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The global pharmaceutical industry is on high alert as US President Donald Trump renews his threat to impose sweeping 200 per cent tariffs on imported pharmaceutical products. The unprecedented proposal, expected to be formally announced in the coming weeks, would give drug manufacturers just 12 to 18 months to shift production to the United States or face steep import duties. The industry, which has long operated under an exemption from customs duties, now faces a potentially seismic shift in its global supply chain structure.This threat follows the April launch of a Section 232 national security investigation into the pharmaceutical sector and is seen as part of Trump’s broader strategy to bring drug production back to US soil and lower domestic medicine prices. While the administration has indicated that the tariffs would not be implemented immediately, the tight timeline for compliance has sparked concern across the industry. Analysts and economists warn that such measures could disrupt supply chains, raise drug prices for American consumers, and compress profit margins across the board.<h2>Major investment plans may not be enough</h2>In anticipation of the tariffs, several major pharmaceutical companies, including Novartis, Sanofi, Roche, and US-based Eli Lilly and Johnson &amp; Johnson, have announced large-scale investments in US manufacturing. Eli Lilly alone is planning to inject $27 billion into US facilities, while other companies have pledged billions more. However, industry experts suggest that these moves, while significant, are unlikely to meet the demands of Trump’s proposed timeline. Establishing or expanding pharmaceutical manufacturing sites typically takes four to five years due to regulatory, logistical, and operational complexities.Although the administration is expected to offer a grace period of up to 18 months, companies argue that this is not nearly enough time to fully reconfigure manufacturing processes and obtain necessary approvals from the US Food and Drug Administration. Delays in this transition could lead to drug shortages, particularly in treatments that rely heavily on global supply chains or involve active pharmaceutical ingredients sourced from countries like India, China, and Ireland.<h2>Global trade tensions and sectoral fallout</h2>The looming tariff threat comes at a time of heightened global trade tensions, with the pharmaceutical sector increasingly caught in the crossfire. The US remains the largest export market for European drugmakers, accounting for over a third of their non-EU sales and contributing significantly to their trade surpluses. Ireland, a key manufacturing hub hosting 12 of the world’s largest drugmakers, saw pharmaceutical exports to the US skyrocket earlier this year but now faces a potential blow to its trade-dependent economy.Meanwhile, Switzerland and the European Union (EU) continue to negotiate potential carve-outs in their respective trade talks with Washington. The recent US-UK trade deal includes language suggesting preferential treatment for British pharmaceutical products may be considered, contingent on the final findings of the ongoing Section 232 investigation.Despite these diplomatic efforts, the lack of clarity over which companies or products may ultimately be affected is compounding uncertainty across the sector. Many smaller manufacturers and contract firms, which lack the resources to rapidly shift operations or negotiate exemptions, may find themselves particularly vulnerable.<h2>Market reaction and economic implications</h2>While major pharma stocks have remained relatively stable following Trump’s July 8 remarks, some firms with heavy reliance on overseas production saw modest declines. Eli Lilly’s shares dipped over 2 per cent after the announcement, reflecting investor concern about the company’s manufacturing exposure in Ireland. However, shares partially recovered, signalling that markets may be waiting for more concrete policy details before reacting further.Economists caution that a tariff rate as high as 200 per cent would not only inflate drug prices domestically but could also undermine research and development funding, much of which is supported by US pharmaceutical profits. With nearly 75 per cent of global pharma profits generated in the US, any disruption could ripple through global innovation pipelines and delay access to critical medications. As the industry awaits further policy announcements, pharmaceutical companies are engaged in intense scenario planning to navigate a fast-evolving and politically charged trade environment.

In anticipation of the tariffs, several major pharmaceutical companies, including Novartis, Sanofi, Roche, and US-based Eli Lilly and Johnson & Johnson, have announced large-scale investments in US manufacturing. 

The global pharmaceutical industry is on high alert as US President Donald Trump renews his threat to impose sweeping 200 per cent tariffs on imported pharmaceutical products. The unprecedented proposal, expected to be formally announced in the coming weeks, would give drug manufacturers just 12 to 18 months to shift production to the United States or face steep import duties. The industry, which has long operated under an exemption from customs duties, now faces a potentially seismic shift in its global supply chain structure. This threat follows the April launch of a Section 232 national security investigation into the pharmaceutical sector and is seen as part of Trump’s broader strategy to bring drug production back to US soil and lower domestic medicine prices. While the administration has indicated that the tariffs would not be implemented immediately, the tight timeline for compliance has sparked concern across the industry. Analysts and economists warn that such measures could disrupt supply chains, raise drug prices for American consumers, and compress profit margins across the board. Major investment plans may not be enough In anticipation of the tariffs, several major pharmaceutical companies, including Novartis, Sanofi, Roche, and US-based Eli Lilly and Johnson & Johnson, have announced large-scale investments in US manufacturing. Eli Lilly alone is planning to inject $27 billion into US facilities, while other companies have pledged billions more. However, industry experts suggest that these moves, while significant, are unlikely to meet the demands of Trump’s proposed timeline. Establishing or expanding pharmaceutical manufacturing sites typically takes four to five years due to regulatory, logistical, and operational complexities. Although the administration is expected to offer a grace period of up to 18 months, companies argue that this is not nearly enough time to fully reconfigure manufacturing processes and obtain necessary approvals from the US Food and Drug Administration. Delays in this transition could lead to drug shortages, particularly in treatments that rely heavily on global supply chains or involve active pharmaceutical ingredients sourced from countries like India, China, and Ireland. Global trade tensions and sectoral fallout The looming tariff threat comes at a time of heightened global trade tensions, with the pharmaceutical sector increasingly caught in the crossfire. The US remains the largest export market for European drugmakers, accounting for over a third of their non-EU sales and contributing significantly to their trade surpluses. Ireland, a key manufacturing hub hosting 12 of the world’s largest drugmakers, saw pharmaceutical exports to the US skyrocket earlier this year but now faces a potential blow to its trade-dependent economy. Meanwhile, Switzerland and the European Union (EU) continue to negotiate potential carve-outs in their respective trade talks with Washington. The recent US-UK trade deal includes language suggesting preferential treatment for British pharmaceutical products may be considered, contingent on the final findings of the ongoing Section 232 investigation. Despite these diplomatic efforts, the lack of clarity over which companies or products may ultimately be affected is compounding uncertainty across the sector. Many smaller manufacturers and contract firms, which lack the resources to rapidly shift operations or negotiate exemptions, may find themselves particularly vulnerable. Market reaction and economic implications While major pharma stocks have remained relatively stable following Trump’s July 8 remarks, some firms with heavy reliance on overseas production saw modest declines. Eli Lilly’s shares dipped over 2 per cent after the announcement, reflecting investor concern about the company’s manufacturing exposure in Ireland. However, shares partially recovered, signalling that markets may be waiting for more concrete policy details before reacting further. Economists caution that a tariff rate as high as 200 per cent would not only inflate drug prices domestically but could also undermine research and development funding, much of which is supported by US pharmaceutical profits. With nearly 75 per cent of global pharma profits generated in the US, any disruption could ripple through global innovation pipelines and delay access to critical medications. As the industry awaits further policy announcements, pharmaceutical companies are engaged in intense scenario planning to navigate a fast-evolving and politically charged trade environment.

In anticipation of the tariffs, several major pharmaceutical companies, including Novartis, Sanofi, Roche, and US-based Eli Lilly and Johnson &amp; Johnson, have announced large-scale investments in US manufacturing.&nbsp;

Pharmaceutical industry braces for impact as Trump threatens 200% tariffs

The UK economy unexpectedly contracted in May, marking its second consecutive monthly decline and raising concerns about the strength of the country’s post-pandemic recovery. According to data released by the Office for National Statistics (ONS) on July 11, gross domestic product (GDP) fell by 0.1 per cent in May, following a sharper 0.3 per cent drop in April. The contraction caught analysts off guard, as consensus forecasts had anticipated modest growth of 0.1 per cent. The latest figures point to a significant slowdown in the second quarter after the economy posted a 0.7 per cent expansion in the first three months of the year.May’s downturn was led by a 0.9 per cent drop in production output and a 0.6 per cent decline in construction. Manufacturing, particularly car production and the volatile pharmaceutical sector, weakened, while oil and gas extraction also contributed to the slump. In contrast, the services sector registered some growth, with improvements in legal services helping to partially offset the wider downturn. Retail performance remained notably weak during the month, adding further pressure to the overall economic picture. The May contraction dragged the pound down by 0.2 per cent against the dollar, reflecting growing investor unease.<h2>Tariffs, tax rises, and uncertain outlook</h2>The UK’s economic momentum has struggled to recover from the combined impact of global trade disruptions and domestic fiscal changes. The contraction in April had already been attributed to the introduction of new domestic tax rises and the shockwaves from US President Donald Trump’s sweeping tariff announcements, which included a 10 per cent reciprocal tariff on UK goods.Despite securing a bilateral trade deal with the United States, the UK has not been insulated from the broader uncertainty caused by shifting global trade dynamics. The initial surge in export activity during the first quarter—fuelled by businesses rushing to beat US tariffs—now appears to have been a one-off boost rather than a sign of sustained growth.Although GDP grew 0.5 per cent in the March-to-May period, the back-to-back contractions in April and May point to a fragile economic environment. Economists now expect GDP growth to decelerate sharply in the second quarter, with revised forecasts predicting only 0.1 per cent growth, far below earlier expectations.Meanwhile, the Bank of England, which has already cut interest rates from 5.25 per cent to 4.25 per cent over the past year, faces mounting pressure to act again. Market pricing now reflects an 80 per cent likelihood of a further rate cut in August, despite inflation remaining above 3 per cent.As the government prepares its autumn budget, rising public debt and recent policy U-turns, particularly on welfare and winter fuel support, have limited fiscal flexibility. With public finances under strain and tax rises looming, economists warn that growth could remain subdued for the rest of the year.

UK's GDP fell by 0.1 per cent in May, following a sharper 0.3 per cent drop in April. May's downturn was led by a 0.9 per cent drop in production output and a 0.6 per cent decline in construction. 

The UK economy unexpectedly contracted in May, marking its second consecutive monthly decline and raising concerns about the strength of the country’s post-pandemic recovery. According to data released by the Office for National Statistics (ONS) on July 11, gross domestic product (GDP) fell by 0.1 per cent in May, following a sharper 0.3 per cent drop in April. The contraction caught analysts off guard, as consensus forecasts had anticipated modest growth of 0.1 per cent. The latest figures point to a significant slowdown in the second quarter after the economy posted a 0.7 per cent expansion in the first three months of the year. May’s downturn was led by a 0.9 per cent drop in production output and a 0.6 per cent decline in construction. Manufacturing, particularly car production and the volatile pharmaceutical sector, weakened, while oil and gas extraction also contributed to the slump. In contrast, the services sector registered some growth, with improvements in legal services helping to partially offset the wider downturn. Retail performance remained notably weak during the month, adding further pressure to the overall economic picture. The May contraction dragged the pound down by 0.2 per cent against the dollar, reflecting growing investor unease. Tariffs, tax rises, and uncertain outlook The UK’s economic momentum has struggled to recover from the combined impact of global trade disruptions and domestic fiscal changes. The contraction in April had already been attributed to the introduction of new domestic tax rises and the shockwaves from US President Donald Trump’s sweeping tariff announcements, which included a 10 per cent reciprocal tariff on UK goods. Despite securing a bilateral trade deal with the United States, the UK has not been insulated from the broader uncertainty caused by shifting global trade dynamics. The initial surge in export activity during the first quarter—fuelled by businesses rushing to beat US tariffs—now appears to have been a one-off boost rather than a sign of sustained growth. Although GDP grew 0.5 per cent in the March-to-May period, the back-to-back contractions in April and May point to a fragile economic environment. Economists now expect GDP growth to decelerate sharply in the second quarter, with revised forecasts predicting only 0.1 per cent growth, far below earlier expectations. Meanwhile, the Bank of England, which has already cut interest rates from 5.25 per cent to 4.25 per cent over the past year, faces mounting pressure to act again. Market pricing now reflects an 80 per cent likelihood of a further rate cut in August, despite inflation remaining above 3 per cent. As the government prepares its autumn budget, rising public debt and recent policy U-turns, particularly on welfare and winter fuel support, have limited fiscal flexibility. With public finances under strain and tax rises looming, economists warn that growth could remain subdued for the rest of the year.

UK's GDP fell by 0.1 per cent in May, following a sharper 0.3 per cent drop in April. May's downturn was led by a 0.9 per cent drop in production output and a 0.6 per cent decline in construction.&nbsp;

UK economy shrinks again in May, signalling fragile recovery

The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, hitting a seven-week low and suggesting that employers are still reluctant to let go of workers even as broader signs point to a cooling labour market. Initial claims for state unemployment benefits dropped by 5,000 to a seasonally adjusted 227,000 for the week ending July 5, the Labor Department reported on July 10. The figure surprised economists, who had forecast 235,000 claims, and marked the fourth consecutive weekly decline. The data was impacted by the July 4th holiday, which tends to cause fluctuations in reporting.Non-seasonally adjusted claims rose by over 10,000, largely due to expected auto industry retooling shutdowns in states like Michigan, Ohio, and Tennessee. However, the increase was smaller than anticipated, suggesting that temporary layoffs were less severe than usual for this time of year. Labor Department seasonal models had forecast a spike of nearly 15,000 claims. Although jobless claims remain one of the timeliest indicators of labour market health, economists warn that the broader picture reflects a fragile balance between low layoffs and weak hiring.&nbsp;<h2>Hiring slows as tariff uncertainty looms</h2>While layoffs remain low, the hiring trend continues to soften. June’s jobs report showed the unemployment rate edged down to 4.1 per cent, but primarily due to a shrinking labour force participation rate, which hit a 2.5-year low. Although 147,000 jobs were added, gains were concentrated in a few sectors, underscoring limited opportunities for job seekers.The median duration of unemployment rose to 10.1 weeks in June from 9.5 weeks in May, reflecting growing difficulty for the unemployed to find new positions. Continuing claims, a proxy for hiring activity, rose by 10,000 to 1.965 million—the highest level since November 2021.Economists also point to US President Donald Trump’s newly announced tariff increases as a growing source of business uncertainty, which could suppress hiring further. More than 20 trade partners have been notified of new duties, including a 50 per cent tariff on copper imports, and further levies on semiconductors and pharmaceuticals are expected.While the Federal Reserve held rates steady last month, markets are pricing in potential rate cuts beginning in September, especially if the impact of tariffs weighs on inflation and economic growth.

Initial claims for state unemployment benefits dropped by 5,000 to a seasonally adjusted 227,000 for the week ending July 5, the Labor Department reported on July 10.

The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, hitting a seven-week low and suggesting that employers are still reluctant to let go of workers even as broader signs point to a cooling labour market. Initial claims for state unemployment benefits dropped by 5,000 to a seasonally adjusted 227,000 for the week ending July 5, the Labor Department reported on July 10. The figure surprised economists, who had forecast 235,000 claims, and marked the fourth consecutive weekly decline. The data was impacted by the July 4th holiday, which tends to cause fluctuations in reporting. Non-seasonally adjusted claims rose by over 10,000, largely due to expected auto industry retooling shutdowns in states like Michigan, Ohio, and Tennessee. However, the increase was smaller than anticipated, suggesting that temporary layoffs were less severe than usual for this time of year. Labor Department seasonal models had forecast a spike of nearly 15,000 claims. Although jobless claims remain one of the timeliest indicators of labour market health, economists warn that the broader picture reflects a fragile balance between low layoffs and weak hiring. Hiring slows as tariff uncertainty looms While layoffs remain low, the hiring trend continues to soften. June’s jobs report showed the unemployment rate edged down to 4.1 per cent, but primarily due to a shrinking labour force participation rate, which hit a 2.5-year low. Although 147,000 jobs were added, gains were concentrated in a few sectors, underscoring limited opportunities for job seekers. The median duration of unemployment rose to 10.1 weeks in June from 9.5 weeks in May, reflecting growing difficulty for the unemployed to find new positions. Continuing claims, a proxy for hiring activity, rose by 10,000 to 1.965 million—the highest level since November 2021. Economists also point to US President Donald Trump’s newly announced tariff increases as a growing source of business uncertainty, which could suppress hiring further. More than 20 trade partners have been notified of new duties, including a 50 per cent tariff on copper imports, and further levies on semiconductors and pharmaceuticals are expected. While the Federal Reserve held rates steady last month, markets are pricing in potential rate cuts beginning in September, especially if the impact of tariffs weighs on inflation and economic growth.

Initial claims for state unemployment benefits dropped by 5,000 to a seasonally adjusted 227,000 for the week ending July 5, the Labor Department reported on July 10.

US jobless claims fall to seven-week low despite slowing labour market

Tesla will open its first showroom in India on July 15. The location of the showroom will be Jio World Drive in Mumbai, said a report. The US EV-maker had leased a retail space in March. The showroom will be opened close to Apple's flagship store. Earlier&nbsp;this month, Tesla also leased a commercial space for warehousing in Mumbai's Kurla. Here are the key details of Tesla's India operations. The Elon Musk-led firm has leased a total of four properties in India, including an engineering hub in Pune and an office in Bengaluru.&nbsp;Union Minister for Heavy Industries HD Kumaraswamy had said in June that Tesla was not interested in setting up manufacturing in India and wanted to open showrooms.&nbsp;Tesla said on Friday that the Mumbai outlet&nbsp;will function as an experience center.&nbsp;According to Bloomberg, five Model Y vehicles have arrived in Mumbai from Tesla's China factory.&nbsp;How much rent will Tesla pay for its showroom and warehouse? Tesla India recently&nbsp;leased&nbsp;24,565 sq ft of warehouse space at Lodha Logistics Park in Mumbai’s Kurla area. The Elon Musk-led company will pay a total rent of Rs 24.38 crore ($28,39,857) over five years, reported CRE Matrix. Tesla will pay Rs 37.53 lakh ($43,709) per month as rent for the first year. The rent will be increased by 5 percent every year. The warehouse will have parking spaces for 20 vehicles. The showroom will set Tesla back by Rs 23.38 crore ($27,23,094) over five years. At a rate of Rs 881 per square foot, this could be the most expensive lease deal for an auto showroom in India.

