges. Separately, Yang Tao, deputy director at the National Institution for Finance and Development, suggested China should test yuan-based stablecoins in both the Shanghai Pilot Free Trade Zone and Hong Kong simultaneously. But analysts note that China’s strict capital controls are likely to be a major hurdle for any stablecoin initiative. China’s central bank governor Pan Gongsheng last month warned that the boom in digital currencies and stablecoins poses “huge challenges” for financial regulation, according to Reuters. Crypto ban still in place Mainland China banned cryptocurrency trading and mining in 2021 to limit risks to its financial system and curb capital flight. That ban remains in force. While discussions on stablecoins have heated up recently, the official outlook for other cryptocurrencies is far less clear. Meanwhile, outside of China’s borders, crypto markets continue to boom. Bitcoin recently soared to a new record high above $118,000 on Friday, Reuters reported. Shanghai’s cautious but notable discussion of stablecoin policy suggests that while China’s crypto ban stands firm, authorities are now paying closer attention to the global shifts in digital finance and may be preparing for how to respond.

Shanghai's state regulator has held rare high-level talks on stablecoins, signalling a potential rethink of China’s rigid crypto stance amid global digital finance shifts.

Shanghai holds talks on stablecoin policy amid crypto ban

As Britain’s Labour government scrambles to plug a major fiscal gap, calls are growing for a wealth tax on the country’s richest. But according to tax experts and economists, the odds of implementing such a policy in the near term remain close to zero. Chancellor of the Exchequer Rachel Reeves may face a shortfall of up to £30 billion ($40 billion) in her autumn budget, after Labour was forced to reverse welfare cuts amid intense internal backlash. Constrained by pre-election promises not to raise key taxes like income tax, national insurance, or VAT, the government is now under pressure to explore alternative ways to raise revenue.&nbsp;For many Labour backbenchers and left-leaning groups, the answer is simple: tax the wealthy. Veteran MP Diane Abbott, as well as MPs Richard Burgon, Andy McDonald, and Rebecca Long Bailey, have all floated a wealth levy on assets above £10 million. Former Labour leader Neil Kinnock, usually seen as a party moderate, also backed the idea last week, adding weight to the growing internal momentum.&nbsp;Prime Minister Keir Starmer has so far refused to rule it out. When pressed by Conservative Leader Kemi Badenoch this week, Starmer deflected. His spokesperson later said only that the government was “committed to ensuring the wealthiest in society are paying their fair share of tax.”But experts say a wealth tax is not coming any time soon.<h2>“Zero chance” of wealth tax in next budget</h2>Andy Summers, associate professor at the London School of Economics and co-author of the UK Wealth Tax Commission’s 2020 report, told Bloomberg that there was “zero chance” of a wealth tax being introduced in Reeves’s upcoming budget. “Unless the Treasury has been secretly working on it for many months or years, then it just can’t be done,” Summers said.&nbsp;His view is echoed by Stuart Adam, senior economist at the Institute for Fiscal Studies, who noted that it would take “several years” to build the data infrastructure and legal frameworks needed to value and track individual wealth. In the UK, there is no current requirement to report total net worth, making the starting point difficult. Summers also warned that valuation challenges, especially of property, pensions, and non-liquid assets, would make implementation costly and complex. His commission had recommended taxing wealth above £10 million, as doing so at lower levels would be economically inefficient.<h2>Pandemic-era proposals no longer viable</h2>While the idea of a one-off wealth tax gained traction during the COVID-19 pandemic, experts say the political and economic conditions have shifted. In 2020, Summers’ team estimated that a five-year levy of 1% on assets over £10 million could raise £43 billion. But, according to him, the credibility of such a “one-off” has weakened. “The wealthy are less likely to believe it would stay as a one-off,” he told Bloomberg.&nbsp;Still, proposals continue to resurface. Kinnock recently backed a 2% annual levy on wealth above £10 million, a figure mirrored by several Labour MPs in recent debates.<h2>A symbol more than a policy?</h2>Despite its political appeal, many economists remain sceptical. Dan Neidle, founder of Tax Policy Associates, described a wealth tax as “a cute political slogan, but not a tax policy.” He recommended focusing on tightening existing taxes, like capital gains and inheritance tax, to raise revenue more effectively and quickly.&nbsp;Indeed, the global track record for wealth taxes is patchy. Germany, France, Sweden, and the Netherlands all tried them, only to repeal the measures due to loopholes, exemptions, and capital flight. Summers warned that the same fate could await any UK version. “When you start to leave those gaps, the whole thing collapses,” he said.<h2>Political pressure mounting</h2>Despite the practical hurdles, Labour may continue to float the idea of a wealth tax for symbolic reasons. The left wing of the party, which played a key role in forcing Reeves to reverse disability benefit cuts earlier this month, is keen to see a stronger stance on economic fairness. Rob Ford, professor of political science at the University of Manchester, told Bloomberg: “What Starmer and Reeves have learned the very hard way is that symbolic politics matters as much as substance.”&nbsp;He added: “Everybody to the left likes the idea of a wealth tax and it’s an easy political argument to make. Political symbolism is not nothing.” But symbolism alone won’t plug a £30 billion budget hole. And without the legal and data frameworks in place, experts say a wealth tax may remain more of a political talking point than a realistic fiscal solution, at least for now.&nbsp;&nbsp;

Facing a looming fiscal shortfall, Britain Labour government is under pressure to tax the super rich. But economists warn a wealth tax remains highly unlikely in the near term due to legal, data, and implementation hurdles.

As Britain’s Labour government scrambles to plug a major fiscal gap, calls are growing for a wealth tax on the country’s richest. But according to tax experts and economists, the odds of implementing such a policy in the near term remain close to zero. Chancellor of the Exchequer Rachel Reeves may face a shortfall of up to £30 billion ($40 billion) in her autumn budget, after Labour was forced to reverse welfare cuts amid intense internal backlash. Constrained by pre-election promises not to raise key taxes like income tax, national insurance, or VAT, the government is now under pressure to explore alternative ways to raise revenue. For many Labour backbenchers and left-leaning groups, the answer is simple: tax the wealthy. Veteran MP Diane Abbott, as well as MPs Richard Burgon, Andy McDonald, and Rebecca Long Bailey, have all floated a wealth levy on assets above £10 million. Former Labour leader Neil Kinnock, usually seen as a party moderate, also backed the idea last week, adding weight to the growing internal momentum. Prime Minister Keir Starmer has so far refused to rule it out. When pressed by Conservative Leader Kemi Badenoch this week, Starmer deflected. His spokesperson later said only that the government was “committed to ensuring the wealthiest in society are paying their fair share of tax.” But experts say a wealth tax is not coming any time soon. “Zero chance” of wealth tax in next budget Andy Summers, associate professor at the London School of Economics and co-author of the UK Wealth Tax Commission’s 2020 report, told Bloomberg that there was “zero chance” of a wealth tax being introduced in Reeves’s upcoming budget. “Unless the Treasury has been secretly working on it for many months or years, then it just can’t be done,” Summers said. His view is echoed by Stuart Adam, senior economist at the Institute for Fiscal Studies, who noted that it would take “several years” to build the data infrastructure and legal frameworks needed to value and track individual wealth. In the UK, there is no current requirement to report total net worth, making the starting point difficult. Summers also warned that valuation challenges, especially of property, pensions, and non-liquid assets, would make implementation costly and complex. His commission had recommended taxing wealth above £10 million, as doing so at lower levels would be economically inefficient. Pandemic-era proposals no longer viable While the idea of a one-off wealth tax gained traction during the COVID-19 pandemic, experts say the political and economic conditions have shifted. In 2020, Summers’ team estimated that a five-year levy of 1% on assets over £10 million could raise £43 billion. But, according to him, the credibility of such a “one-off” has weakened. “The wealthy are less likely to believe it would stay as a one-off,” he told Bloomberg. Still, proposals continue to resurface. Kinnock recently backed a 2% annual levy on wealth above £10 million, a figure mirrored by several Labour MPs in recent debates. A symbol more than a policy? Despite its political appeal, many economists remain sceptical. Dan Neidle, founder of Tax Policy Associates, described a wealth tax as “a cute political slogan, but not a tax policy.” He recommended focusing on tightening existing taxes, like capital gains and inheritance tax, to raise revenue more effectively and quickly. Indeed, the global track record for wealth taxes is patchy. Germany, France, Sweden, and the Netherlands all tried them, only to repeal the measures due to loopholes, exemptions, and capital flight. Summers warned that the same fate could await any UK version. “When you start to leave those gaps, the whole thing collapses,” he said. Political pressure mounting Despite the practical hurdles, Labour may continue to float the idea of a wealth tax for symbolic reasons. The left wing of the party, which played a key role in forcing Reeves to reverse disability benefit cuts earlier this month, is keen to see a stronger stance on economic fairness. Rob Ford, professor of political science at the University of Manchester, told Bloomberg: “What Starmer and Reeves have learned the very hard way is that symbolic politics matters as much as substance.” He added: “Everybody to the left likes the idea of a wealth tax and it’s an easy political argument to make. Political symbolism is not nothing.” But symbolism alone won’t plug a £30 billion budget hole. And without the legal and data frameworks in place, experts say a wealth tax may remain more of a political talking point than a realistic fiscal solution, at least for now.

As Labour faces a £30 billion budget gap, internal calls for a UK wealth tax grow louder—but tax experts say it's politically symbolic, not practically viable.

UK wealth tax faces long odds despite pressure on Labour budget

The US dollar posted its strongest weekly performance since late February, buoyed by escalating trade tensions following President Donald Trump’s announcement of sweeping new tariffs. The greenback was up 0.8 per cent for the week, with the Bloomberg Dollar Spot Index rising 0.73 per cent, its best showing in more than four months. Trump’s fresh trade salvo includes a 35 per cent tariff on Canadian imports and blanket levies of 15-20 per cent on goods from most US trading partners. The aggressive measures surprised investors and fuelled concerns that the global trade landscape could deteriorate further, pushing inflation higher and weighing on global risk assets.The Canadian dollar fell 0.26 per cent against the US currency to C$1.3688, after tumbling more than 0.5 per cent in the immediate aftermath of Trump’s announcement. The euro dropped 0.1 per cent to $1.1692 and was on track for a 0.9 per cent weekly decline, while the Japanese yen fell 0.49 per cent to 146.94 per dollar, heading for a 1.6 per cent weekly slide after Tokyo was hit with 25 per cent tariffs.<h2>Traders eye inflation and Fed policy shifts</h2>Market strategists pointed out that investors, previously bearish on the dollar due to rising US deficits and fiscal risks, are now re-evaluating positions amid fears that Trump’s tariffs could stoke inflation and force a policy response from the Federal Reserve. While some JPMorgan strategists acknowledged that bearish sentiment on the dollar has eased slightly, they maintained a longer-term view that the greenback will weaken due to tariff-related uncertainty. Speculative traders also modestly increased their bets against the dollar, holding $18.6 billion in short positions, the most since August 2023.<h2>Risk assets hold steady, crypto surges</h2>Despite the tensions, risk assets showed resilience. Bitcoin surged 3.7 per cent to a record $118,832, while Ethereum jumped 5.9 per cent to $2,987.15, supported by institutional inflows and optimism over upcoming pro-crypto legislation in the US Congress. As the August 1 tariff implementation deadline nears, global markets remain on edge. With diplomatic efforts underway, including from Brazil, which faces 50 per cent tariffs, traders are bracing for more volatility in currency and commodity markets alike.

Market strategists pointed out that investors, previously bearish on the dollar due to rising US deficits and fiscal risks, are now re-evaluating positions amid fears that Trump’s tariffs could stoke inflation and force a policy response from the Federal Reserve.

The US dollar posted its strongest weekly performance since late February, buoyed by escalating trade tensions following President Donald Trump’s announcement of sweeping new tariffs. The greenback was up 0.8 per cent for the week, with the Bloomberg Dollar Spot Index rising 0.73 per cent, its best showing in more than four months. Trump’s fresh trade salvo includes a 35 per cent tariff on Canadian imports and blanket levies of 15-20 per cent on goods from most US trading partners. The aggressive measures surprised investors and fuelled concerns that the global trade landscape could deteriorate further, pushing inflation higher and weighing on global risk assets. The Canadian dollar fell 0.26 per cent against the US currency to C$1.3688, after tumbling more than 0.5 per cent in the immediate aftermath of Trump’s announcement. The euro dropped 0.1 per cent to $1.1692 and was on track for a 0.9 per cent weekly decline, while the Japanese yen fell 0.49 per cent to 146.94 per dollar, heading for a 1.6 per cent weekly slide after Tokyo was hit with 25 per cent tariffs. Traders eye inflation and Fed policy shifts Market strategists pointed out that investors, previously bearish on the dollar due to rising US deficits and fiscal risks, are now re-evaluating positions amid fears that Trump’s tariffs could stoke inflation and force a policy response from the Federal Reserve. While some JPMorgan strategists acknowledged that bearish sentiment on the dollar has eased slightly, they maintained a longer-term view that the greenback will weaken due to tariff-related uncertainty. Speculative traders also modestly increased their bets against the dollar, holding $18.6 billion in short positions, the most since August 2023. Risk assets hold steady, crypto surges Despite the tensions, risk assets showed resilience. Bitcoin surged 3.7 per cent to a record $118,832, while Ethereum jumped 5.9 per cent to $2,987.15, supported by institutional inflows and optimism over upcoming pro-crypto legislation in the US Congress. As the August 1 tariff implementation deadline nears, global markets remain on edge. With diplomatic efforts underway, including from Brazil, which faces 50 per cent tariffs, traders are bracing for more volatility in currency and commodity markets alike.

Market strategists pointed out that investors, previously bearish on the dollar due to rising US deficits and fiscal risks, are now re-evaluating positions amid fears that Trump’s tariffs could stoke inflation and force a policy response from the Federal Reserve.

