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US President Donald Trump has given the green light to a Russia sanctions bill that could impose tariffs of up to 500 per cent on countries still engaged in energy and oil trade with Russia. Senator Lindsey Graham, while speaking to ABC News, said that buying products from Russia is not helping Ukraine. Moscow has been engaged in a full-scale war with Kyiv since February 24, 2022.&nbsp;"Big breakthrough here. So, what does this bill do? If you’re buying products from Russia and you’re not helping Ukraine, then there’s a 500 per cent tariff on your products coming into the United States. India and China buy 70 per cent of Putin’s oil. They keep his war machine going," said Lindsey Graham.&nbsp;The bill, according to Senator Graham, has 84 co-sponsor which intends to weaken Russia's war economy by pressuring countries which are engaged in trade with it. Thus forcing Moscow to negotiate peace with Kyiv.<h2>How will it impact India?</h2>Last month, India purchased 1.96 barrels per day from Russia, exceeding its limit, making Russia the primary supplier ahead of the Gulf countries like Iraq and Saudi Arabia. India was historically dependent on the Gulf countries as its primary supplier. But since February 2022, it has started to diversify its dependence on Gulf countries. This was primarily because, following Western sanctions on Russia, India negotiated a significantly discounted price with Moscow to procure oil. This allows India to save billions of dollars. According to a study by marketing research firm ICRA, India saved almost $13 billion by purchasing discounted crude between 2022 and 2024. In FY24, India imported 36 per cent of its Crude petroleum from Russia. As the world's third-largest oil consumer and fourth-largest economy, India has a growing oil demand and is buying from Russia, optimising its cost.The proposed 500 per cent tariff, if implemented, could have serious diplomatic, economic and strategic repercussions. As the United States was its largest trade partner for the fourth consecutive year. For FY 24-25, the trade stood at $131.84 billion, with an estimated $41.18 billion trade surplus between the two. India is expected to reach $500 billion in bilateral trade with the US by 2030. India's overall trade deficit stands at $94.26 billion for the FY24-25, so having a surplus with the US is important for. With a 500 per cent tariff implemented; this figure will widen more, pushing India towards a crisis.&nbsp;&nbsp;

The US President Donald Trump has given the nod to a Russia sanctions bill that will implement a 500 per cent tariff on countries that are engaged in energy and oil trade with Russia. What could it mean for India, as India imports 36 per cent of its Crude petroleum from Russia?

US President Donald Trump has given the green light to a Russia sanctions bill that could impose tariffs of up to 500 per cent on countries still engaged in energy and oil trade with Russia. Senator Lindsey Graham, while speaking to ABC News, said that buying products from Russia is not helping Ukraine. Moscow has been engaged in a full-scale war with Kyiv since February 24, 2022. "Big breakthrough here. So, what does this bill do? If you’re buying products from Russia and you’re not helping Ukraine, then there’s a 500 per cent tariff on your products coming into the United States. India and China buy 70 per cent of Putin’s oil. They keep his war machine going," said Lindsey Graham. The bill, according to Senator Graham, has 84 co-sponsor which intends to weaken Russia's war economy by pressuring countries which are engaged in trade with it. Thus forcing Moscow to negotiate peace with Kyiv. How will it impact India? Last month, India purchased 1.96 barrels per day from Russia, exceeding its limit, making Russia the primary supplier ahead of the Gulf countries like Iraq and Saudi Arabia. India was historically dependent on the Gulf countries as its primary supplier. But since February 2022, it has started to diversify its dependence on Gulf countries. This was primarily because, following Western sanctions on Russia, India negotiated a significantly discounted price with Moscow to procure oil. This allows India to save billions of dollars. According to a study by marketing research firm ICRA, India saved almost $13 billion by purchasing discounted crude between 2022 and 2024. In FY24, India imported 36 per cent of its Crude petroleum from Russia. As the world's third-largest oil consumer and fourth-largest economy, India has a growing oil demand and is buying from Russia, optimising its cost. The proposed 500 per cent tariff, if implemented, could have serious diplomatic, economic and strategic repercussions. As the United States was its largest trade partner for the fourth consecutive year. For FY 24-25, the trade stood at $131.84 billion, with an estimated $41.18 billion trade surplus between the two. India is expected to reach $500 billion in bilateral trade with the US by 2030. India's overall trade deficit stands at $94.26 billion for the FY24-25, so having a surplus with the US is important for. With a 500 per cent tariff implemented; this figure will widen more, pushing India towards a crisis.

The US President Donald Trump has given the nod to a Russia sanctions bill that will implement a 500 per cent tariff on countries that are engaged in energy and oil trade with Russia. What could it mean for India, as India imports 36 per cent of its Crude petroleum from Russia?

US plans 500% tariffs on top Russian oil buyers. How it will affect India

Infosys, one of the largest IT firms in India, has launched a new work policy that prioritises the health and well-being of its employees over long working hours. The new internal policy on ‘work-life balance’ is in contrast with Infosys co-founder Narayana Murthy’s 70-hour work pitch. The company is urging its employees to take care of their physical and mental health and stick to the standard working hours, even if they are working remotely. Following the policy, the HR team of the company sends personalised emails if any employee exceeds the work duration. The policy is in contrast with the statement made by co-founder Narayana Murthy last year when he advocated for a 70-hour work pitch and urged the youth of India to work hard.&nbsp;<h2>HR sends emails if employees work long hours&nbsp;</h2>&nbsp;The regular working schedule is 9.15 hours a day, 5 days a week, even when working from home. The HR team tracks the logged-in hours of the employees working remotely and sends individual emails, reminding them to adhere to the schedule and focus on their health. The email includes details like working hours, total logged-in hours, and average daily hours.“We must work for 9.15 hours a day for five days a week, and if we overshoot this while working remotely, it prompts a trigger,” an employee told the Economic Times.&nbsp;<h2>‘Policy emphasises employees’ better health and professional longevity’</h2>&nbsp;Infosys claims that this policy emphasises employees’ better health and professional longevity.“While we appreciate your commitment, we also believe that maintaining a healthy work-life balance is crucial for both your well-being and long-term professional success,” said an HR communication.“Take regular breaks during your workday; Let your manager know if you are feeling overwhelmed or need support with reviewing priorities. Speak to your manager about delegating tasks or redistributing some responsibilities as appropriate; Take time to recharge during off hours, minimising work-related interactions whenever possible,” read an email.&nbsp;Infosys has revised its policy after adopting a hybrid work culture in November 2023. As per the new policy, the employees are required to work from the office for at least 10 days each month. The company took the initiative amid the growing health concerns, especially among young professionals, that make them vulnerable to stress and health-related issues.&nbsp;&nbsp;<h2>Narayana Murthy batted for 70-hour work, urged youth to work hard</h2>&nbsp;The policy is in contrast with the statement made by co-founder Narayana Murthy last year when he advocated for a 70-hour work pitch and urged the youth of India to work hard. “We have to set our aspirations high because 800 million Indians get free rations. That means 800 million Indians are in poverty. If we are not in a position to work hard, then who will work hard?” Murthy said at the centenary celebrations of the Indian Chambers of Commerce in Kolkata in December 2024.Later on, he also stated that he did not believe in the concept of ‘work-life balance’ and emphasised putting rigorous effort into achieving success.&nbsp;Since then, there has been a series of debates on ‘work-life balance’—both nationally and internationally.

The new work policy of Infosys is in contrast with the statement made by co-founder Narayana Murthy last year when he advocated for a 70-hour work pitch and urged the youth of India to work hard. Later, he also stated that he did not believe in the concept of ‘work-life balance’.

Infosys, one of the largest IT firms in India, has launched a new work policy that prioritises the health and well-being of its employees over long working hours. The new internal policy on ‘work-life balance’ is in contrast with Infosys co-founder Narayana Murthy’s 70-hour work pitch. The company is urging its employees to take care of their physical and mental health and stick to the standard working hours, even if they are working remotely. Following the policy, the HR team of the company sends personalised emails if any employee exceeds the work duration. The policy is in contrast with the statement made by co-founder Narayana Murthy last year when he advocated for a 70-hour work pitch and urged the youth of India to work hard. HR sends emails if employees work long hours The regular working schedule is 9.15 hours a day, 5 days a week, even when working from home. The HR team tracks the logged-in hours of the employees working remotely and sends individual emails, reminding them to adhere to the schedule and focus on their health. The email includes details like working hours, total logged-in hours, and average daily hours. “We must work for 9.15 hours a day for five days a week, and if we overshoot this while working remotely, it prompts a trigger,” an employee told the Economic Times. ‘Policy emphasises employees’ better health and professional longevity’ Infosys claims that this policy emphasises employees’ better health and professional longevity. “While we appreciate your commitment, we also believe that maintaining a healthy work-life balance is crucial for both your well-being and long-term professional success,” said an HR communication. “Take regular breaks during your workday; Let your manager know if you are feeling overwhelmed or need support with reviewing priorities. Speak to your manager about delegating tasks or redistributing some responsibilities as appropriate; Take time to recharge during off hours, minimising work-related interactions whenever possible,” read an email. Infosys has revised its policy after adopting a hybrid work culture in November 2023. As per the new policy, the employees are required to work from the office for at least 10 days each month. The company took the initiative amid the growing health concerns, especially among young professionals, that make them vulnerable to stress and health-related issues. Narayana Murthy batted for 70-hour work, urged youth to work hard The policy is in contrast with the statement made by co-founder Narayana Murthy last year when he advocated for a 70-hour work pitch and urged the youth of India to work hard. “We have to set our aspirations high because 800 million Indians get free rations. That means 800 million Indians are in poverty. If we are not in a position to work hard, then who will work hard?” Murthy said at the centenary celebrations of the Indian Chambers of Commerce in Kolkata in December 2024. Later on, he also stated that he did not believe in the concept of ‘work-life balance’ and emphasised putting rigorous effort into achieving success. Since then, there has been a series of debates on ‘work-life balance’—both nationally and internationally.

The new work policy of Infosys is in contrast with the statement made by co-founder Narayana Murthy last year when he advocated for a 70-hour work pitch and urged the youth of India to work hard. Later, he also stated that he did not believe in the concept of ‘work-life balance’.

