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

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

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

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

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

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

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

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

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

Shanghai holds talks on stablecoin policy amid crypto ban

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

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

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

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

UK wealth tax faces long odds despite pressure on Labour budget

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

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

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

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

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

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

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

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

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

US lawmakers caution Nvidia’s Huang on China visit

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

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

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

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

Starlink secures final regulatory approval to launch satellite internet in India

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Saudi Arabia opens real estate market to foreigners starting 2026

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