Dollar logs biggest weekly gain in four months amid Trump’s tariff escalation

Two senior US senators have warned Nvidia CEO Jensen Huang not to meet Chinese companies suspected of helping Beijing evade US export controls, intensifying scrutiny over American technology firms’ ties to China’s AI sector.&nbsp;According to Reuters, the bipartisan warning comes in the form of a letter sent on Friday, just as Huang prepared for his trip to China. Republican Senator Jim Banks and Democratic Senator Elizabeth Warren urged him to avoid meetings with companies linked to China’s military or intelligence bodies, as well as firms placed on the US restricted export list. “We are worried that your trip to the PRC could legitimize companies that cooperate closely with the Chinese military or involve discussing exploitable gaps in US export controls,” the senators wrote, as quoted by Reuters.<h2>Growing US concerns over AI technology transfers</h2>The letter reflects Washington’s deepening fears that advanced American AI hardware could boost China’s military modernisation. Lawmakers across party lines have backed tighter restrictions on AI chip exports, worried about efforts to circumvent existing controls.&nbsp;As per Reuters, the senators said advanced AI hardware could “accelerate the PRC’s effort to modernize its military.” They also cited Nvidia’s new research facility in Shanghai as an example of the company’s growing footprint in China, suggesting such moves risk aiding Beijing’s strategic ambitions. US lawmakers have proposed new legislation that would require AI chip makers to verify where their products ultimately end up, aiming to close loopholes that might enable transfers to Chinese military or intelligence-linked users.<h2>Nvidia’s response and tightrope strategy</h2>In response, an Nvidia spokesperson defended the company’s approach, telling Reuters, “American wins when our technology sets the global standard.” The spokesperson added that China is home to one of the world’s largest software developer communities and argued that ensuring AI software runs best on American technology would encourage other nations to adopt US systems.&nbsp;The letter comes just weeks after Nvidia CEO Jensen Huang publicly praised President Donald Trump’s decision to ease certain AI chip export controls, calling prior restrictions a failure. Speaking at the Computex trade show in Taipei in May, Huang framed the partial rollback as a win for American competitiveness. But Reuters notes that even after those relaxations, US restrictions imposed in April on AI chips Nvidia designed to comply with earlier controls will still cut an estimated $15 billion from Nvidia’s revenue.<h2>A high-stakes balancing act</h2>Nvidia, the world’s most valuable chip company, has found itself at the centre of geopolitical tensions as the US tightens technology exports to China. Washington sees advanced AI hardware as a critical frontier, with bipartisan agreement that it must prevent China’s military from gaining access to cutting-edge systems.&nbsp;Reuters reported last month that a senior US official accused Chinese AI firm DeepSeek of supporting Beijing’s military and intelligence agencies while trying to dodge export controls through shell companies. Meanwhile, Nvidia has been working on launching a cheaper, export-compliant version of its flagship Blackwell AI chips for the Chinese market, according to Reuters reporting in May.<h2>Why it matters?&nbsp;</h2>The exchange between US lawmakers and Nvidia underscores the difficult balance American tech giants face. China is a vast market, but one increasingly off-limits for sensitive technologies under US national security policy. As the Biden administration continues Trump-era restrictions while refining them, companies like Nvidia must navigate a complex web of regulations, commercial interests, and geopolitical rivalries.&nbsp;For now, Huang’s trip to China has triggered a clear political warning from Washington: avoid any engagement that might undermine the hardening wall of US export controls.

Ahead of Nvidia CEO Jensen Huang trip to China, US senators issued a stern warning to avoid firms linked to Beijing’s military or on the export control list. 

Two senior US senators have warned Nvidia CEO Jensen Huang not to meet Chinese companies suspected of helping Beijing evade US export controls, intensifying scrutiny over American technology firms’ ties to China’s AI sector. According to Reuters, the bipartisan warning comes in the form of a letter sent on Friday, just as Huang prepared for his trip to China. Republican Senator Jim Banks and Democratic Senator Elizabeth Warren urged him to avoid meetings with companies linked to China’s military or intelligence bodies, as well as firms placed on the US restricted export list. “We are worried that your trip to the PRC could legitimize companies that cooperate closely with the Chinese military or involve discussing exploitable gaps in US export controls,” the senators wrote, as quoted by Reuters. Growing US concerns over AI technology transfers The letter reflects Washington’s deepening fears that advanced American AI hardware could boost China’s military modernisation. Lawmakers across party lines have backed tighter restrictions on AI chip exports, worried about efforts to circumvent existing controls. As per Reuters, the senators said advanced AI hardware could “accelerate the PRC’s effort to modernize its military.” They also cited Nvidia’s new research facility in Shanghai as an example of the company’s growing footprint in China, suggesting such moves risk aiding Beijing’s strategic ambitions. US lawmakers have proposed new legislation that would require AI chip makers to verify where their products ultimately end up, aiming to close loopholes that might enable transfers to Chinese military or intelligence-linked users. Nvidia’s response and tightrope strategy In response, an Nvidia spokesperson defended the company’s approach, telling Reuters, “American wins when our technology sets the global standard.” The spokesperson added that China is home to one of the world’s largest software developer communities and argued that ensuring AI software runs best on American technology would encourage other nations to adopt US systems. The letter comes just weeks after Nvidia CEO Jensen Huang publicly praised President Donald Trump’s decision to ease certain AI chip export controls, calling prior restrictions a failure. Speaking at the Computex trade show in Taipei in May, Huang framed the partial rollback as a win for American competitiveness. But Reuters notes that even after those relaxations, US restrictions imposed in April on AI chips Nvidia designed to comply with earlier controls will still cut an estimated $15 billion from Nvidia’s revenue. A high-stakes balancing act Nvidia, the world’s most valuable chip company, has found itself at the centre of geopolitical tensions as the US tightens technology exports to China. Washington sees advanced AI hardware as a critical frontier, with bipartisan agreement that it must prevent China’s military from gaining access to cutting-edge systems. Reuters reported last month that a senior US official accused Chinese AI firm DeepSeek of supporting Beijing’s military and intelligence agencies while trying to dodge export controls through shell companies. Meanwhile, Nvidia has been working on launching a cheaper, export-compliant version of its flagship Blackwell AI chips for the Chinese market, according to Reuters reporting in May. Why it matters? The exchange between US lawmakers and Nvidia underscores the difficult balance American tech giants face. China is a vast market, but one increasingly off-limits for sensitive technologies under US national security policy. As the Biden administration continues Trump-era restrictions while refining them, companies like Nvidia must navigate a complex web of regulations, commercial interests, and geopolitical rivalries. For now, Huang’s trip to China has triggered a clear political warning from Washington: avoid any engagement that might undermine the hardening wall of US export controls.

US senators warn Nvidia CEO Jensen Huang against meeting China-linked firms, spotlighting rising tensions over AI tech exports and military ties.

US lawmakers caution Nvidia’s Huang on China visit

Elon Musk-owned Starlink has cleared the final regulatory hurdle to begin satellite internet operations in India, receiving a five-year licence from the Indian National Space Promotion and Authorisation Centre (IN-SPACe). The approval, valid until July 7, 2030, allows Starlink to use its Gen1 satellite constellation over India, bringing it one step closer to launching high-speed internet services, particularly in remote and underserved regions. With this clearance, Starlink joins a select group of companies—Eutelsat OneWeb and Jio Platforms’ joint venture with Luxembourg-based SES—that are now fully authorised to operate satellite-based internet services in India. Amazon’s Project Kuiper is also awaiting government approval to enter the Indian market.<h2>Commercial services still months away</h2>Despite securing regulatory approval, a commercial launch remains some distance away. Starlink must now set up Earth station gateways, critical ground infrastructure that links satellites to terrestrial networks, and secure the necessary spectrum allocation from the Indian government. Without these components, Starlink cannot begin full-scale service delivery.The Telecom Regulatory Authority of India (TRAI) has recommended that spectrum for satellite internet providers be allocated administratively rather than through auctions. TRAI suggests an annual spectrum charge of either 4 per cent of adjusted gross revenue (AGR) or ₹3,500 ($40.77) per MHz, whichever is higher. Additionally, companies will have to pay an 8 per cent annual licence fee based on AGR, similar to traditional telecom providers. TRAI has also proposed an annual subscriber charge of ₹500 ($5.82) in urban areas, which could influence pricing models.Starlink received its Global Mobile Personal Communications by Satellite (GMPCS) licence from the Department of Telecommunications (DoT) in June, after nearly three years of waiting. The GMPCS licence allows Starlink to offer voice and data services via satellite for 20 years. Previously, Starlink had prematurely opened service bookings in India in 2021 without securing a licence, prompting the government to order refunds to over 5,000 customers.In addition to the GMPCS licence, Starlink holds internet service provider (ISP) and very small aperture terminal (VSAT) licences, further solidifying its legal footing in India’s telecom sector.<h2>Starlink’s edge over traditional networks</h2>Starlink’s satellite internet service stands out from conventional broadband providers by offering connectivity through a constellation of Low-Earth Orbit (LEO) satellites. These satellites are smaller, operate at lower altitudes, and use laser-based inter-satellite communication, which reduces latency and enhances speed. Unlike fibre-optic networks, Starlink does not require extensive ground infrastructure, making it especially effective in remote and rural areas.Starlink’s global user base spans over 100 countries, and speeds typically range from 20 Mbps to 264 Mbps depending on geographical location. While official pricing for India has not been announced, global rates suggest a one-time hardware cost of around ₹30,000 for standard kits and approximately ₹43,000 for the mobile “mini kit.” Monthly subscription plans are expected to start around ₹900, with unlimited plans potentially priced at ₹3,000 per month.In neighbouring Bangladesh, Starlink launched in May with setup costs of about ₹39,000 and monthly plans starting at ₹2,990.<h2>India’s satcom race heats up</h2>Starlink’s approval comes as India intensifies efforts to expand digital connectivity, particularly in remote and rural regions. State-run BSNL is also developing a satellite-terrestrial hybrid service called “direct to device,” which uses existing cellular networks to communicate with satellite constellations for seamless coverage.With multiple private and public players now racing to dominate the satellite internet space, India is poised for a connectivity revolution. Starlink’s entry adds a formidable new competitor and a globally tested model to the mix. However, actual service availability will hinge on spectrum policy decisions, security compliance, and ground infrastructure development in the coming months.

Starlink must now set up Earth station gateways, critical ground infrastructure that links satellites to terrestrial networks, and secure the necessary spectrum allocation from the Indian government. Without these components, Starlink cannot begin full-scale service delivery.

Elon Musk-owned Starlink has cleared the final regulatory hurdle to begin satellite internet operations in India, receiving a five-year licence from the Indian National Space Promotion and Authorisation Centre (IN-SPACe). The approval, valid until July 7, 2030, allows Starlink to use its Gen1 satellite constellation over India, bringing it one step closer to launching high-speed internet services, particularly in remote and underserved regions. With this clearance, Starlink joins a select group of companies—Eutelsat OneWeb and Jio Platforms’ joint venture with Luxembourg-based SES—that are now fully authorised to operate satellite-based internet services in India. Amazon’s Project Kuiper is also awaiting government approval to enter the Indian market. Commercial services still months away Despite securing regulatory approval, a commercial launch remains some distance away. Starlink must now set up Earth station gateways, critical ground infrastructure that links satellites to terrestrial networks, and secure the necessary spectrum allocation from the Indian government. Without these components, Starlink cannot begin full-scale service delivery. The Telecom Regulatory Authority of India (TRAI) has recommended that spectrum for satellite internet providers be allocated administratively rather than through auctions. TRAI suggests an annual spectrum charge of either 4 per cent of adjusted gross revenue (AGR) or ₹3,500 ($40.77) per MHz, whichever is higher. Additionally, companies will have to pay an 8 per cent annual licence fee based on AGR, similar to traditional telecom providers. TRAI has also proposed an annual subscriber charge of ₹500 ($5.82) in urban areas, which could influence pricing models. Starlink received its Global Mobile Personal Communications by Satellite (GMPCS) licence from the Department of Telecommunications (DoT) in June, after nearly three years of waiting. The GMPCS licence allows Starlink to offer voice and data services via satellite for 20 years. Previously, Starlink had prematurely opened service bookings in India in 2021 without securing a licence, prompting the government to order refunds to over 5,000 customers. In addition to the GMPCS licence, Starlink holds internet service provider (ISP) and very small aperture terminal (VSAT) licences, further solidifying its legal footing in India’s telecom sector. Starlink’s edge over traditional networks Starlink’s satellite internet service stands out from conventional broadband providers by offering connectivity through a constellation of Low-Earth Orbit (LEO) satellites. These satellites are smaller, operate at lower altitudes, and use laser-based inter-satellite communication, which reduces latency and enhances speed. Unlike fibre-optic networks, Starlink does not require extensive ground infrastructure, making it especially effective in remote and rural areas. Starlink’s global user base spans over 100 countries, and speeds typically range from 20 Mbps to 264 Mbps depending on geographical location. While official pricing for India has not been announced, global rates suggest a one-time hardware cost of around ₹30,000 for standard kits and approximately ₹43,000 for the mobile “mini kit.” Monthly subscription plans are expected to start around ₹900, with unlimited plans potentially priced at ₹3,000 per month. In neighbouring Bangladesh, Starlink launched in May with setup costs of about ₹39,000 and monthly plans starting at ₹2,990. India’s satcom race heats up Starlink’s approval comes as India intensifies efforts to expand digital connectivity, particularly in remote and rural regions. State-run BSNL is also developing a satellite-terrestrial hybrid service called “direct to device,” which uses existing cellular networks to communicate with satellite constellations for seamless coverage. With multiple private and public players now racing to dominate the satellite internet space, India is poised for a connectivity revolution. Starlink’s entry adds a formidable new competitor and a globally tested model to the mix. However, actual service availability will hinge on spectrum policy decisions, security compliance, and ground infrastructure development in the coming months.