Infosys new work policy differs with Narayana Murthy’s 70-hour work pitch, advocates employee health

India’s finished steel imports fell sharply in April and May, driven by a steep decline in shipments from China and Japan. Provisional government data reviewed by Reuters show imports during the first two months of the financial year fell 27.6 per cent year-on-year to 0.9 million metric tonnes.&nbsp;The decline follows New Delhi’s decision in April to impose a 12 per cent temporary tariff, known locally as a safeguard duty, aimed at stemming the surge in cheaper steel shipments, particularly from China.According to the data cited by Reuters, China’s finished steel exports to India fell 47.7 per cent year-on-year to 0.2 million metric tonnes over April and May. Japan saw an even sharper decline, with shipments dropping 65.6 per cent to 0.1 million metric tonnes during the same period.&nbsp;Despite the declines from China and Japan, South Korea emerged as India’s top finished steel exporter. Shipments from South Korea rose 8.2 per cent to 0.4 million metric tonnes, indicating a shift in sourcing patterns even as overall import volumes contracted.&nbsp;Imports from China, Japan and South Korea together accounted for 74.4 per cent of India’s total finished steel imports during April and May, the data showed. Hot-rolled coils or strips remained India’s largest import category.<h2>Exports also decline</h2>India was a net importer of finished steel during the period, as its own exports fell 18.1 per cent year-on-year to 0.8 million metric tonnes, Reuters reported.&nbsp;Galvanised plain or corrugated sheets or coils remained India’s top steel export products. Belgium was India’s largest export market for finished steel during the period, with shipments rising 12.4 per cent to 0.15 million metric tonnes. However, there were significant divergences among key markets. Exports to Italy slumped 53.7 per cent, while shipments to Nepal and Spain registered increases.<h2>Domestic demand and production rise</h2>Despite weaker imports and exports, India’s domestic steel demand remained resilient. Finished steel consumption in April-May rose 7.1 per cent year-on-year to 25.1 million metric tonnes. Meanwhile, crude steel production increased 9.5 per cent to 26.9 million metric tonnes, underlining the strength of India’s domestic production capacity.&nbsp;India is the world’s second-largest crude steel producer and has taken measures in recent years to protect its domestic industry from a flood of cheaper imports, particularly from China. The temporary safeguard duty introduced in April is the latest in a series of trade measures aimed at balancing import competition with the needs of India’s growing infrastructure and construction sectors.&nbsp;(With inputs from the agencies) &nbsp;

India finished steel imports fell sharply in April to May 2025 due to new safeguard duties, with imports from China and Japan plunging. Domestic demand rose 7.1% as production grew, highlighting India push to protect local industry.

India’s finished steel imports fell sharply in April and May, driven by a steep decline in shipments from China and Japan. Provisional government data reviewed by Reuters show imports during the first two months of the financial year fell 27.6 per cent year-on-year to 0.9 million metric tonnes. The decline follows New Delhi’s decision in April to impose a 12 per cent temporary tariff, known locally as a safeguard duty, aimed at stemming the surge in cheaper steel shipments, particularly from China. According to the data cited by Reuters, China’s finished steel exports to India fell 47.7 per cent year-on-year to 0.2 million metric tonnes over April and May. Japan saw an even sharper decline, with shipments dropping 65.6 per cent to 0.1 million metric tonnes during the same period. Despite the declines from China and Japan, South Korea emerged as India’s top finished steel exporter. Shipments from South Korea rose 8.2 per cent to 0.4 million metric tonnes, indicating a shift in sourcing patterns even as overall import volumes contracted. Imports from China, Japan and South Korea together accounted for 74.4 per cent of India’s total finished steel imports during April and May, the data showed. Hot-rolled coils or strips remained India’s largest import category. Exports also decline India was a net importer of finished steel during the period, as its own exports fell 18.1 per cent year-on-year to 0.8 million metric tonnes, Reuters reported. Galvanised plain or corrugated sheets or coils remained India’s top steel export products. Belgium was India’s largest export market for finished steel during the period, with shipments rising 12.4 per cent to 0.15 million metric tonnes. However, there were significant divergences among key markets. Exports to Italy slumped 53.7 per cent, while shipments to Nepal and Spain registered increases. Domestic demand and production rise Despite weaker imports and exports, India’s domestic steel demand remained resilient. Finished steel consumption in April-May rose 7.1 per cent year-on-year to 25.1 million metric tonnes. Meanwhile, crude steel production increased 9.5 per cent to 26.9 million metric tonnes, underlining the strength of India’s domestic production capacity. India is the world’s second-largest crude steel producer and has taken measures in recent years to protect its domestic industry from a flood of cheaper imports, particularly from China. The temporary safeguard duty introduced in April is the latest in a series of trade measures aimed at balancing import competition with the needs of India’s growing infrastructure and construction sectors. (With inputs from the agencies)

India’s finished steel imports dropped 27.6% in April–May as safeguard tariffs curbed Chinese and Japanese shipments, while domestic demand and production surged.

India’s steel imports drop sharply as China and Japan exports decline

Alphabet’s Google has warned European regulators that landmark European Union rules designed to curb Big Tech are having unintended consequences for users and businesses, arguing they are stifling innovation and making online services worse for Europeans. According to Reuters, Google is set to deliver a strong message at a workshop hosted by the European Commission in Brussels on Tuesday, urging officials to provide clearer guidance on how to comply with the EU’s Digital Markets Act (DMA). The company is also challenging its critics to present concrete evidence of the costs and benefits of the sweeping new rules.&nbsp;The Digital Markets Act aims to rein in the power of major technology companies accused of abusing their dominance by favouring their own services. Google is under scrutiny for allegedly prioritising Google Shopping, Google Hotels and Google Flights over rival platforms in search results.EU regulators have already charged Google under the DMA, which allows for fines of up to 10 per cent of its global annual revenue if found guilty of breaching the rules.<h2>Concerns over travel costs and online experience</h2>In a prepared speech seen by Reuters, Google’s lawyer Clare Kelly plans to argue that the reforms imposed on the company after discussions with the European Commission and industry critics have actually made things worse for European consumers.&nbsp;“We remain genuinely concerned about real world consequences of the DMA, which are leading to worse online products and experiences for Europeans,” Kelly is expected to say, as per Reuters.&nbsp;&nbsp;She will claim changes made by Google so far have driven up the cost of travel tickets by making it harder for users to access airline sites directly. European airlines, hotels and restaurants have reportedly suffered up to a 30 per cent drop in direct booking traffic, while customers have complained about cumbersome workarounds and more confusing search results, according to Reuters.&nbsp;<h2>Google asks for clear compliance rules</h2>Google has also proposed further changes to its search results to better highlight rival products, but critics maintain these steps fall short of ensuring a level playing field.&nbsp;Oliver Bethell, another Google lawyer, will use the workshop to call on regulators to spell out precisely what compliance should look like in practice. “If we can understand precisely what compliance looks like, not just in theory, but taking account of on the ground experience, we can launch compliant services quickly and confidently across the EEA,” Bethell will say, as quoted by Reuters. He will add that critics need to present “real evidence of costs and benefits” that the company and the Commission can properly evaluate.&nbsp;The day-long European Commission workshop, which begins at 0700 GMT, has been convened specifically to allow Google’s rivals and critics to raise questions and seek clarifications on the company’s compliance plans. The European Commission has repeatedly insisted that the DMA is crucial to opening up digital markets, boosting competition, and protecting consumers. But the pushback from Google underscores the growing tension between Big Tech and European regulators as they grapple with the practical implications of the EU’s toughest ever rules on dominant digital platforms.&nbsp;(With inputs from the agencies)

Google urges EU regulators to clarify Digital Markets Act rules, claiming reforms have worsened user experience and hurt businesses. Tensions rise over Big Tech regulation in Europe.

Alphabet’s Google has warned European regulators that landmark European Union rules designed to curb Big Tech are having unintended consequences for users and businesses, arguing they are stifling innovation and making online services worse for Europeans. According to Reuters, Google is set to deliver a strong message at a workshop hosted by the European Commission in Brussels on Tuesday, urging officials to provide clearer guidance on how to comply with the EU’s Digital Markets Act (DMA). The company is also challenging its critics to present concrete evidence of the costs and benefits of the sweeping new rules. The Digital Markets Act aims to rein in the power of major technology companies accused of abusing their dominance by favouring their own services. Google is under scrutiny for allegedly prioritising Google Shopping, Google Hotels and Google Flights over rival platforms in search results. EU regulators have already charged Google under the DMA, which allows for fines of up to 10 per cent of its global annual revenue if found guilty of breaching the rules. Concerns over travel costs and online experience In a prepared speech seen by Reuters, Google’s lawyer Clare Kelly plans to argue that the reforms imposed on the company after discussions with the European Commission and industry critics have actually made things worse for European consumers. “We remain genuinely concerned about real world consequences of the DMA, which are leading to worse online products and experiences for Europeans,” Kelly is expected to say, as per Reuters. She will claim changes made by Google so far have driven up the cost of travel tickets by making it harder for users to access airline sites directly. European airlines, hotels and restaurants have reportedly suffered up to a 30 per cent drop in direct booking traffic, while customers have complained about cumbersome workarounds and more confusing search results, according to Reuters. Google asks for clear compliance rules Google has also proposed further changes to its search results to better highlight rival products, but critics maintain these steps fall short of ensuring a level playing field. Oliver Bethell, another Google lawyer, will use the workshop to call on regulators to spell out precisely what compliance should look like in practice. “If we can understand precisely what compliance looks like, not just in theory, but taking account of on the ground experience, we can launch compliant services quickly and confidently across the EEA,” Bethell will say, as quoted by Reuters. He will add that critics need to present “real evidence of costs and benefits” that the company and the Commission can properly evaluate. The day-long European Commission workshop, which begins at 0700 GMT, has been convened specifically to allow Google’s rivals and critics to raise questions and seek clarifications on the company’s compliance plans. The European Commission has repeatedly insisted that the DMA is crucial to opening up digital markets, boosting competition, and protecting consumers. But the pushback from Google underscores the growing tension between Big Tech and European regulators as they grapple with the practical implications of the EU’s toughest ever rules on dominant digital platforms. (With inputs from the agencies)

Google warns EU that Digital Markets Act is harming users and businesses, calling for clearer compliance rules and evidence of real-world benefits.