Tesla will open its first showroom in India on July 15. The location of the showroom will be Jio World Drive in Mumbai, said a report. The US EV-maker had leased a retail space in March. The showroom will be opened close to Apple's flagship store. Earlier

Tesla will open its first showroom in India on July 15. The location of the showroom will be Jio World Drive in Mumbai, said a report. The US EV-maker had leased a retail space in March. The showroom will be opened close to Apple's flagship store. Earlier this month, Tesla also leased a commercial space for warehousing in Mumbai's Kurla. Here are the key details of Tesla's India operations. The Elon Musk-led firm has leased a total of four properties in India, including an engineering hub in Pune and an office in Bengaluru. Union Minister for Heavy Industries HD Kumaraswamy had said in June that Tesla was not interested in setting up manufacturing in India and wanted to open showrooms. Tesla said on Friday that the Mumbai outlet will function as an experience center. According to Bloomberg, five Model Y vehicles have arrived in Mumbai from Tesla's China factory. How much rent will Tesla pay for its showroom and warehouse? Tesla India recently leased 24,565 sq ft of warehouse space at Lodha Logistics Park in Mumbai’s Kurla area. The Elon Musk-led company will pay a total rent of Rs 24.38 crore ($28,39,857) over five years, reported CRE Matrix. Tesla will pay Rs 37.53 lakh ($43,709) per month as rent for the first year. The rent will be increased by 5 percent every year. The warehouse will have parking spaces for 20 vehicles. The showroom will set Tesla back by Rs 23.38 crore ($27,23,094) over five years. At a rate of Rs 881 per square foot, this could be the most expensive lease deal for an auto showroom in India.

Tesla said on Friday that the Mumbai outlet&nbsp;will function as an experience center.

Tesla to open Mumbai showroom this month; rent per month to be...

Oil prices held steady in early trading on July 11, after falling more than 2 per cent in the previous session. Markets are grappling with the impact of President Donald Trump's new tariff announcements and a downward revision of global oil demand by OPEC, raising concerns over future economic growth and oil consumption. Brent crude futures rose by 19 cents, or 0.28 per cent, to $68.83 a barrel, while US West Texas Intermediate (WTI) crude ticked up 26 cents, or 0.39 per cent, to $66.83 a barrel as of 0037 GMT.Trump’s announcement on July 10 that the US would impose a 35 per cent tariff on goods from Canada starting August 1, alongside plans for blanket tariffs of 15-20 per cent on most other trade partners, spooked markets. Investors are wary that these tariffs will dampen global economic growth, disrupting trade and driving up costs, which in turn could weaken demand for oil.Analysts believe that tariffs remain a potential drag on the market and could undermine industrial activity and travel, both key drivers of oil demand. Earlier in the day, President Trump also laid out plans for tariffs on imports from countries like Brazil, alongside duties on copper, semiconductors, and pharmaceuticals, signalling more tension in international trade.<h2>OPEC+ cuts forecasts and supply outlook</h2>The latest concerns also stem from OPEC’s revised outlook on oil demand. On July 10, the Organization of the Petroleum Exporting Countries (OPEC) lowered its global oil demand forecast for 2026-2029, citing weaker economic growth, particularly in China. OPEC now expects global oil demand to average 106.3 million barrels per day (bpd) in 2026, down from its previous forecast of 108 million bpd.While OPEC and its allies (OPEC+) are planning to increase production by 550,000 barrels per day in August, reports suggest that the group may pause further production increases after September due to concerns about oversupply later in the year. This could result in a better-supplied market in the short term, but analysts believe the market could face surplus conditions by the fourth quarter.The combination of rising tariffs and OPEC’s reduced demand forecast has created a sense of uncertainty in the market, which is still digesting these developments. However, signs of tightness in the physical oil market and seasonal demand peaks during the Northern Hemisphere summer are providing some support to prices in the near term. As global markets continue to navigate these factors, oil prices are likely to remain volatile, with further fluctuations expected depending on developments in trade policies and OPEC’s production decisions.

Analysts believe that tariffs remain a potential drag on the market and could undermine industrial activity and travel, both key drivers of oil demand.

Oil prices held steady in early trading on July 11, after falling more than 2 per cent in the previous session. Markets are grappling with the impact of President Donald Trump's new tariff announcements and a downward revision of global oil demand by OPEC, raising concerns over future economic growth and oil consumption. Brent crude futures rose by 19 cents, or 0.28 per cent, to $68.83 a barrel, while US West Texas Intermediate (WTI) crude ticked up 26 cents, or 0.39 per cent, to $66.83 a barrel as of 0037 GMT. Trump’s announcement on July 10 that the US would impose a 35 per cent tariff on goods from Canada starting August 1, alongside plans for blanket tariffs of 15-20 per cent on most other trade partners, spooked markets. Investors are wary that these tariffs will dampen global economic growth, disrupting trade and driving up costs, which in turn could weaken demand for oil. Analysts believe that tariffs remain a potential drag on the market and could undermine industrial activity and travel, both key drivers of oil demand. Earlier in the day, President Trump also laid out plans for tariffs on imports from countries like Brazil, alongside duties on copper, semiconductors, and pharmaceuticals, signalling more tension in international trade. OPEC+ cuts forecasts and supply outlook The latest concerns also stem from OPEC’s revised outlook on oil demand. On July 10, the Organization of the Petroleum Exporting Countries (OPEC) lowered its global oil demand forecast for 2026-2029, citing weaker economic growth, particularly in China. OPEC now expects global oil demand to average 106.3 million barrels per day (bpd) in 2026, down from its previous forecast of 108 million bpd. While OPEC and its allies (OPEC+) are planning to increase production by 550,000 barrels per day in August, reports suggest that the group may pause further production increases after September due to concerns about oversupply later in the year. This could result in a better-supplied market in the short term, but analysts believe the market could face surplus conditions by the fourth quarter. The combination of rising tariffs and OPEC’s reduced demand forecast has created a sense of uncertainty in the market, which is still digesting these developments. However, signs of tightness in the physical oil market and seasonal demand peaks during the Northern Hemisphere summer are providing some support to prices in the near term. As global markets continue to navigate these factors, oil prices are likely to remain volatile, with further fluctuations expected depending on developments in trade policies and OPEC’s production decisions.

Analysts believe that tariffs remain a potential drag on the market and could undermine industrial activity and travel, both key drivers of oil demand.

Oil prices steady after losses, weighed by tariff threats and OPEC outlook

Bitcoin, the world’s largest cryptocurrency, has surged to a new all-time high of $116,046.44 as of 2127 GMT, breaking its previous record of $113,734.64 set earlier in the day. This latest price surge marks an impressive 24 per cent rise in Bitcoin’s value this year, further solidifying its place as a key asset in the financial world. The surge has been powered by robust demand from institutional investors, who have increasingly turned to Bitcoin as a store of value, alongside other digital assets like Ethereum.&nbsp;The boost comes at a time when broader market sentiment is shifting toward riskier investments, with stocks hitting new highs and bullish sentiment returning to the technology sector. Bitcoin has traded above the $100,000 mark for over 60 consecutive days, further cementing its status as a mainstream investment asset.Trump’s administration, particularly through its executive orders and supportive policies, has also played a pivotal role in Bitcoin's rise. In March, President Donald Trump signed an executive order to establish a strategic reserve of cryptocurrencies, signalling that the US government is taking a more active role in supporting the digital currency market. In addition, Trump appointed crypto-friendly figures such as SEC Commissioner Paul Atkins and White House AI czar David Sacks, creating a more favourable regulatory environment for the cryptocurrency industry.<h2>Trump’s family businesses eye crypto investments</h2>Trump’s family businesses are also making moves in the cryptocurrency market. Trump Media &amp; Technology Group, the parent company of Truth Social, has expressed interest in launching an exchange-traded fund (ETF) that will invest in multiple cryptocurrencies, including Bitcoin. The firm recently filed a report with the SEC, revealing its plans to bring more institutional capital into the crypto space. This development is particularly noteworthy given that Trump’s family holdings are reportedly substantial investors in Bitcoin and other digital assets.Earlier this year, Trump Media raised $2.5 billion in cash to fund crypto investments, further highlighting the growing interest in digital currencies within Trump’s business empire. While Trump himself does not hold an official role in the company, his family’s involvement and the substantial backing of the firm in crypto projects signal the former president’s growing belief in the long-term potential of Bitcoin.Ethereum, the second-largest cryptocurrency, also saw a rise, climbing 3.01 per cent to $2,905.24 as of 2130 GMT. This increase, alongside Bitcoin’s meteoric rise, points to a broader recovery in the cryptocurrency market, with altcoins such as Solana and Dogecoin also posting gains.<h2>Institutional involvement boosts Bitcoin’s legitimacy</h2>The surge in Bitcoin’s price comes as institutional investors continue to show increasing interest in digital currencies. Notably, companies have been on a Bitcoin-buying spree, outpacing inflows into Bitcoin exchange-traded funds (ETFs) during the second quarter. This institutional demand is seen as a key factor in pushing Bitcoin to new heights, as it gives the cryptocurrency more credibility as a legitimate financial asset.The optimism surrounding Bitcoin also comes on the heels of new stablecoin legislation making its way through Congress, which is expected to further solidify the regulatory framework for digital assets in the US. Investors are now looking ahead to “Crypto Week,” set to kick off on July 14, with many anticipating that this event could fuel further bullish sentiment in the market.Bitcoin’s latest record highs are seen as a sign that the cryptocurrency market, especially Bitcoin, is here to stay as a core part of the global financial ecosystem. As institutional players and even US president Donald Trump continue to embrace digital currencies, the future of crypto seems brighter than ever.

The surge in Bitcoin has been powered by robust demand from institutional investors, who have increasingly turned to Bitcoin as a store of value, alongside other digital assets like Ethereum.

Bitcoin, the world’s largest cryptocurrency, has surged to a new all-time high of $116,046.44 as of 2127 GMT, breaking its previous record of $113,734.64 set earlier in the day. This latest price surge marks an impressive 24 per cent rise in Bitcoin’s value this year, further solidifying its place as a key asset in the financial world. The surge has been powered by robust demand from institutional investors, who have increasingly turned to Bitcoin as a store of value, alongside other digital assets like Ethereum. The boost comes at a time when broader market sentiment is shifting toward riskier investments, with stocks hitting new highs and bullish sentiment returning to the technology sector. Bitcoin has traded above the $100,000 mark for over 60 consecutive days, further cementing its status as a mainstream investment asset. Trump’s administration, particularly through its executive orders and supportive policies, has also played a pivotal role in Bitcoin's rise. In March, President Donald Trump signed an executive order to establish a strategic reserve of cryptocurrencies, signalling that the US government is taking a more active role in supporting the digital currency market. In addition, Trump appointed crypto-friendly figures such as SEC Commissioner Paul Atkins and White House AI czar David Sacks, creating a more favourable regulatory environment for the cryptocurrency industry. Trump’s family businesses eye crypto investments Trump’s family businesses are also making moves in the cryptocurrency market. Trump Media & Technology Group, the parent company of Truth Social, has expressed interest in launching an exchange-traded fund (ETF) that will invest in multiple cryptocurrencies, including Bitcoin. The firm recently filed a report with the SEC, revealing its plans to bring more institutional capital into the crypto space. This development is particularly noteworthy given that Trump’s family holdings are reportedly substantial investors in Bitcoin and other digital assets. Earlier this year, Trump Media raised $2.5 billion in cash to fund crypto investments, further highlighting the growing interest in digital currencies within Trump’s business empire. While Trump himself does not hold an official role in the company, his family’s involvement and the substantial backing of the firm in crypto projects signal the former president’s growing belief in the long-term potential of Bitcoin. Ethereum, the second-largest cryptocurrency, also saw a rise, climbing 3.01 per cent to $2,905.24 as of 2130 GMT. This increase, alongside Bitcoin’s meteoric rise, points to a broader recovery in the cryptocurrency market, with altcoins such as Solana and Dogecoin also posting gains. Institutional involvement boosts Bitcoin’s legitimacy The surge in Bitcoin’s price comes as institutional investors continue to show increasing interest in digital currencies. Notably, companies have been on a Bitcoin-buying spree, outpacing inflows into Bitcoin exchange-traded funds (ETFs) during the second quarter. This institutional demand is seen as a key factor in pushing Bitcoin to new heights, as it gives the cryptocurrency more credibility as a legitimate financial asset. The optimism surrounding Bitcoin also comes on the heels of new stablecoin legislation making its way through Congress, which is expected to further solidify the regulatory framework for digital assets in the US. Investors are now looking ahead to “Crypto Week,” set to kick off on July 14, with many anticipating that this event could fuel further bullish sentiment in the market. Bitcoin’s latest record highs are seen as a sign that the cryptocurrency market, especially Bitcoin, is here to stay as a core part of the global financial ecosystem. As institutional players and even US president Donald Trump continue to embrace digital currencies, the future of crypto seems brighter than ever.

The surge in Bitcoin has been powered by robust demand from institutional investors, who have increasingly turned to Bitcoin as a store of value, alongside other digital assets like Ethereum.

Bitcoin hits fresh all-time high, surges above 116,000 mark

US President Donald Trump announced on July 10 that the United States will impose blanket tariffs of 15 per cent to 20 per cent on most of its trade partners, a move that would significantly escalate his ongoing trade war with key nations. The announcement, made during an interview with NBC News, comes as Trump remains steadfast in his economic agenda despite concerns about inflation and the potential impact on stock markets. “We’re just going to say all of the remaining countries are going to pay, whether it’s 20 per cent or 15 per cent. We’ll work that out now,” Trump stated.&nbsp;Currently, the United States has a blanket tariff of 10 per cent, but the president indicated that the new higher rates will be enacted as soon as next month. Trump dismissed warnings that increased tariffs could negatively affect the economy, including fears of rising inflation and supply chain disruptions, citing recent stock market performance as a sign of his policies’ success.Despite a turbulent period earlier this year when the S&amp;P 500 experienced one of its fastest drops following the initial announcement of tariffs, the stock market reached a new high on July 10. “The stock market hit a new high today. I think the tariffs have been very well-received,” Trump noted. The increase in equity markets appears to be in contrast to earlier concerns over the long-term effects of tariff hikes, especially amid ongoing trade tensions.<h2>Global trade relations under pressure</h2>In his conversation with NBC News, Trump confirmed that the blanket tariffs will target a wide range of trade partners, not just specific nations. He hinted at a significant expansion of the tariff policy, with countries that have not already received letters regarding new tariff rates expected to face the same blanket measures. “Not everybody has to get a letter. You know that. We’re just setting our tariffs,” Trump explained, signalling that further escalations are imminent.Trump’s administration has spent recent weeks sending formal letters to countries around the world, notifying them of upcoming tariff increases. As part of his broader strategy, the president has indicated that these new rates could reach as high as 50 per cent on certain imports, including metals like copper. While Trump has touted his tariff policies as a way to strengthen American industry, the impact on US consumers remains uncertain.Critics of the tariff plan warn that the new measures could result in higher prices for American consumers, particularly on imported goods, and potentially exacerbate inflation, which remains above 2.3 per cent. However, Trump dismissed concerns raised by business leaders, stating that if goods are made in the US, they wouldn’t have a price increase.While the White House maintains that these tariffs will lead to fairer trade deals and greater economic independence, many experts worry that they could further strain relationships with US allies and lead to retaliatory measures. The European Union, for example, is already preparing retaliatory tariffs, including potential duties on goods made in swing states.As Trump prepares to send additional letters to European countries, the fate of US trade relations remains uncertain, with no clear resolution in sight. The president’s trade strategy continues to evolve as tensions rise, and the coming weeks could prove critical in shaping the global economic landscape.

Currently, the United States has a blanket tariff of 10 per cent, but the president indicated that the new higher rates will be enacted as soon as next month.

US President Donald Trump announced on July 10 that the United States will impose blanket tariffs of 15 per cent to 20 per cent on most of its trade partners, a move that would significantly escalate his ongoing trade war with key nations. The announcement, made during an interview with NBC News, comes as Trump remains steadfast in his economic agenda despite concerns about inflation and the potential impact on stock markets. “We’re just going to say all of the remaining countries are going to pay, whether it’s 20 per cent or 15 per cent. We’ll work that out now,” Trump stated. Currently, the United States has a blanket tariff of 10 per cent, but the president indicated that the new higher rates will be enacted as soon as next month. Trump dismissed warnings that increased tariffs could negatively affect the economy, including fears of rising inflation and supply chain disruptions, citing recent stock market performance as a sign of his policies’ success. Despite a turbulent period earlier this year when the S&P 500 experienced one of its fastest drops following the initial announcement of tariffs, the stock market reached a new high on July 10. “The stock market hit a new high today. I think the tariffs have been very well-received,” Trump noted. The increase in equity markets appears to be in contrast to earlier concerns over the long-term effects of tariff hikes, especially amid ongoing trade tensions. Global trade relations under pressure In his conversation with NBC News, Trump confirmed that the blanket tariffs will target a wide range of trade partners, not just specific nations. He hinted at a significant expansion of the tariff policy, with countries that have not already received letters regarding new tariff rates expected to face the same blanket measures. “Not everybody has to get a letter. You know that. We’re just setting our tariffs,” Trump explained, signalling that further escalations are imminent. Trump’s administration has spent recent weeks sending formal letters to countries around the world, notifying them of upcoming tariff increases. As part of his broader strategy, the president has indicated that these new rates could reach as high as 50 per cent on certain imports, including metals like copper. While Trump has touted his tariff policies as a way to strengthen American industry, the impact on US consumers remains uncertain. Critics of the tariff plan warn that the new measures could result in higher prices for American consumers, particularly on imported goods, and potentially exacerbate inflation, which remains above 2.3 per cent. However, Trump dismissed concerns raised by business leaders, stating that if goods are made in the US, they wouldn’t have a price increase. While the White House maintains that these tariffs will lead to fairer trade deals and greater economic independence, many experts worry that they could further strain relationships with US allies and lead to retaliatory measures. The European Union, for example, is already preparing retaliatory tariffs, including potential duties on goods made in swing states. As Trump prepares to send additional letters to European countries, the fate of US trade relations remains uncertain, with no clear resolution in sight. The president’s trade strategy continues to evolve as tensions rise, and the coming weeks could prove critical in shaping the global economic landscape.