Starlink must now set up Earth station gateways, critical ground infrastructure that links satellites to terrestrial networks, and secure the necessary spectrum allocation from the Indian government. Without these components, Starlink cannot begin full-scale service delivery.

Starlink secures final regulatory approval to launch satellite internet in India

More than 1,000 employees at the US State Department have been laid off as part of the Trump administration’s effort to reduce the size of the federal government. According to BBC Business, citing a notice sent to staff and obtained by CBS News, the cuts include 1,107 civil service employees and 246 foreign service officers. The layoffs follow months of voluntary departures, with over 1,500 other employees choosing to leave earlier this year as part of what the administration has described as a sweeping federal reorganisation.<h2>What happened?</h2>The move comes days after the US Supreme Court cleared the administration’s broader plan to reduce the federal workforce, allowing the cuts to proceed.&nbsp;CBS News reported that entire offices have been hit hard. Nearly all civil service officers in the Bureau of Population, Refugees and Migration’s office of admissions, which manages refugee resettlement in the United States, were laid off. Staff from the Coordinator for Afghan Relocation Efforts (CARE) office, which has handled evacuations and resettlement of Afghan allies, were also among those let go.<h2>“It’s not about getting rid of people”</h2>Speaking in Malaysia on Thursday, US Secretary of State Marco Rubio defended the move. “It’s not a consequence of trying to get rid of people,” Rubio said, according to BBC Business. “But if you close the bureau, you don’t need those positions. Understand that some of these are positions that are being eliminated, not people.”&nbsp;However, critics, including Democrats on the Senate Foreign Relations Committee, condemned the layoffs in a statement reported by BBC Business. “The decision to fire hundreds of members of the Civil Service and Foreign Service at the Department of State undermines our national security. While there are targeted reforms that our government can pursue to maximize the impact of every tax dollar, that’s not what this is. Blanket and indiscriminate cuts … weaken our government’s ability to deliver for the American people.”<h2>Why it matters?</h2>The US State Department is the nation’s lead diplomatic agency, managing relations with foreign governments, protecting US citizens overseas, and administering consulates and embassies around the world. According to BBC Business, the department had more than 18,700 US-based employees earlier this year before cuts began. The federal government overall employs about 2.2 million civilians, as per the US Office of Personnel Management.&nbsp;This week’s layoffs are part of President Donald Trump’s long-promised campaign to reduce government spending and shrink the federal workforce. The administration argues the cuts will streamline government. Earlier this month, the US Agency for International Development (USAID) was formally shut down under White House orders, with BBC Business reporting that over 80 per cent of its programmes were already cancelled by March. On 1 July, its remaining operations were absorbed into the State Department.<h2>The debate continues</h2>Supporters say these moves eliminate redundant spending and focus resources more effectively. But critics argue that dismantling parts of America’s diplomatic and humanitarian infrastructure will undermine the country’s global influence and its ability to respond to crises.&nbsp;As the administration pushes forward with its federal reorganisation plan, questions remain over how these deep cuts will reshape the work of US diplomacy in an increasingly complex world.&nbsp;

The Trump administration has laid off more than 1,000 US State Department employees in its push to shrink the federal workforce. The cuts, following a Supreme Court decision, affect key diplomatic offices, drawing sharp criticism over potential national security risks and America global standing.

More than 1,000 employees at the US State Department have been laid off as part of the Trump administration’s effort to reduce the size of the federal government. According to BBC Business, citing a notice sent to staff and obtained by CBS News, the cuts include 1,107 civil service employees and 246 foreign service officers. The layoffs follow months of voluntary departures, with over 1,500 other employees choosing to leave earlier this year as part of what the administration has described as a sweeping federal reorganisation. What happened? The move comes days after the US Supreme Court cleared the administration’s broader plan to reduce the federal workforce, allowing the cuts to proceed. CBS News reported that entire offices have been hit hard. Nearly all civil service officers in the Bureau of Population, Refugees and Migration’s office of admissions, which manages refugee resettlement in the United States, were laid off. Staff from the Coordinator for Afghan Relocation Efforts (CARE) office, which has handled evacuations and resettlement of Afghan allies, were also among those let go. “It’s not about getting rid of people” Speaking in Malaysia on Thursday, US Secretary of State Marco Rubio defended the move. “It’s not a consequence of trying to get rid of people,” Rubio said, according to BBC Business. “But if you close the bureau, you don’t need those positions. Understand that some of these are positions that are being eliminated, not people.” However, critics, including Democrats on the Senate Foreign Relations Committee, condemned the layoffs in a statement reported by BBC Business. “The decision to fire hundreds of members of the Civil Service and Foreign Service at the Department of State undermines our national security. While there are targeted reforms that our government can pursue to maximize the impact of every tax dollar, that’s not what this is. Blanket and indiscriminate cuts … weaken our government’s ability to deliver for the American people.” Why it matters? The US State Department is the nation’s lead diplomatic agency, managing relations with foreign governments, protecting US citizens overseas, and administering consulates and embassies around the world. According to BBC Business, the department had more than 18,700 US-based employees earlier this year before cuts began. The federal government overall employs about 2.2 million civilians, as per the US Office of Personnel Management. This week’s layoffs are part of President Donald Trump’s long-promised campaign to reduce government spending and shrink the federal workforce. The administration argues the cuts will streamline government. Earlier this month, the US Agency for International Development (USAID) was formally shut down under White House orders, with BBC Business reporting that over 80 per cent of its programmes were already cancelled by March. On 1 July, its remaining operations were absorbed into the State Department. The debate continues Supporters say these moves eliminate redundant spending and focus resources more effectively. But critics argue that dismantling parts of America’s diplomatic and humanitarian infrastructure will undermine the country’s global influence and its ability to respond to crises. As the administration pushes forward with its federal reorganisation plan, questions remain over how these deep cuts will reshape the work of US diplomacy in an increasingly complex world.

Over 1,000 State Department staff laid off as Trump pushes ahead with deep federal cuts, sparking backlash over national security and diplomatic capacity.&nbsp;

Over 1,000 laid off at US State Department amid Trump cuts

A Texas-based space and defence firm that recently made history by landing a robotic spacecraft on the Moon has now filed for an initial public offering in the United States, becoming the latest company to capitalise on investor excitement in the booming space sector.&nbsp;Firefly Aerospace, backed by AE Industrial Partners, revealed its 2024 revenue had grown by 10 per cent year-on-year to $60.8 million, as per its IPO filing made public on Friday. The company is aiming to list on the Nasdaq under the symbol “FLY”, with Goldman Sachs, JPMorgan, Jefferies and Wells Fargo acting as lead underwriters.&nbsp;According to Reuters, the filing underscores a growing investor appetite for space-related listings, as the US IPO market regains momentum after a slow start to the year. Analysts say the rebound comes amid a “window of opportunity” for space ventures, fuelled by long-term growth potential and rising global interest in lunar missions.<h2>From Moonshot to market</h2>Firefly’s rise has been swift and strategic. In March 2025, it became only the second private company in history to successfully land a commercial spacecraft on the Moon, when its Blue Ghost lander touched down as part of a NASA-backed mission. The landmark feat placed Firefly at the forefront of the new lunar economy, alongside a handful of ambitious startups and government-backed contractors racing to support NASA’s Artemis programme and other lunar exploration goals.&nbsp;According to Bloomberg, Firefly’s mission was partly funded by NASA and is part of the broader push to return humans to the Moon for the first time since 1972. The successful landing significantly boosted the company’s visibility in a market now seen as critical to US space strategy.<h2>A $2 billion valuation and growing momentum</h2>Firefly secured a $2 billion valuation in its most recent fundraising round in November 2024, led by RPM Ventures. More recently, in May 2025, Northrop Grumman announced a fresh $50 million investment into the company, further cementing confidence in Firefly’s long-term prospects. The firm designs and manufactures small and medium-lift launch vehicles, lunar landers, and orbital transfer vehicles, making it a key player in both civilian and military space logistics.&nbsp;A spokesperson told Bloomberg that details on the number of shares and price range for the IPO are still pending, but the public listing is expected to give Firefly a financial boost as it looks to scale future missions.<h2>IPO market ready for lift-off?</h2>Firefly’s IPO plan follows the successful stock market debuts of Voyager Technologies and Karman Holdings earlier this year, both of which received strong interest from investors, as per Reuters. Experts say the shift is part of a broader resurgence in the US IPO market, particularly for companies tied to space, AI, and defence technologies.&nbsp;“There is a window of opportunity in space-related IPOs,” said Josef Schuster, CEO of IPOX, speaking to Reuters. “This is driven by enthusiasm about the growth prospects of the sector.”With President Donald Trump pushing a space-heavy industrial strategy and major defence firms ramping up investments in lunar infrastructure, the environment is ripe for private players like Firefly to raise capital and scale operations.<h2>Why this matters?&nbsp;</h2>Firefly’s IPO is more than just a fundraising event, it signals the rising strategic importance of commercial space ventures in the global economy. As the US, China, and other spacefaring nations intensify their lunar ambitions, private companies are stepping into the vacuum once filled by national space agencies.&nbsp;With deep-pocketed backers, strong NASA ties, and a Moon landing already under its belt, Firefly is well-positioned to play a pivotal role in what many are calling the “new space race.”As the stock prepares for lift-off on Nasdaq, all eyes will be on whether Firefly can deliver in orbit and on Wall Street.

Texas based Firefly Aerospace has filed for a US IPO after landing a NASA backed spacecraft on the Moon, positioning itself as a key player in the new space economy. The company listing marks a major step in the growing commercialisation of space.

A Texas-based space and defence firm that recently made history by landing a robotic spacecraft on the Moon has now filed for an initial public offering in the United States, becoming the latest company to capitalise on investor excitement in the booming space sector. Firefly Aerospace, backed by AE Industrial Partners, revealed its 2024 revenue had grown by 10 per cent year-on-year to $60.8 million, as per its IPO filing made public on Friday. The company is aiming to list on the Nasdaq under the symbol “FLY”, with Goldman Sachs, JPMorgan, Jefferies and Wells Fargo acting as lead underwriters. According to Reuters, the filing underscores a growing investor appetite for space-related listings, as the US IPO market regains momentum after a slow start to the year. Analysts say the rebound comes amid a “window of opportunity” for space ventures, fuelled by long-term growth potential and rising global interest in lunar missions. From Moonshot to market Firefly’s rise has been swift and strategic. In March 2025, it became only the second private company in history to successfully land a commercial spacecraft on the Moon, when its Blue Ghost lander touched down as part of a NASA-backed mission. The landmark feat placed Firefly at the forefront of the new lunar economy, alongside a handful of ambitious startups and government-backed contractors racing to support NASA’s Artemis programme and other lunar exploration goals. According to Bloomberg, Firefly’s mission was partly funded by NASA and is part of the broader push to return humans to the Moon for the first time since 1972. The successful landing significantly boosted the company’s visibility in a market now seen as critical to US space strategy. A $2 billion valuation and growing momentum Firefly secured a $2 billion valuation in its most recent fundraising round in November 2024, led by RPM Ventures. More recently, in May 2025, Northrop Grumman announced a fresh $50 million investment into the company, further cementing confidence in Firefly’s long-term prospects. The firm designs and manufactures small and medium-lift launch vehicles, lunar landers, and orbital transfer vehicles, making it a key player in both civilian and military space logistics. A spokesperson told Bloomberg that details on the number of shares and price range for the IPO are still pending, but the public listing is expected to give Firefly a financial boost as it looks to scale future missions. IPO market ready for lift-off? Firefly’s IPO plan follows the successful stock market debuts of Voyager Technologies and Karman Holdings earlier this year, both of which received strong interest from investors, as per Reuters. Experts say the shift is part of a broader resurgence in the US IPO market, particularly for companies tied to space, AI, and defence technologies. “There is a window of opportunity in space-related IPOs,” said Josef Schuster, CEO of IPOX, speaking to Reuters. “This is driven by enthusiasm about the growth prospects of the sector.” With President Donald Trump pushing a space-heavy industrial strategy and major defence firms ramping up investments in lunar infrastructure, the environment is ripe for private players like Firefly to raise capital and scale operations. Why this matters? Firefly’s IPO is more than just a fundraising event, it signals the rising strategic importance of commercial space ventures in the global economy. As the US, China, and other spacefaring nations intensify their lunar ambitions, private companies are stepping into the vacuum once filled by national space agencies. With deep-pocketed backers, strong NASA ties, and a Moon landing already under its belt, Firefly is well-positioned to play a pivotal role in what many are calling the “new space race.” As the stock prepares for lift-off on Nasdaq, all eyes will be on whether Firefly can deliver in orbit and on Wall Street.

Moon lander startup Firefly Aerospace files for IPO after historic lunar mission, aiming to ride a wave of investor interest in space and defence tech.