Google says EU digital rules stifle innovation, demands clarity

Chinese automakers achieved a new milestone in Europe in May, seizing record market share in hybrid vehicles and making significant inroads in electric cars, according to data from industry researcher Dataforce. Manufacturers led by BYD and SAIC Motor’s MG brand captured more than 9 per cent of Europe’s hybrid and electric vehicle (EV) market, the highest levels ever recorded for Chinese companies. Overall, Chinese-branded vehicles, including those with combustion engines, accounted for more than 5 per cent of all new car registrations in Europe for the first time.&nbsp;The latest figures highlight how Chinese carmakers are solidifying their presence in one of the world’s most competitive auto markets, leveraging strengths in battery technology and software to push forward despite regulatory hurdles. The strongest growth has come from hybrid models, which are not subject to the European Union’s (EU) recent tariffs on Chinese-made EVs. In May 2023, Chinese brands held just 1 per cent of the plug-in hybrid segment. By May 2024, they had claimed 12 per cent of plug-in hybrid sales and 7 per cent of the mild hybrid market.&nbsp;BYD has emerged as a standout performer. The company, which has named Europe its most important international market, has expanded its footprint even after the EU’s tariff imposition. “Instead of stopping them, the tariffs are forcing brands such as BYD to introduce more affordable models in the entry segments,” Felipe Munoz, an analyst at Jato Dynamics, told Bloomberg.&nbsp;To adapt, BYD is targeting mass-market categories with new models like the Dolphin Surf, an urban compact, and the Atto 2, a small SUV aimed at value-conscious buyers. MG, originally a British sports car marque now owned by SAIC, was among the hardest hit by the EU tariffs, facing duties of 45 per cent on its EVs. In response, MG has pivoted away from pure electric models, increasing its focus on hybrids.&nbsp;Despite regulatory headwinds, sales of Chinese vehicles in Europe rose 85 per cent in May to over 60,000 units, reaching levels not seen since mid-2024. Analysts say the growth trajectory of Chinese automakers in Europe is likely to continue, especially in hybrid segments that remain tariff-free.

Manufacturers led by BYD and SAIC Motor’s MG brand captured more than 9 per cent of Europe’s hybrid and electric vehicle market, the highest levels ever recorded for Chinese companies. 

Chinese automakers achieved a new milestone in Europe in May, seizing record market share in hybrid vehicles and making significant inroads in electric cars, according to data from industry researcher Dataforce. Manufacturers led by BYD and SAIC Motor’s MG brand captured more than 9 per cent of Europe’s hybrid and electric vehicle (EV) market, the highest levels ever recorded for Chinese companies. Overall, Chinese-branded vehicles, including those with combustion engines, accounted for more than 5 per cent of all new car registrations in Europe for the first time. The latest figures highlight how Chinese carmakers are solidifying their presence in one of the world’s most competitive auto markets, leveraging strengths in battery technology and software to push forward despite regulatory hurdles. The strongest growth has come from hybrid models, which are not subject to the European Union’s (EU) recent tariffs on Chinese-made EVs. In May 2023, Chinese brands held just 1 per cent of the plug-in hybrid segment. By May 2024, they had claimed 12 per cent of plug-in hybrid sales and 7 per cent of the mild hybrid market. BYD has emerged as a standout performer. The company, which has named Europe its most important international market, has expanded its footprint even after the EU’s tariff imposition. “Instead of stopping them, the tariffs are forcing brands such as BYD to introduce more affordable models in the entry segments,” Felipe Munoz, an analyst at Jato Dynamics, told Bloomberg. To adapt, BYD is targeting mass-market categories with new models like the Dolphin Surf, an urban compact, and the Atto 2, a small SUV aimed at value-conscious buyers. MG, originally a British sports car marque now owned by SAIC, was among the hardest hit by the EU tariffs, facing duties of 45 per cent on its EVs. In response, MG has pivoted away from pure electric models, increasing its focus on hybrids. Despite regulatory headwinds, sales of Chinese vehicles in Europe rose 85 per cent in May to over 60,000 units, reaching levels not seen since mid-2024. Analysts say the growth trajectory of Chinese automakers in Europe is likely to continue, especially in hybrid segments that remain tariff-free.

Manufacturers led by BYD and SAIC Motor’s MG brand captured more than 9 per cent of Europe’s hybrid and electric vehicle market, the highest levels ever recorded for Chinese companies.&nbsp;

Chinese carmakers hit record hybrid market share in Europe

Apple Inc. is considering a major shift in its artificial intelligence (AI) strategy by evaluating whether to use external large language models (LLMs) developed by OpenAI or Anthropic to power a new version of Siri, according to a report by Bloomberg. The move could sideline Apple’s internal AI models and marks a significant reversal in the company’s long-standing preference for proprietary technology. According to Bloomberg, Apple has already begun early-stage discussions with both OpenAI and Anthropic about potentially deploying their LLMs, ChatGPT and Claude respectively, for use within Siri. The models would be trained and tested on Apple’s own private cloud compute infrastructure, a system built to ensure enhanced privacy using the company’s proprietary chips and servers.&nbsp;&nbsp;The goal is to upgrade Siri’s capabilities, which have lagged behind recent advances in generative AI on competing platforms. While no final decision has been made, sources indicate that Apple executives see Anthropic’s Claude as the most promising option following multiple rounds of internal testing. The Claude model reportedly performed better in Apple’s evaluation of core Siri use cases compared to OpenAI’s ChatGPT and Google’s Gemini.&nbsp;<h2>Shift comes amid AI delays and management changes</h2>&nbsp;The potential reliance on third-party models reflects Apple’s struggle to keep pace in the generative AI space. Its own large language model initiative, known as LLM Siri, was originally slated to launch in early 2025 but has since been delayed to spring 2026 due to engineering challenges. Apple’s lacklustre debut of Apple Intelligence and AI-integrated Siri features earlier this year triggered a broader management reshuffle.&nbsp;Responsibility for Siri and AI development was reassigned from Apple’s AI chief John Giannandrea to Mike Rockwell, the executive who led development of the Vision Pro headset. Rockwell, along with software chief Craig Federighi, subsequently launched the initiative to test external LLMs against Apple’s own models. Their findings have reportedly tilted internal sentiment toward adopting a hybrid strategy using third-party AI in the near term.&nbsp;Rockwell’s team has reportedly been in discussions with Anthropic’s leadership, including Apple’s VP of corporate development Adrian Perica, about integrating Claude into Siri. Financial negotiations are ongoing, with Anthropic reportedly seeking a multibillion-dollar annual fee for long-term usage rights. Apple, meanwhile, has kept the door open to partnering with OpenAI or other model providers if it cannot finalise favourable terms with Anthropic.<h2>Implications for Apple’s AI future</h2>&nbsp;If Apple does adopt an external LLM for Siri, it would represent a departure from the company’s traditional approach of end-to-end control over its software and hardware. However, Apple believes running third-party models on its own servers, rather than on external cloud infrastructure, would allow it to maintain user privacy, a long-held cornerstone of its product design philosophy.&nbsp;Apple’s internal AI development has been under increasing pressure. Bloomberg reports that morale within the foundation models team has declined, with some engineers exploring offers from rivals like Meta and OpenAI that far exceed Apple’s current compensation. The company narrowly avoided the defection of the team behind MLX, its core open-source machine learning system, after making counteroffers.&nbsp;Meanwhile, Apple continues to roll out incremental AI enhancements via ChatGPT integration in features like Siri web search, Writing Tools, and on-screen image generation in the upcoming iOS 26. It is also allowing developers to access on-device Apple Intelligence models but has held off on opening access to its more powerful cloud-based models due to capacity limitations.&nbsp;A partnership with OpenAI or Anthropic would mirror strategies already used by competitors. Samsung’s Galaxy AI uses Google’s Gemini under the hood, while Amazon’s Alexa+ taps Anthropic’s Claude. Apple’s openness to external AI signals a more flexible strategy as it seeks to remain competitive in the fast-moving AI landscape.&nbsp;Despite the multibillion-dollar investment already earmarked for its in-house AI initiatives through 2026, Apple executives now appear increasingly convinced that external collaboration may offer the fastest route to delivering an upgraded Siri experience that can rival leading AI assistants on the market.

Apple's shift signals potential retreat from in-house AI model efforts and marks a significant reversal in the company’s long-standing preference for proprietary technology.

Apple Inc. is considering a major shift in its artificial intelligence (AI) strategy by evaluating whether to use external large language models (LLMs) developed by OpenAI or Anthropic to power a new version of Siri, according to a report by Bloomberg. The move could sideline Apple’s internal AI models and marks a significant reversal in the company’s long-standing preference for proprietary technology. According to Bloomberg, Apple has already begun early-stage discussions with both OpenAI and Anthropic about potentially deploying their LLMs, ChatGPT and Claude respectively, for use within Siri. The models would be trained and tested on Apple’s own private cloud compute infrastructure, a system built to ensure enhanced privacy using the company’s proprietary chips and servers. The goal is to upgrade Siri’s capabilities, which have lagged behind recent advances in generative AI on competing platforms. While no final decision has been made, sources indicate that Apple executives see Anthropic’s Claude as the most promising option following multiple rounds of internal testing. The Claude model reportedly performed better in Apple’s evaluation of core Siri use cases compared to OpenAI’s ChatGPT and Google’s Gemini. Shift comes amid AI delays and management changes The potential reliance on third-party models reflects Apple’s struggle to keep pace in the generative AI space. Its own large language model initiative, known as LLM Siri, was originally slated to launch in early 2025 but has since been delayed to spring 2026 due to engineering challenges. Apple’s lacklustre debut of Apple Intelligence and AI-integrated Siri features earlier this year triggered a broader management reshuffle. Responsibility for Siri and AI development was reassigned from Apple’s AI chief John Giannandrea to Mike Rockwell, the executive who led development of the Vision Pro headset. Rockwell, along with software chief Craig Federighi, subsequently launched the initiative to test external LLMs against Apple’s own models. Their findings have reportedly tilted internal sentiment toward adopting a hybrid strategy using third-party AI in the near term. Rockwell’s team has reportedly been in discussions with Anthropic’s leadership, including Apple’s VP of corporate development Adrian Perica, about integrating Claude into Siri. Financial negotiations are ongoing, with Anthropic reportedly seeking a multibillion-dollar annual fee for long-term usage rights. Apple, meanwhile, has kept the door open to partnering with OpenAI or other model providers if it cannot finalise favourable terms with Anthropic. Implications for Apple’s AI future If Apple does adopt an external LLM for Siri, it would represent a departure from the company’s traditional approach of end-to-end control over its software and hardware. However, Apple believes running third-party models on its own servers, rather than on external cloud infrastructure, would allow it to maintain user privacy, a long-held cornerstone of its product design philosophy. Apple’s internal AI development has been under increasing pressure. Bloomberg reports that morale within the foundation models team has declined, with some engineers exploring offers from rivals like Meta and OpenAI that far exceed Apple’s current compensation. The company narrowly avoided the defection of the team behind MLX, its core open-source machine learning system, after making counteroffers. Meanwhile, Apple continues to roll out incremental AI enhancements via ChatGPT integration in features like Siri web search, Writing Tools, and on-screen image generation in the upcoming iOS 26. It is also allowing developers to access on-device Apple Intelligence models but has held off on opening access to its more powerful cloud-based models due to capacity limitations. A partnership with OpenAI or Anthropic would mirror strategies already used by competitors. Samsung’s Galaxy AI uses Google’s Gemini under the hood, while Amazon’s Alexa+ taps Anthropic’s Claude. Apple’s openness to external AI signals a more flexible strategy as it seeks to remain competitive in the fast-moving AI landscape. Despite the multibillion-dollar investment already earmarked for its in-house AI initiatives through 2026, Apple executives now appear increasingly convinced that external collaboration may offer the fastest route to delivering an upgraded Siri experience that can rival leading AI assistants on the market.