Currently, the United States has a blanket tariff of 10 per cent, but the president indicated that the new higher rates will be enacted as soon as next month.

Trump to impose 15-20% blanket tariffs on most trade partners

Canara Bank informed the division bench of the Bombay High Court on Thursday that it has decided to unconditionally withdraw the fraud classification of Anil Ambani in the Reliance Communications’ (RCom) matter. Canara Bank, a lead member of the consortium of lenders, including SBI and Union Bank, had designated the Reliance Communications account as fraudulent in November 2024. Anil Ambani had challenged the decision in the Bombay High Court.&nbsp;The division bench comprising Justice Revati Mohite Dere and Justice Neela Gokhale disposed of Anil Ambani’s petition challenging the bank’s order, after the disclosure was filed in the Bombay High Court, saying that nothing survives in it. The court also directed that the withdrawal of the order also be informed to the banking regulator, the Reserve Bank of India&nbsp;On February 8, 2024, the Bombay High Court stayed Canara Bank’s classification order, observing that the action appeared to violate the Reserve Bank of India’s master circular and a Supreme Court ruling mandating that borrowers must be granted a personal hearing before being classified as fraudulent.&nbsp;Anil Ambani’s counsel had argued that Canara Bank did not uphold the principles of natural justice and that contrary to the Supreme Court’s directive he was neither given a personal hearing nor the critical documents used in the classification process were shared with him.&nbsp;While granting a stay on Canara Bank’s order, the bench had also sought a response from the Reserve Bank of India (RBI), remarking that “RBI needs to take some action against banks as this is happening repeatedly.”&nbsp;With Canara Bank’s decision to withdraw the fraud classification, the spotlight now shifts to SBI, which has also declared the RCom account as fraudulent. Legal experts say that SBI’s move could also face the same legal setbacks.&nbsp;Challenging the SBI move, the counsel for Anil Ambani contended that SBI’s order was issued ex-parte, without affording his client the opportunity to be heard—a violation of both natural justice and Supreme Court ruling.&nbsp;Given the similarities between the two cases, legal analysts assume that SBI’s order may also meet the same fait accompli as Canara Bank’s.

The division bench of the Bombay High Court comprising Justice Revati Mohite Dere and Justice Neela Gokhale disposed of Anil Ambani’s petition challenging the bank’s order, after the disclosure was filed in the Bombay High Court, saying that nothing survives in it.

Canara Bank informed the division bench of the Bombay High Court on Thursday that it has decided to unconditionally withdraw the fraud classification of Anil Ambani in the Reliance Communications’ (RCom) matter. Canara Bank, a lead member of the consortium of lenders, including SBI and Union Bank, had designated the Reliance Communications account as fraudulent in November 2024. Anil Ambani had challenged the decision in the Bombay High Court. The division bench comprising Justice Revati Mohite Dere and Justice Neela Gokhale disposed of Anil Ambani’s petition challenging the bank’s order, after the disclosure was filed in the Bombay High Court, saying that nothing survives in it. The court also directed that the withdrawal of the order also be informed to the banking regulator, the Reserve Bank of India On February 8, 2024, the Bombay High Court stayed Canara Bank’s classification order, observing that the action appeared to violate the Reserve Bank of India’s master circular and a Supreme Court ruling mandating that borrowers must be granted a personal hearing before being classified as fraudulent. Anil Ambani’s counsel had argued that Canara Bank did not uphold the principles of natural justice and that contrary to the Supreme Court’s directive he was neither given a personal hearing nor the critical documents used in the classification process were shared with him. While granting a stay on Canara Bank’s order, the bench had also sought a response from the Reserve Bank of India (RBI), remarking that “RBI needs to take some action against banks as this is happening repeatedly.” With Canara Bank’s decision to withdraw the fraud classification, the spotlight now shifts to SBI, which has also declared the RCom account as fraudulent. Legal experts say that SBI’s move could also face the same legal setbacks. Challenging the SBI move, the counsel for Anil Ambani contended that SBI’s order was issued ex-parte, without affording his client the opportunity to be heard—a violation of both natural justice and Supreme Court ruling. Given the similarities between the two cases, legal analysts assume that SBI’s order may also meet the same fait accompli as Canara Bank’s.

The division bench of the Bombay High Court, comprising Justice Revati Mohite Dere and Justice Neela Gokhale, disposed of Anil Ambani’s petition challenging the bank’s order after the disclosure was filed in the Bombay High Court, saying that nothing survives in it.

Canara Bank drops fraud tag from Anil Ambani in RCom loan case

Ferrero, the Italian company behind iconic brands such as Nutella, Ferrero Rocher, and Tic Tac, is set to acquire WK Kellogg, the US cereal maker known for Froot Loops and Frosted Flakes, in a deal valued at approximately $3 billion. According to a Reuters&nbsp;report, the acquisition is expected to be finalised later this week. WK Kellogg, which was spun off from Kellogg Company in 2023, is a key player in the US breakfast food market. Despite recent struggles with declining sales and consumer concerns over artificial additives, WK Kellogg still holds a significant portfolio, including popular cereals like Rice Krispies and Special K. The company’s current market capitalisation is around $1.5 billion, with outstanding debt of more than $500 million.<h2>Ferrero’s strategy to diversify and grow in the US</h2>For Ferrero, this acquisition is a strategic move to diversify its portfolio beyond confectionery and expand further in the US market. In recent years, the privately held company, under the leadership of Chairman Giovanni Ferrero, has steadily increased its presence in the US with acquisitions such as Wells Enterprises, the maker of Blue Bunny ice cream, and a $2.8 billion purchase of Nestlé’s US chocolate business.By adding WK Kellogg to its portfolio, Ferrero would not only deepen its footprint in the US but also break into the breakfast food segment, marking a significant shift from its focus on sweets. The deal is in line with broader trends in the food industry, where companies are diversifying into new categories as consumer preferences shift towards healthier, more natural options.WK Kellogg, facing declining demand for its sugary cereals, has recently attempted to reformulate its products to address concerns over artificial food dyes. As consumers increasingly seek healthier breakfast choices, Ferrero’s acquisition could allow it to tap into a growing market for better-for-you cereals while also leveraging its global distribution network to expand WK Kellogg’s reach.<h2>Shifting landscape in the food industry</h2>The deal comes amid a wave of consolidation in the packaged food sector, with companies like PepsiCo and Hostess Brands also making strategic acquisitions to diversify their portfolios. If the deal goes through, Ferrero’s purchase of WK Kellogg would mark a significant expansion into a new vertical, bringing its brands to millions of breakfast tables across the US, Canada, and the Caribbean.The transaction, which still requires approval from WK Kellogg’s shareholders, is expected to close in the second half of the year. Once completed, the company will no longer be listed on the New York Stock Exchange, and its shares will be delisted as it becomes a subsidiary of Ferrero.

For Ferrero, the acquisition of WK Kellogg is a strategic move to diversify its portfolio beyond confectionery and expand further in the US market. 

Ferrero, the Italian company behind iconic brands such as Nutella, Ferrero Rocher, and Tic Tac, is set to acquire WK Kellogg, the US cereal maker known for Froot Loops and Frosted Flakes, in a deal valued at approximately $3 billion. According to a Reuters report, the acquisition is expected to be finalised later this week. WK Kellogg, which was spun off from Kellogg Company in 2023, is a key player in the US breakfast food market. Despite recent struggles with declining sales and consumer concerns over artificial additives, WK Kellogg still holds a significant portfolio, including popular cereals like Rice Krispies and Special K. The company’s current market capitalisation is around $1.5 billion, with outstanding debt of more than $500 million. Ferrero’s strategy to diversify and grow in the US For Ferrero, this acquisition is a strategic move to diversify its portfolio beyond confectionery and expand further in the US market. In recent years, the privately held company, under the leadership of Chairman Giovanni Ferrero, has steadily increased its presence in the US with acquisitions such as Wells Enterprises, the maker of Blue Bunny ice cream, and a $2.8 billion purchase of Nestlé’s US chocolate business. By adding WK Kellogg to its portfolio, Ferrero would not only deepen its footprint in the US but also break into the breakfast food segment, marking a significant shift from its focus on sweets. The deal is in line with broader trends in the food industry, where companies are diversifying into new categories as consumer preferences shift towards healthier, more natural options. WK Kellogg, facing declining demand for its sugary cereals, has recently attempted to reformulate its products to address concerns over artificial food dyes. As consumers increasingly seek healthier breakfast choices, Ferrero’s acquisition could allow it to tap into a growing market for better-for-you cereals while also leveraging its global distribution network to expand WK Kellogg’s reach. Shifting landscape in the food industry The deal comes amid a wave of consolidation in the packaged food sector, with companies like PepsiCo and Hostess Brands also making strategic acquisitions to diversify their portfolios. If the deal goes through, Ferrero’s purchase of WK Kellogg would mark a significant expansion into a new vertical, bringing its brands to millions of breakfast tables across the US, Canada, and the Caribbean. The transaction, which still requires approval from WK Kellogg’s shareholders, is expected to close in the second half of the year. Once completed, the company will no longer be listed on the New York Stock Exchange, and its shares will be delisted as it becomes a subsidiary of Ferrero.

For Ferrero, the acquisition of WK Kellogg is a strategic move to diversify its portfolio beyond confectionery and expand further in the US market.&nbsp;

Ferrero to acquire WK Kellogg in $3 billion deal to expand US presence

Vietnam is set to introduce stricter penalties aimed at combating trade fraud and the illegal transshipment of goods, particularly focusing on Chinese imports, as part of efforts to meet commitments made under a recent trade deal with the United States. According to a report by Reuters, the country is intensifying inspections and enforcement measures on goods that are suspected of being transshipped through Vietnam to circumvent US tariffs.In a preliminary agreement reached last week with US President Donald Trump's administration, Vietnam secured a reduction in the US tariff rate on its imports to 20 per cent, down from the 46 per cent initially threatened in April. However, goods that are found to be illegally transshipped via Vietnam could face a heavy 40 per cent tariff, further pressuring the country to ensure that its exports to the US comply with trade regulations.The US has long accused Vietnam of being used as a transit point for Chinese goods, which are labelled as “Made in Vietnam” after receiving little or no additional value. This practice allows Chinese exporters to bypass US duties on Chinese goods by using Vietnam’s lower tariff rates. The new measures are seen as critical for Vietnam to maintain its favourable standing with the US and avoid additional trade penalties.<h2>Stricter inspections and sanctions</h2>In response to mounting international pressure, Vietnam’s government is preparing to issue a decree that will enforce stricter regulations on trade fraud, with a particular focus on fraudulent certifications of origin and the import of counterfeit goods. The decree will also tighten the procedures for companies self-certifying the origin of their products and enhance the scrutiny of traded goods.A document from Vietnam’s trade ministry, dated July 3, indicates that the focus of inspections will include products at risk of trade fraud, such as wooden furniture, bicycles, steel machine parts, and electronic products like wireless headphones and batteries. The ministry also outlined instances of fraudulent practices, such as the use of fake origin certificates and forged export documentation.While the new decree does not yet specify penalties, sources suggest these will be introduced in subsequent revisions or separate legal texts. Vietnam’s ongoing efforts to regulate its trade activities come as the country experiences a surge in exports to the US, which have nearly tripled since the start of the US-China trade war in 2018. However, this growth has been accompanied by a parallel increase in imports from China, raising concerns about the legitimacy of some of the goods being shipped to the US.

Vietnam’s government is preparing to issue a decree that will enforce stricter regulations on trade fraud, with a particular focus on fraudulent certifications of origin and the import of counterfeit goods.

Vietnam is set to introduce stricter penalties aimed at combating trade fraud and the illegal transshipment of goods, particularly focusing on Chinese imports, as part of efforts to meet commitments made under a recent trade deal with the United States. According to a report by Reuters, the country is intensifying inspections and enforcement measures on goods that are suspected of being transshipped through Vietnam to circumvent US tariffs. In a preliminary agreement reached last week with US President Donald Trump's administration, Vietnam secured a reduction in the US tariff rate on its imports to 20 per cent, down from the 46 per cent initially threatened in April. However, goods that are found to be illegally transshipped via Vietnam could face a heavy 40 per cent tariff, further pressuring the country to ensure that its exports to the US comply with trade regulations. The US has long accused Vietnam of being used as a transit point for Chinese goods, which are labelled as “Made in Vietnam” after receiving little or no additional value. This practice allows Chinese exporters to bypass US duties on Chinese goods by using Vietnam’s lower tariff rates. The new measures are seen as critical for Vietnam to maintain its favourable standing with the US and avoid additional trade penalties. Stricter inspections and sanctions In response to mounting international pressure, Vietnam’s government is preparing to issue a decree that will enforce stricter regulations on trade fraud, with a particular focus on fraudulent certifications of origin and the import of counterfeit goods. The decree will also tighten the procedures for companies self-certifying the origin of their products and enhance the scrutiny of traded goods. A document from Vietnam’s trade ministry, dated July 3, indicates that the focus of inspections will include products at risk of trade fraud, such as wooden furniture, bicycles, steel machine parts, and electronic products like wireless headphones and batteries. The ministry also outlined instances of fraudulent practices, such as the use of fake origin certificates and forged export documentation. While the new decree does not yet specify penalties, sources suggest these will be introduced in subsequent revisions or separate legal texts. Vietnam’s ongoing efforts to regulate its trade activities come as the country experiences a surge in exports to the US, which have nearly tripled since the start of the US-China trade war in 2018. However, this growth has been accompanied by a parallel increase in imports from China, raising concerns about the legitimacy of some of the goods being shipped to the US.

Vietnam’s government is preparing to issue a decree that will enforce stricter regulations on trade fraud, with a particular focus on fraudulent certifications of origin and the import of counterfeit goods.

Vietnam cracks down on trade fraud to comply with US tariff deal

Amazon has officially rolled out its 10-minute delivery service, Amazon Now, in Delhi, marking its second major city launch in India as part of its aggressive push into the rapidly growing quick commerce sector. The e-commerce giant, which previously introduced the service in select pin codes of Bengaluru late last year, is now expanding Amazon Now to other parts of the country, responding to the increasing consumer demand for ultra-fast deliveries.The service, which offers delivery of daily essentials within 10 minutes, is part of Amazon’s strategy to tap into India's $7 billion quick commerce market, dominated by companies like Blinkit, Zepto, and Swiggy Instamart. Amazon’s entry into this space signals its commitment to being a key player in a segment that is quickly overtaking traditional e-commerce in terms of consumer adoption.<h2>Amazon’s aggressive play to compete&nbsp;</h2>With consumers increasingly seeking faster delivery options, Amazon is doubling down on Amazon Now to compete with established players. According to a report by Bain and Flipkart, quick commerce platforms now account for more than two-thirds of online grocery orders and around 10 per cent of e-retail spending in 2024.Amazon Now will be available for select Delhi localities through the Amazon app under the “Now” tab. The service will initially offer a curated selection of daily essentials and aims to address customer needs with ultra-fast deliveries. Based on early positive feedback, Amazon has indicated that it plans to expand Amazon Now to other cities in the coming months, continuing its focus on offering rapid, reliable service to its Prime members.“We are excited with the initial customer response and positive feedback,” an Amazon spokesperson told the media. “Based on this, we’re now expanding the service over the next few months.”This latest expansion is part of Amazon’s broader investment in India. The company has already committed more than ₹2,000 crore ($233 million) this year to scale its logistics and operations in the country, with plans to open more than 30 new delivery stations across tier II and tier III cities. Amazon is betting heavily on the growth potential of the quick commerce market, which is set to hit $5.38 billion by 2030, according to reports.The move comes at a time when quick commerce is rapidly reshaping consumer behaviour. Once limited to large cities, services like Amazon Now are increasingly reaching tier II and tier III cities, where rising disposable incomes and changing shopping habits are driving the demand for instant deliveries. Companies like Zepto, Blinkit, and Swiggy Instamart have already established strong footholds in these markets, and Amazon’s entry adds a fresh layer of competition to the sector.<h2>The competitive landscape and Amazon's strategic push</h2>Amazon's late entry into the sub-60-minute delivery race pits the company directly against dominant players in the Indian market. According to a recent report by Motilal Oswal, Blinkit controls 46 per cent of the market, followed by Zepto with 29 per cent, and Swiggy Instamart at 25 per cent. However, analysts believe Amazon’s scale and resources could allow it to shake up the market dynamics in the long run.In response to the growing quick commerce trend, Flipkart also launched its own service, Flipkart Minutes, earlier this year, which now operates across 14 cities. Amazon, however, seems well-positioned to challenge the incumbents, thanks to its existing network of nearly 2,000 delivery centers and its deep commitment to expanding its logistics infrastructure.As Amazon and other players ramp up investments, the competition in India’s quick commerce market is expected to intensify. With its focus on speed, convenience, and customer experience, Amazon’s new foray into 10-minute deliveries could significantly alter the competitive landscape.

Amazon, which previously introduced the service in select pin codes of Bengaluru late last year, is now expanding Amazon Now to other parts of the country, responding to the increasing consumer demand for ultra-fast deliveries.