Firefly Aerospace files for US IPO after Moon milestone and revenue jump

The European Commission has proposed a floating price cap on Russian oil that would adjust quarterly to stay 15 per cent below global crude benchmarks, a significant policy shift aimed at tightening the squeeze on Moscow’s war revenues while preserving energy market stability. The new mechanism, part of the EU’s 18th sanctions package against Russia, would replace the current $60-per-barrel cap introduced by the G7 in December 2022. That cap has become largely ineffective due to rising global oil prices, with Brent crude settling at $70.36 per barrel on July 11, and Russia’s flagship Urals crude trading just $2 below the existing threshold.EU diplomats said the floating cap would be recalibrated every three months based on the 10-week average of global prices, making it more difficult for Russia to profit while remaining in compliance with international trade rules.<h2>Growing divide with the US</h2>The European Union and the United Kingdom have led efforts to revise the price ceiling, frustrated by US reluctance to lower the cap. Despite tentative American support for a $45-$50 range in 2025, the EU appears prepared to act independently. This divergence reflects ongoing transatlantic tension over how aggressively to enforce restrictions on Russian energy exports.Key EU maritime states, like Greece, Malta, and Cyprus, had previously resisted lowering the cap without broader G7 backing, but they are now open to the floating model, diplomats said. Enforcement, however, remains a major challenge. The cap bans Western firms from trading, shipping, or insuring Russian oil sold above the set price, but the Kremlin has increasingly routed exports through non-compliant countries like China and India.The proposed floating cap is intended to make enforcement more adaptive and difficult to circumvent, but experts warn that arbitrage opportunities could emerge. Non-G7 buyers purchasing Russian oil at steep discounts may profit by reselling it into global markets where higher prices prevail.<h2>Markets and investors watching closely</h2>Energy analysts say the mechanism could trigger shifts in trade flows and benefit shipping and energy infrastructure firms positioned to exploit changing routes and demand. Stocks tied to LNG terminals, renewables, and logistics may see upside amid Europe’s broader energy transition.Still, geopolitical risks persist. Russian retaliation, West Asian tensions, or further supply disruptions could backfire on the EU by spiking prices and undermining the cap’s intent. Final approval of the proposal requires unanimous support from all 27 EU member states, with Slovakia currently holding out over unrelated energy concessions. The Commission aims to finalise the measure in the coming weeks.

EU diplomats said the floating cap would be recalibrated every three months based on the 10-week average of global prices, making it more difficult for Russia to profit while remaining in compliance with international trade rules.

The European Commission has proposed a floating price cap on Russian oil that would adjust quarterly to stay 15 per cent below global crude benchmarks, a significant policy shift aimed at tightening the squeeze on Moscow’s war revenues while preserving energy market stability. The new mechanism, part of the EU’s 18th sanctions package against Russia, would replace the current $60-per-barrel cap introduced by the G7 in December 2022. That cap has become largely ineffective due to rising global oil prices, with Brent crude settling at $70.36 per barrel on July 11, and Russia’s flagship Urals crude trading just $2 below the existing threshold. EU diplomats said the floating cap would be recalibrated every three months based on the 10-week average of global prices, making it more difficult for Russia to profit while remaining in compliance with international trade rules. Growing divide with the US The European Union and the United Kingdom have led efforts to revise the price ceiling, frustrated by US reluctance to lower the cap. Despite tentative American support for a $45-$50 range in 2025, the EU appears prepared to act independently. This divergence reflects ongoing transatlantic tension over how aggressively to enforce restrictions on Russian energy exports. Key EU maritime states, like Greece, Malta, and Cyprus, had previously resisted lowering the cap without broader G7 backing, but they are now open to the floating model, diplomats said. Enforcement, however, remains a major challenge. The cap bans Western firms from trading, shipping, or insuring Russian oil sold above the set price, but the Kremlin has increasingly routed exports through non-compliant countries like China and India. The proposed floating cap is intended to make enforcement more adaptive and difficult to circumvent, but experts warn that arbitrage opportunities could emerge. Non-G7 buyers purchasing Russian oil at steep discounts may profit by reselling it into global markets where higher prices prevail. Markets and investors watching closely Energy analysts say the mechanism could trigger shifts in trade flows and benefit shipping and energy infrastructure firms positioned to exploit changing routes and demand. Stocks tied to LNG terminals, renewables, and logistics may see upside amid Europe’s broader energy transition. Still, geopolitical risks persist. Russian retaliation, West Asian tensions, or further supply disruptions could backfire on the EU by spiking prices and undermining the cap’s intent. Final approval of the proposal requires unanimous support from all 27 EU member states, with Slovakia currently holding out over unrelated energy concessions. The Commission aims to finalise the measure in the coming weeks.

EU diplomats said the floating cap would be recalibrated every three months based on the 10-week average of global prices, making it more difficult for Russia to profit while remaining in compliance with international trade rules.

EU pushes for floating price cap on Russian oil to undercut Kremlin revenues

Google is reportedly preparing to pay around $2.4 billion to license the technology behind Windsurf, an artificial intelligence-assisted coding platform, as part of its aggressive push to secure AI leadership.According to The Wall Street Journal, which cited people familiar with the matter, the licensing deal represents one of Google’s largest known investments in AI software intellectual property to date. Reuters said it could not immediately confirm the WSJ report independently.&nbsp;The reported $2.4 billion deal would allow Google to access and integrate Windsurf’s proprietary AI coding capabilities, designed to help developers write software more efficiently by automatically suggesting, generating, or debugging code using large language models.<h2>Strategic hires bolster DeepMind</h2>Separately, a Google spokesperson told Reuters on Friday that the company has hired key members of the Windsurf leadership and development team.&nbsp;This includes Windsurf CEO Varun Mohan, co-founder Douglas Chen, and select members of the company’s research and development division. These staff will join Google’s DeepMind unit, the advanced AI research lab known for breakthroughs like AlphaGo and Gemini. Industry analysts see these hires as a strategic move to further strengthen Google’s AI talent pool while directly absorbing Windsurf’s technical expertise.<h2>Part of a broader AI arms race</h2>The reported Windsurf licensing deal and the recruitment of its top talent come as Google faces fierce competition in the global AI race from rivals such as Microsoft and OpenAI. Microsoft has invested billions in OpenAI, whose ChatGPT models are now embedded across Microsoft’s products, including GitHub’s popular Copilot coding assistant.&nbsp;By securing access to Windsurf’s technology and team, Google aims to strengthen its own AI-assisted coding tools, potentially enhancing offerings for its Cloud, Android, and Workspace developer platforms.According to Reuters, Google has ramped up its AI investments in 2024 and 2025, betting that more advanced large language models will be key to maintaining its dominance in search, cloud services, and enterprise software.<h2>A competitive AI landscape</h2>The surge of interest in AI coding tools is part of a wider boom in generative AI, which uses large language models to generate text, images, code, and other content. Competitors like Microsoft’s GitHub Copilot, Amazon CodeWhisperer, and various open-source projects have made AI-assisted coding one of the hottest areas of investment and innovation.&nbsp;By securing Windsurf’s technology, Google appears determined to keep pace in what has become an intense battle for AI talent, intellectual property, and developer mindshare.<h2>What's next?&nbsp;</h2>While Reuters has not confirmed the $2.4 billion figure, the WSJ’s report underscores just how high the stakes have become in the AI sector, with tech giants willing to spend billions to secure an edge. Google’s move to integrate Windsurf’s leadership and R&amp;D talent into DeepMind signals that the company is treating AI-assisted coding not as a niche project but as a key part of its overall strategy to lead the next wave of AI development.&nbsp;

Google is reportedly in talks to license Windsurf AI-assisted coding tech for $2.4 billion and has hired its top leadership, including CEO Varun Mohan, as part of its broader AI arms race against Microsoft and OpenAI. The deal would mark one of Google largest AI software bets to date.

Google is reportedly preparing to pay around $2.4 billion to license the technology behind Windsurf, an artificial intelligence-assisted coding platform, as part of its aggressive push to secure AI leadership. According to The Wall Street Journal, which cited people familiar with the matter, the licensing deal represents one of Google’s largest known investments in AI software intellectual property to date. Reuters said it could not immediately confirm the WSJ report independently. The reported $2.4 billion deal would allow Google to access and integrate Windsurf’s proprietary AI coding capabilities, designed to help developers write software more efficiently by automatically suggesting, generating, or debugging code using large language models. Strategic hires bolster DeepMind Separately, a Google spokesperson told Reuters on Friday that the company has hired key members of the Windsurf leadership and development team. This includes Windsurf CEO Varun Mohan, co-founder Douglas Chen, and select members of the company’s research and development division. These staff will join Google’s DeepMind unit, the advanced AI research lab known for breakthroughs like AlphaGo and Gemini. Industry analysts see these hires as a strategic move to further strengthen Google’s AI talent pool while directly absorbing Windsurf’s technical expertise. Part of a broader AI arms race The reported Windsurf licensing deal and the recruitment of its top talent come as Google faces fierce competition in the global AI race from rivals such as Microsoft and OpenAI. Microsoft has invested billions in OpenAI, whose ChatGPT models are now embedded across Microsoft’s products, including GitHub’s popular Copilot coding assistant. By securing access to Windsurf’s technology and team, Google aims to strengthen its own AI-assisted coding tools, potentially enhancing offerings for its Cloud, Android, and Workspace developer platforms. According to Reuters, Google has ramped up its AI investments in 2024 and 2025, betting that more advanced large language models will be key to maintaining its dominance in search, cloud services, and enterprise software. A competitive AI landscape The surge of interest in AI coding tools is part of a wider boom in generative AI, which uses large language models to generate text, images, code, and other content. Competitors like Microsoft’s GitHub Copilot, Amazon CodeWhisperer, and various open-source projects have made AI-assisted coding one of the hottest areas of investment and innovation. By securing Windsurf’s technology, Google appears determined to keep pace in what has become an intense battle for AI talent, intellectual property, and developer mindshare. What's next? While Reuters has not confirmed the $2.4 billion figure, the WSJ’s report underscores just how high the stakes have become in the AI sector, with tech giants willing to spend billions to secure an edge. Google’s move to integrate Windsurf’s leadership and R&D talent into DeepMind signals that the company is treating AI-assisted coding not as a niche project but as a key part of its overall strategy to lead the next wave of AI development.

Google is reportedly set to license Windsurf’s AI coding technology for $2.4 billion, deepening its push to dominate the generative AI landscape.

Google to pay $2.4 billion to license Windsurf’s AI coding tech, says Reports

Meta Platforms is poised to face new antitrust charges from the European Commission, along with potentially steep daily fines, after signalling it will not make further changes to its controversial “pay-or-consent” model. According to a Reuters&nbsp;report, the US tech giant has no plans to revise its approach unless external circumstances shift. The European Commission last month warned Meta of possible daily fines after reviewing the company’s limited efforts to comply with the EU’s Digital Markets Act (DMA). The law, which took effect in November 2023, seeks to rein in the dominance of large digital platforms through strict behavioural requirements, including rules on how user data is collected and used.<h2>A €200 million fine already imposed</h2>Meta, the parent company of Facebook and Instagram, was fined €200 million ($234 million) in April for violating the Digital Markets Act between November 2023 and November 2024. The core issue centres on Meta’s pay-or-consent model, which offers users a choice between paying for ad-free service or consenting to the use of personal data for targeted advertising.Although Meta adjusted the model in November 2024 to reduce its reliance on personal data for ad targeting, the European Commission remained unconvinced. Additional scrutiny followed in June, as regulators expressed concerns that the company’s changes fell short of DMA requirements. Reports say that unless Meta alters its stance, the Commission is expected to announce new antitrust charges in the coming weeks. If found in continued breach of the DMA, Meta could face daily fines of up to 5 per cent of its average global turnover, beginning retroactively from June 27.<h2>Meta and commission remain at odds</h2>Meta declined to comment on the latest reports but pointed to past statements asserting that its practices already exceed DMA obligations. The company has also accused the Commission of discriminating against its business model. The European Commission similarly declined to comment on the ongoing proceedings.With no further compliance changes on the horizon, Meta now faces mounting regulatory pressure and the possibility of significant financial penalties, underscoring the growing tensions between US tech firms and European regulators over data privacy and market fairness.

The European Commission last month warned Meta of possible daily fines after reviewing the company’s limited efforts to comply with the EU’s DMA. The law seeks to rein in the dominance of large digital platforms via strict behavioural requirements.

Meta Platforms is poised to face new antitrust charges from the European Commission, along with potentially steep daily fines, after signalling it will not make further changes to its controversial “pay-or-consent” model. According to a Reuters report, the US tech giant has no plans to revise its approach unless external circumstances shift. The European Commission last month warned Meta of possible daily fines after reviewing the company’s limited efforts to comply with the EU’s Digital Markets Act (DMA). The law, which took effect in November 2023, seeks to rein in the dominance of large digital platforms through strict behavioural requirements, including rules on how user data is collected and used. A €200 million fine already imposed Meta, the parent company of Facebook and Instagram, was fined €200 million ($234 million) in April for violating the Digital Markets Act between November 2023 and November 2024. The core issue centres on Meta’s pay-or-consent model, which offers users a choice between paying for ad-free service or consenting to the use of personal data for targeted advertising. Although Meta adjusted the model in November 2024 to reduce its reliance on personal data for ad targeting, the European Commission remained unconvinced. Additional scrutiny followed in June, as regulators expressed concerns that the company’s changes fell short of DMA requirements. Reports say that unless Meta alters its stance, the Commission is expected to announce new antitrust charges in the coming weeks. If found in continued breach of the DMA, Meta could face daily fines of up to 5 per cent of its average global turnover, beginning retroactively from June 27. Meta and commission remain at odds Meta declined to comment on the latest reports but pointed to past statements asserting that its practices already exceed DMA obligations. The company has also accused the Commission of discriminating against its business model. The European Commission similarly declined to comment on the ongoing proceedings. With no further compliance changes on the horizon, Meta now faces mounting regulatory pressure and the possibility of significant financial penalties, underscoring the growing tensions between US tech firms and European regulators over data privacy and market fairness.

The European Commission last month warned Meta of possible daily fines after reviewing the company’s limited efforts to comply with the EU’s DMA. The law seeks to rein in the dominance of large digital platforms via strict behavioural requirements.