Apple's shift signals potential retreat from in-house AI model efforts and marks a significant reversal in the company’s long-standing preference for proprietary technology.

Apple weighs OpenAI or Anthropic to power revamped Siri

Two Chinese artificial intelligence chip startups are seeking to raise a combined 12 billion yuan (approximately $1.65 billion) through initial public offerings (IPOs) in Shanghai, banking on US export restrictions to drive local demand for homegrown GPUs. According to Reuters, Beijing-based Moore Threads plans to raise 8 billion yuan, while Shanghai-based MetaX is targeting 3.9 billion yuan. Both companies have filed to list on the STAR Market, the Shanghai Stock Exchange’s tech-focused board.<h2>Betting on Beijing’s push for chip self-sufficiency</h2>The twin IPO plans underscore China’s effort to nurture domestic GPU champions critical to artificial intelligence development. Reuters reports that demand for local substitutes has become urgent as Washington has tightened export controls. The latest US restrictions, imposed in April, ban Nvidia’s advanced H20 chips from being shipped to China.&nbsp;Washington’s export curbs also prevent Chinese AI chip designers from accessing leading-edge manufacturing at foundries like Taiwan Semiconductor Manufacturing Co. (TSMC), restricting their ability to produce cutting-edge semiconductors.<h2>Sanctions seen as both threat and opportunity</h2>In their IPO prospectuses, Moore Threads and MetaX acknowledged US sanctions pose significant risks. However, they also pointed to the same restrictions as an opportunity to build market share. As per Reuters, Moore Threads told US restrictions on high-end GPU exports were “prompting Chinese companies to accelerate domestic substitution processes.”&nbsp;The company, blacklisted by the US Entity List in late 2023, is barred from working with TSMC. MetaX noted that “geopolitical pressures are forcing relevant domestic clients to use domestically-produced GPU&nbsp;products,” strengthening local ties with suppliers and customers.<h2>Heavy losses underline massive R&amp;D costs</h2>Both firms remain loss-making, highlighting the steep costs of developing competitive GPUs. According to Reuters, Moore Threads reported revenue of 438 million yuan in 2024 with a net loss of 1.49 billion yuan. Losses in 2023 and 2022 were 1.67 billion yuan and 1.84 billion yuan respectively.&nbsp;&nbsp;MetaX generated 743 million yuan in 2024 revenue but lost 1.4 billion yuan, following 871 million yuan in 2023 losses and 777 million yuan in 2022. He Hui, semiconductor research director at Omdia, told Reuters that accessing China’s capital market is “crucial for them to continue their research and development.”<h2>Part of Beijing’s broader chip push</h2>The IPO bids come amid China’s intensifying push to reduce reliance on foreign technology and build a self-sufficient semiconductor ecosystem.&nbsp;Reuters notes that Beijing is channelling resources to help local firms achieve the scale necessary to lower costs and compete globally. Moore Threads and MetaX design GPUs to rival Nvidia’s products but face competition from domestic peers such as Huawei, Cambricon, Hygon, and other startups.&nbsp;Both firms were founded in 2020 by veterans of major US chip companies. MetaX was founded by former AMD executives, including Chairman Chen Weiliang, AMD’s former global head of GPU design. Moore Threads was founded by ex-Nvidia executives, including Chairman Zhang Jianzhong, Nvidia’s former China AI chip head.<h2>Sector sees surge in fundraising activity</h2>The new IPO plans follow Biren Technology, another Chinese AI chipmaker, which recently raised around 1.5 billion yuan and is preparing for a Hong Kong IPO, Reuters reports.&nbsp;As US export restrictions tighten, Chinese companies are racing to develop domestic alternatives, with China’s capital markets now underlining their strategic importance by providing much-needed funding.&nbsp;(With inputs from the agencies) &nbsp;

Amid US chip sanctions, Moore Threads and MetaX seek major IPOs on China STAR Market, highlighting Beijing push for semiconductor self reliance and the rising strategic value of homegrown AI hardware.

Two Chinese artificial intelligence chip startups are seeking to raise a combined 12 billion yuan (approximately $1.65 billion) through initial public offerings (IPOs) in Shanghai, banking on US export restrictions to drive local demand for homegrown GPUs. According to Reuters, Beijing-based Moore Threads plans to raise 8 billion yuan, while Shanghai-based MetaX is targeting 3.9 billion yuan. Both companies have filed to list on the STAR Market, the Shanghai Stock Exchange’s tech-focused board. Betting on Beijing’s push for chip self-sufficiency The twin IPO plans underscore China’s effort to nurture domestic GPU champions critical to artificial intelligence development. Reuters reports that demand for local substitutes has become urgent as Washington has tightened export controls. The latest US restrictions, imposed in April, ban Nvidia’s advanced H20 chips from being shipped to China. Washington’s export curbs also prevent Chinese AI chip designers from accessing leading-edge manufacturing at foundries like Taiwan Semiconductor Manufacturing Co. (TSMC), restricting their ability to produce cutting-edge semiconductors. Sanctions seen as both threat and opportunity In their IPO prospectuses, Moore Threads and MetaX acknowledged US sanctions pose significant risks. However, they also pointed to the same restrictions as an opportunity to build market share. As per Reuters, Moore Threads told US restrictions on high-end GPU exports were “prompting Chinese companies to accelerate domestic substitution processes.” The company, blacklisted by the US Entity List in late 2023, is barred from working with TSMC. MetaX noted that “geopolitical pressures are forcing relevant domestic clients to use domestically-produced GPU products,” strengthening local ties with suppliers and customers. Heavy losses underline massive R&D costs Both firms remain loss-making, highlighting the steep costs of developing competitive GPUs. According to Reuters, Moore Threads reported revenue of 438 million yuan in 2024 with a net loss of 1.49 billion yuan. Losses in 2023 and 2022 were 1.67 billion yuan and 1.84 billion yuan respectively. MetaX generated 743 million yuan in 2024 revenue but lost 1.4 billion yuan, following 871 million yuan in 2023 losses and 777 million yuan in 2022. He Hui, semiconductor research director at Omdia, told Reuters that accessing China’s capital market is “crucial for them to continue their research and development.” Part of Beijing’s broader chip push The IPO bids come amid China’s intensifying push to reduce reliance on foreign technology and build a self-sufficient semiconductor ecosystem. Reuters notes that Beijing is channelling resources to help local firms achieve the scale necessary to lower costs and compete globally. Moore Threads and MetaX design GPUs to rival Nvidia’s products but face competition from domestic peers such as Huawei, Cambricon, Hygon, and other startups. Both firms were founded in 2020 by veterans of major US chip companies. MetaX was founded by former AMD executives, including Chairman Chen Weiliang, AMD’s former global head of GPU design. Moore Threads was founded by ex-Nvidia executives, including Chairman Zhang Jianzhong, Nvidia’s former China AI chip head. Sector sees surge in fundraising activity The new IPO plans follow Biren Technology, another Chinese AI chipmaker, which recently raised around 1.5 billion yuan and is preparing for a Hong Kong IPO, Reuters reports. As US export restrictions tighten, Chinese companies are racing to develop domestic alternatives, with China’s capital markets now underlining their strategic importance by providing much-needed funding. (With inputs from the agencies)

Chinese AI chipmakers Moore Threads and MetaX aim to raise $1.65 billion via Shanghai IPOs, leveraging US export curbs to boost demand for local GPU alternatives.

China’s AI chip firms eye $1.7 billion in IPOs amid US curbs

Amid the ever-growing usage of AI chatbots and dependence on it, OpenAI CEO Sam Altman has warned users not to trust the company’s AI chatbot, ChatGPT too much, saying it can ‘hallucinate’ and give wrong answers very confidently. Speaking at the inaugural episode of OpenAI’s official podcast, Altman said he finds it “interesting” that many people now have a “high degree of trust” in ChatGPT. Altman then added that AI is not infallible and can give misleading or false content ‘confidently’, and hence it should not be trusted much.“People have a very high degree of trust in ChatGPT, which is interesting, because AI hallucinates. It should be the tech that you don’t trust that much,” the OpenAI CEO said about his own firm’s ChatGPT.&nbsp;&nbsp;“It should be the tech that you don’t trust that much,” he said, adding, “We need to be honest about that,” referring to the current reliability of the technology. “It’s not super reliable,” he conceded.&nbsp;&nbsp;The term hallucination in AI refers to a situation when a chatbot starts generating inaccurate and bogus data with utmost confidence and clarity, but it is entirely made up, and most of it has no relevance.&nbsp;<h2>‘Privacy concerns with new advancements’</h2>&nbsp;In the podcast, Altman also admitted that even as ChatGPT has been evolving with the addition of new features, it still has significant inadequacies that have to be tackled with honesty and transparency. Referring to recent updates, he said that new advancements like persistent memory and a potential ad-supported model have raised additional privacy concerns.&nbsp;Responding to OpenAI’s ongoing legal battle on copyright issues, as the firm is facing challenges from big media outlets over content use and copyright issues, Altman stressed the company’s commitment to openness.&nbsp;<h2>Altman makes U-turn on new hardware need for AI&nbsp;</h2>&nbsp;Altman also made a U-turn on his earlier statement that the AI revolution wouldn’t require new hardware.&nbsp;In contrast to his previous stance, he now claims that “current computers were designed for a world without AI” and suggests users will need new devices as artificial intelligence becomes more prevalent.&nbsp;Speaking on his brother Jack Altman’s podcast, Sam said that computers, software, and hardware “were designed for a world without AI,” indicating that the needs are changing rapidly and he now foresees systems that are way more aware of their environment and have more context, moving beyond just typing and screen-based interactions.&nbsp;<h2>OpenAI to stop operations next week</h2>&nbsp;Meanwhile, OpenAI is shutting down operations for a week, with sources claiming that the decision was taken in order to give the employees a much-deserved break.OpenAI’s Chief Research Officer Mark Chen said talent retention is the topmost priority, and stopping operations for a week would give a much-needed break to the employees who have been working for more than 80 hours a week. Only top executives will stay on duty.Chen also assured staff that he and Altman are doing their best to retain key talent, after some OpenAI employees were lured away by Meta.&nbsp;“Meta knows we’re taking this week to recharge and will take advantage of it to try and pressure you to make decisions fast and in isolation,” Chen warned.&nbsp;&nbsp;Meta CEO Mark Zuckerberg has already hired seven researchers from OpenAI.&nbsp;&nbsp;Altman also said in the podcast that Meta has dangled signing bonuses over $100 million for some staffers.&nbsp;

People have a very high degree of trust in ChatGPT, which is interesting, because AI hallucinates. It should be the tech that you don’t trust that much, the OpenAI CEO said about his own firm’s chatbot. “It’s not super reliable,” he conceded.