Amazon has officially rolled out its 10-minute delivery service, Amazon Now, in Delhi, marking its second major city launch in India as part of its aggressive push into the rapidly growing quick commerce sector. The e-commerce giant, which previously introduced the service in select pin codes of Bengaluru late last year, is now expanding Amazon Now to other parts of the country, responding to the increasing consumer demand for ultra-fast deliveries. The service, which offers delivery of daily essentials within 10 minutes, is part of Amazon’s strategy to tap into India's $7 billion quick commerce market, dominated by companies like Blinkit, Zepto, and Swiggy Instamart. Amazon’s entry into this space signals its commitment to being a key player in a segment that is quickly overtaking traditional e-commerce in terms of consumer adoption. Amazon’s aggressive play to compete With consumers increasingly seeking faster delivery options, Amazon is doubling down on Amazon Now to compete with established players. According to a report by Bain and Flipkart, quick commerce platforms now account for more than two-thirds of online grocery orders and around 10 per cent of e-retail spending in 2024. Amazon Now will be available for select Delhi localities through the Amazon app under the “Now” tab. The service will initially offer a curated selection of daily essentials and aims to address customer needs with ultra-fast deliveries. Based on early positive feedback, Amazon has indicated that it plans to expand Amazon Now to other cities in the coming months, continuing its focus on offering rapid, reliable service to its Prime members. “We are excited with the initial customer response and positive feedback,” an Amazon spokesperson told the media. “Based on this, we’re now expanding the service over the next few months.” This latest expansion is part of Amazon’s broader investment in India. The company has already committed more than ₹2,000 crore ($233 million) this year to scale its logistics and operations in the country, with plans to open more than 30 new delivery stations across tier II and tier III cities. Amazon is betting heavily on the growth potential of the quick commerce market, which is set to hit $5.38 billion by 2030, according to reports. The move comes at a time when quick commerce is rapidly reshaping consumer behaviour. Once limited to large cities, services like Amazon Now are increasingly reaching tier II and tier III cities, where rising disposable incomes and changing shopping habits are driving the demand for instant deliveries. Companies like Zepto, Blinkit, and Swiggy Instamart have already established strong footholds in these markets, and Amazon’s entry adds a fresh layer of competition to the sector. The competitive landscape and Amazon's strategic push Amazon's late entry into the sub-60-minute delivery race pits the company directly against dominant players in the Indian market. According to a recent report by Motilal Oswal, Blinkit controls 46 per cent of the market, followed by Zepto with 29 per cent, and Swiggy Instamart at 25 per cent. However, analysts believe Amazon’s scale and resources could allow it to shake up the market dynamics in the long run. In response to the growing quick commerce trend, Flipkart also launched its own service, Flipkart Minutes, earlier this year, which now operates across 14 cities. Amazon, however, seems well-positioned to challenge the incumbents, thanks to its existing network of nearly 2,000 delivery centers and its deep commitment to expanding its logistics infrastructure. As Amazon and other players ramp up investments, the competition in India’s quick commerce market is expected to intensify. With its focus on speed, convenience, and customer experience, Amazon’s new foray into 10-minute deliveries could significantly alter the competitive landscape.

Amazon, which previously introduced the service in select pin codes of Bengaluru late last year, is now expanding Amazon Now to other parts of the country, responding to the increasing consumer demand for ultra-fast deliveries.

Amazon joins 10-minute delivery race in Delhi, takes on Blinkit and Zepto

State Bank of India (SBI), India’s largest lender by assets, is preparing to raise up to ₹25,000 crore ($2.9 billion) through a share sale to institutional investors, a move that could make it the largest such deal in the country’s history. According to media reports based on information from sources familiar with the matter, the Qualified Institutional Placement (QIP) could launch as early as next week, pending final approvals. If successful, this will surpass the ₹22,560 crore ($2.7 billion) share sale by Coal India Ltd. in 2015, which currently holds the record for the largest QIP in the country.<h2>Strengthening the balance sheet and loan growth</h2>The funds raised will be used to bolster SBI’s balance sheet, support its loan growth, and fulfil regulatory capital requirements. This marks the first time since 2017 that the state-owned lender, majority-controlled by the Indian government, has tapped the equity market for funds. The decision to pursue a QIP was approved by the bank’s board in May.The share sale comes at a crucial time as SBI continues to expand its operations amid a competitive banking landscape and ongoing economic challenges. As part of the process, the bank has appointed six investment banks to manage the transaction, including global players like Citigroup Inc. and HSBC Holdings Plc, along with domestic firms such as ICICI Securities Ltd. and Kotak Investment Banking.While the plans are still subject to change, the upcoming QIP, if fully subscribed, will significantly enhance SBI’s ability to fund its loan book and meet the increasing demand for credit in India's growing economy. SBI did not immediately respond to queries regarding the timeline or further details of the transaction.

The funds raised via SBI's share sale will be used to bolster the bank’s balance sheet, support its loan growth, and fulfil regulatory capital requirements. 

State Bank of India (SBI), India’s largest lender by assets, is preparing to raise up to ₹25,000 crore ($2.9 billion) through a share sale to institutional investors, a move that could make it the largest such deal in the country’s history. According to media reports based on information from sources familiar with the matter, the Qualified Institutional Placement (QIP) could launch as early as next week, pending final approvals. If successful, this will surpass the ₹22,560 crore ($2.7 billion) share sale by Coal India Ltd. in 2015, which currently holds the record for the largest QIP in the country. Strengthening the balance sheet and loan growth The funds raised will be used to bolster SBI’s balance sheet, support its loan growth, and fulfil regulatory capital requirements. This marks the first time since 2017 that the state-owned lender, majority-controlled by the Indian government, has tapped the equity market for funds. The decision to pursue a QIP was approved by the bank’s board in May. The share sale comes at a crucial time as SBI continues to expand its operations amid a competitive banking landscape and ongoing economic challenges. As part of the process, the bank has appointed six investment banks to manage the transaction, including global players like Citigroup Inc. and HSBC Holdings Plc, along with domestic firms such as ICICI Securities Ltd. and Kotak Investment Banking. While the plans are still subject to change, the upcoming QIP, if fully subscribed, will significantly enhance SBI’s ability to fund its loan book and meet the increasing demand for credit in India's growing economy. SBI did not immediately respond to queries regarding the timeline or further details of the transaction.

The funds raised via SBI's share sale will be used to bolster the bank’s balance sheet, support its loan growth, and fulfil regulatory capital requirements.&nbsp;

SBI to launch record-breaking share sale of $2.9 billion

India, US talk trade amid Trump tariff threat: Amid crunch talks for a Bilateral Trade Agreement (BTA) with the US as the Trump tariff threat looms, India has proposed retaliatory tariffs under WTO rules in response to the US "safeguard" tariffs on steel and aluminium. The first phase of a BTA, which could be a ‘mini-deal’ is expected to be inked by September-October. But that will cross the August 1 deadline given by US President Donald Trump for countries to reach trade deals with the US, or face tariffs. What is the status of India-US trade deal? How will India be affected if no trade deal is reached? Here is what you should know:<h2>What is the status of India-US trade deal?</h2>Even as he sent out letters to several trading partner countries, Trump continued to say that a deal is likely with India.The two sides are racing to finalise the BTA as soon as possible, having missed the deadline of July 9, the date till which Trump had frozen the tariffs.An Indian commerce ministry team is preparing for another round of negotiations in Washington on the trade deal, according to indian media reports.<h2>India's offers and differences with US on tariffs and trade</h2>India has offered zero tariffs on 60 per cent of US imports worth $23 billion. New Delhi has also promised preferential access for 90 per cent of US goods, as well as cuts on items like bourbon whiskey and Harley-Davidson bikes.The US insists on lower tariffs on agriculture and dairy products. It wants access to the Indian market for the controversial Genetically Modified or GM crops. On these issues, India has remained firm in protecting the interests of the Indian farmers. India has also reportedly resisted a US demand to reduce its 'Made in India' origin rule from 60 per cent to 35 per cent.<h2>What tariffs could hit India if no trade deal is reached by August 1?</h2>Trump has expressed optimism about a trade deal with India. It is quite possible that he would extend the deadline for the same with India ‘on good faith’.&nbsp;But if a deal is not reached, India could face a 10 per cent 'universal tariff' on all imports from India, as imposed by the US president in April. In addition, India could face an extra 17 per cent reciprocal tariff. The overall tariff rate, therefore, could be 27 per cent.<h2>Which sectors of India are facing US tariffs?</h2>Perhaps the biggest import tariffs could be on steel and aluminium, which could be raised up to 50 per cent. Indian auto imports could face 25 per cent tariff, though Indian parts coming via Canada and Mexico might get exemptions.Also exempted, as of now, are pharmaceutical, semiconductor and copper imports from India. Certain minerals and energy products critical to the US economy might also be exempt. &nbsp;<a href="https://www.wionews.com/videos/donald-trump-issues-fresh-tariff-letters-for-6-countries-1752084934139/embed">https://www.wionews.com/videos/donald-trump-issues-fresh-tariff-letters-for-6-countries-1752084934139/embed</a><h2>How will India-specific tariffs affect Indian exporters?</h2>The key sectors from India that could be hit by tariffs are gems, jewellery, marine products, electronics and auto parts.Textile imports from India could face up to 27 per cent tariff. Still, Indian textile and apparel might get a relative advantage, given that China, the main exporter to the US, is facing 145 per cent tariffs.<h2>US has a trade deficit with India and Trump wants to change it</h2>Indian exports to the US stood at around $129 billion in 2024, with pharmaceuticals alone accounting for $13 billion.The US has a trade deficit of $45 billion with India, which is a major grievance of Trump. He is taking the tariff route to reduce this gap.The Trump administration estimates US tariff revenues of around $34.8 billion per year from India, assuming there is no trade drop.<h2>Prognosis: What will happen to Indian exports to the US if no deal is reached?</h2>There will be high costs on some key Indian goods as mentioned above. Tariffs could reduce India's competitiveness and lead to a decline in Indian exports to the US, as they'd be less attractive for US importers. Despite deep concessions offered by India, differences remain on agricultural trade.Both nations are aiming to reach 'Mission 500', a goal of $500 billion in bilateral trade by 2030. The coming weeks would be critical in deciding the future of India-US trade.&nbsp;

What is the status of India-US trade deal? How will India be affected if no trade deal is reached and Trump tariffs are imposed? Here is what you should know

India, US talk trade amid Trump tariff threat: Amid crunch talks for a Bilateral Trade Agreement (BTA) with the US as the Trump tariff threat looms, India has proposed retaliatory tariffs under WTO rules in response to the US "safeguard" tariffs on steel and aluminium. The first phase of a BTA, which could be a ‘mini-deal’ is expected to be inked by September-October. But that will cross the August 1 deadline given by US President Donald Trump for countries to reach trade deals with the US, or face tariffs. What is the status of India-US trade deal? How will India be affected if no trade deal is reached? Here is what you should know: What is the status of India-US trade deal? Even as he sent out letters to several trading partner countries, Trump continued to say that a deal is likely with India. The two sides are racing to finalise the BTA as soon as possible, having missed the deadline of July 9, the date till which Trump had frozen the tariffs. An Indian commerce ministry team is preparing for another round of negotiations in Washington on the trade deal, according to indian media reports. India's offers and differences with US on tariffs and trade India has offered zero tariffs on 60 per cent of US imports worth $23 billion. New Delhi has also promised preferential access for 90 per cent of US goods, as well as cuts on items like bourbon whiskey and Harley-Davidson bikes. The US insists on lower tariffs on agriculture and dairy products. It wants access to the Indian market for the controversial Genetically Modified or GM crops. On these issues, India has remained firm in protecting the interests of the Indian farmers. India has also reportedly resisted a US demand to reduce its 'Made in India' origin rule from 60 per cent to 35 per cent. What tariffs could hit India if no trade deal is reached by August 1? Trump has expressed optimism about a trade deal with India. It is quite possible that he would extend the deadline for the same with India ‘on good faith’. But if a deal is not reached, India could face a 10 per cent 'universal tariff' on all imports from India, as imposed by the US president in April. In addition, India could face an extra 17 per cent reciprocal tariff. The overall tariff rate, therefore, could be 27 per cent. Which sectors of India are facing US tariffs? Perhaps the biggest import tariffs could be on steel and aluminium, which could be raised up to 50 per cent. Indian auto imports could face 25 per cent tariff, though Indian parts coming via Canada and Mexico might get exemptions. Also exempted, as of now, are pharmaceutical, semiconductor and copper imports from India. Certain minerals and energy products critical to the US economy might also be exempt. https://www.wionews.com/videos/donald-trump-issues-fresh-tariff-letters-for-6-countries-1752084934139/embed How will India-specific tariffs affect Indian exporters? The key sectors from India that could be hit by tariffs are gems, jewellery, marine products, electronics and auto parts. Textile imports from India could face up to 27 per cent tariff. Still, Indian textile and apparel might get a relative advantage, given that China, the main exporter to the US, is facing 145 per cent tariffs. US has a trade deficit with India and Trump wants to change it Indian exports to the US stood at around $129 billion in 2024, with pharmaceuticals alone accounting for $13 billion. The US has a trade deficit of $45 billion with India, which is a major grievance of Trump. He is taking the tariff route to reduce this gap. The Trump administration estimates US tariff revenues of around $34.8 billion per year from India, assuming there is no trade drop. Prognosis: What will happen to Indian exports to the US if no deal is reached? There will be high costs on some key Indian goods as mentioned above. Tariffs could reduce India's competitiveness and lead to a decline in Indian exports to the US, as they'd be less attractive for US importers. Despite deep concessions offered by India, differences remain on agricultural trade. Both nations are aiming to reach 'Mission 500', a goal of $500 billion in bilateral trade by 2030. The coming weeks would be critical in deciding the future of India-US trade.

What is the status of India-US trade deal? How will India be affected if no trade deal is reached and Trump tariffs are imposed? Here is what you should know &nbsp;

Deal or no deal? India races with trade talks amid Trump tariff threat, proposes retaliatory rates on US steel, aluminium

South Korea’s central bank, Bank of Korea, has decided to leave its benchmark interest rate unchanged at 2.5 per cent, as it continues to navigate a delicate economic landscape marked by rising household debt and uncertainties surrounding US tariffs. The Bank of Korea (BOK) announced its decision on July 10, prioritising financial stability over immediate growth concerns.<h2>Caution over household debt and housing market</h2>The Bank of Korea’s decision comes at a time of heightened concern about the country’s housing market, particularly in Seoul and its surrounding areas, where housing prices have seen significant acceleration. In June, annualised housing prices surged by over 19 per cent, according to Goldman Sachs, prompting authorities to implement measures aimed at cooling the market. Household debt, which has risen dramatically, has also become a central issue for the central bank.Despite this, the bank noted that its recent measures to address household debt seem to have had a stabilising effect on the housing market. However, the BOK acknowledged that risks remain, particularly with ongoing concerns about the foreign exchange market’s volatility and potential impacts from global trade dynamics.<h2>Economic slowdown and US tariffs</h2>The South Korean economy has faced headwinds in recent months, with export growth slowing and construction activity weakening. Moreover, uncertainty surrounding trade negotiations, particularly with the US, has added further strain. President Donald Trump has threatened to impose 25 per cent tariffs on all South Korean imports starting August 1 if trade talks do not progress. These tariff threats have added complexity to an already challenging economic environment.Looking ahead, economists expect the Bank of Korea may be inclined to cut rates later this year, potentially in August and November, once the effects of housing market cooling measures become clearer. However, concerns over high household debt are expected to temper any aggressive policy moves. As the Bank of Korea remains vigilant in balancing growth and financial stability, it will continue to monitor both domestic and global developments closely, with an eye on how these factors impact inflation and economic sentiment.

The Bank of Korea’s decision comes at a time of heightened concern about the country’s housing market, particularly in Seoul and its surrounding areas, where housing prices have seen significant acceleration. 

South Korea’s central bank, Bank of Korea, has decided to leave its benchmark interest rate unchanged at 2.5 per cent, as it continues to navigate a delicate economic landscape marked by rising household debt and uncertainties surrounding US tariffs. The Bank of Korea (BOK) announced its decision on July 10, prioritising financial stability over immediate growth concerns. Caution over household debt and housing market The Bank of Korea’s decision comes at a time of heightened concern about the country’s housing market, particularly in Seoul and its surrounding areas, where housing prices have seen significant acceleration. In June, annualised housing prices surged by over 19 per cent, according to Goldman Sachs, prompting authorities to implement measures aimed at cooling the market. Household debt, which has risen dramatically, has also become a central issue for the central bank. Despite this, the bank noted that its recent measures to address household debt seem to have had a stabilising effect on the housing market. However, the BOK acknowledged that risks remain, particularly with ongoing concerns about the foreign exchange market’s volatility and potential impacts from global trade dynamics. Economic slowdown and US tariffs The South Korean economy has faced headwinds in recent months, with export growth slowing and construction activity weakening. Moreover, uncertainty surrounding trade negotiations, particularly with the US, has added further strain. President Donald Trump has threatened to impose 25 per cent tariffs on all South Korean imports starting August 1 if trade talks do not progress. These tariff threats have added complexity to an already challenging economic environment. Looking ahead, economists expect the Bank of Korea may be inclined to cut rates later this year, potentially in August and November, once the effects of housing market cooling measures become clearer. However, concerns over high household debt are expected to temper any aggressive policy moves. As the Bank of Korea remains vigilant in balancing growth and financial stability, it will continue to monitor both domestic and global developments closely, with an eye on how these factors impact inflation and economic sentiment.