Meta to face fresh EU antitrust charges over pay-or-consent model

The European Commission is set to unveil a sweeping proposal next week that would impose a new tax on large companies operating within the EU, aiming to secure fresh independent revenue streams for the bloc’s €1 trillion-plus ($1.16 billion) common budget. According to a draft proposal seen by the Financial Times, the so-called “corporate resource for Europe” would target companies with annual net turnover exceeding €50 million ($58.4 million), regardless of where they are headquartered.&nbsp;The measure, still under internal discussion, is part of a broader push to diversify the EU’s sources of income as it faces rising expenditure demands, from defence and climate initiatives to mounting debt interest. The proposed levy would use a bracket system, with companies generating the highest revenues contributing more. If adopted, this tax would apply uniformly to all qualifying firms across the 27-member bloc, a move that could include multinational giants from the US, China, and other non-EU countries.However, implementation remains uncertain. The tax would require unanimous approval from all EU member states, a high bar that has thwarted previous efforts to introduce bloc-wide taxes, such as the long-shelved financial transaction tax or a digital services levy aimed at Big Tech. The current draft appears to drop earlier proposals for a targeted digital services tax, a concession likely made to avoid further tensions with the US, where President Donald Trump has sharply criticised the EU’s approach to regulating American tech firms.<h2>Additional levies on e-waste, tobacco under consideration</h2>In addition to the corporate tax, the Commission is also weighing several other revenue-generating measures, including a levy on non-recycled electronic waste, a share of increased tobacco excise duties, and a handling fee on long-distance e-commerce packages—a charge expected to disproportionately affect imports from China.The proposal, due to be officially announced alongside the EU’s next seven-year budget plan, includes placeholders for some financial details, indicating internal negotiations are still underway. A Commission spokesperson declined to comment on the specifics of the draft, noting that the content remains subject to change.Brussels argues the need for new, stable revenue sources is growing urgent. The EU’s budget, traditionally funded largely by national contributions and a few independent revenue streams like customs duties and VAT, is under pressure as spending rises sharply. Existing levies such as the emissions trading system and the upcoming carbon border adjustment mechanism—expected to generate €1.5 billion (1.75 billion) annually starting in 2026—will also be reviewed and possibly expanded.Yet political resistance looms large. Countries like Germany, the Netherlands, Austria, and Sweden have historically opposed efforts to increase the EU budget or introduce new EU-level taxes. Corporate Europe is also likely to push back, especially amid slow economic growth and high energy costs.

The measure, still under internal discussion, is part of a broader push to diversify the EU’s sources of income as it faces rising expenditure demands, from defence and climate initiatives to mounting debt interest. 

The European Commission is set to unveil a sweeping proposal next week that would impose a new tax on large companies operating within the EU, aiming to secure fresh independent revenue streams for the bloc’s €1 trillion-plus ($1.16 billion) common budget. According to a draft proposal seen by the Financial Times, the so-called “corporate resource for Europe” would target companies with annual net turnover exceeding €50 million ($58.4 million), regardless of where they are headquartered. The measure, still under internal discussion, is part of a broader push to diversify the EU’s sources of income as it faces rising expenditure demands, from defence and climate initiatives to mounting debt interest. The proposed levy would use a bracket system, with companies generating the highest revenues contributing more. If adopted, this tax would apply uniformly to all qualifying firms across the 27-member bloc, a move that could include multinational giants from the US, China, and other non-EU countries. However, implementation remains uncertain. The tax would require unanimous approval from all EU member states, a high bar that has thwarted previous efforts to introduce bloc-wide taxes, such as the long-shelved financial transaction tax or a digital services levy aimed at Big Tech. The current draft appears to drop earlier proposals for a targeted digital services tax, a concession likely made to avoid further tensions with the US, where President Donald Trump has sharply criticised the EU’s approach to regulating American tech firms. Additional levies on e-waste, tobacco under consideration In addition to the corporate tax, the Commission is also weighing several other revenue-generating measures, including a levy on non-recycled electronic waste, a share of increased tobacco excise duties, and a handling fee on long-distance e-commerce packages—a charge expected to disproportionately affect imports from China. The proposal, due to be officially announced alongside the EU’s next seven-year budget plan, includes placeholders for some financial details, indicating internal negotiations are still underway. A Commission spokesperson declined to comment on the specifics of the draft, noting that the content remains subject to change. Brussels argues the need for new, stable revenue sources is growing urgent. The EU’s budget, traditionally funded largely by national contributions and a few independent revenue streams like customs duties and VAT, is under pressure as spending rises sharply. Existing levies such as the emissions trading system and the upcoming carbon border adjustment mechanism—expected to generate €1.5 billion (1.75 billion) annually starting in 2026—will also be reviewed and possibly expanded. Yet political resistance looms large. Countries like Germany, the Netherlands, Austria, and Sweden have historically opposed efforts to increase the EU budget or introduce new EU-level taxes. Corporate Europe is also likely to push back, especially amid slow economic growth and high energy costs.

The measure, still under internal discussion, is part of a broader push to diversify the EU’s sources of income as it faces rising expenditure demands, from defence and climate initiatives to mounting debt interest.&nbsp;

EU eyes new corporate tax to boost budget revenues amid rising spending demands

Asia’s oldest stock exchange has found itself in the spotlight for the wrong reasons, just as it was preparing to mark its 150th anniversary. A regulatory crackdown and a high-profile trading ban have shaken confidence in BSE Ltd., threatening to end a rally that sent its stock surging over 900 per cent in just two years.<h2>What happened?&nbsp;</h2>BSE’s troubles deepened in early July when India’s market regulator cracked down on alleged price manipulation in the booming derivatives trade. According to Bloomberg, the Securities and Exchange Board of India (SEBI) barred Jane Street Group, a major US high-frequency trading firm, from local markets, accusing it of distorting prices at the expense of small investors. Jane Street has denied the allegations.&nbsp;This move followed rising concern about retail investors suffering mounting losses in India’s thriving derivatives market, a segment that had turned into a goldmine for exchanges like BSE. The regulatory scrutiny sent shockwaves through the market. Bloomberg reports that trading volumes slumped, and BSE’s stock price tumbled sharply, recording one of its worst single day declines this year. By early July, its share price was down more than 20 per cent from its June highs, wiping away part of the stunning rally that had powered it to record valuations.<h2>Why it matters?&nbsp;</h2>The fallout raises serious questions about the sustainability of BSE’s recent success. Fueled by an explosion in derivatives trading, BSE’s profits had soared. Derivatives now make up more than half its revenue. The exchange’s net income jumped over four times year-on-year to nearly 5 billion rupees ($58 million) in the March quarter, Bloomberg notes.&nbsp;But the same speculative boom that brought in profits has also drawn regulatory scrutiny. SEBI had already moved last year to cool options trading volumes, and analysts fear more restrictions could follow. According to Bloomberg, brokerage Jefferies estimates that the Jane Street ban and the resulting dip in trading activity could shave several percentage points off BSE’s annual earnings per share. Market watchers say BSE now faces a turning point. It will need to show that it can adapt its business model, invest in new products, and protect retail investors if it wants to maintain its growth.<h2>BSE's historic legacy&nbsp;</h2>Founded in 1875 in Mumbai, BSE is Asia’s oldest stock exchange. What started as a group of brokers trading under a banyan tree has grown into a marketplace with over 5,000 listed companies. Its journey has included big reforms. After India’s infamous Harshad Mehta scam in the early 1990s shook investor confidence, SEBI was strengthened, and the fully electronic National Stock Exchange (NSE) was created, quickly becoming BSE’s toughest rival.&nbsp;In recent years, BSE has invested heavily to modernise its platform and improve transparency. CEO Sundararaman Ramamurthy told Bloomberg the exchange’s derivatives contracts tied to its flagship Sensex index have become the fastest-growing in the world. Yet despite those achievements, BSE’s share of India’s daily cash trading remains stuck at around 6 per cent, well behind NSE.<h2>Looking ahead&nbsp;</h2>Investors remain divided on what comes next.&nbsp;Some see SEBI’s crackdown as necessary to ensure markets remain fair and safe, especially for retail traders. Others worry that tighter rules will dampen the speculative trading that boosted BSE’s revenues.Dubai-based investor Siddharth Balachandran, one of BSE’s largest private shareholders, told Bloomberg he welcomes stricter oversight. For him, the exchange is still a proxy for India’s long-term growth story and one worth holding onto. As BSE marks its 150th year, its leadership is being tested once again. It will need to balance growth ambitions with market integrity to prove it can thrive in an era of tougher scrutiny.&nbsp;

As Asia’s oldest stock exchange, BSE Ltd., marks its 150th anniversary, a SEBI crackdown and the ban of Jane Street over alleged price manipulation have triggered a sharp stock plunge and raised concerns over the sustainability of its derivative-driven growth.

Asia’s oldest stock exchange has found itself in the spotlight for the wrong reasons, just as it was preparing to mark its 150th anniversary. A regulatory crackdown and a high-profile trading ban have shaken confidence in BSE Ltd., threatening to end a rally that sent its stock surging over 900 per cent in just two years. What happened? BSE’s troubles deepened in early July when India’s market regulator cracked down on alleged price manipulation in the booming derivatives trade. According to Bloomberg, the Securities and Exchange Board of India (SEBI) barred Jane Street Group, a major US high-frequency trading firm, from local markets, accusing it of distorting prices at the expense of small investors. Jane Street has denied the allegations. This move followed rising concern about retail investors suffering mounting losses in India’s thriving derivatives market, a segment that had turned into a goldmine for exchanges like BSE. The regulatory scrutiny sent shockwaves through the market. Bloomberg reports that trading volumes slumped, and BSE’s stock price tumbled sharply, recording one of its worst single day declines this year. By early July, its share price was down more than 20 per cent from its June highs, wiping away part of the stunning rally that had powered it to record valuations. Why it matters? The fallout raises serious questions about the sustainability of BSE’s recent success. Fueled by an explosion in derivatives trading, BSE’s profits had soared. Derivatives now make up more than half its revenue. The exchange’s net income jumped over four times year-on-year to nearly 5 billion rupees ($58 million) in the March quarter, Bloomberg notes. But the same speculative boom that brought in profits has also drawn regulatory scrutiny. SEBI had already moved last year to cool options trading volumes, and analysts fear more restrictions could follow. According to Bloomberg, brokerage Jefferies estimates that the Jane Street ban and the resulting dip in trading activity could shave several percentage points off BSE’s annual earnings per share. Market watchers say BSE now faces a turning point. It will need to show that it can adapt its business model, invest in new products, and protect retail investors if it wants to maintain its growth. BSE's historic legacy Founded in 1875 in Mumbai, BSE is Asia’s oldest stock exchange. What started as a group of brokers trading under a banyan tree has grown into a marketplace with over 5,000 listed companies. Its journey has included big reforms. After India’s infamous Harshad Mehta scam in the early 1990s shook investor confidence, SEBI was strengthened, and the fully electronic National Stock Exchange (NSE) was created, quickly becoming BSE’s toughest rival. In recent years, BSE has invested heavily to modernise its platform and improve transparency. CEO Sundararaman Ramamurthy told Bloomberg the exchange’s derivatives contracts tied to its flagship Sensex index have become the fastest-growing in the world. Yet despite those achievements, BSE’s share of India’s daily cash trading remains stuck at around 6 per cent, well behind NSE. Looking ahead Investors remain divided on what comes next. Some see SEBI’s crackdown as necessary to ensure markets remain fair and safe, especially for retail traders. Others worry that tighter rules will dampen the speculative trading that boosted BSE’s revenues. Dubai-based investor Siddharth Balachandran, one of BSE’s largest private shareholders, told Bloomberg he welcomes stricter oversight. For him, the exchange is still a proxy for India’s long-term growth story and one worth holding onto. As BSE marks its 150th year, its leadership is being tested once again. It will need to balance growth ambitions with market integrity to prove it can thrive in an era of tougher scrutiny.

India’s BSE Ltd. faces regulatory heat and a major trading ban just as it celebrates 150 years, putting its meteoric stock rally and business model under scrutiny.