Amid the ever-growing usage of AI chatbots and dependence on it, OpenAI CEO Sam Altman has warned users not to trust the company’s AI chatbot, ChatGPT too much, saying it can ‘hallucinate’ and give wrong answers very confidently. Speaking at the inaugural episode of OpenAI’s official podcast, Altman said he finds it “interesting” that many people now have a “high degree of trust” in ChatGPT. Altman then added that AI is not infallible and can give misleading or false content ‘confidently’, and hence it should not be trusted much. “People have a very high degree of trust in ChatGPT, which is interesting, because AI hallucinates. It should be the tech that you don’t trust that much,” the OpenAI CEO said about his own firm’s ChatGPT. “It should be the tech that you don’t trust that much,” he said, adding, “We need to be honest about that,” referring to the current reliability of the technology. “It’s not super reliable,” he conceded. The term hallucination in AI refers to a situation when a chatbot starts generating inaccurate and bogus data with utmost confidence and clarity, but it is entirely made up, and most of it has no relevance. ‘Privacy concerns with new advancements’ In the podcast, Altman also admitted that even as ChatGPT has been evolving with the addition of new features, it still has significant inadequacies that have to be tackled with honesty and transparency. Referring to recent updates, he said that new advancements like persistent memory and a potential ad-supported model have raised additional privacy concerns. Responding to OpenAI’s ongoing legal battle on copyright issues, as the firm is facing challenges from big media outlets over content use and copyright issues, Altman stressed the company’s commitment to openness. Altman makes U-turn on new hardware need for AI Altman also made a U-turn on his earlier statement that the AI revolution wouldn’t require new hardware. In contrast to his previous stance, he now claims that “current computers were designed for a world without AI” and suggests users will need new devices as artificial intelligence becomes more prevalent. Speaking on his brother Jack Altman’s podcast, Sam said that computers, software, and hardware “were designed for a world without AI,” indicating that the needs are changing rapidly and he now foresees systems that are way more aware of their environment and have more context, moving beyond just typing and screen-based interactions. OpenAI to stop operations next week Meanwhile, OpenAI is shutting down operations for a week, with sources claiming that the decision was taken in order to give the employees a much-deserved break. OpenAI’s Chief Research Officer Mark Chen said talent retention is the topmost priority, and stopping operations for a week would give a much-needed break to the employees who have been working for more than 80 hours a week. Only top executives will stay on duty. Chen also assured staff that he and Altman are doing their best to retain key talent, after some OpenAI employees were lured away by Meta. “Meta knows we’re taking this week to recharge and will take advantage of it to try and pressure you to make decisions fast and in isolation,” Chen warned. Meta CEO Mark Zuckerberg has already hired seven researchers from OpenAI. Altman also said in the podcast that Meta has dangled signing bonuses over $100 million for some staffers.

People have a very high degree of trust in ChatGPT, which is interesting, because AI hallucinates. It should be the tech that you don’t trust that much, the OpenAI CEO said about his own firm’s chatbot. “It’s not super reliable,” he conceded.

‘ChatGPT ‘hallucinates’, don’t overrely on it,’ OpenAI CEO Sam Altman warns users

Boeing has named Jesus “Jay” Malave, a former Lockheed Martin executive, as its new chief financial officer (CFO), marking the most high-profile leadership change under CEO Kelly Ortberg’s tenure. Malave will take over from current CFO Brian West on August 15, the company announced on June 30. West, who has served as CFO since 2021, will transition into a senior advisory role, supporting the leadership handover and continuing to assist Boeing CEO Kelly Ortberg. The move comes as Boeing faces ongoing scrutiny over safety issues and attempts to regain investor and public confidence after several high-profile crises.“This is the right time to pass the baton,” West said, noting that Boeing’s balance sheet is now stronger, operating performance has improved, and the outlook is encouraging. He is widely credited with steering Boeing through one of the most turbulent financial periods in its history, including a $24 billion equity raise in 2024, one of the largest in US corporate history, and a $10.6 billion divestment of digital assets like Jeppesen.<h2>Crisis management and financial turnaround</h2>West’s tenure was marked by financial strain due to prolonged delivery delays, supply chain issues, and fallout from the 737 Max and Dreamliner safety concerns. Most recently, the company has come under renewed global scrutiny following the deadly crash of a Boeing 787-8 Dreamliner in India last month, which killed over 270 people, including casualties on the ground. The cause of the crash remains under investigation.CEO Kelly Ortberg, who took the helm in August 2024, said Malave’s appointment comes at a crucial time as Boeing implements “fundamental changes rooted in safety and quality”. Ortberg has been leading Boeing’s multiyear turnaround strategy to stabilise production, improve quality control, and rebuild its tarnished reputation.Malave brings deep experience from senior financial roles at Lockheed Martin, L3Harris Technologies, and United Technologies. He will be responsible for overseeing Boeing’s financial strategy, long-range planning, investor relations, and internal controls, as well as enterprise services, which include global facilities and real estate.While Boeing shares were initially down, they ended the day slightly higher in after-hours trading, reflecting cautious optimism from investors. The stock is up 18 per cent so far in 2025.

The move comes as Boeing faces ongoing scrutiny over safety issues and attempts to regain investor and public confidence after several high-profile crises.

Boeing has named Jesus “Jay” Malave, a former Lockheed Martin executive, as its new chief financial officer (CFO), marking the most high-profile leadership change under CEO Kelly Ortberg’s tenure. Malave will take over from current CFO Brian West on August 15, the company announced on June 30. West, who has served as CFO since 2021, will transition into a senior advisory role, supporting the leadership handover and continuing to assist Boeing CEO Kelly Ortberg. The move comes as Boeing faces ongoing scrutiny over safety issues and attempts to regain investor and public confidence after several high-profile crises. “This is the right time to pass the baton,” West said, noting that Boeing’s balance sheet is now stronger, operating performance has improved, and the outlook is encouraging. He is widely credited with steering Boeing through one of the most turbulent financial periods in its history, including a $24 billion equity raise in 2024, one of the largest in US corporate history, and a $10.6 billion divestment of digital assets like Jeppesen. Crisis management and financial turnaround West’s tenure was marked by financial strain due to prolonged delivery delays, supply chain issues, and fallout from the 737 Max and Dreamliner safety concerns. Most recently, the company has come under renewed global scrutiny following the deadly crash of a Boeing 787-8 Dreamliner in India last month, which killed over 270 people, including casualties on the ground. The cause of the crash remains under investigation. CEO Kelly Ortberg, who took the helm in August 2024, said Malave’s appointment comes at a crucial time as Boeing implements “fundamental changes rooted in safety and quality”. Ortberg has been leading Boeing’s multiyear turnaround strategy to stabilise production, improve quality control, and rebuild its tarnished reputation. Malave brings deep experience from senior financial roles at Lockheed Martin, L3Harris Technologies, and United Technologies. He will be responsible for overseeing Boeing’s financial strategy, long-range planning, investor relations, and internal controls, as well as enterprise services, which include global facilities and real estate. While Boeing shares were initially down, they ended the day slightly higher in after-hours trading, reflecting cautious optimism from investors. The stock is up 18 per cent so far in 2025.

The move comes as Boeing faces ongoing scrutiny over safety issues and attempts to regain investor and public confidence after several high-profile crises.

Boeing appoints former Lockheed executive Jay Malave as CFO

China has signalled its willingness to renegotiate trade terms with the United States, but on its own conditions. A senior Chinese delegate in Geneva told Reuters that Beijing is prepared to discuss tariffs, subsidies, and even some benefits linked to its developing country status at the World Trade Organization.&nbsp;This is a rare indication of flexibility from Beijing, which has long defended its trade privileges under WTO rules. The comments come as WTO members prepare for an ambitious reform agenda ahead of the next ministerial meeting in 2026 in Cameroon.<h2>US–China tensions spilling into Geneva</h2>The remarks follow months of intensifying trade tensions between Washington and Beijing. The tariffs imposed during President Donald Trump’s first term have largely remained in place, with his second administration introducing new duties this year targeting Chinese electric vehicles, semiconductors, and solar panels.&nbsp;China has retaliated with its own trade measures and disputes at the WTO. Yet, despite the rhetoric, Chinese officials in Geneva are striking a more pragmatic tone.&nbsp;According to Reuters, the delegate, who asked not to be named said China had “heard every word” spoken by the US at the WTO and is ready to engage on difficult issues, including industrial policy and tariff schedules.&nbsp;However, there is a clear red line.&nbsp;Beijing insists its developing country status is non-negotiable. That designation confers Special and Differential Treatment (SDT) under WTO rules, allowing more lenient subsidy limits and higher tariff ceilings. Yet the delegate indicated China might voluntarily forgo SDT benefits in some talks, just as it did recently on fisheries and domestic regulation reforms.<h2>US demands complete SDT rollback</h2>At the heart of the debate is Special and Differential Treatment (SDT), a WTO principle that gives developing countries additional flexibility in global trade rules. SDT lets them maintain higher tariff limits, use more subsidies, and enjoy longer timelines to implement WTO agreements.&nbsp;Beijing insists its developing country status is non-negotiable. That status automatically provides access to SDT benefits. However, the Chinese delegate suggested Beijing might voluntarily forgo SDT in specific negotiations, as it did recently on fisheries and domestic regulation reforms.&nbsp;The United States has pushed for a harder stance. Washington argues that major economies such as China and Saudi Arabia abuse the ‘developing country’ label to secure unfair trade advantages. US negotiators want countries like China to fully abandon SDT, not selectively give it up in certain areas.&nbsp;Keith M. Rockwell, former WTO spokesperson and now senior research fellow at the Hinrich Foundation, told Reuters he remains sceptical that China will go that far. In politically sensitive sectors such as agriculture, he doubts Beijing would willingly relinquish SDT privileges. China’s delegate nonetheless said the country is open to discussing subsidies, but only if talks are conducted in good faith. What Beijing will not accept, the official stressed, is any attempt to alter its state-led economic system.<h2>Tariff talks may begin under WTO’s Article 28</h2>Significantly, Beijing has also suggested it is ready to renegotiate tariffs under Article 28 of the WTO framework, a provision that allows members to modify tariff bindings under specific conditions.“We welcome the US to come back to the WTO,” the delegate told Reuters. “We are ready to renegotiate on Article 28 if the US raises their requests here.”&nbsp;That invitation follows what China described as “positive” trade discussions in Geneva and London. Yet despite warmer words, the fundamental tensions, from electric vehicle tariffs to technology sanctions, remain unresolved.&nbsp;As both sides talk about WTO reform, the real test will be whether these gestures of flexibility lead to genuine commitments at the negotiating table. (With inputs from the agencies)&nbsp;

China signals rare flexibility on WTO trade reforms, offering to discuss tariffs and subsidies, but insists its developing country status remains non-negotiable.