The Bank of Korea’s decision comes at a time of heightened concern about the country’s housing market, particularly in Seoul and its surrounding areas, where housing prices have seen significant acceleration.&nbsp;

Bank of Korea holds rate steady amid housing market concerns

The cost of copper in the US has surged to unprecedented heights following the announcement of a 50 per cent tariff on imported copper, set to take effect on August 1. This new tariff could exacerbate the already-high prices of the industrial metal, used extensively in sectors such as electronics, construction, and renewable energy. On the day of the announcement, copper prices in the US spiked by 13 per cent, the largest single-day jump since 1989, reaching a record $5.69 per pound. By contrast, prices in global markets saw only minimal increases, underscoring the growing disparity between US copper costs and those in other regions.Copper is vital to a vast array of industries, from home appliances to electric vehicles and semiconductors. The price spike is expected to increase the cost of everyday products for US consumers, including goods like refrigerators, air conditioners, and cars. Construction projects, including those related to infrastructure and housing, are also likely to face higher costs, as copper is a key material in wiring, plumbing, and various industrial applications. The potential ripple effect could drive up overall inflation, further straining the US economy.<h2>Unrealistic expectations for domestic production</h2>While the Trump administration’s aim with the tariff is to reduce reliance on foreign copper and boost domestic production, experts warn that this goal is unrealistic in the short term. The US imports nearly half of its copper, primarily from countries such as Chile, Canada, Peru, and Mexico. However, US mines are not equipped to meet the nation’s copper needs in the near future. Increasing domestic production would require substantial investments in mining infrastructure, which could take years, if not decades, to fully ramp up.The tariff could also inadvertently encourage businesses to seek cheaper alternatives, such as aluminium, which could be used in place of copper in some products, despite its higher long-term maintenance costs. Yet, aluminium is not a perfect substitute, as copper’s superior conductivity makes it crucial for industries like renewable energy, semiconductors, and aerospace, where performance is paramount. As a result, some industries may face higher operational costs as they attempt to pivot, creating inefficiencies and increasing product prices for consumers.<h2>Wider economic consequences</h2>The copper tariff, while aimed at strengthening the US economy by fostering domestic production, is likely to backfire in several areas. The most immediate consequence will be price inflation for consumers. Everything from home repairs to new cars could become more expensive as companies pass along their increased costs. This price hike is also expected to affect industries like electric vehicles (EVs), where copper is a crucial component in batteries and wiring.Additionally, industries dependent on copper for infrastructure projects, such as utilities and renewable energy companies, will see rising operational costs. Projects related to energy generation and distribution could be delayed or scaled back due to the increased cost of materials, further straining the US energy grid and impeding progress toward clean energy goals. In sectors like aerospace and defence, where copper is used in everything from aircraft to missile defence systems, the increased costs could hinder innovation and project timelines.The tariff also places a significant burden on US consumers who will bear the brunt of higher prices, particularly in a country where inflation is already a concern. The added cost of everything from home appliances to EVs will strain household budgets, particularly for lower-income Americans.<h2>The long-term picture</h2>In the long term, the success of Trump's tariff strategy hinges on the ability of US manufacturers to ramp up domestic production. However, experts caution that such an outcome is not realistic in the near term. Copper mining is a complex and capital-intensive industry, and even if new mines are developed, it will take years to reach a scale that meets US demand. In the meantime, companies will likely seek workarounds, such as moving production overseas or investing in alternative materials.As global copper prices remain relatively stable, the US faces a stark contrast in pricing. The disparity between US and international copper prices could make US products less competitive on the global stage, further widening the trade imbalance. Ultimately, while the tariff may have been designed to bolster US production, it risks damaging the broader economy in the process.

While the Trump administration’s aim with the tariff is to reduce reliance on foreign copper and boost domestic production, experts warn that this goal is unrealistic in the short term. 

The cost of copper in the US has surged to unprecedented heights following the announcement of a 50 per cent tariff on imported copper, set to take effect on August 1. This new tariff could exacerbate the already-high prices of the industrial metal, used extensively in sectors such as electronics, construction, and renewable energy. On the day of the announcement, copper prices in the US spiked by 13 per cent, the largest single-day jump since 1989, reaching a record $5.69 per pound. By contrast, prices in global markets saw only minimal increases, underscoring the growing disparity between US copper costs and those in other regions. Copper is vital to a vast array of industries, from home appliances to electric vehicles and semiconductors. The price spike is expected to increase the cost of everyday products for US consumers, including goods like refrigerators, air conditioners, and cars. Construction projects, including those related to infrastructure and housing, are also likely to face higher costs, as copper is a key material in wiring, plumbing, and various industrial applications. The potential ripple effect could drive up overall inflation, further straining the US economy. Unrealistic expectations for domestic production While the Trump administration’s aim with the tariff is to reduce reliance on foreign copper and boost domestic production, experts warn that this goal is unrealistic in the short term. The US imports nearly half of its copper, primarily from countries such as Chile, Canada, Peru, and Mexico. However, US mines are not equipped to meet the nation’s copper needs in the near future. Increasing domestic production would require substantial investments in mining infrastructure, which could take years, if not decades, to fully ramp up. The tariff could also inadvertently encourage businesses to seek cheaper alternatives, such as aluminium, which could be used in place of copper in some products, despite its higher long-term maintenance costs. Yet, aluminium is not a perfect substitute, as copper’s superior conductivity makes it crucial for industries like renewable energy, semiconductors, and aerospace, where performance is paramount. As a result, some industries may face higher operational costs as they attempt to pivot, creating inefficiencies and increasing product prices for consumers. Wider economic consequences The copper tariff, while aimed at strengthening the US economy by fostering domestic production, is likely to backfire in several areas. The most immediate consequence will be price inflation for consumers. Everything from home repairs to new cars could become more expensive as companies pass along their increased costs. This price hike is also expected to affect industries like electric vehicles (EVs), where copper is a crucial component in batteries and wiring. Additionally, industries dependent on copper for infrastructure projects, such as utilities and renewable energy companies, will see rising operational costs. Projects related to energy generation and distribution could be delayed or scaled back due to the increased cost of materials, further straining the US energy grid and impeding progress toward clean energy goals. In sectors like aerospace and defence, where copper is used in everything from aircraft to missile defence systems, the increased costs could hinder innovation and project timelines. The tariff also places a significant burden on US consumers who will bear the brunt of higher prices, particularly in a country where inflation is already a concern. The added cost of everything from home appliances to EVs will strain household budgets, particularly for lower-income Americans. The long-term picture In the long term, the success of Trump's tariff strategy hinges on the ability of US manufacturers to ramp up domestic production. However, experts caution that such an outcome is not realistic in the near term. Copper mining is a complex and capital-intensive industry, and even if new mines are developed, it will take years to reach a scale that meets US demand. In the meantime, companies will likely seek workarounds, such as moving production overseas or investing in alternative materials. As global copper prices remain relatively stable, the US faces a stark contrast in pricing. The disparity between US and international copper prices could make US products less competitive on the global stage, further widening the trade imbalance. Ultimately, while the tariff may have been designed to bolster US production, it risks damaging the broader economy in the process.

While the Trump administration’s aim with the tariff is to reduce reliance on foreign copper and boost domestic production, experts warn that this goal is unrealistic in the short term.&nbsp;

Will Trump’s copper tariffs hit the US economy harder than the rest of the world?

Ruoming Pang, a US-based artificial intelligence expert, has received a salary deal of $200 million from Meta Platforms. The software wizard has quit tech giant Apple to join the Mark Zuckerberg-led company. Pang used to work with Apple's AI models team. He was hired by Meta with a multi-year pay package running into millions of dollars. He wasn't retained by Apple, which is still in the process of fully launching its AI features to its lines of smartphones.&nbsp;Ruoming Pang is part of Meta's superintelligence group, which has received some of the highest compensation packages in corporate history. They are effectively earning more than most of the CEOs of the world, said a Bloomberg report. The compensation packages include a base salary, a signing bonus,&nbsp;and Meta stock in a bulk deal.<h2>What did Ruoming Pang do at Apple?</h2>According to his LinkedIn account, he led a foundation model&nbsp;team at Apple's AI/ML team. The team he worked with was developing AI products for Apple Intelligence. It was also involved in&nbsp;research and development of the AXLearn training framework, pretraining, post-training, and inference optimization of LLMs, and multi-modal understanding and generation capabilities.Rouming Pang joined Apple in August 2021 as a software engineer.&nbsp;Before this, he worked at Google as a Principal Software Engineer between July 2006 and August 2021. He led Google Brain's&nbsp;speech recognition research and product engagement.&nbsp;<a href="https://www.wionews.com/business-economy/meet-jay-chaudhry-the-richest-indian-american-who-grew-up-in-village-without-water-not-sundar-pichai-satya-nadella-1752117587169">Also read: Meet the richest Indian-American who grew up in village without electricity, water; not Sundar Pichai, Satya Nadella</a><h2>Where did Ruoming Pang study?</h2>Rouming Pang completed his PhD in computer science from the prestigious Princeton University between 2000 and 2006. He did his Master's degree in computer science from the University of Southern California. He completed his BS, computer science from Shanghai Jiao Tong University between 1995 and 1998 in Shanghai, China.

Rouming Pang, a US-based artificial intelligence expert, has received a salary deal of $200 million from Meta Platforms. The software wizard has quit tech giant Apple to join the Mark Zuckerberg-led company. 

Ruoming Pang, a US-based artificial intelligence expert, has received a salary deal of $200 million from Meta Platforms. The software wizard has quit tech giant Apple to join the Mark Zuckerberg-led company. Pang used to work with Apple's AI models team. He was hired by Meta with a multi-year pay package running into millions of dollars. He wasn't retained by Apple, which is still in the process of fully launching its AI features to its lines of smartphones. Ruoming Pang is part of Meta's superintelligence group, which has received some of the highest compensation packages in corporate history. They are effectively earning more than most of the CEOs of the world, said a Bloomberg report. The compensation packages include a base salary, a signing bonus, and Meta stock in a bulk deal. What did Ruoming Pang do at Apple? According to his LinkedIn account, he led a foundation model team at Apple's AI/ML team. The team he worked with was developing AI products for Apple Intelligence. It was also involved in research and development of the AXLearn training framework, pretraining, post-training, and inference optimization of LLMs, and multi-modal understanding and generation capabilities. Rouming Pang joined Apple in August 2021 as a software engineer. Before this, he worked at Google as a Principal Software Engineer between July 2006 and August 2021. He led Google Brain's speech recognition research and product engagement. Also read: Meet the richest Indian-American who grew up in village without electricity, water; not Sundar Pichai, Satya Nadella Where did Ruoming Pang study? Rouming Pang completed his PhD in computer science from the prestigious Princeton University between 2000 and 2006. He did his Master's degree in computer science from the University of Southern California. He completed his BS, computer science from Shanghai Jiao Tong University between 1995 and 1998 in Shanghai, China.

Ruoming Pang is part of Meta's superintelligence group, which has received some of the highest compensation packages in corporate history.

Meet Ruoming Pang, who got a Rs 1713 crore salary deal; where did he study?

In a dramatic escalation of tensions between the United States and Brazil, President Donald Trump announced on July 9 that the US would impose a 50 per cent tariff on all imports from Brazil starting August 1, 2025. The move comes in the wake of a heated dispute over the prosecution of former Brazilian President Jair Bolsonaro, who is on trial for allegedly attempting to overturn his 2022 election loss to current President Luiz Inacio Lula da Silva.Trump, in a letter addressed to Lula, described the trial as a “witch hunt” and an “international disgrace.” He accused Brazil of launching “insidious attacks on free elections” and using legal proceedings to suppress political opponents, a stance that echoes his own rhetoric about legal cases in the US. The letter further stated that Washington would launch an investigation into Brazil’s trade practices, specifically focusing on the treatment of US companies involved in digital trade.The move to impose the steep tariffs sent shockwaves through Brazilian markets. The real, Brazil’s national currency, dropped by more than 2 per cent against the US dollar, and major companies such as planemaker Embraer and oil giant Petrobras saw their stock prices take a hit. The tariffs are a sharp increase from the 10 per cent proposed in April 2025 and are expected to significantly affect Brazil’s exports, particularly in sectors like steel and agricultural products.<h2>Lula responds with threat of retaliation</h2>Brazilian President Lula, who has already faced criticism from Trump for his handling of Bolsonaro’s legal case, swiftly rejected the new tariffs. He labelled Trump’s actions as unfair and said Brazil would respond in kind under its “Economic Reciprocity Law.” Lula also reaffirmed his country’s sovereignty, writing in a post on social media, “The world has changed. We don't want an emperor.”Lula, in a separate statement, called the US administration’s stance “shameful,” accusing Trump of undermining Brazil’s democratic processes and violating international norms by meddling in a sovereign nation’s legal matters. The two leaders had already clashed earlier in the week when Trump expressed support for Bolsonaro, urging Brazilian authorities to “leave Bolsonaro alone.” Bolsonaro, who is facing charges for his alleged involvement in a failed coup attempt, remains a controversial figure in Brazil, with many accusing him of undermining the nation’s democracy.Lula, who narrowly defeated Bolsonaro in the 2022 elections, emphasised that no one is above the law and that Bolsonaro’s case would be decided by Brazil’s courts without foreign interference.<h2>Impact on US-Brazil trade relations</h2>The trade war escalation could have far-reaching consequences for US-Brazil trade, which is significant in certain sectors. Brazil is a key supplier of steel to the US, sending over four million tonnes of the metal in 2024, and it also supplies critical agricultural products like coffee, orange juice, beef, and ethanol. The US is Brazil’s second-largest trading partner, after China, and this new round of tariffs could disrupt long-established trade flows, particularly in the food and beverage industries. US consumers may face higher prices for Brazilian coffee, orange juice, and sugar, all of which are major imports.Experts warned that the tariffs could devastate the US juice industry, which has depended on Brazil as its main supplier for decades. Brazil’s coffee exports alone amount to nearly eight million bags annually, and any tariff increases could trigger a significant rise in US retail coffee prices.Despite these concerns, Trump’s administration insists the tariffs are necessary to address what it views as unfair trade practices and to balance trade imbalances. However, experts warn that such aggressive tariff policies could lead to inflationary pressures and broader economic instability, particularly as Brazil is a critical partner for both the US and global markets.The US and Brazil are now locked in a tense standoff that may have lasting implications for their bilateral relations and global trade dynamics.

The tariffs are a sharp increase from the 10 per cent proposed in April 2025 and are expected to significantly affect Brazil’s exports, particularly in sectors like steel and agricultural products.

In a dramatic escalation of tensions between the United States and Brazil, President Donald Trump announced on July 9 that the US would impose a 50 per cent tariff on all imports from Brazil starting August 1, 2025. The move comes in the wake of a heated dispute over the prosecution of former Brazilian President Jair Bolsonaro, who is on trial for allegedly attempting to overturn his 2022 election loss to current President Luiz Inacio Lula da Silva. Trump, in a letter addressed to Lula, described the trial as a “witch hunt” and an “international disgrace.” He accused Brazil of launching “insidious attacks on free elections” and using legal proceedings to suppress political opponents, a stance that echoes his own rhetoric about legal cases in the US. The letter further stated that Washington would launch an investigation into Brazil’s trade practices, specifically focusing on the treatment of US companies involved in digital trade. The move to impose the steep tariffs sent shockwaves through Brazilian markets. The real, Brazil’s national currency, dropped by more than 2 per cent against the US dollar, and major companies such as planemaker Embraer and oil giant Petrobras saw their stock prices take a hit. The tariffs are a sharp increase from the 10 per cent proposed in April 2025 and are expected to significantly affect Brazil’s exports, particularly in sectors like steel and agricultural products. Lula responds with threat of retaliation Brazilian President Lula, who has already faced criticism from Trump for his handling of Bolsonaro’s legal case, swiftly rejected the new tariffs. He labelled Trump’s actions as unfair and said Brazil would respond in kind under its “Economic Reciprocity Law.” Lula also reaffirmed his country’s sovereignty, writing in a post on social media, “The world has changed. We don't want an emperor.” Lula, in a separate statement, called the US administration’s stance “shameful,” accusing Trump of undermining Brazil’s democratic processes and violating international norms by meddling in a sovereign nation’s legal matters. The two leaders had already clashed earlier in the week when Trump expressed support for Bolsonaro, urging Brazilian authorities to “leave Bolsonaro alone.” Bolsonaro, who is facing charges for his alleged involvement in a failed coup attempt, remains a controversial figure in Brazil, with many accusing him of undermining the nation’s democracy. Lula, who narrowly defeated Bolsonaro in the 2022 elections, emphasised that no one is above the law and that Bolsonaro’s case would be decided by Brazil’s courts without foreign interference. Impact on US-Brazil trade relations The trade war escalation could have far-reaching consequences for US-Brazil trade, which is significant in certain sectors. Brazil is a key supplier of steel to the US, sending over four million tonnes of the metal in 2024, and it also supplies critical agricultural products like coffee, orange juice, beef, and ethanol. The US is Brazil’s second-largest trading partner, after China, and this new round of tariffs could disrupt long-established trade flows, particularly in the food and beverage industries. US consumers may face higher prices for Brazilian coffee, orange juice, and sugar, all of which are major imports. Experts warned that the tariffs could devastate the US juice industry, which has depended on Brazil as its main supplier for decades. Brazil’s coffee exports alone amount to nearly eight million bags annually, and any tariff increases could trigger a significant rise in US retail coffee prices. Despite these concerns, Trump’s administration insists the tariffs are necessary to address what it views as unfair trade practices and to balance trade imbalances. However, experts warn that such aggressive tariff policies could lead to inflationary pressures and broader economic instability, particularly as Brazil is a critical partner for both the US and global markets. The US and Brazil are now locked in a tense standoff that may have lasting implications for their bilateral relations and global trade dynamics.

The tariffs are a sharp increase from the 10 per cent proposed in April 2025 and are expected to significantly affect Brazil’s exports, particularly in sectors like steel and agricultural products.