BSE’s 900% rally in peril as Jane Street ban sparks sell-off

A little-known crypto fund based in the United Arab Emirates has suddenly become the biggest publicly known backer of Donald Trump’s family-run crypto business, injecting $100 million into the former US president’s personal coffers and raising sharp questions about transparency, ethics, and foreign influence.&nbsp;Here’s a clear look at who Aqua 1 is, what this deal is about, and why it matters, based on reporting by Reuters.<h2>Who is Aqua 1?</h2>Aqua 1 Foundation describes itself as a “Web3-native fund based in UAE with a global outlook,” according to its sparse website.&nbsp;But beyond those words, there is very little to see.&nbsp;Reuters reports that Aqua 1 has no verifiable registration in any of the UAE’s main financial hubs. Officials at Abu Dhabi Global Market, the Dubai International Financial Centre, and Dubai’s Virtual Asset Regulatory Authority (VARA) confirmed to Reuters that the firm is not registered or licensed under their oversight. The UAE Securities and Commodities Authority reportedly did not respond to Reuters’ request for comment.&nbsp;The company’s founder, Dave Lee, is equally elusive. According to Reuters, there is no verifiable record of his identity or professional background. The only public trace is an X (formerly Twitter) account with a manga-style avatar, vague location tags including São Paulo and Abu Dhabi, and minimal activity. The account first appeared just before the Aqua 1–Trump deal was announced.Aqua 1’s website was created only in May 2025, according to domain tracking data reviewed by Reuters, just weeks before the $100 million purchase was made public.<h2>What is this $100 million deal?</h2>In late June, as reported by Reuters, Aqua 1 announced it had purchased $100 million worth of tokens issued by World Liberty Financial, President Donald Trump’s personal crypto venture. World Liberty, launched in late 2024, sells tokens under the name $WLFI. Reuters reporting shows that the Trump family receives 75 per cent of all token sale proceeds, meaning this single deal may have funnelled tens of millions of dollars directly into Trump family accounts.&nbsp;Blockchain data analysed by Reuters indicates that Aqua 1’s wallet made two major transfers totalling $80 million to World Liberty in early June, along with smaller amounts earlier in the year. Most of the incoming funds to Aqua 1 reportedly came from an account on the OKX crypto exchange.Aqua 1’s own profile on Medium states it has $100 million in assets under management, suggesting that World Liberty is its only current investment, as per Reuters.<h2>Why does it matter?</h2>This deal has triggered a wave of scrutiny, not just because of the amount involved, but because so little is known about who is behind it, where the money came from, and why it was invested in Trump’s private crypto firm, according to Reuters. Aqua 1 reportedly has no operational history or verified leadership. Its only known activity is this massive investment in Trump’s business. In response to detailed questions from Reuters, Aqua 1 issued only a short, unsigned statement claiming it is “led by Dave Lee and a global team with deep expertise” and backed by “mission-aligned partners,” but offered no names or evidence.&nbsp;This opacity is fuelling concerns about potential foreign influence. Reuters notes that Trump, now back in the White House and shaping crypto policy, is pushing for looser regulation and calling himself the “crypto president.” Critics argue that anonymous or offshore entities investing in his private businesses raise serious ethical and national security questions. In March, UAE officials announced a $1.4 trillion, 10-year investment plan in the United States following meetings with Trump, Reuters reporting shows. Ethics experts say the overlap between Trump’s political role and personal financial interests in the crypto space is becoming increasingly difficult to ignore.<h2>What do critics and officials say?</h2>Richard Painter, former chief ethics lawyer under President George W. Bush, told Reuters the secrecy around investors like Aqua 1 undermines public trust. “We ought to know who is sending money to the president,” he said. “Everybody assumes the worst.”&nbsp;The White House has denied any conflict of interest. In an emailed response to Reuters, Deputy Press Secretary Anna Kelly said Trump’s assets are held in a trust managed by his children and that he is focused on advancing US leadership in crypto innovation. She insisted there are “no conflicts of interest.”World Liberty Financial and the Trump Organization did not respond to Reuters’ requests for comment.<h2>The bottom line</h2>As the Trump administration shapes US crypto policy, a foreign-based fund with no public track record has become the single largest known investor in his personal digital asset platform.&nbsp;Reuters reporting paints a picture of Aqua 1 as a largely opaque entity, unregistered, unaudited, and anonymous. Its $100 million investment has not only enriched Trump’s family but also intensified debates over how much transparency voters should expect from the president’s private financial ventures, especially when public policy and private profit collide. &nbsp;

A little-known UAE crypto fund has invested $100 million in Donald Trump digital asset venture, prompting scrutiny over transparency and foreign ties. Critics warn of serious transparency and national security concerns.

A little-known crypto fund based in the United Arab Emirates has suddenly become the biggest publicly known backer of Donald Trump’s family-run crypto business, injecting $100 million into the former US president’s personal coffers and raising sharp questions about transparency, ethics, and foreign influence. Here’s a clear look at who Aqua 1 is, what this deal is about, and why it matters, based on reporting by Reuters. Who is Aqua 1? Aqua 1 Foundation describes itself as a “Web3-native fund based in UAE with a global outlook,” according to its sparse website. But beyond those words, there is very little to see. Reuters reports that Aqua 1 has no verifiable registration in any of the UAE’s main financial hubs. Officials at Abu Dhabi Global Market, the Dubai International Financial Centre, and Dubai’s Virtual Asset Regulatory Authority (VARA) confirmed to Reuters that the firm is not registered or licensed under their oversight. The UAE Securities and Commodities Authority reportedly did not respond to Reuters’ request for comment. The company’s founder, Dave Lee, is equally elusive. According to Reuters, there is no verifiable record of his identity or professional background. The only public trace is an X (formerly Twitter) account with a manga-style avatar, vague location tags including São Paulo and Abu Dhabi, and minimal activity. The account first appeared just before the Aqua 1–Trump deal was announced. Aqua 1’s website was created only in May 2025, according to domain tracking data reviewed by Reuters, just weeks before the $100 million purchase was made public. What is this $100 million deal? In late June, as reported by Reuters, Aqua 1 announced it had purchased $100 million worth of tokens issued by World Liberty Financial, President Donald Trump’s personal crypto venture. World Liberty, launched in late 2024, sells tokens under the name $WLFI. Reuters reporting shows that the Trump family receives 75 per cent of all token sale proceeds, meaning this single deal may have funnelled tens of millions of dollars directly into Trump family accounts. Blockchain data analysed by Reuters indicates that Aqua 1’s wallet made two major transfers totalling $80 million to World Liberty in early June, along with smaller amounts earlier in the year. Most of the incoming funds to Aqua 1 reportedly came from an account on the OKX crypto exchange. Aqua 1’s own profile on Medium states it has $100 million in assets under management, suggesting that World Liberty is its only current investment, as per Reuters. Why does it matter? This deal has triggered a wave of scrutiny, not just because of the amount involved, but because so little is known about who is behind it, where the money came from, and why it was invested in Trump’s private crypto firm, according to Reuters. Aqua 1 reportedly has no operational history or verified leadership. Its only known activity is this massive investment in Trump’s business. In response to detailed questions from Reuters, Aqua 1 issued only a short, unsigned statement claiming it is “led by Dave Lee and a global team with deep expertise” and backed by “mission-aligned partners,” but offered no names or evidence. This opacity is fuelling concerns about potential foreign influence. Reuters notes that Trump, now back in the White House and shaping crypto policy, is pushing for looser regulation and calling himself the “crypto president.” Critics argue that anonymous or offshore entities investing in his private businesses raise serious ethical and national security questions. In March, UAE officials announced a $1.4 trillion, 10-year investment plan in the United States following meetings with Trump, Reuters reporting shows. Ethics experts say the overlap between Trump’s political role and personal financial interests in the crypto space is becoming increasingly difficult to ignore. What do critics and officials say? Richard Painter, former chief ethics lawyer under President George W. Bush, told Reuters the secrecy around investors like Aqua 1 undermines public trust. “We ought to know who is sending money to the president,” he said. “Everybody assumes the worst.” The White House has denied any conflict of interest. In an emailed response to Reuters, Deputy Press Secretary Anna Kelly said Trump’s assets are held in a trust managed by his children and that he is focused on advancing US leadership in crypto innovation. She insisted there are “no conflicts of interest.” World Liberty Financial and the Trump Organization did not respond to Reuters’ requests for comment. The bottom line As the Trump administration shapes US crypto policy, a foreign-based fund with no public track record has become the single largest known investor in his personal digital asset platform. Reuters reporting paints a picture of Aqua 1 as a largely opaque entity, unregistered, unaudited, and anonymous. Its $100 million investment has not only enriched Trump’s family but also intensified debates over how much transparency voters should expect from the president’s private financial ventures, especially when public policy and private profit collide.

Aqua 1, a largely unverified crypto fund based in the UAE, has emerged as the biggest backer of Donald Trump’s $WLFI token project with a $100 million investment, raising questions about financial disclosure, foreign influence, and the intersection of public office and private gain.

Who is Aqua 1? The $100 million mystery fund fuelling Trump’s crypto empire

Crypto investors are gearing up for a pivotal week in Washington, with the US Congress poised to debate and potentially pass new rules for the digital asset sector, a policy shift that has already helped propel bitcoin to record highs. Bitcoin climbed 3.3 per cent on Friday to trade at $117,333.32, extending its gains for the year to 26 per cent. The rally was broad-based across the crypto market, boosting tokens such as ether, XRP, and solana, and driving strong inflows into crypto-linked exchange-traded funds.&nbsp;&nbsp;The total market value of cryptocurrencies has now swelled to around $3.67 trillion, according to CoinMarketCap data. As per Reuters, traders see this surge as a bet on what some are calling “crypto week” in Washington, an ambitious effort by lawmakers to give the industry long-sought regulatory clarity.<h2>A long-awaited policy framework</h2>Starting Monday, the US House of Representatives will debate a series of crypto-related bills, most notably the Genius Act and the Clarity Act. The most significant is the Genius Act, which would create the first comprehensive federal rules for stablecoins, cryptocurrencies designed to maintain a constant value, typically pegged 1:1 to the US dollar.&nbsp;Stablecoins are widely used by traders to move funds between tokens, and their use has soared in recent years. Supporters argue that clear rules will help legitimise stablecoins, making them more acceptable for banks, retailers, and consumers to use for payments.&nbsp;Under the proposed law, stablecoin issuers would have to back their tokens with liquid assets such as US dollars or short-term Treasury bills. They would also be required to publicly disclose the composition of their reserves every month. The Genius Act has already secured bipartisan support in the Senate, with several Democrats joining Republicans. It is expected to pass the House next week before going to US President Donald Trump, who has pledged to sign it into law.<h2>Expanding regulatory oversight</h2>The House is also set to consider the Clarity Act, which seeks to develop a broader regulatory framework for cryptocurrencies and expand the Commodity Futures Trading Commission’s (CFTC) oversight of the sector. The bill aims to settle a longstanding dispute over whether crypto tokens should be classified as securities (which would fall under the Securities and Exchange Commission’s remit) or commodities (regulated by the CFTC).&nbsp;Crypto companies have long argued most tokens should be treated as commodities, a stance that would make it easier for exchanges and platforms to list them. This debate intensified during the Biden administration, with industry players criticising what they saw as aggressive SEC enforcement. If passed in the House, the Clarity Act would head to the Senate, where it still requires approval before reaching Trump’s desk.<h2>Trump’s pro-crypto stance</h2>President Trump has embraced the crypto industry as part of his 2025 campaign messaging, calling himself the “crypto president” and promising to overhaul regulation to favour the sector.&nbsp;Trump himself has ties to several crypto ventures, including World Liberty Financial, a platform run by his sons Eric and Don Jr. This connection has drawn scrutiny from political opponents and ethics experts who warn of potential conflicts of interest. The White House has dismissed these concerns, stating that Trump’s assets are held in a trust managed by his children.<h2>Bullish momentum and sceptics’ warnings</h2>Industry players are watching “crypto week” with high hopes. Even if final passage of the bills stalls, analysts say the mere optics of bipartisan legislative engagement could support prices further. “Investors are racing to take positions ahead of the extra publicity this event could attract,” said Dan Coatsworth, investment analyst at AJ Bell, as quoted by Reuters.&nbsp;Bitcoin’s sharp rally has triggered buying interest across smaller tokens too. Ether was up over 5 per cent, while XRP jumped nearly 10 per cent on Friday. Yet not everyone is convinced the optimism is justified. Some analysts warn that the sector’s rapid integration with traditional finance could create new risks, and that the hype may be running ahead of real-world utility.&nbsp;“The regulatory backdrop has supported prices, and attention has turned to bitcoin’s role in portfolios, with some likening the crypto-asset to ‘digital gold.’ This moniker is likely premature,” said Dirk Willer, global head of macro strategy at Citi. Critics in Congress, such as Democratic Senator Elizabeth Warren, have also raised red flags, arguing the Republican-led effort risks handing the crypto lobby its entire wish list at the expense of consumer protection.<h2>What’s next?</h2>If the bills pass the House next week as expected, the Genius Act would move to President Trump’s desk for final approval, almost certainly becoming law given his support. The Clarity Act would still need to clear the Senate, where negotiations could prove more difficult. For now, crypto markets are cheering what they see as a historic moment: a chance to finally secure the clear, favourable regulatory framework the industry has demanded for years.&nbsp;As Washington prepares for a crucial vote, investors are watching closely to see if “crypto week” delivers on its promise and if the sector’s newly minted gains can hold.&nbsp;

Bitcoin hits record highs ahead of US House votes on the Genius and Clarity Acts, signaling long-awaited regulatory clarity as Trump backs crypto-friendly reforms and markets brace for a pivotal policy shift.