China has signalled its willingness to renegotiate trade terms with the United States, but on its own conditions. A senior Chinese delegate in Geneva told Reuters that Beijing is prepared to discuss tariffs, subsidies, and even some benefits linked to its developing country status at the World Trade Organization. This is a rare indication of flexibility from Beijing, which has long defended its trade privileges under WTO rules. The comments come as WTO members prepare for an ambitious reform agenda ahead of the next ministerial meeting in 2026 in Cameroon. US–China tensions spilling into Geneva The remarks follow months of intensifying trade tensions between Washington and Beijing. The tariffs imposed during President Donald Trump’s first term have largely remained in place, with his second administration introducing new duties this year targeting Chinese electric vehicles, semiconductors, and solar panels. China has retaliated with its own trade measures and disputes at the WTO. Yet, despite the rhetoric, Chinese officials in Geneva are striking a more pragmatic tone. According to Reuters, the delegate, who asked not to be named said China had “heard every word” spoken by the US at the WTO and is ready to engage on difficult issues, including industrial policy and tariff schedules. However, there is a clear red line. Beijing insists its developing country status is non-negotiable. That designation confers Special and Differential Treatment (SDT) under WTO rules, allowing more lenient subsidy limits and higher tariff ceilings. Yet the delegate indicated China might voluntarily forgo SDT benefits in some talks, just as it did recently on fisheries and domestic regulation reforms. US demands complete SDT rollback At the heart of the debate is Special and Differential Treatment (SDT), a WTO principle that gives developing countries additional flexibility in global trade rules. SDT lets them maintain higher tariff limits, use more subsidies, and enjoy longer timelines to implement WTO agreements. Beijing insists its developing country status is non-negotiable. That status automatically provides access to SDT benefits. However, the Chinese delegate suggested Beijing might voluntarily forgo SDT in specific negotiations, as it did recently on fisheries and domestic regulation reforms. The United States has pushed for a harder stance. Washington argues that major economies such as China and Saudi Arabia abuse the ‘developing country’ label to secure unfair trade advantages. US negotiators want countries like China to fully abandon SDT, not selectively give it up in certain areas. Keith M. Rockwell, former WTO spokesperson and now senior research fellow at the Hinrich Foundation, told Reuters he remains sceptical that China will go that far. In politically sensitive sectors such as agriculture, he doubts Beijing would willingly relinquish SDT privileges. China’s delegate nonetheless said the country is open to discussing subsidies, but only if talks are conducted in good faith. What Beijing will not accept, the official stressed, is any attempt to alter its state-led economic system. Tariff talks may begin under WTO’s Article 28 Significantly, Beijing has also suggested it is ready to renegotiate tariffs under Article 28 of the WTO framework, a provision that allows members to modify tariff bindings under specific conditions. “We welcome the US to come back to the WTO,” the delegate told Reuters. “We are ready to renegotiate on Article 28 if the US raises their requests here.” That invitation follows what China described as “positive” trade discussions in Geneva and London. Yet despite warmer words, the fundamental tensions, from electric vehicle tariffs to technology sanctions, remain unresolved. As both sides talk about WTO reform, the real test will be whether these gestures of flexibility lead to genuine commitments at the negotiating table. (With inputs from the agencies)

Amid renewed US–China trade tensions, Beijing shows openness to WTO tariff talks and selective SDT concessions, while firmly defending its developing nation status in global trade negotiations.

China says it’s ready to talk tariffs and subsidies with US at WTO

South Korea’s exports rebounded in June on the back of strong technology demand, but shipments to the United States and China remained under pressure, reflecting the lingering impact of US tariff threats and broader trade tensions. According to data reported by Reuters, overall exports from Asia’s fourth-largest economy rose 4.3 per cent in June from a year earlier to $59.80 billion. The result was slightly below economists’ median forecast of a 4.7 per cent gain, underlining a still uneven recovery for one of the world’s key bellwethers of global trade.<h2>Semiconductor shipments lead growth</h2>The standout performer was semiconductors, South Korea’s most important export. Shipments of chips increased for a fourth consecutive month, rising 11.6 per cent in June, though at the slowest pace in that streak.&nbsp;Demand for advanced chips has remained solid even as broader factory activity has weakened. South Korea’s factory output contracted for a fifth straight month in June, with sluggish demand in Japan, China and the US offsetting some improvement in the domestic economy. Other tech-heavy sectors also offered mixed results. Exports of automobiles rose 2.3 per cent, thanks largely to robust electric-vehicle demand in Europe that offset weaker sales in the United States.<h2>Tariff threats hit steel, appliances</h2>While tech-related exports showed resilience, other key sectors were hurt by high tariffs, especially in the US market. Reuters reports that shipments to the United States fell 0.5 per cent in June, marking the third consecutive monthly decline, while exports to China fell 2.7 per cent for a second straight monthly drop.&nbsp;Steel products exports fell 8.0 per cent, and home appliances plunged 15.6 per cent, under direct pressure from US tariffs. By contrast, exports of car parts rose 2.4 per cent, with automakers increasing local production in the US to sidestep some tariff costs. South Korea’s Trade Ministry noted exports to the European Union climbed 14.7 per cent, while those to Southeast Asian countries rose 2.1 per cent, suggesting that exporters are seeking to diversify markets to reduce reliance on China and the US.<h2>Seoul braces for tariff uncertainty</h2>The South Korean government acknowledged the difficult outlook, warning that tariff volatility and global demand uncertainties would likely persist through the second half of 2025. “Volatility in US tariff policy and economic recovery uncertainty are expected to persist in the second half,” Industry and Trade Minister Ahn Duk-geun said in a statement, as reported by Reuters, promising an “all-out response” to US tariff threats.&nbsp;Seoul is currently negotiating with Washington for an extension to a 90-day pause in punitive US tariffs that is set to expire next week. A senior South Korean trade official told Reuters that talks are expected to continue past the deadline as both sides seek a deal. The US has imposed high tariffs on various sectors under President Donald Trump’s administration. A 25 per cent “reciprocal” duty on South Korean goods remains paused for negotiations. Meanwhile, China—South Korea’s biggest trading partner is also engaged in its own trade negotiations with the US, after both sides significantly reduced tariffs on each other’s goods in a truce reached in mid-May and a framework agreement last month.<h2>Trade surplus hits multi-year high</h2>Despite the sectoral challenges, South Korea posted its largest monthly trade surplus since September 2018, with the surplus reaching $9.08 billion in June. Imports rose 3.3 per cent to $50.72 billion, as domestic demand remained relatively steady. Analysts said there were reasons for cautious optimism about trade stabilisation, even as risks remained. “Optimism is growing around trade negotiations of major countries and tariffs are unlikely to be raised even more, though it is too early to say exports have bottomed out,” Lee Jeong-hoon, an economist at Eugene Investment, told Reuters.&nbsp;As the global trade environment remains tense and US tariff policy under President Trump remains unpredictable, South Korea’s strategy is likely to focus on both defending access to key markets and accelerating its push into new ones.&nbsp;(With inputs from the agencies)&nbsp;

Seoul exports rose 4.3% in June, driven by strong chip demand, but US and China-bound shipments fell amid ongoing tariff tensions.

South Korea’s exports rebounded in June on the back of strong technology demand, but shipments to the United States and China remained under pressure, reflecting the lingering impact of US tariff threats and broader trade tensions. According to data reported by Reuters, overall exports from Asia’s fourth-largest economy rose 4.3 per cent in June from a year earlier to $59.80 billion. The result was slightly below economists’ median forecast of a 4.7 per cent gain, underlining a still uneven recovery for one of the world’s key bellwethers of global trade. Semiconductor shipments lead growth The standout performer was semiconductors, South Korea’s most important export. Shipments of chips increased for a fourth consecutive month, rising 11.6 per cent in June, though at the slowest pace in that streak. Demand for advanced chips has remained solid even as broader factory activity has weakened. South Korea’s factory output contracted for a fifth straight month in June, with sluggish demand in Japan, China and the US offsetting some improvement in the domestic economy. Other tech-heavy sectors also offered mixed results. Exports of automobiles rose 2.3 per cent, thanks largely to robust electric-vehicle demand in Europe that offset weaker sales in the United States. Tariff threats hit steel, appliances While tech-related exports showed resilience, other key sectors were hurt by high tariffs, especially in the US market. Reuters reports that shipments to the United States fell 0.5 per cent in June, marking the third consecutive monthly decline, while exports to China fell 2.7 per cent for a second straight monthly drop. Steel products exports fell 8.0 per cent, and home appliances plunged 15.6 per cent, under direct pressure from US tariffs. By contrast, exports of car parts rose 2.4 per cent, with automakers increasing local production in the US to sidestep some tariff costs. South Korea’s Trade Ministry noted exports to the European Union climbed 14.7 per cent, while those to Southeast Asian countries rose 2.1 per cent, suggesting that exporters are seeking to diversify markets to reduce reliance on China and the US. Seoul braces for tariff uncertainty The South Korean government acknowledged the difficult outlook, warning that tariff volatility and global demand uncertainties would likely persist through the second half of 2025. “Volatility in US tariff policy and economic recovery uncertainty are expected to persist in the second half,” Industry and Trade Minister Ahn Duk-geun said in a statement, as reported by Reuters, promising an “all-out response” to US tariff threats. Seoul is currently negotiating with Washington for an extension to a 90-day pause in punitive US tariffs that is set to expire next week. A senior South Korean trade official told Reuters that talks are expected to continue past the deadline as both sides seek a deal. The US has imposed high tariffs on various sectors under President Donald Trump’s administration. A 25 per cent “reciprocal” duty on South Korean goods remains paused for negotiations. Meanwhile, China—South Korea’s biggest trading partner is also engaged in its own trade negotiations with the US, after both sides significantly reduced tariffs on each other’s goods in a truce reached in mid-May and a framework agreement last month. Trade surplus hits multi-year high Despite the sectoral challenges, South Korea posted its largest monthly trade surplus since September 2018, with the surplus reaching $9.08 billion in June. Imports rose 3.3 per cent to $50.72 billion, as domestic demand remained relatively steady. Analysts said there were reasons for cautious optimism about trade stabilisation, even as risks remained. “Optimism is growing around trade negotiations of major countries and tariffs are unlikely to be raised even more, though it is too early to say exports have bottomed out,” Lee Jeong-hoon, an economist at Eugene Investment, told Reuters. As the global trade environment remains tense and US tariff policy under President Trump remains unpredictable, South Korea’s strategy is likely to focus on both defending access to key markets and accelerating its push into new ones. (With inputs from the agencies)

South Korea’s June export rebound, led by semiconductors, is tempered by declining trade with the US and China due to tariff pressures—prompting Seoul to diversify markets and brace for prolonged trade uncertainty.