Trump imposes 50% tariff on Brazilian imports amid tensions with Lula over Bolsonaro trial

The United States’ apparel imports from China have plummeted to their lowest monthly level in 22 years, marking a significant shift in the global clothing trade. According to data from the US International Trade Commission (USITC), the value of apparel imports from China dropped to $556 million in May 2025, a sharp decline from $796 million in April, marking the fourth consecutive month of decreases. This reduction highlights the continued impact of the US administration's aggressive tariff policies, which have deterred American retailers from sourcing clothing from Chinese manufacturers.President Donald Trump’s decision to impose tariffs as high as 145 per cent in April 2025 has spurred many US companies to seek alternatives in countries such as Vietnam, Bangladesh, India, and Mexico. This trend has resulted in significant changes to global apparel supply chains, with China’s share of the US apparel market steadily shrinking in recent years.Despite an apparent easing in trade tensions between the US and China, US fashion companies are continuing to reduce their exposure to Chinese manufacturing. Earlier this year, anticipating the implementation of tariffs, retailers had stocked up on Chinese imports. In January 2025, apparel imports from China were valued at $1.69 billion, up 15 per cent from the previous year, but the ongoing tariff burden has led many businesses to move their sourcing operations elsewhere.<h2>Southeast Asia and Mexico gaining ground</h2>As China’s dominance wanes, Southeast Asia and Mexico are emerging as major beneficiaries of the shift in US sourcing patterns. According to data from QIMA, a global auditing firm, US sourcing from China fell nearly 25 per cent in the second quarter of 2025 compared to the previous year, while demand for factories in Southeast Asia surged by 29 per cent. In May 2025, the US imported $259 million worth of apparel from Mexico, up 12 per cent from the same month in 2024.QIMA’s report underscores the broader regional shift, with countries like Bangladesh, Cambodia, Pakistan, Vietnam, and India benefiting from US retailers seeking to diversify their supply chains away from China. While the shift has been gradual since mid-2023, the recent tariff hikes have accelerated the trend, further solidifying Southeast Asia’s position as the primary alternative to Chinese apparel.“While the US administration’s tariff policies took several sharp turns during Q2 2025, the procurement patterns of US-based brands and retailers have stayed largely within the bounds of long-standing trends,” QIMA noted. This sustained trend of diversifying supply sources is expected to continue as US retailers prepare for the busy holiday season, which will put US supply chains to the test.<h2>China’s apparel industry faces mounting challenges</h2>On a global scale, China’s apparel sector is grappling with a combination of rising wages, stricter environmental regulations, and increasing production costs. According to trade credit insurance firm Coface, China’s share of the global apparel export market has fallen from 54 per cent in 2010 to 41 per cent in 2023. The country’s growing wages, which have increased by an average of 6 per cent annually since 2010, have reduced its competitive advantage, particularly in comparison to other low-cost manufacturing hubs like Bangladesh and Vietnam.Coface’s analysis points out that while China houses 19 per cent of the world’s apparel companies, these companies account for only 10 per cent of the sector’s profits between 2020 and 2024. This highlights the inefficiencies in the Chinese apparel manufacturing model, which relies heavily on subcontracting for low-paying work.Countries like Bangladesh, India, and Vietnam are emerging as key players in the global apparel market, poised to capture market share due to their competitive advantage in terms of labour costs and favourable trade agreements. Additionally, as global customs duties remain uniform, these countries could further benefit from China’s declining dominance, particularly in markets outside of the US.“China’s losing ground in global apparel exports is a trend that we expect to continue, with South and Southeast Asia becoming the new epicentre of global clothing production,” said Coface analysts.As US tariffs on Chinese imports continue to reshape the apparel supply chain, the long-term outlook for China’s once-dominant apparel export industry appears uncertain, while Southeast Asia, Mexico, and other emerging markets stand poised to capture a larger share of the global market.

Despite an apparent easing in trade tensions between the US and China, US fashion companies are continuing to reduce their exposure to Chinese manufacturing.

The United States’ apparel imports from China have plummeted to their lowest monthly level in 22 years, marking a significant shift in the global clothing trade. According to data from the US International Trade Commission (USITC), the value of apparel imports from China dropped to $556 million in May 2025, a sharp decline from $796 million in April, marking the fourth consecutive month of decreases. This reduction highlights the continued impact of the US administration's aggressive tariff policies, which have deterred American retailers from sourcing clothing from Chinese manufacturers. President Donald Trump’s decision to impose tariffs as high as 145 per cent in April 2025 has spurred many US companies to seek alternatives in countries such as Vietnam, Bangladesh, India, and Mexico. This trend has resulted in significant changes to global apparel supply chains, with China’s share of the US apparel market steadily shrinking in recent years. Despite an apparent easing in trade tensions between the US and China, US fashion companies are continuing to reduce their exposure to Chinese manufacturing. Earlier this year, anticipating the implementation of tariffs, retailers had stocked up on Chinese imports. In January 2025, apparel imports from China were valued at $1.69 billion, up 15 per cent from the previous year, but the ongoing tariff burden has led many businesses to move their sourcing operations elsewhere. Southeast Asia and Mexico gaining ground As China’s dominance wanes, Southeast Asia and Mexico are emerging as major beneficiaries of the shift in US sourcing patterns. According to data from QIMA, a global auditing firm, US sourcing from China fell nearly 25 per cent in the second quarter of 2025 compared to the previous year, while demand for factories in Southeast Asia surged by 29 per cent. In May 2025, the US imported $259 million worth of apparel from Mexico, up 12 per cent from the same month in 2024. QIMA’s report underscores the broader regional shift, with countries like Bangladesh, Cambodia, Pakistan, Vietnam, and India benefiting from US retailers seeking to diversify their supply chains away from China. While the shift has been gradual since mid-2023, the recent tariff hikes have accelerated the trend, further solidifying Southeast Asia’s position as the primary alternative to Chinese apparel. “While the US administration’s tariff policies took several sharp turns during Q2 2025, the procurement patterns of US-based brands and retailers have stayed largely within the bounds of long-standing trends,” QIMA noted. This sustained trend of diversifying supply sources is expected to continue as US retailers prepare for the busy holiday season, which will put US supply chains to the test. China’s apparel industry faces mounting challenges On a global scale, China’s apparel sector is grappling with a combination of rising wages, stricter environmental regulations, and increasing production costs. According to trade credit insurance firm Coface, China’s share of the global apparel export market has fallen from 54 per cent in 2010 to 41 per cent in 2023. The country’s growing wages, which have increased by an average of 6 per cent annually since 2010, have reduced its competitive advantage, particularly in comparison to other low-cost manufacturing hubs like Bangladesh and Vietnam. Coface’s analysis points out that while China houses 19 per cent of the world’s apparel companies, these companies account for only 10 per cent of the sector’s profits between 2020 and 2024. This highlights the inefficiencies in the Chinese apparel manufacturing model, which relies heavily on subcontracting for low-paying work. Countries like Bangladesh, India, and Vietnam are emerging as key players in the global apparel market, poised to capture market share due to their competitive advantage in terms of labour costs and favourable trade agreements. Additionally, as global customs duties remain uniform, these countries could further benefit from China’s declining dominance, particularly in markets outside of the US. “China’s losing ground in global apparel exports is a trend that we expect to continue, with South and Southeast Asia becoming the new epicentre of global clothing production,” said Coface analysts. As US tariffs on Chinese imports continue to reshape the apparel supply chain, the long-term outlook for China’s once-dominant apparel export industry appears uncertain, while Southeast Asia, Mexico, and other emerging markets stand poised to capture a larger share of the global market.

Despite an apparent easing in trade tensions between the US and China, US fashion companies are continuing to reduce their exposure to Chinese manufacturing.

China’s apparel exports decline as US tariffs and rising costs weaken its dominance

The central bank of Pakistan is planning to launch a digital currency, and the State Bank of Pakistan (SBP) Governor Jameel Ahmad announced that the country is already launching a pilot project for the same. The announcement came on Wednesday (July 9), in which the governor said that legislation is being finalised to regulate virtual assets. At the Reuters NEXT Asia summit in Singapore, Ahmad said Pakistan was “building up our capacity on the central bank digital currency” and hoped to roll out a pilot soon. &nbsp;&nbsp;The governor said a new law would "lay down the foundations for the licensing and regulation" of virtual assets. Ahmad also said that the Pakistani central bank is in talks with some tech partners as well. This came just months after Pakistan set up the Pakistan Crypto Council (PCC). The institution is exploring bitcoin mining using surplus energy and has appointed Binance founder Changpeng Zhao as a strategic adviser. &nbsp;Pakistan is planning to establish a state-run bitcoin reserve. &nbsp;&nbsp;<a href="https://www.wionews.com/videos/breaking-strong-earthquake-tremor-jolts-delhi-ncr-residents-rush-out-of-house-1752120903209/embed">https://www.wionews.com/videos/breaking-strong-earthquake-tremor-jolts-delhi-ncr-residents-rush-out-of-house-1752120903209/embed</a>&nbsp;In May of this year, the State Bank of Pakistan (SBP) stated that virtual assets were not illegal. But advised financial institutions not to engage with them until a formal licensing framework was in place in the country. &nbsp;&nbsp;"There are risks associated, and at the same time, there are opportunities in this new emerging field. So we have to evaluate and manage the risk very carefully, and at the same time not let go of the opportunity," Ahmad said while speaking at the summit.&nbsp;&nbsp;

In May of this year, the State Bank of Pakistan (SBP) stated that virtual assets were not illegal. But advised financial institutions not to engage with them until a formal licensing framework was in place in the country.  



The central bank of Pakistan is planning to launch a digital currency, and the State Bank of Pakistan (SBP) Governor Jameel Ahmad announced that the country is already launching a pilot project for the same. The announcement came on Wednesday (July 9), in which the governor said that legislation is being finalised to regulate virtual assets. At the Reuters NEXT Asia summit in Singapore, Ahmad said Pakistan was “building up our capacity on the central bank digital currency” and hoped to roll out a pilot soon. The governor said a new law would "lay down the foundations for the licensing and regulation" of virtual assets. Ahmad also said that the Pakistani central bank is in talks with some tech partners as well. This came just months after Pakistan set up the Pakistan Crypto Council (PCC). The institution is exploring bitcoin mining using surplus energy and has appointed Binance founder Changpeng Zhao as a strategic adviser. Pakistan is planning to establish a state-run bitcoin reserve. https://www.wionews.com/videos/breaking-strong-earthquake-tremor-jolts-delhi-ncr-residents-rush-out-of-house-1752120903209/embed In May of this year, the State Bank of Pakistan (SBP) stated that virtual assets were not illegal. But advised financial institutions not to engage with them until a formal licensing framework was in place in the country. "There are risks associated, and at the same time, there are opportunities in this new emerging field. So we have to evaluate and manage the risk very carefully, and at the same time not let go of the opportunity," Ahmad said while speaking at the summit.

In May of this year, the State Bank of Pakistan (SBP) stated that virtual assets were not illegal. But advised financial institutions not to engage with them until a formal licensing framework was in place in the country. &nbsp;&nbsp;

'Building up our capacity': Pakistan to launch digital currency? Here's all you need to know

<blockquote>Bitcoin reached a new all-time high on July 9, soaring past the $112,000 mark for the first time in history, as institutional demand and a risk-on sentiment in global markets fuelled its rally. The cryptocurrency touched an intraday high of $112,052.24, surpassing its previous peak of $111,989 set in May. As of late July 9, Bitcoin was trading at approximately $111,259, marking a 0.4 per cent increase from the previous day and an impressive 18 per cent year-to-date gain. This surge in price comes amid a broader rally in equities, particularly driven by tech stocks like Nvidia, which briefly touched a $4 trillion market cap.&nbsp;</blockquote>Bitcoin’s rise aligns with the bullish sentiment seen in risk assets, with both Bitcoin and stocks benefiting from the same market forces. As Bitcoin continues to gain traction among corporate treasuries and institutional investors, some experts speculate that the cryptocurrency could push toward $120,000 or higher in the coming weeks.<h2>Bitcoin’s resilient growth and institutional adoption</h2>Bitcoin’s climb is also indicative of a shift in investor perception. As Anthony Pompliano, founder of Professional Capital Management, recently highlighted, Bitcoin is “the only asset” that becomes less risky as it grows in size. In a letter to investors, Pompliano noted that the asset class’s increasing market cap, now measured in trillions, has made it more accessible to a wider range of institutional capital allocators.This growing acceptance by traditional financial players has been bolstered by the Trump administration’s crypto-friendly policies, opening new doors for capital inflows. Furthermore, major firms like Trump Media &amp; Technology Group are now looking to launch crypto-focused exchange-traded funds (ETFs), which will invest in assets like Bitcoin, Ether, Solana, and Ripple. This movement further reflects a broadening of institutional interest in digital assets.In addition to Bitcoin, other cryptocurrencies also saw gains. Ether hit a one-month high of $2,794.95, rising 5.4 per cent on the day, while stocks tied to crypto-related businesses like Coinbase and MicroStrategy also surged. MicroStrategy, co-founded by Bitcoin advocate Michael Saylor, rose 4.7 per cent, reflecting the increasing link between digital assets and tech-driven market growth.<h2>Bitcoin’s momentum faces short-term liquidity risks</h2>Despite the optimistic outlook for Bitcoin, market experts are cautious about potential volatility in the short term. In the hours around Bitcoin’s latest record-breaking rally, nearly $340 million in liquidations of Bitcoin short positions were reported, highlighting the potential for quick reversals. However, many remain hopeful that Bitcoin’s long-term narrative as “digital gold” and its ongoing adoption as a reserve asset will continue to support its price trajectory through the second half of 2025. With expectations that more companies will adopt Bitcoin and Congress inches closer to potential crypto legislation, Bitcoin’s bullish momentum seems set to continue.

This surge in Bitcoin's price comes amid a broader rally in equities, particularly driven by tech stocks like Nvidia, which briefly touched a $4 trillion market cap.

Bitcoin reached a new all-time high on July 9, soaring past the $112,000 mark for the first time in history, as institutional demand and a risk-on sentiment in global markets fuelled its rally. The cryptocurrency touched an intraday high of $112,052.24, surpassing its previous peak of $111,989 set in May. As of late July 9, Bitcoin was trading at approximately $111,259, marking a 0.4 per cent increase from the previous day and an impressive 18 per cent year-to-date gain. This surge in price comes amid a broader rally in equities, particularly driven by tech stocks like Nvidia, which briefly touched a $4 trillion market cap. Bitcoin’s rise aligns with the bullish sentiment seen in risk assets, with both Bitcoin and stocks benefiting from the same market forces. As Bitcoin continues to gain traction among corporate treasuries and institutional investors, some experts speculate that the cryptocurrency could push toward $120,000 or higher in the coming weeks. Bitcoin’s resilient growth and institutional adoption Bitcoin’s climb is also indicative of a shift in investor perception. As Anthony Pompliano, founder of Professional Capital Management, recently highlighted, Bitcoin is “the only asset” that becomes less risky as it grows in size. In a letter to investors, Pompliano noted that the asset class’s increasing market cap, now measured in trillions, has made it more accessible to a wider range of institutional capital allocators. This growing acceptance by traditional financial players has been bolstered by the Trump administration’s crypto-friendly policies, opening new doors for capital inflows. Furthermore, major firms like Trump Media & Technology Group are now looking to launch crypto-focused exchange-traded funds (ETFs), which will invest in assets like Bitcoin, Ether, Solana, and Ripple. This movement further reflects a broadening of institutional interest in digital assets. In addition to Bitcoin, other cryptocurrencies also saw gains. Ether hit a one-month high of $2,794.95, rising 5.4 per cent on the day, while stocks tied to crypto-related businesses like Coinbase and MicroStrategy also surged. MicroStrategy, co-founded by Bitcoin advocate Michael Saylor, rose 4.7 per cent, reflecting the increasing link between digital assets and tech-driven market growth. Bitcoin’s momentum faces short-term liquidity risks Despite the optimistic outlook for Bitcoin, market experts are cautious about potential volatility in the short term. In the hours around Bitcoin’s latest record-breaking rally, nearly $340 million in liquidations of Bitcoin short positions were reported, highlighting the potential for quick reversals. However, many remain hopeful that Bitcoin’s long-term narrative as “digital gold” and its ongoing adoption as a reserve asset will continue to support its price trajectory through the second half of 2025. With expectations that more companies will adopt Bitcoin and Congress inches closer to potential crypto legislation, Bitcoin’s bullish momentum seems set to continue.

This surge in Bitcoin's price comes amid a broader rally in equities, particularly driven by tech stocks like Nvidia, which briefly touched a $4 trillion market cap.

Bitcoin surges to new all-time high above $112,000 amid growing institutional demand

Jay Chaudhry, an alumnus of IIT BHU, has emerged as the wealthiest Indian-American in the United States, with a net worth exceeding $17.9 billion. This fact was revealed in a list of America's Richest Immigrants 2025, which was compiled by Forbes. The magazine noted that the tally of immigrant billionaires rose from 92 in 2022 to 125 in 2025, including Google's Sundar Pichai and Microsoft's Satya Nadella.&nbsp;"These American immigrants are worth a record $1.3 trillion combined and hold 18% of America’s $7.2 trillion in total billionaire wealth,” Forbes noted. With 12 billionaires, India topped the list, followed by Israel (11), Taiwan (11), and China (8).<h2>Who is Jay Chaudhry?</h2>Jay Chaudhry, 65, completed his Bachelor of Technology from the Indian Institute of Technology, BHU. He travelled in a plane for the first time in 1980, when he moved to the United States to pursue an engineering and management master's program at the University of Cincinnati. He now lives in Reno, Nevada.&nbsp;He founded Zscaler in 2008, a cybersecurity firm, which went public in March 2018. He draws most of his net worth from his ownership in the Nasdaq-listed firm.&nbsp;&nbsp;Jay Chaudhry and his family own around 40 per cent of Zscaler.&nbsp;Before Zscaler, Jay Chaudhry founded four tech companies -- SecureIT, CoreHarbor, CipherTrust, and AirDefense -- all of which were acquired.&nbsp;<a href="https://www.wionews.com/business-economy/meet-rouming-pang-who-got-a-rs-1713-crore-salary-deal-where-did-he-study-1752137276713">Also read: Meet Rouming Pang, who got a Rs 1713 crore salary deal; where did he study?</a>&nbsp;Chaudhry started their startup&nbsp;journey in 1996, when he and his wife, Jyoti, pooled their savings and started SecureIT.&nbsp;He was born in a village in India. According to reports, he grew up in a village that had no electricity or running water until Class 10. Despite the hardships, he has emerged as the richest Indian-American.