Crypto investors are gearing up for a pivotal week in Washington, with the US Congress poised to debate and potentially pass new rules for the digital asset sector, a policy shift that has already helped propel bitcoin to record highs. Bitcoin climbed 3.3 per cent on Friday to trade at $117,333.32, extending its gains for the year to 26 per cent. The rally was broad-based across the crypto market, boosting tokens such as ether, XRP, and solana, and driving strong inflows into crypto-linked exchange-traded funds. The total market value of cryptocurrencies has now swelled to around $3.67 trillion, according to CoinMarketCap data. As per Reuters, traders see this surge as a bet on what some are calling “crypto week” in Washington, an ambitious effort by lawmakers to give the industry long-sought regulatory clarity. A long-awaited policy framework Starting Monday, the US House of Representatives will debate a series of crypto-related bills, most notably the Genius Act and the Clarity Act. The most significant is the Genius Act, which would create the first comprehensive federal rules for stablecoins, cryptocurrencies designed to maintain a constant value, typically pegged 1:1 to the US dollar. Stablecoins are widely used by traders to move funds between tokens, and their use has soared in recent years. Supporters argue that clear rules will help legitimise stablecoins, making them more acceptable for banks, retailers, and consumers to use for payments. Under the proposed law, stablecoin issuers would have to back their tokens with liquid assets such as US dollars or short-term Treasury bills. They would also be required to publicly disclose the composition of their reserves every month. The Genius Act has already secured bipartisan support in the Senate, with several Democrats joining Republicans. It is expected to pass the House next week before going to US President Donald Trump, who has pledged to sign it into law. Expanding regulatory oversight The House is also set to consider the Clarity Act, which seeks to develop a broader regulatory framework for cryptocurrencies and expand the Commodity Futures Trading Commission’s (CFTC) oversight of the sector. The bill aims to settle a longstanding dispute over whether crypto tokens should be classified as securities (which would fall under the Securities and Exchange Commission’s remit) or commodities (regulated by the CFTC). Crypto companies have long argued most tokens should be treated as commodities, a stance that would make it easier for exchanges and platforms to list them. This debate intensified during the Biden administration, with industry players criticising what they saw as aggressive SEC enforcement. If passed in the House, the Clarity Act would head to the Senate, where it still requires approval before reaching Trump’s desk. Trump’s pro-crypto stance President Trump has embraced the crypto industry as part of his 2025 campaign messaging, calling himself the “crypto president” and promising to overhaul regulation to favour the sector. Trump himself has ties to several crypto ventures, including World Liberty Financial, a platform run by his sons Eric and Don Jr. This connection has drawn scrutiny from political opponents and ethics experts who warn of potential conflicts of interest. The White House has dismissed these concerns, stating that Trump’s assets are held in a trust managed by his children. Bullish momentum and sceptics’ warnings Industry players are watching “crypto week” with high hopes. Even if final passage of the bills stalls, analysts say the mere optics of bipartisan legislative engagement could support prices further. “Investors are racing to take positions ahead of the extra publicity this event could attract,” said Dan Coatsworth, investment analyst at AJ Bell, as quoted by Reuters. Bitcoin’s sharp rally has triggered buying interest across smaller tokens too. Ether was up over 5 per cent, while XRP jumped nearly 10 per cent on Friday. Yet not everyone is convinced the optimism is justified. Some analysts warn that the sector’s rapid integration with traditional finance could create new risks, and that the hype may be running ahead of real-world utility. “The regulatory backdrop has supported prices, and attention has turned to bitcoin’s role in portfolios, with some likening the crypto-asset to ‘digital gold.’ This moniker is likely premature,” said Dirk Willer, global head of macro strategy at Citi. Critics in Congress, such as Democratic Senator Elizabeth Warren, have also raised red flags, arguing the Republican-led effort risks handing the crypto lobby its entire wish list at the expense of consumer protection. What’s next? If the bills pass the House next week as expected, the Genius Act would move to President Trump’s desk for final approval, almost certainly becoming law given his support. The Clarity Act would still need to clear the Senate, where negotiations could prove more difficult. For now, crypto markets are cheering what they see as a historic moment: a chance to finally secure the clear, favourable regulatory framework the industry has demanded for years. As Washington prepares for a crucial vote, investors are watching closely to see if “crypto week” delivers on its promise and if the sector’s newly minted gains can hold.

Crypto markets rally as US Congress prepares for ‘crypto week,’ with key bills poised to reshape regulation and boost investor confidence.

Bitcoin hits record as US Congress prepares for major crypto policy push

The US Treasury Department reported a historic surge in customs duty collections for June 2025, propelling total tariff revenues for the fiscal year past the $100 billion mark for the first time. Last month, driven by President Donald Trump’s aggressive trade policies, customs duties brought in a record $27.2 billion on a gross basis and $26.6 billion on a net basis after refunds, contributing to an unexpected $27 billion federal budget surplus for June.&nbsp;For the first nine months of the 2025 fiscal year, which ends September 30, gross customs collections reached $113.3 billion, nearly double the same period in 2024. Net collections after refunds stood at $108 billion. The increase comes amid a renewed push by the Trump administration to use tariffs as both a revenue tool and a diplomatic lever.<h2>Tariffs now key revenue stream</h2>Customs duties have now become the fourth-largest source of revenue for the federal government, following withheld individual income taxes ($2.68 trillion), non-withheld individual income taxes ($965 billion), and corporate taxes ($392 billion). Tariffs now account for around 5 per cent of total federal revenue, up from roughly 2 per cent historically.The Treasury Department credited the June surplus to a combination of increased receipts and reduced outlays. Total federal receipts rose by 13 per cent month-on-month to $526 billion for the month, while outlays declined by 7 per cent to $499 billion. However, adjusted for timing shifts in revenue and payments, the June budget would have reflected a $70 billion deficit, compared to an adjusted $143 billion deficit in June 2024.Despite the monthly surplus, the overall budget deficit for the fiscal year to date has climbed by 5 per cent, reaching $1.337 trillion. Rising expenditures in health care programs, Social Security, defence, and debt servicing contributed to the growing shortfall.<h2>Debt interest hits record as spending grows</h2>Interest payments on the national debt reached an all-time high of $921 billion in the first nine months of the fiscal year, up 6 per cent from the same period last year. Although the Treasury’s weighted average interest rate held steady at 3.3 per cent, the mounting cost of servicing debt remains a major fiscal concern.President Trump has leaned heavily into tariffs since returning to office, recently announcing new levies on Canadian goods (35 per cent) and Brazilian imports (50 per cent), set to take effect August 1. Additional sector-specific tariffs targeting semiconductors and pharmaceuticals are reportedly in the works.Treasury Secretary Scott Bessent projected this week that customs revenues could exceed $300 billion by year-end. However, economists warn that tariff revenues may decline over time as businesses adapt and trade flows shift. Still, the administration is banking on an immediate uptick, especially after Trump’s reciprocal tariff hikes take hold in August. As the federal government leans more heavily on trade duties, some experts caution the growing dependence could distort economic behaviour and spark retaliatory actions from trading partners.

Last month, driven by President Donald Trump’s aggressive trade policies, customs duties brought in a record $27.2 billion on a gross basis and $26.6 billion on a net basis after refunds, contributing to an unexpected $27 billion federal budget surplus for June.

The US Treasury Department reported a historic surge in customs duty collections for June 2025, propelling total tariff revenues for the fiscal year past the $100 billion mark for the first time. Last month, driven by President Donald Trump’s aggressive trade policies, customs duties brought in a record $27.2 billion on a gross basis and $26.6 billion on a net basis after refunds, contributing to an unexpected $27 billion federal budget surplus for June. For the first nine months of the 2025 fiscal year, which ends September 30, gross customs collections reached $113.3 billion, nearly double the same period in 2024. Net collections after refunds stood at $108 billion. The increase comes amid a renewed push by the Trump administration to use tariffs as both a revenue tool and a diplomatic lever. Tariffs now key revenue stream Customs duties have now become the fourth-largest source of revenue for the federal government, following withheld individual income taxes ($2.68 trillion), non-withheld individual income taxes ($965 billion), and corporate taxes ($392 billion). Tariffs now account for around 5 per cent of total federal revenue, up from roughly 2 per cent historically. The Treasury Department credited the June surplus to a combination of increased receipts and reduced outlays. Total federal receipts rose by 13 per cent month-on-month to $526 billion for the month, while outlays declined by 7 per cent to $499 billion. However, adjusted for timing shifts in revenue and payments, the June budget would have reflected a $70 billion deficit, compared to an adjusted $143 billion deficit in June 2024. Despite the monthly surplus, the overall budget deficit for the fiscal year to date has climbed by 5 per cent, reaching $1.337 trillion. Rising expenditures in health care programs, Social Security, defence, and debt servicing contributed to the growing shortfall. Debt interest hits record as spending grows Interest payments on the national debt reached an all-time high of $921 billion in the first nine months of the fiscal year, up 6 per cent from the same period last year. Although the Treasury’s weighted average interest rate held steady at 3.3 per cent, the mounting cost of servicing debt remains a major fiscal concern. President Trump has leaned heavily into tariffs since returning to office, recently announcing new levies on Canadian goods (35 per cent) and Brazilian imports (50 per cent), set to take effect August 1. Additional sector-specific tariffs targeting semiconductors and pharmaceuticals are reportedly in the works. Treasury Secretary Scott Bessent projected this week that customs revenues could exceed $300 billion by year-end. However, economists warn that tariff revenues may decline over time as businesses adapt and trade flows shift. Still, the administration is banking on an immediate uptick, especially after Trump’s reciprocal tariff hikes take hold in August. As the federal government leans more heavily on trade duties, some experts caution the growing dependence could distort economic behaviour and spark retaliatory actions from trading partners.

Last month, driven by President Donald Trump’s aggressive trade policies, customs duties brought in a record $27.2 billion on a gross basis and $26.6 billion on a net basis after refunds, contributing to an unexpected $27 billion federal budget surplus for June.

Tariff boom pushes US customs revenue to record $113 billion, June surplus surprises

Billionaire Elon Musk’s Tesla is set to open its first showroom in India on Tuesday (Jul 15). The electric car maker is expected to start deliveries as early as next month, Bloomberg reported, citing people familiar with the matter. This comes as Tesla seeks to tap into the world’s third-largest automobile market amid declining sales. The showroom, which will open in Mumbai, marks the official entry of the vehicle manufacturer into the market, offering a range of variants, trim options and access to pricing.&nbsp;The report added that customers will be able to configure and order their Tesla EVs from next week, with deliveries expected to start from late August. Last month, Bloomberg reported that the first batch of cars, Model Y rear-wheel drive SUVs, had arrived in the country after being shipped from the company’s factory in China.&nbsp;Tesla will also open a second showroom in the capital, New Delhi, which is scheduled to be opened in late July, the report added.&nbsp;Tesla’s entry into the Indian market comes as the EV maker witnesses a slump in its global sales in the second quarter. Tesla’s sales and stocks have plummeted despite Musk claiming that the business had recovered following the criticism he faced while working with the Trump administration.&nbsp;According to documents reviewed by Bloomberg last month, five Model Y units were declared at about 2.77 million rupees ($32,270) each. Given India’s 70 per cent import tariffs on fully-built cars under $40,000, along with additional surcharges, the cars are expected to sell at a substantial premium to the roughly $46,630 they go for in the US.&nbsp;The first week of operations at the new showroom in Mumbai will focus on VIPs and business partners, the report added. Access to the Tesla showrooms will be granted to the general public the following week.

The showroom, which will open in Mumbai, marks the official entry of the vehicle manufacturer into the market, offering a range of variants, trim options and access to pricing.

Billionaire Elon Musk’s Tesla is set to open its first showroom in India on Tuesday (Jul 15). The electric car maker is expected to start deliveries as early as next month, Bloomberg reported, citing people familiar with the matter. This comes as Tesla seeks to tap into the world’s third-largest automobile market amid declining sales. The showroom, which will open in Mumbai, marks the official entry of the vehicle manufacturer into the market, offering a range of variants, trim options and access to pricing. The report added that customers will be able to configure and order their Tesla EVs from next week, with deliveries expected to start from late August. Last month, Bloomberg reported that the first batch of cars, Model Y rear-wheel drive SUVs, had arrived in the country after being shipped from the company’s factory in China. Tesla will also open a second showroom in the capital, New Delhi, which is scheduled to be opened in late July, the report added. Tesla’s entry into the Indian market comes as the EV maker witnesses a slump in its global sales in the second quarter. Tesla’s sales and stocks have plummeted despite Musk claiming that the business had recovered following the criticism he faced while working with the Trump administration. According to documents reviewed by Bloomberg last month, five Model Y units were declared at about 2.77 million rupees ($32,270) each. Given India’s 70 per cent import tariffs on fully-built cars under $40,000, along with additional surcharges, the cars are expected to sell at a substantial premium to the roughly $46,630 they go for in the US. The first week of operations at the new showroom in Mumbai will focus on VIPs and business partners, the report added. Access to the Tesla showrooms will be granted to the general public the following week.

The showroom, which will open in Mumbai, marks the official entry of the vehicle manufacturer into the market, offering a range of variants, trim options and access to pricing.

Musk’s Tesla to start deliveries at India’s showroom from August, second showroom to be opened in THIS city

There are billionaires, tech wizards and then there's Satoshi Nakamoto- the most mysterious rich person in history. The creator of Bitcoin isn’t just popular for building the world’s most rebellious currency, he or she or they is also sitting on one of the largest fortunes in the world.<h2>But who is Satoshi Nakamoto?</h2>As per reports he is:&nbsp;- Elusive creator of Bitcoin&nbsp;- Is sitting on one of the biggest fortunes in history&nbsp;- Owns over 1.1 million Bitcoin&nbsp;- Valued at over $120 billion&nbsp;- Hasn't made a move in over 15 years&nbsp;- Many assume that he is dead&nbsp;- Remains iconic due to his dormant account&nbsp;- Ranks in the top 10 richest billionaires list&nbsp;- But value may not be his biggest goal!&nbsp;How big? Over one million Bitcoins. In today’s value ($116,788) that's over $120 billion. But what’s so surprising? The wallet holding those bitcoins hasn’t moved in 15 years. Not once!&nbsp;Speculations on Reddit suggest that Satoshi may be a lone cryptographer, or an underground collective or someone far more powerful. Some others believe he may be dead. While some believe he’s a silent watcher waiting to make the next big move.&nbsp;&nbsp;If that wallet were to make a move, it has the potential to cause panic, or even a digital apocalypse.&nbsp;&nbsp;Unlike modern billionaires who own sports teams, buy rockets or buy social media platforms, Satoshi has chosen to stay silent and totally invisible, adding more mystery to the myth and the legend.&nbsp;&nbsp;No yachts, no keynote speeches, just an untouched stash of value that's more than the wealth of most nations. This untouched stash is no longer an asset- It's a statement. It's a reminder that Bitcoin is anti-establishment.&nbsp;&nbsp;While crypto markets rise and fall, and makes millionaires overnight, its richest stakeholder continues to remain frozen in time.&nbsp;&nbsp;One of the richest billionaires of our time is truly iconic—but will we ever get to know who he is or will he remain a ghost forever?&nbsp;

Speculations on Reddit suggest that Satoshi may be a lone cryptographer, or an underground collective or someone far more powerful. Some others believe he may be dead.