South Korea trade improves on tech boom, struggles with US tariffs

China has expanded the amount of money its approved institutional investors can deploy in foreign markets, marking the end of a 13-month freeze on new quotas. The move is seen as a signal that Beijing is gradually easing its tight grip on capital outflows as pressure on the yuan eases and domestic investment opportunities improve.<h2>Quota increase ends 13-month pause</h2>According to Bloomberg, the State Administration of Foreign Exchange (SAFE) raised the foreign-exchange quota for the Qualified Domestic Institutional Investor (QDII) scheme to US$170.9 billion at the end of June, up from US$167.8 billion previously.&nbsp;It is the first increase since May 2023, when authorities paused new quota allocations to stem capital flight during a period of severe downward pressure on the yuan and turmoil in China’s domestic markets.<h2>Easing currency pressures support the move</h2>Analysts suggest Beijing is more comfortable loosening controls now because depreciation pressure on the yuan has receded. The US dollar has weakened sharply in 2025, making outflows less of a threat to currency stability.&nbsp;Demand from Chinese investors for foreign assets, especially US stocks, has also cooled. The shift comes as Beijing’s stepped-up economic stimulus and a technology-driven rally in Hong Kong stocks have created fresh opportunities at home.<h2>More headroom for global investments</h2>The QDII programme allows qualified local institutional investors to buy overseas securities, bonds, and commodities within strict limits. The latest quota expansion gives Chinese firms greater flexibility to diversify portfolios and meet client demand for foreign assets.&nbsp;According to Bloomberg data, the increase breaks down as follows:<ul><li>US$2.1 billion in new quota for securities firms and fund houses</li><li>US$660 million for banks</li><li>US$300 million for insurance companies</li></ul><h2>ETF premiums cool as supply rises</h2>Demand for foreign assets has been so strong over the past two years that it pushed up prices of certain exchange-traded funds (ETFs) tracking international indices like the S&amp;P 500.&nbsp;Bloomberg reported that premiums on such ETFs averaged just 0.3 per cent on Monday, compared with a 52-week average of 1.6 per cent. Last year, premiums had spiked as high as 3 per cent, triggering trading halts and restrictions on new purchases.&nbsp;The added quota is expected to help smooth these market distortions by providing more supply to meet demand.<h2>Domestic markets show signs of revival</h2>Investor appetite for foreign assets has eased in part because of a turnaround in local markets. A rally driven by China’s Deepseek artificial-intelligence app, combined with stronger Hong Kong equities, has drawn money back onshore.&nbsp;Beijing’s economic stimulus measures have also boosted confidence in local equities, offering institutional investors more reasons to keep capital at home even as they gain new flexibility to look abroad.&nbsp;(With inputs from the agencies)

Beijing boosts outbound investment quotas under the QDII scheme to $170.9B, signaling looser capital controls amid a stabilising yuan and rising investor interest in domestic equities.

China has expanded the amount of money its approved institutional investors can deploy in foreign markets, marking the end of a 13-month freeze on new quotas. The move is seen as a signal that Beijing is gradually easing its tight grip on capital outflows as pressure on the yuan eases and domestic investment opportunities improve. Quota increase ends 13-month pause According to Bloomberg, the State Administration of Foreign Exchange (SAFE) raised the foreign-exchange quota for the Qualified Domestic Institutional Investor (QDII) scheme to US$170.9 billion at the end of June, up from US$167.8 billion previously. It is the first increase since May 2023, when authorities paused new quota allocations to stem capital flight during a period of severe downward pressure on the yuan and turmoil in China’s domestic markets. Easing currency pressures support the move Analysts suggest Beijing is more comfortable loosening controls now because depreciation pressure on the yuan has receded. The US dollar has weakened sharply in 2025, making outflows less of a threat to currency stability. Demand from Chinese investors for foreign assets, especially US stocks, has also cooled. The shift comes as Beijing’s stepped-up economic stimulus and a technology-driven rally in Hong Kong stocks have created fresh opportunities at home. More headroom for global investments The QDII programme allows qualified local institutional investors to buy overseas securities, bonds, and commodities within strict limits. The latest quota expansion gives Chinese firms greater flexibility to diversify portfolios and meet client demand for foreign assets. According to Bloomberg data, the increase breaks down as follows: US$2.1 billion in new quota for securities firms and fund houses US$660 million for banks US$300 million for insurance companies ETF premiums cool as supply rises Demand for foreign assets has been so strong over the past two years that it pushed up prices of certain exchange-traded funds (ETFs) tracking international indices like the S&P 500. Bloomberg reported that premiums on such ETFs averaged just 0.3 per cent on Monday, compared with a 52-week average of 1.6 per cent. Last year, premiums had spiked as high as 3 per cent, triggering trading halts and restrictions on new purchases. The added quota is expected to help smooth these market distortions by providing more supply to meet demand. Domestic markets show signs of revival Investor appetite for foreign assets has eased in part because of a turnaround in local markets. A rally driven by China’s Deepseek artificial-intelligence app, combined with stronger Hong Kong equities, has drawn money back onshore. Beijing’s economic stimulus measures have also boosted confidence in local equities, offering institutional investors more reasons to keep capital at home even as they gain new flexibility to look abroad. (With inputs from the agencies)

China has lifted its 13-month freeze on outbound investment quotas, expanding the QDII limit as yuan pressure eases and domestic markets recover.

China lifts foreign investment cap for first time since 2023

Elon Musk’s artificial intelligence startup xAI has secured a total of $10 billion in fresh funding, $5 billion in debt and $5 billion in equity as it ramps up efforts to expand its AI infrastructure and accelerate development of its flagship Grok platform, Morgan Stanley announced on June 30. The debt raise, structured through secured notes and term loans, was oversubscribed and attracted several prominent global debt investors, according to a statement shared by Morgan Stanley on social media platform X. In parallel, xAI closed a separate $5 billion strategic equity investment, underscoring growing interest in the AI sector despite early concerns about investor appetite.The proceeds from both the debt and equity deals will be channelled into developing advanced AI models, building one of the world’s largest data centres, and further expanding the capabilities of xAI’s Grok platform. The company’s flagship product, Grok, is deeply integrated into the X social media platform, which Musk owns. Founded in early 2023, xAI merged with X in March 2025 to more tightly align Musk’s AI ambitions with his broader ecosystem of tech ventures. The company began operating what it claims is the world’s largest supercomputer in Memphis, Tennessee, in December 2024.<h2>Valuation could cross $120 billion</h2>In addition to the latest capital infusion, xAI is reportedly in talks to raise up to $20 billion in further equity, which could push its valuation above $120 billion. Some investors are said to be valuing the company as high as $200 billion, reflecting the rapidly growing interest in next-generation AI infrastructure and tools.Morgan Stanley’s announcement comes amid intensifying competition among AI developers, as companies race to build more powerful models and data centres. With rivals like OpenAI, Anthropic, and Google DeepMind making significant strides, xAI is positioning itself as a formidable challenger by aggressively scaling its resources.Musk recently teased the launch of Grok 4, an updated version of the AI model, expected shortly after the July 4 holiday. As the industry heats up, the new funding marks a pivotal moment for xAI in its mission to be at the forefront of artificial general intelligence development.

xAI raised $5 billion via debt and closed a separate $5 billion strategic equity investment, underscoring growing interest in the AI sector despite early concerns about investor appetite.

Elon Musk’s artificial intelligence startup xAI has secured a total of $10 billion in fresh funding, $5 billion in debt and $5 billion in equity as it ramps up efforts to expand its AI infrastructure and accelerate development of its flagship Grok platform, Morgan Stanley announced on June 30. The debt raise, structured through secured notes and term loans, was oversubscribed and attracted several prominent global debt investors, according to a statement shared by Morgan Stanley on social media platform X. In parallel, xAI closed a separate $5 billion strategic equity investment, underscoring growing interest in the AI sector despite early concerns about investor appetite. The proceeds from both the debt and equity deals will be channelled into developing advanced AI models, building one of the world’s largest data centres, and further expanding the capabilities of xAI’s Grok platform. The company’s flagship product, Grok, is deeply integrated into the X social media platform, which Musk owns. Founded in early 2023, xAI merged with X in March 2025 to more tightly align Musk’s AI ambitions with his broader ecosystem of tech ventures. The company began operating what it claims is the world’s largest supercomputer in Memphis, Tennessee, in December 2024. Valuation could cross $120 billion In addition to the latest capital infusion, xAI is reportedly in talks to raise up to $20 billion in further equity, which could push its valuation above $120 billion. Some investors are said to be valuing the company as high as $200 billion, reflecting the rapidly growing interest in next-generation AI infrastructure and tools. Morgan Stanley’s announcement comes amid intensifying competition among AI developers, as companies race to build more powerful models and data centres. With rivals like OpenAI, Anthropic, and Google DeepMind making significant strides, xAI is positioning itself as a formidable challenger by aggressively scaling its resources. Musk recently teased the launch of Grok 4, an updated version of the AI model, expected shortly after the July 4 holiday. As the industry heats up, the new funding marks a pivotal moment for xAI in its mission to be at the forefront of artificial general intelligence development.

xAI raised $5 billion via debt and closed a separate $5 billion strategic equity investment, underscoring growing interest in the AI sector despite early concerns about investor appetite.

Musk’s xAI raises $10 billion to scale up AI ambitions

June proved anything but quiet for global markets, with sharp moves in crude, stocks, and currencies amid ongoing trade tensions. From soaring Asian markets to mixed performances in Europe and the Americas, economic outlooks remain cautious as trade wars and geopolitical risks continue shaping investor sentiment worldwide. Let's look at Wion's global markets and economic health check to see what happened during June.<h2>Markets moves in June</h2>The usually quiet month for risk assets was quite the opposite. Crude surged by 6.3 per cent, making it one of the best-performing assets despite some cooling after the 12-day war between Iran and Israel ended.