Jay Chaudhry, an alumnus of IIT BHU, has emerged as the wealthiest Indian-American in the United States, with a net worth exceeding $17.9 billion.

Jay Chaudhry, an alumnus of IIT BHU, has emerged as the wealthiest Indian-American in the United States, with a net worth exceeding $17.9 billion. This fact was revealed in a list of America's Richest Immigrants 2025, which was compiled by Forbes. The magazine noted that the tally of immigrant billionaires rose from 92 in 2022 to 125 in 2025, including Google's Sundar Pichai and Microsoft's Satya Nadella. "These American immigrants are worth a record $1.3 trillion combined and hold 18% of America’s $7.2 trillion in total billionaire wealth,” Forbes noted. With 12 billionaires, India topped the list, followed by Israel (11), Taiwan (11), and China (8). Who is Jay Chaudhry? Jay Chaudhry, 65, completed his Bachelor of Technology from the Indian Institute of Technology, BHU. He travelled in a plane for the first time in 1980, when he moved to the United States to pursue an engineering and management master's program at the University of Cincinnati. He now lives in Reno, Nevada. He founded Zscaler in 2008, a cybersecurity firm, which went public in March 2018. He draws most of his net worth from his ownership in the Nasdaq-listed firm. Jay Chaudhry and his family own around 40 per cent of Zscaler. Before Zscaler, Jay Chaudhry founded four tech companies -- SecureIT, CoreHarbor, CipherTrust, and AirDefense -- all of which were acquired. Also read: Meet Rouming Pang, who got a Rs 1713 crore salary deal; where did he study? Chaudhry started their startup journey in 1996, when he and his wife, Jyoti, pooled their savings and started SecureIT. He was born in a village in India. According to reports, he grew up in a village that had no electricity or running water until Class 10. Despite the hardships, he has emerged as the richest Indian-American.

He founded Zscaler in 2008, a cybersecurity firm, which went public in March 2018. He draws most of his net worth from his ownership in the Nasdaq-listed firm.

Meet the richest Indian-American who grew up in village without electricity, water; not Sundar Pichai, Satya Nadella

OpenAI is likely to release an AI-powered web browser in the coming weeks to challenge Alphabet’s market-dominating Google Chrome, said a Reuters report, citing three people familiar with the developments. The browser is slated to launch in the coming weeks and aims to use artificial intelligence to fundamentally change how consumers browse the web.&nbsp;&nbsp;If OpenAI’s browser is adopted by the 400 million weekly active users of ChatGPT, it would impact Google’s share of advertisement revenue. Chrome is a key pillar of Alphabet’s ad business and makes up nearly three-quarters of its revenue, as it provides user information to help Alphabet target ads more effectively and profitably. It also gives Google a way to route search traffic to its own engine by default.Sources said that OpenAI’s browser is designed to keep some user interactions within a ChatGPT-like native chat interface instead of clicking through to websites.&nbsp;The sources declined to be identified, saying they are not authorised to speak publicly on the matter.&nbsp;<h2>OpenAI faced stiff competition from Google and Anthropic</h2>&nbsp;Sam Altman-led OpenAI flipped the tech industry with the launch of its AI chatbot ChatGPT in late 2022. After its initial success, OpenAI has faced stiff competition from rivals like Google and startup Anthropic and is seeking new areas of growth.A web browser would allow OpenAI to directly integrate its AI agent products, such as Operator, into the browsing experience, enabling the browser to carry out tasks on behalf of the user.The browser’s access to a user’s web activity would make it the ideal platform for AI “agents” that can take actions on their behalf, like booking reservations or filling out forms, directly within the websites they use.&nbsp;<h2>With 3bn users, Google holds more than two-thirds of global market</h2>&nbsp;Google Chrome is used by more than 3 billion people and currently holds more than two-thirds of the worldwide browser market, according to web analytics firm StatCounter. Apple’s Safari lags far behind with a 16% share.OpenAI said last month that it has 3 million paying business users for ChatGPT.Other AI startups like The Browser Company and Brave have announced AI-powered browsers capable of performing actions on a user’s behalf this year. Perplexity, a well-funded startup known for its search engine, also launched its AI browser, Comet, on Wednesday.

Chrome is a key pillar of Alphabet’s ad business and makes up nearly three-quarters of its revenue, as it provides user information to help Alphabet target ads more effectively and profitably. It also gives Google a way to route search traffic to its own engine by default.

OpenAI is likely to release an AI-powered web browser in the coming weeks to challenge Alphabet’s market-dominating Google Chrome, said a Reuters report, citing three people familiar with the developments. The browser is slated to launch in the coming weeks and aims to use artificial intelligence to fundamentally change how consumers browse the web. If OpenAI’s browser is adopted by the 400 million weekly active users of ChatGPT, it would impact Google’s share of advertisement revenue. Chrome is a key pillar of Alphabet’s ad business and makes up nearly three-quarters of its revenue, as it provides user information to help Alphabet target ads more effectively and profitably. It also gives Google a way to route search traffic to its own engine by default. Sources said that OpenAI’s browser is designed to keep some user interactions within a ChatGPT-like native chat interface instead of clicking through to websites. The sources declined to be identified, saying they are not authorised to speak publicly on the matter. OpenAI faced stiff competition from Google and Anthropic Sam Altman-led OpenAI flipped the tech industry with the launch of its AI chatbot ChatGPT in late 2022. After its initial success, OpenAI has faced stiff competition from rivals like Google and startup Anthropic and is seeking new areas of growth. A web browser would allow OpenAI to directly integrate its AI agent products, such as Operator, into the browsing experience, enabling the browser to carry out tasks on behalf of the user. The browser’s access to a user’s web activity would make it the ideal platform for AI “agents” that can take actions on their behalf, like booking reservations or filling out forms, directly within the websites they use. With 3bn users, Google holds more than two-thirds of global market Google Chrome is used by more than 3 billion people and currently holds more than two-thirds of the worldwide browser market, according to web analytics firm StatCounter. Apple’s Safari lags far behind with a 16% share. OpenAI said last month that it has 3 million paying business users for ChatGPT. Other AI startups like The Browser Company and Brave have announced AI-powered browsers capable of performing actions on a user’s behalf this year. Perplexity, a well-funded startup known for its search engine, also launched its AI browser, Comet, on Wednesday.

Chrome is a key pillar of Alphabet’s ad business and makes up nearly three-quarters of its revenue, as it provides user information to help Alphabet target ads more effectively and profitably. It also gives Google a way to route search traffic to its own engine by default.

OpenAI to release AI-powered web browser, challenge Google Chrome

Nvidia became the first company to reach $4 trillion in market value on Wednesday, a new threshold in Wall Street's bet that artificial intelligence will transform the economy.Shortly after the stock market opened, Nvidia, which is led by electrical engineer Jensen Huang, vaulted as high as $164.42, giving it a valuation above $4 trillion before retreating slightly."The market has an incredible certainty that AI is the future," said Steve Sosnick of Interactive Brokers. “Nvidia is certainly the company most positioned to benefit from that gold rush.”Nvidia has now attained a market value greater than the GDP of France, Britain or India, a testament to investor confidence that AI will spur a new era of robotics and automation, potentially boosting productivity while also challenging incumbent sectors and companies.The California chip company's latest surge is helping to drive a recovery in the broader stock market, even as Nvidia itself outperforms major indices. Part of this is due to relief that President Donald Trump has walked back his most draconian tariffs, which pummeled global markets in early April.Even as Trump has announced new tariff actions in recent days, the S&amp;P 500 and Nasdaq have lingered near records."You've seen the markets walk us back from a worst-case scenario in terms of tariffs," said Angelo Zino, technology analyst at CFRA Research.While Nvidia still faces US export controls to China as well as broader tariff uncertainty, the company's deal to build AI infrastructure in Saudi Arabia during a Trump state visit in May showed there was also potential upside in Trump's trade policy."We've seen the administration using Nvidia chips as a bargaining chip," Zino said.<h2>Bullish on 2026</h2>Nvidia's latest surge to $4 trillion marks a new threshold in a fairly consistent rise over the last two years as AI enthusiasm has built.In 2025 so far, the company's shares have risen 20 percent, whereas the Nasdaq has gained six percent.The Taiwan-born Huang has wowed investors with a series of advances, including its core product: graphics processing units (GPUs), which are foundational to many of the generative AI programs pursued throughout the technology sector, with applications in autonomous driving, robotics and other cutting-edge domains.The company has also unveiled new advances in recent months, highlighting its Blackwell system, which Huang said in March will soon enable virtually all productions to be “created and brought to life long before it is realized physically.”However, Nvidia's winning streak was challenged early in 2025 following revelations about the Chinese DeepSeek venture, which prompted worries that AI investment growth would slow. The company lost some $600 billion in market valuation during this period.Nvidia's Huang has welcomed DeepSeek as a growing presence in technology, while arguing against US export constraints.In the most recent quarter, Nvidia reported earnings of nearly $19 billion despite a $4.5 billion hit from US export controls designed to limit sales of cutting-edge technology to China.The first-quarter earnings period also revealed that momentum for AI remained strong throughout the tech industry. Many of the biggest technology companies -- Microsoft, Google, Amazon and Meta -- are racing each other in the multi-billion-dollar race to win the AI race.A recent UBS survey of technology executives showed Nvidia widening its lead over rivals.Zino said Nvidia's latest surge reflected a fuller understanding of DeepSeek, which has acted as a stimulant to investment for complex reasoning models rather than a threat to Nvidia's business.Nvidia is at the forefront of "AI agents," the current focus in generative AI in which machines are able to reason and infer more than in the past, he said."Overall the demand landscape has improved for 2026 for these more complex reasoning models," Zino said.

Shortly after the stock market opened, Nvidia, which is led by electrical engineer Jensen Huang, vaulted as high as $164.42, giving it a valuation above $4 trillion before retreating slightly.

Nvidia became the first company to reach $4 trillion in market value on Wednesday, a new threshold in Wall Street's bet that artificial intelligence will transform the economy. Shortly after the stock market opened, Nvidia, which is led by electrical engineer Jensen Huang, vaulted as high as $164.42, giving it a valuation above $4 trillion before retreating slightly. "The market has an incredible certainty that AI is the future," said Steve Sosnick of Interactive Brokers. “Nvidia is certainly the company most positioned to benefit from that gold rush.” Nvidia has now attained a market value greater than the GDP of France, Britain or India, a testament to investor confidence that AI will spur a new era of robotics and automation, potentially boosting productivity while also challenging incumbent sectors and companies. The California chip company's latest surge is helping to drive a recovery in the broader stock market, even as Nvidia itself outperforms major indices. Part of this is due to relief that President Donald Trump has walked back his most draconian tariffs, which pummeled global markets in early April. Even as Trump has announced new tariff actions in recent days, the S&P 500 and Nasdaq have lingered near records. "You've seen the markets walk us back from a worst-case scenario in terms of tariffs," said Angelo Zino, technology analyst at CFRA Research. While Nvidia still faces US export controls to China as well as broader tariff uncertainty, the company's deal to build AI infrastructure in Saudi Arabia during a Trump state visit in May showed there was also potential upside in Trump's trade policy. "We've seen the administration using Nvidia chips as a bargaining chip," Zino said. Bullish on 2026 Nvidia's latest surge to $4 trillion marks a new threshold in a fairly consistent rise over the last two years as AI enthusiasm has built. In 2025 so far, the company's shares have risen 20 percent, whereas the Nasdaq has gained six percent. The Taiwan-born Huang has wowed investors with a series of advances, including its core product: graphics processing units (GPUs), which are foundational to many of the generative AI programs pursued throughout the technology sector, with applications in autonomous driving, robotics and other cutting-edge domains. The company has also unveiled new advances in recent months, highlighting its Blackwell system, which Huang said in March will soon enable virtually all productions to be “created and brought to life long before it is realized physically.” However, Nvidia's winning streak was challenged early in 2025 following revelations about the Chinese DeepSeek venture, which prompted worries that AI investment growth would slow. The company lost some $600 billion in market valuation during this period. Nvidia's Huang has welcomed DeepSeek as a growing presence in technology, while arguing against US export constraints. In the most recent quarter, Nvidia reported earnings of nearly $19 billion despite a $4.5 billion hit from US export controls designed to limit sales of cutting-edge technology to China. The first-quarter earnings period also revealed that momentum for AI remained strong throughout the tech industry. Many of the biggest technology companies -- Microsoft, Google, Amazon and Meta -- are racing each other in the multi-billion-dollar race to win the AI race. A recent UBS survey of technology executives showed Nvidia widening its lead over rivals. Zino said Nvidia's latest surge reflected a fuller understanding of DeepSeek, which has acted as a stimulant to investment for complex reasoning models rather than a threat to Nvidia's business. Nvidia is at the forefront of "AI agents," the current focus in generative AI in which machines are able to reason and infer more than in the past, he said. "Overall the demand landscape has improved for 2026 for these more complex reasoning models," Zino said.

Shortly after the stock market opened, Nvidia, which is led by electrical engineer Jensen Huang, vaulted as high as $164.42, giving it a valuation above $4 trillion before retreating slightly.

Nvidia becomes first company to hit $4 trillion market value: How AI turned a chipmaker into Wall Street’s biggest winner

X CEO Linda Yaccarino has stepped down from her position of the chief executive after spending two years at the helm, marking the end of a high-profile chapter for the Elon Musk-owned social media platform. In a post on X, Yaccarino, 61, said, “When @elonmusk and I first spoke of his vision for X, I knew it would be the opportunity of a lifetime to carry out the extraordinary mission of this company. I’m immensely grateful to him for entrusting me.” She did not mention any reason for deciding to quit the post.&nbsp;<h2>Yaccarino calls tenure ‘the opportunity of a lifetime’</h2>&nbsp;In the post, Yaccarino described her tenure as “the opportunity of a lifetime” and thanked Musk for entrusting her with what she called an “extraordinary mission” protecting free speech, turning the company around, and transforming X into the “Everything App.”&nbsp;&nbsp;Yaccarino, a former advertising executive and NBCUniversal veteran, joined X in June 2023 after Musk acquired Twitter and rebranded it as X. Her hiring was viewed as a strategy to stabilise the company’s advertising business, which had witnessed chaos amid Musk’s stress on more open content moderation.Under Yaccarino’s watch, X focused on rebuilding advertiser confidence and developing new products like Community Notes, a user-driven fact-checking feature, and X Money, a financial services initiative slated to launch soon.&nbsp;<h2>‘Historic business turnaround nothing short of remarkable’</h2>&nbsp;“We started with critical work to prioritise user safety—especially for children—and to restore advertiser trust,” she wrote. “The historic business turnaround we have accomplished together has been nothing short of remarkable.”&nbsp;In her post, she also highlighted X’s role as a global “digital town square” and thanked the entire team, partners, and users for their support. Her exit comes at a time when X is gearing up for its next chapter with xAI, Musk’s artificial intelligence venture, which is likely to be increasingly integrated into X’s future roadmap. Yaccarino did not disclose her next move but indicated she will continue to engage with the platform’s community.&nbsp;“I’ll be cheering you all on as you continue to change the world,” she wrote. “As always, I’ll see you on X.”\&nbsp;&nbsp;<h2>Musk reacts to Linda’s exit announcement</h2>&nbsp;&nbsp;Elon Musk also reacted to Linda's resignation and said in the comment section of her post on X, “Thank you for your contributions.”&nbsp;&nbsp;

<blockquote class="twitter-tweet">After two incredible years, I’ve decided to step down as CEO of 𝕏. When <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> and I first spoke of his vision for X, I knew it would be the opportunity of a lifetime to carry out the extraordinary mission of this company. I’m immensely grateful to him for entrusting me…&mdash; Linda Yaccarino (@lindayaX) <a href="https://twitter.com/lindayaX/status/1942957094811951197?ref_src=twsrc%5Etfw">July 9, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

<blockquote class="twitter-tweet">Thank you for your contributions&mdash; Elon Musk (@elonmusk) <a href="https://twitter.com/elonmusk/status/1942967206993961124?ref_src=twsrc%5Etfw">July 9, 2025</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

Yaccarino, a former advertising executive and NBCUniversal veteran, joined X in June 2023 after Musk rebranded Twitter as X. Her hiring was viewed as a strategy to stabilise the company’s advertising business, which had witnessed chaos amid Musk’s stress on more open content moderation.

X CEO Linda Yaccarino has stepped down from her position of the chief executive after spending two years at the helm, marking the end of a high-profile chapter for the Elon Musk-owned social media platform. In a post on X, Yaccarino, 61, said, “When @elonmusk and I first spoke of his vision for X, I knew it would be the opportunity of a lifetime to carry out the extraordinary mission of this company. I’m immensely grateful to him for entrusting me.” She did not mention any reason for deciding to quit the post. Yaccarino calls tenure ‘the opportunity of a lifetime’ In the post, Yaccarino described her tenure as “the opportunity of a lifetime” and thanked Musk for entrusting her with what she called an “extraordinary mission” protecting free speech, turning the company around, and transforming X into the “Everything App.” Yaccarino, a former advertising executive and NBCUniversal veteran, joined X in June 2023 after Musk acquired Twitter and rebranded it as X. Her hiring was viewed as a strategy to stabilise the company’s advertising business, which had witnessed chaos amid Musk’s stress on more open content moderation. Under Yaccarino’s watch, X focused on rebuilding advertiser confidence and developing new products like Community Notes, a user-driven fact-checking feature, and X Money, a financial services initiative slated to launch soon. ‘Historic business turnaround nothing short of remarkable’ “We started with critical work to prioritise user safety—especially for children—and to restore advertiser trust,” she wrote. “The historic business turnaround we have accomplished together has been nothing short of remarkable.” In her post, she also highlighted X’s role as a global “digital town square” and thanked the entire team, partners, and users for their support. Her exit comes at a time when X is gearing up for its next chapter with xAI, Musk’s artificial intelligence venture, which is likely to be increasingly integrated into X’s future roadmap. Yaccarino did not disclose her next move but indicated she will continue to engage with the platform’s community. “I’ll be cheering you all on as you continue to change the world,” she wrote. “As always, I’ll see you on X.”\ Musk reacts to Linda’s exit announcement Elon Musk also reacted to Linda's resignation and said in the comment section of her post on X, “Thank you for your contributions.”