There are billionaires, tech wizards and then there's Satoshi Nakamoto- the most mysterious rich person in history. The creator of Bitcoin isn’t just popular for building the world’s most rebellious currency, he or she or they is also sitting on one of the largest fortunes in the world. But who is Satoshi Nakamoto? As per reports he is: - Elusive creator of Bitcoin - Is sitting on one of the biggest fortunes in history - Owns over 1.1 million Bitcoin - Valued at over $120 billion - Hasn't made a move in over 15 years - Many assume that he is dead - Remains iconic due to his dormant account - Ranks in the top 10 richest billionaires list - But value may not be his biggest goal! How big? Over one million Bitcoins. In today’s value ($116,788) that's over $120 billion. But what’s so surprising? The wallet holding those bitcoins hasn’t moved in 15 years. Not once! Speculations on Reddit suggest that Satoshi may be a lone cryptographer, or an underground collective or someone far more powerful. Some others believe he may be dead. While some believe he’s a silent watcher waiting to make the next big move. If that wallet were to make a move, it has the potential to cause panic, or even a digital apocalypse. Unlike modern billionaires who own sports teams, buy rockets or buy social media platforms, Satoshi has chosen to stay silent and totally invisible, adding more mystery to the myth and the legend. No yachts, no keynote speeches, just an untouched stash of value that's more than the wealth of most nations. This untouched stash is no longer an asset- It's a statement. It's a reminder that Bitcoin is anti-establishment. While crypto markets rise and fall, and makes millionaires overnight, its richest stakeholder continues to remain frozen in time. One of the richest billionaires of our time is truly iconic—but will we ever get to know who he is or will he remain a ghost forever?

Speculations on Reddit suggest that Satoshi may be a lone cryptographer, or an underground collective or someone far more powerful. Some others believe he may be dead.

The richest mystery in history: Satoshi Nakamoto. What is his net worth today?

Meta Platforms Inc. has launched an unprecedented talent acquisition offensive, reportedly offering compensation packages worth up to $100 million to lure top artificial intelligence (AI) researchers from OpenAI, Apple, and other rivals. Dubbed “Superintelligence Labs,” the new division spearheaded by chief executive officer Mark Zuckerberg is designed to accelerate Meta’s generative AI efforts and reclaim ground in the industry’s most heated battleground.&nbsp;<h2>Lavish offers to win top minds</h2>&nbsp;Reports suggest that Zuckerberg has personally emailed leading AI scientists, dangling signing bonuses and equity grants that can reach nine figures in the first year alone. Sam Altman, CEO of OpenAI, publicly acknowledged in June that Meta was offering “signing bonuses as high as $100 million” to tempt OpenAI staffers in an escalation that shows how sharply the stakes have risen in Silicon Valley’s AI arms race.&nbsp;Meta’s CTO Andrew Bosworth has downplayed the notion that all recruits receive such eye-popping deals, noting instead that “top-tier AI talent commands premium offers” wherever they go. Nonetheless, the sheer scale of Meta’s spending, bolstered by promises of unlimited GPU access and infrastructure, marks a significant shift in how Big Tech is willing to invest in human capital to gain an edge.&nbsp;<h2>Notable poaches and leadership hires</h2>&nbsp;The blitz has already produced several high-profile additions to Meta’s AI ranks. Former GitHub CEO Nat Friedman and AI entrepreneur Daniel Gross have been tapped to co-lead Superintelligence Labs, while Alexandr Wang, whose data-labelling startup Scale AI received a strategic investment from Meta, was elevated to chief AI officer. Other recruits include Ruoming Pang, previously Apple’s head of foundation models, who is rumoured to have received a package north of $200 million, and Yuanzhi Li, an OpenAI researcher known for work on large-scale language models.&nbsp;To date, Meta has hired more than ten researchers from OpenAI alone, alongside specialists from Anthropic, Google DeepMind, and other prominent labs. According to industry observers, some OpenAI veterans quipped that the recruitment feels “like someone broke into our home and carried off the furniture.”&nbsp;<h2>Building on a generative AI foundation</h2>&nbsp;Meta’s aggressive hiring drive aligns with its broader strategy to become a leader in generative AI. The company’s FAIR research arm, established in 2013, laid the groundwork for innovations such as the Llama family of open-source language models. The launch of Llama 4 in April 2025 demonstrated Meta’s continued commitment to advancing its own large language models.&nbsp;Alongside in-house R&amp;D, Meta has invested billions in scaling infrastructure. A recent 49 per cent stake acquisition in Scale AI valued the startup at approximately $30 billion, effectively “acqui-hiring” Wang’s team and integrating their labelling platform. Such moves signal that Meta is willing to deploy capital aggressively to assemble both the people and the tools needed to compete against rivals.&nbsp;<h2>An escalating industry talent war</h2>&nbsp;Meta’s approach is far from unique. Google’s DeepMind division has countered by offering packages exceeding $20 million per year through enhanced equity and faster vesting schedules. Microsoft, a major investor in OpenAI, has also raided its partner’s talent pool for Azure AI initiatives, while Amazon Web Services, Apple, and upstart labs such as xAI and Inflection vie for engineers with a mix of high pay and compelling missions.&nbsp;The result is a talent market in which elite AI researchers now command compensation levels once unimaginable in the tech sector. Some analysts warn this may inflate costs unsustainably and widen disparities between well-funded corporate labs and under-resourced academic or independent research groups. Insofar, OpenAI’s Sam Altman has cast the contest as “missionaries versus mercenaries,” arguing that researchers motivated chiefly by ideology or long-term alignment goals are critical to responsible AI stewardship.&nbsp;Conversely, Meta’s bet is that generous compensation and ample resources will attract and retain the best minds, thereby fuelling faster breakthroughs. Whether this model yields safer, more beneficial AI or simply intensifies a zero-sum scramble for talent remains to be seen. What is clear is that the $100 million hiring war has raised the bar for what “top dollar” means in the AI era.

The scale of Meta’s spending, bolstered by promises of unlimited GPU access and infrastructure, marks a significant shift in how Big Tech is willing to invest in human capital to gain an edge.

Meta Platforms Inc. has launched an unprecedented talent acquisition offensive, reportedly offering compensation packages worth up to $100 million to lure top artificial intelligence (AI) researchers from OpenAI, Apple, and other rivals. Dubbed “Superintelligence Labs,” the new division spearheaded by chief executive officer Mark Zuckerberg is designed to accelerate Meta’s generative AI efforts and reclaim ground in the industry’s most heated battleground. Lavish offers to win top minds Reports suggest that Zuckerberg has personally emailed leading AI scientists, dangling signing bonuses and equity grants that can reach nine figures in the first year alone. Sam Altman, CEO of OpenAI, publicly acknowledged in June that Meta was offering “signing bonuses as high as $100 million” to tempt OpenAI staffers in an escalation that shows how sharply the stakes have risen in Silicon Valley’s AI arms race. Meta’s CTO Andrew Bosworth has downplayed the notion that all recruits receive such eye-popping deals, noting instead that “top-tier AI talent commands premium offers” wherever they go. Nonetheless, the sheer scale of Meta’s spending, bolstered by promises of unlimited GPU access and infrastructure, marks a significant shift in how Big Tech is willing to invest in human capital to gain an edge. Notable poaches and leadership hires The blitz has already produced several high-profile additions to Meta’s AI ranks. Former GitHub CEO Nat Friedman and AI entrepreneur Daniel Gross have been tapped to co-lead Superintelligence Labs, while Alexandr Wang, whose data-labelling startup Scale AI received a strategic investment from Meta, was elevated to chief AI officer. Other recruits include Ruoming Pang, previously Apple’s head of foundation models, who is rumoured to have received a package north of $200 million, and Yuanzhi Li, an OpenAI researcher known for work on large-scale language models. To date, Meta has hired more than ten researchers from OpenAI alone, alongside specialists from Anthropic, Google DeepMind, and other prominent labs. According to industry observers, some OpenAI veterans quipped that the recruitment feels “like someone broke into our home and carried off the furniture.” Building on a generative AI foundation Meta’s aggressive hiring drive aligns with its broader strategy to become a leader in generative AI. The company’s FAIR research arm, established in 2013, laid the groundwork for innovations such as the Llama family of open-source language models. The launch of Llama 4 in April 2025 demonstrated Meta’s continued commitment to advancing its own large language models. Alongside in-house R&D, Meta has invested billions in scaling infrastructure. A recent 49 per cent stake acquisition in Scale AI valued the startup at approximately $30 billion, effectively “acqui-hiring” Wang’s team and integrating their labelling platform. Such moves signal that Meta is willing to deploy capital aggressively to assemble both the people and the tools needed to compete against rivals. An escalating industry talent war Meta’s approach is far from unique. Google’s DeepMind division has countered by offering packages exceeding $20 million per year through enhanced equity and faster vesting schedules. Microsoft, a major investor in OpenAI, has also raided its partner’s talent pool for Azure AI initiatives, while Amazon Web Services, Apple, and upstart labs such as xAI and Inflection vie for engineers with a mix of high pay and compelling missions. The result is a talent market in which elite AI researchers now command compensation levels once unimaginable in the tech sector. Some analysts warn this may inflate costs unsustainably and widen disparities between well-funded corporate labs and under-resourced academic or independent research groups. Insofar, OpenAI’s Sam Altman has cast the contest as “missionaries versus mercenaries,” arguing that researchers motivated chiefly by ideology or long-term alignment goals are critical to responsible AI stewardship. Conversely, Meta’s bet is that generous compensation and ample resources will attract and retain the best minds, thereby fuelling faster breakthroughs. Whether this model yields safer, more beneficial AI or simply intensifies a zero-sum scramble for talent remains to be seen. What is clear is that the $100 million hiring war has raised the bar for what “top dollar” means in the AI era.

The scale of Meta’s spending, bolstered by promises of unlimited GPU access and infrastructure, marks a significant shift in how Big Tech is willing to invest in human capital to gain an edge.

Meta’s $100 million AI talent blitz brings new high in tech hiring war

Saudi Arabia has approved a long-anticipated law that will allow non-Saudis to own real estate in designated areas from January 2026. The reform, passed by the Saudi Cabinet, is part of broader efforts to attract foreign direct investment, diversify the economy away from oil, and accelerate the goals of Vision 2030. Foreigners will be permitted to purchase property in key cities such as Riyadh and Jeddah. Ownership in the holy cities of Mecca and Medina, however, will be subject to additional restrictions given their religious significance.&nbsp;The Real Estate General Authority will define the specific geographic zones eligible for foreign ownership, with detailed executive regulations expected within 180 days of the law’s publication. The updated system will include clear procedures for property acquisition, eligibility requirements, and enforcement measures. It is also designed to work alongside existing residency programs, including the Premium Residency (Iqama) system and property regulations for Gulf Cooperation Council citizens. Officials emphasise that the law includes mechanisms to ensure market stability and protect Saudi citizens.<h2>Investor interest and market impact</h2>Real estate stocks in Saudi Arabia rallied following the announcement, reflecting investor optimism about the move. The government hopes the opening of the property market will encourage international developers to enter the market and increase supply across both residential and commercial segments.Analysts say the reform strengthens Saudi Arabia’s appeal as a regional real estate hub, positioning it alongside countries like the UAE, Qatar, and Oman, which already offer foreign ownership. Dubai, for example, has seen record growth in high-end real estate, driven by demand from wealthy Saudis and international buyers.<h2>Strategic push for tourism and urban development</h2>The law is also closely tied to Saudi Arabia’s tourism ambitions, particularly along the Red Sea coast, where luxury resorts and residential developments are underway. Projects such as the cube-shaped Mukaab in Riyadh and the scaled-back but ongoing Neom city aim to attract both tourists and investors.By liberalising property laws, Saudi Arabia seeks not only to draw in foreign capital but also to encourage affluent citizens to invest domestically rather than abroad. The reform is seen as a major step toward building a diversified, investor-friendly economy while balancing regulatory oversight and national interests.

The Real Estate General Authority of Saudi Arabia will define the specific geographic zones eligible for foreign ownership, with detailed executive regulations expected within 180 days of the law’s publication. 

Saudi Arabia has approved a long-anticipated law that will allow non-Saudis to own real estate in designated areas from January 2026. The reform, passed by the Saudi Cabinet, is part of broader efforts to attract foreign direct investment, diversify the economy away from oil, and accelerate the goals of Vision 2030. Foreigners will be permitted to purchase property in key cities such as Riyadh and Jeddah. Ownership in the holy cities of Mecca and Medina, however, will be subject to additional restrictions given their religious significance. The Real Estate General Authority will define the specific geographic zones eligible for foreign ownership, with detailed executive regulations expected within 180 days of the law’s publication. The updated system will include clear procedures for property acquisition, eligibility requirements, and enforcement measures. It is also designed to work alongside existing residency programs, including the Premium Residency (Iqama) system and property regulations for Gulf Cooperation Council citizens. Officials emphasise that the law includes mechanisms to ensure market stability and protect Saudi citizens. Investor interest and market impact Real estate stocks in Saudi Arabia rallied following the announcement, reflecting investor optimism about the move. The government hopes the opening of the property market will encourage international developers to enter the market and increase supply across both residential and commercial segments. Analysts say the reform strengthens Saudi Arabia’s appeal as a regional real estate hub, positioning it alongside countries like the UAE, Qatar, and Oman, which already offer foreign ownership. Dubai, for example, has seen record growth in high-end real estate, driven by demand from wealthy Saudis and international buyers. Strategic push for tourism and urban development The law is also closely tied to Saudi Arabia’s tourism ambitions, particularly along the Red Sea coast, where luxury resorts and residential developments are underway. Projects such as the cube-shaped Mukaab in Riyadh and the scaled-back but ongoing Neom city aim to attract both tourists and investors. By liberalising property laws, Saudi Arabia seeks not only to draw in foreign capital but also to encourage affluent citizens to invest domestically rather than abroad. The reform is seen as a major step toward building a diversified, investor-friendly economy while balancing regulatory oversight and national interests.

The Real Estate General Authority of Saudi Arabia will define the specific geographic zones eligible for foreign ownership, with detailed executive regulations expected within 180 days of the law’s publication.&nbsp;

Saudi Arabia opens real estate market to foreigners starting 2026