Yaccarino, a former advertising executive and NBCUniversal veteran, joined X in June 2023 after Musk rebranded Twitter as X. Her hiring was viewed as a strategy to stabilise the company’s advertising business, which had witnessed chaos amid Musk’s stress on more open content moderation.

Linda Yaccarino steps down as CEO of Elon Musk’s X after two years

Australia has expressed urgent concern over US President Donald Trump’s threat to slap a massive 200 per cent tariff on pharmaceutical imports, warning the move could disrupt a vital trade link and drive-up medicine costs for consumers.&nbsp;According to Bloomberg, Australia’s Treasurer Jim Chalmers said on Wednesday that the government was “urgently seeking” clarification from Washington about the details of the proposed tariff plan.“These are obviously very concerning developments,” Chalmers told ABC radio. “Our pharmaceutical industry is much more exposed to the US market,” he added, underlining the alarm in Canberra over how Trump’s escalating trade campaign could hit Australia’s health sector.<h2>Trump escalates tariff threats</h2>Trump has been ramping up his tariff war with major trading partners this month, arguing that steep import duties will rebuild American manufacturing.&nbsp;As per Bloomberg, the US president confirmed plans this week to impose a 50 per cent tariff on copper imports, an announcement that rattled metal markets worldwide. But his warning of a 200 per cent tariff on pharmaceutical imports struck an especially sharp nerve in Australia.&nbsp;Trump has suggested he would give drug makers at least a year to shift their production to the US before enforcing the tariff, but the lack of formal detail is causing anxiety among allies.<h2>Australia’s drug trade in the crosshairs</h2>Australia’s exposure to the threatened pharmaceutical tariffs is far more significant than for copper. While copper sales to the US are tiny, less than 1 per cent of Australia’s total copper exports, medicines are a major export line. According to data cited by Bloomberg, Australia shipped A$2.1 billion (around $1.4 billion) worth of pharmaceutical products to the US in 2024, accounting for a hefty 38 per cent of Australia’s total overseas pharmaceutical exports.&nbsp;Though this represents just 0.4 per cent of Australia’s overall goods exports, the industry is highly dependent on the US as its largest customer for medicines.<h2>Domestic pressures and Washington’s lobbying push</h2>The trade tensions come amid long-running friction over Australia’s Pharmaceutical Benefits Scheme (PBS), which caps the prices of almost 1,000 commonly used medicines to keep them affordable for Australians.&nbsp;Bloomberg reported that some of Washington’s most influential lobbying groups have been urging the Trump administration to retaliate, accusing Australia of unfair treatment of US pharmaceutical firms. Critics point to the PBS price caps and domestic manufacturing incentives as proof that Australia is “freeloading” on American drug innovation. The Guardian newspaper this week revealed that these US industry groups are pushing for tough trade measures in response.<h2>Canberra refuses to compromise on PBS</h2>Facing these pressures, Treasurer Chalmers delivered a firm defence of Australia’s system. “I want to make it really clear once again, as we have on a number of occasions before, our Pharmaceutical Benefits Scheme is not something that we’re willing to trade away or do deals on,” he told ABC radio, as quoted by Bloomberg.&nbsp;Chalmers insisted the PBS is a “fundamental part of health care in Australia” and said the government will not compromise on ensuring affordable access to essential medicines.<h2>The road ahead</h2>For Australia, Trump’s tariff threats pose a delicate diplomatic test. While Canberra has worked hard to maintain stable ties with Washington, even expanding defence and strategic cooperation in recent years, the possibility of trade war spilling into critical sectors like health care is prompting fresh unease.&nbsp;As Bloomberg notes, with Trump’s tariff rhetoric showing no signs of cooling, Australia’s pharmaceutical exporters and government policymakers will be watching closely for any concrete details and preparing for what could become a bruising new front in the global trade war. &nbsp;

Australia Treasurer Jim Chalmers seeks urgent clarity on Trump tariff plan targeting pharmaceutical imports, warning it could strain US and Australia trade ties and jeopardise affordable access to medicines under the PBS scheme.

Australia has expressed urgent concern over US President Donald Trump’s threat to slap a massive 200 per cent tariff on pharmaceutical imports, warning the move could disrupt a vital trade link and drive-up medicine costs for consumers. According to Bloomberg, Australia’s Treasurer Jim Chalmers said on Wednesday that the government was “urgently seeking” clarification from Washington about the details of the proposed tariff plan. “These are obviously very concerning developments,” Chalmers told ABC radio. “Our pharmaceutical industry is much more exposed to the US market,” he added, underlining the alarm in Canberra over how Trump’s escalating trade campaign could hit Australia’s health sector. Trump escalates tariff threats Trump has been ramping up his tariff war with major trading partners this month, arguing that steep import duties will rebuild American manufacturing. As per Bloomberg, the US president confirmed plans this week to impose a 50 per cent tariff on copper imports, an announcement that rattled metal markets worldwide. But his warning of a 200 per cent tariff on pharmaceutical imports struck an especially sharp nerve in Australia. Trump has suggested he would give drug makers at least a year to shift their production to the US before enforcing the tariff, but the lack of formal detail is causing anxiety among allies. Australia’s drug trade in the crosshairs Australia’s exposure to the threatened pharmaceutical tariffs is far more significant than for copper. While copper sales to the US are tiny, less than 1 per cent of Australia’s total copper exports, medicines are a major export line. According to data cited by Bloomberg, Australia shipped A$2.1 billion (around $1.4 billion) worth of pharmaceutical products to the US in 2024, accounting for a hefty 38 per cent of Australia’s total overseas pharmaceutical exports. Though this represents just 0.4 per cent of Australia’s overall goods exports, the industry is highly dependent on the US as its largest customer for medicines. Domestic pressures and Washington’s lobbying push The trade tensions come amid long-running friction over Australia’s Pharmaceutical Benefits Scheme (PBS), which caps the prices of almost 1,000 commonly used medicines to keep them affordable for Australians. Bloomberg reported that some of Washington’s most influential lobbying groups have been urging the Trump administration to retaliate, accusing Australia of unfair treatment of US pharmaceutical firms. Critics point to the PBS price caps and domestic manufacturing incentives as proof that Australia is “freeloading” on American drug innovation. The Guardian newspaper this week revealed that these US industry groups are pushing for tough trade measures in response. Canberra refuses to compromise on PBS Facing these pressures, Treasurer Chalmers delivered a firm defence of Australia’s system. “I want to make it really clear once again, as we have on a number of occasions before, our Pharmaceutical Benefits Scheme is not something that we’re willing to trade away or do deals on,” he told ABC radio, as quoted by Bloomberg. Chalmers insisted the PBS is a “fundamental part of health care in Australia” and said the government will not compromise on ensuring affordable access to essential medicines. The road ahead For Australia, Trump’s tariff threats pose a delicate diplomatic test. While Canberra has worked hard to maintain stable ties with Washington, even expanding defence and strategic cooperation in recent years, the possibility of trade war spilling into critical sectors like health care is prompting fresh unease. As Bloomberg notes, with Trump’s tariff rhetoric showing no signs of cooling, Australia’s pharmaceutical exporters and government policymakers will be watching closely for any concrete details and preparing for what could become a bruising new front in the global trade war.

Australia warns Trump’s 200% pharma tariff could jeopardize a key export sector and strain vital healthcare access.

Australia sounds alarm over Trump’s threat of 200% drug tariff

US President Donald Trump has made another significant move in his ongoing trade war, announcing the imposition of a 50 per cent tariff on copper imports. This follows similar duties on steel and aluminium imports and is part of an ongoing effort to reshape US trade dynamics through sector-specific tariffs. Trump also indicated that new tariffs could soon be levied on pharmaceuticals, with rates potentially soaring by as much as 200 per cent within the next year. The announcement sent copper prices soaring, with a 13 per cent single-day increase, marking the largest gain for the metal since 1989. This rise reflects the global market’s sensitivity to US trade policies, particularly in industries such as copper, which is integral to sectors like energy, manufacturing, and infrastructure.&nbsp;At the same time, Trump confirmed that tariffs on a range of goods from 14 countries, including Japan, South Korea, and Malaysia, would take effect on August 1. While the focus has been on broad country-specific tariffs, it is the sector-specific tariffs, such as those on copper and pharmaceuticals, that are expected to have a more lasting and immediate impact on global markets and US businesses.&nbsp;<h2>Trump’s escalating trade strategy: Tariffs on key commodities</h2>&nbsp;Trump’s use of Section 232 of the Trade Expansion Act, which grants the president the authority to impose tariffs for national security reasons, continues to drive his trade policy. Copper, which plays a key role in electrical wiring, renewable energy technologies, and manufacturing, is the latest addition to the growing list of products facing steep tariffs.&nbsp;Commerce Secretary Howard Lutnick confirmed that the 50 per cent copper tariff would likely take effect at the end of July or on August 1. While this move is expected to bolster domestic copper production, it could raise costs for manufacturers who rely on imported copper, such as those in the automotive, construction, and electronics sectors.&nbsp;The copper tariffs represent a broader trend of using tariffs as a strategic tool to influence global trade. Trump’s previous tariffs on steel and aluminium had already led to price hikes and raised concerns among manufacturers, with the new copper tariffs expected to have similar consequences.&nbsp;Trump also highlighted that his administration is considering similar measures on other critical products. A tariff of up to 200 per cent could be imposed on pharmaceutical imports, though the president suggested that manufacturers would be given time, about one to one-and-a-half years, to relocate their operations to the United States before the high levies take effect. Additionally, the administration has initiated investigations into the imports of semiconductors, critical minerals, and lumber, which may lead to further tariff increases.&nbsp;<h2>Impact of tariffs on India’s copper and pharmaceutical exports</h2>&nbsp;While Trump’s tariff policies affect global trade, India stands to feel the pinch, particularly in two key sectors: copper and pharmaceuticals. The United States is one of India’s largest trading partners, and the tariffs on copper and pharmaceuticals could significantly disrupt India’s export market.&nbsp;India’s copper exports to the United States amounted to approximately $360 million in 2024-25, or 17 per cent of the country’s total copper exports. Copper is a critical metal used across several industries, including energy, manufacturing, and infrastructure. If the US reduces its demand for copper due to the 50 per cent tariff, it could have a knock-on effect on India’s export numbers. However, given the broad demand for copper in the domestic market and the relative importance of copper to India’s economy, the domestic industry may absorb some of the reduced US demand.&nbsp;On the other hand, India’s pharmaceutical sector is likely to face the brunt of the new tariffs. The US is by far India’s largest market for pharmaceuticals, accounting for approximately 40 per cent of India’s total pharma exports. In FY 2025, India’s pharmaceutical exports to the US rose to $9.8 billion, up 21 per cent from the previous year. A 200 per cent tariff on Indian pharmaceuticals would have a devastating impact on this industry, especially considering the growing reliance of the US on Indian generic drugs.&nbsp;Indian pharma companies play a crucial role in supplying affordable medicines to the US, and any increase in costs could lead to a reduction in demand for these generics. The Indian pharmaceutical industry is already under pressure from the growing costs of raw materials and regulatory hurdles in foreign markets. A drastic tariff hike would only exacerbate these challenges, making it difficult for India to maintain its competitive edge in the global pharmaceutical market.&nbsp;However, there is a glimmer of hope for India. The country is in the process of finalising a mini-trade deal with the United States, which may cover sector-specific tariffs, including those on copper and pharmaceuticals. If the deal is completed before the August 1 deadline, the new tariffs could be avoided, offering a much-needed respite to Indian exporters.&nbsp;<h2>Broader implications for global trade</h2>&nbsp;Trump’s new tariffs, particularly on copper and pharmaceuticals, are not just significant for the US and India but also for the global trading system. They reflect a shift towards a more protectionist and sector-focused approach to international trade, with the US using its economic power to leverage favourable trade conditions for American industries. This has led to increased uncertainty in global markets, as companies try to navigate a trade environment characterised by volatility and rapid shifts in policy.&nbsp;The imposition of steep tariffs on critical commodities like copper could raise prices for a wide range of goods, from electronics to renewable energy products. Similarly, the potential 200 per cent tariff on pharmaceuticals could lead to higher drug prices in the US, affecting both American consumers and the global supply chain.

Donald Trump's announcement of imposing 50% tariffs on copper sent copper prices soaring, with a 13 per cent single-day increase, marking the largest gain for the metal since 1989.

US President Donald Trump has made another significant move in his ongoing trade war, announcing the imposition of a 50 per cent tariff on copper imports. This follows similar duties on steel and aluminium imports and is part of an ongoing effort to reshape US trade dynamics through sector-specific tariffs. Trump also indicated that new tariffs could soon be levied on pharmaceuticals, with rates potentially soaring by as much as 200 per cent within the next year. The announcement sent copper prices soaring, with a 13 per cent single-day increase, marking the largest gain for the metal since 1989. This rise reflects the global market’s sensitivity to US trade policies, particularly in industries such as copper, which is integral to sectors like energy, manufacturing, and infrastructure. At the same time, Trump confirmed that tariffs on a range of goods from 14 countries, including Japan, South Korea, and Malaysia, would take effect on August 1. While the focus has been on broad country-specific tariffs, it is the sector-specific tariffs, such as those on copper and pharmaceuticals, that are expected to have a more lasting and immediate impact on global markets and US businesses. Trump’s escalating trade strategy: Tariffs on key commodities Trump’s use of Section 232 of the Trade Expansion Act, which grants the president the authority to impose tariffs for national security reasons, continues to drive his trade policy. Copper, which plays a key role in electrical wiring, renewable energy technologies, and manufacturing, is the latest addition to the growing list of products facing steep tariffs. Commerce Secretary Howard Lutnick confirmed that the 50 per cent copper tariff would likely take effect at the end of July or on August 1. While this move is expected to bolster domestic copper production, it could raise costs for manufacturers who rely on imported copper, such as those in the automotive, construction, and electronics sectors. The copper tariffs represent a broader trend of using tariffs as a strategic tool to influence global trade. Trump’s previous tariffs on steel and aluminium had already led to price hikes and raised concerns among manufacturers, with the new copper tariffs expected to have similar consequences. Trump also highlighted that his administration is considering similar measures on other critical products. A tariff of up to 200 per cent could be imposed on pharmaceutical imports, though the president suggested that manufacturers would be given time, about one to one-and-a-half years, to relocate their operations to the United States before the high levies take effect. Additionally, the administration has initiated investigations into the imports of semiconductors, critical minerals, and lumber, which may lead to further tariff increases. Impact of tariffs on India’s copper and pharmaceutical exports While Trump’s tariff policies affect global trade, India stands to feel the pinch, particularly in two key sectors: copper and pharmaceuticals. The United States is one of India’s largest trading partners, and the tariffs on copper and pharmaceuticals could significantly disrupt India’s export market. India’s copper exports to the United States amounted to approximately $360 million in 2024-25, or 17 per cent of the country’s total copper exports. Copper is a critical metal used across several industries, including energy, manufacturing, and infrastructure. If the US reduces its demand for copper due to the 50 per cent tariff, it could have a knock-on effect on India’s export numbers. However, given the broad demand for copper in the domestic market and the relative importance of copper to India’s economy, the domestic industry may absorb some of the reduced US demand. On the other hand, India’s pharmaceutical sector is likely to face the brunt of the new tariffs. The US is by far India’s largest market for pharmaceuticals, accounting for approximately 40 per cent of India’s total pharma exports. In FY 2025, India’s pharmaceutical exports to the US rose to $9.8 billion, up 21 per cent from the previous year. A 200 per cent tariff on Indian pharmaceuticals would have a devastating impact on this industry, especially considering the growing reliance of the US on Indian generic drugs. Indian pharma companies play a crucial role in supplying affordable medicines to the US, and any increase in costs could lead to a reduction in demand for these generics. The Indian pharmaceutical industry is already under pressure from the growing costs of raw materials and regulatory hurdles in foreign markets. A drastic tariff hike would only exacerbate these challenges, making it difficult for India to maintain its competitive edge in the global pharmaceutical market. However, there is a glimmer of hope for India. The country is in the process of finalising a mini-trade deal with the United States, which may cover sector-specific tariffs, including those on copper and pharmaceuticals. If the deal is completed before the August 1 deadline, the new tariffs could be avoided, offering a much-needed respite to Indian exporters. Broader implications for global trade Trump’s new tariffs, particularly on copper and pharmaceuticals, are not just significant for the US and India but also for the global trading system. They reflect a shift towards a more protectionist and sector-focused approach to international trade, with the US using its economic power to leverage favourable trade conditions for American industries. This has led to increased uncertainty in global markets, as companies try to navigate a trade environment characterised by volatility and rapid shifts in policy. The imposition of steep tariffs on critical commodities like copper could raise prices for a wide range of goods, from electronics to renewable energy products. Similarly, the potential 200 per cent tariff on pharmaceuticals could lead to higher drug prices in the US, affecting both American consumers and the global supply chain.

Donald Trump's announcement of imposing 50% tariffs on copper sent copper prices soaring, with a 13 per cent single-day increase, marking the largest gain for the metal since 1989.

What is on the cards as Trump announces 50% tariffs on copper and warns of upcoming pharma tariffs?