Graphics shows Global Economic Health

The volatility, though, was evident from differing bets on US President Donald Trump's tariff headlines almost every other day through the month. Bitcoin gained nearly one per cent, edging towards its all-time high of over 111,000 dollars.&nbsp;However, gold took a hit on risk-off bets. Bullion was down nearly one per cent last month. The dollar fell sharply by 2.6 per cent as the 'Sell American' treasury trade trend continued to weigh on the currency.<h2>Stock market moves in June</h2>Moving on to Asia-Pacific stock markets. Japan's Nikkei led the gains in Asia, with 6.7 per cent gain, followed by the Indian stock benchmark. A recovery in emerging market stocks was a distinct theme again in June. Indian stocks closed 3.2 per cent in the green, showing signs of a recovery amidst the pull and push in the trade war talks. Indian stocks have been running up, with the defence sector showing the biggest gains after Operation Sindoor. Chinese stocks also gained nearly 3 per cent after a trade truce agreement with the US, easing economic slowdown concerns.&nbsp;In the Americas, Wall Street extended the gains from May, with benchmarks closing at a fresh record high. The S&amp;P 500 gained 5 per cent to close above 6,200 points for the first time ever. That comes after the benchmark index gained 6 per cent in May, marking its best May since 1990. The tech-heavy Nasdaq surged even more. Nasdaq soared 6.6 per cent, extending the nearly 10 per cent surge in May, driven largely by solid earnings and Nvidia's advance as the top most valued firm in the world. Canadian and Brazilian stocks also ended June with gains.&nbsp;Across the Atlantic, European stocks, though, took a hit on the uncertainty surrounding trade talks with the US; benchmarks across the region closed June in the red. The French CAC led the declines, closing over one per cent lower. Once again led the gains in the region with a gain of 1.3 per cent to extend the 6.7 per cent rally in May.&nbsp;UK's FTSE ended the month with marginal losses, and the German DAX closed June 0.4 per cent lower. However, the South African stock index added 2.2 per cent in addition to the 3 per cent rise in May, keeping the narrative of emerging market rebound intact.<h2>Global economic outlook</h2>Now, let's turn our attention to the overall economic outlook. Let's look at the Asia-Pacific region.

Trump's trade war worries have weighed on the outlook for global economies. However, India is still expected to be the fastest-growing major economy in the world, with bets of a significant slowdown easing. The Reserve Bank of India's jumbo rate cut is widely expected to increase consumer demand and, in turn, boost economic growth.&nbsp;The outlook for the rest of Asia, though, remained negative for China, as the outlook is still mired in doubts from the recession in its real estate crisis. However, the latest trade truce with the US are good signs for the economy, as reflecting in a rebound in manufacturing activity. However, the economic outlook for Japan and Australia mirrored worries from Trump's trade war.&nbsp;In the Americas, the economic outlook for the US, Canada, Brazil and Argentina shows trade tariffs are likely to hurt economic growth. For the US economy, stagflation bets are still weighing on sentiment and the outlook. JPMorgan still sees a 30 per cent chance of a US recession this year. The economic activity expectations for Canada, Brazil and Argentina were also cut.&nbsp;On the other side of the Atlantic, the negative outlook seems to be more widespread. The expectations show the clouds are darkening again for the UK and other European economies. Trade war worries continue to cloud the outlook for the region. The story wasn't very different for African economies, where the outlook remains negative. &nbsp;

June saw sharp global market moves, with Asia and Wall Street rallying, the dollar weakening, and trade war tensions weighing on Europe and broader economic outlooks.

June proved anything but quiet for global markets, with sharp moves in crude, stocks, and currencies amid ongoing trade tensions. From soaring Asian markets to mixed performances in Europe and the Americas, economic outlooks remain cautious as trade wars and geopolitical risks continue shaping investor sentiment worldwide. Let's look at Wion's global markets and economic health check to see what happened during June. Markets moves in June The usually quiet month for risk assets was quite the opposite. Crude surged by 6.3 per cent, making it one of the best-performing assets despite some cooling after the 12-day war between Iran and Israel ended.

From surging oil and stocks in Asia to trade war-driven uncertainty in Europe and stagflation fears in the US, Wion's June global market review reveals a volatile month shaped by tariffs, geopolitics, and shifting investor sentiment.&nbsp;

Wion's global markets and economic health check for June

The United States has significantly reduced the number of family-based immigrant visas issued to Indian nationals in early 2025, compared to the same period last year. According to a fresh analysis of data from the US Department of State, there has been a notable decline in key visa categories, impacting Indian families hoping to reunite in America.<h2>US family visas to Indians see a dip</h2>

Graphic showcasing drop in US visas to Indians

The IR5 visa—granted to parents of US citizens—dropped by 11 per cent between February and April this year. Even more striking was the fall in F3 visas, meant for married sons and daughters of US citizens and their dependents, which plunged by a staggering 41 per cent.<h2>Visa cuts hit Indian families</h2>These visas fall under the broader umbrella of “family-sponsored immigration,” a system designed to allow US citizens and green card holders to bring close relatives to the country. But the recent data points to a shift in that promise, at least for Indian applicants. In total, the US approved 5,840 family-based immigrant visas for Indians during the February window this year, down from nearly 7,000 in 2024.

Graphic showcasing sharp drop in key family visacate3gories

The decline comes at a time when broader immigration policy in the US remains a hot-button issue, and as visa backlogs and wait times continue to plague the system. For Indian families waiting years—sometimes decades—for these opportunities, the drop could mean yet another delay in long-anticipated reunions.&nbsp;While the reasons for the reduced approvals haven’t been officially detailed, the sharp cuts in traditionally stable visa categories are raising concern among immigrant communities. Whether this is a temporary blip or a sign of deeper systemic tightening remains to be seen, but for now, thousands of Indian families find the American dream just a bit farther out of reach. &nbsp;

Family based US immigrant visas for Indians have fallen sharply in early 2025, with categories like IR5 and F3 seeing double digit declines, delaying reunification hopes.

The United States has significantly reduced the number of family-based immigrant visas issued to Indian nationals in early 2025, compared to the same period last year. According to a fresh analysis of data from the US Department of State, there has been a notable decline in key visa categories, impacting Indian families hoping to reunite in America. US family visas to Indians see a dip

US family visa approvals for Indian nationals dropped significantly in 2025—down 11% for IR5 and 41% for F3—raising concerns over immigration slowdowns and prolonged family separations.

US visas to Indian kin on the slide: Details here

As we track global trends in tax policies, Indian consumers may be headed for a major cut in indirect taxes. Finance Minister Nirmala Sitharaman has hinted at a major rehaul to the country's goods and services taxes and has even suggested that we may be headed for tax rate cuts.The proposed changes could ease prices for households while giving a boost to business sentiment.<h2>Items under the 12% tax slab rate</h2>Just last week, reports suggested that the GST council was looking to do away with the 12 per cent tax slab to make compliance easier. &nbsp;

Graphics showcasing items under the 12% Tax Slab Rate

The proposal added that essentials under the 12 per cent tax slab would be moved into a lower tax slab. However, much will depend on how these reforms are structured and whether they strike the right balance between simplicity and revenue needs. Lower GST rates could translate to reduced costs on goods and services, offering some relief from persistent inflation. A streamlined structure might also help make pricing more transparent.From an economic standpoint, simplifying the tax regime could improve compliance and reduce operational friction for businesses. Still, concerns remain around how this will affect states’ revenues, which are partly dependent on GST collections. Small businesses, while potentially benefiting from reduced complexity, May still face challenges adapting to new structures and reporting requirements.Internationally, India’s push mirrors a broader trend of tax reform aimed at economic competitiveness. The restructuring also seeks to address long-standing inefficiencies, but implementation will be key. As the country awaits the next GST council meeting, optimism is tempered by the need for careful design and broad-based consensus to ensure the reforms are both sustainable and equitable.&nbsp;

With plans to scrap the 12% GST slab, India eyes lower indirect taxes on key items—promising relief for consumers, streamlined compliance for businesses, and a more transparent, efficient tax structure.

As we track global trends in tax policies, Indian consumers may be headed for a major cut in indirect taxes. Finance Minister Nirmala Sitharaman has hinted at a major rehaul to the country's goods and services taxes and has even suggested that we may be headed for tax rate cuts. The proposed changes could ease prices for households while giving a boost to business sentiment. Items under the 12% tax slab rate Just last week, reports suggested that the GST council was looking to do away with the 12 per cent tax slab to make compliance easier.

India’s proposed GST reforms may eliminate the 12% slab, potentially making essential goods and services cheaper while aiming to simplify tax compliance.

India GST reforms: What will likely become cheaper?

India’s manufacturing sector posted its strongest performance in over a year in June, as output, new orders, and employment surged amid rising global demand and easing cost pressures. The HSBC India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&amp;P Global, climbed to 58.4 in June from 57.6 in May, the highest level in 14 months and well above the long-run average of 54.1. A reading above 50 indicates expansion, and the June print reflects a substantial improvement in the sector’s health. This comes at the end of the first fiscal quarter, which has seen consistent gains in production and sales, despite global geopolitical tensions and trade uncertainties.<h2>Export orders surge, led by demand from US</h2>A key driver of the June surge was a sharp acceleration in international demand. New export orders grew at the third-fastest pace since the survey began in 2005, with Indian manufacturers citing stronger demand from across regions, particularly the United States. The increase in global interest helped offset slowdowns in the consumer and capital goods segments, even as intermediate goods producers led the expansion.Domestic new orders also picked up, supported by robust marketing efforts. The combined demand drove production volumes to their highest pace since April 2024. “To keep up with strong demand — particularly from international markets — Indian manufacturing firms had to tap deeper into their inventories, causing the stock of finished goods to continue shrinking,” said Pranjul Bhandari, Chief India Economist at HSBC.<h2>Record hiring and easing input costs boost sentiment</h2>The rise in demand also triggered the fastest pace of hiring in the survey’s history, with most firms reporting short-term recruitment to manage increasing workloads. Backlogs of work, which had stagnated in May, increased again in June.Cost pressures continued to ease, even as prices for key inputs like iron and steel remained elevated. Input inflation dropped to a four-month low and was negligible relative to historical averages. Despite this, output prices rose markedly as manufacturers passed on higher freight, labour, and material costs to clients, supported by strong demand.Inventory patterns reflected the shifting demand landscape. While purchases of raw materials rose at the fastest pace in 14 months, finished goods stocks declined significantly, with firms drawing down existing inventory to fulfil orders. Supply chains also showed improvement, with delivery times shortening at the quickest rate in five months.Looking ahead, the manufacturing sector’s outlook remains broadly positive. However, manufacturers remain cautious about inflationary pressures, increasing competition, and changing consumer preferences.The PMI data complements India’s broader economic picture. The country’s GDP grew 6.5 per cent in FY25, supported by a strong 7.4 per cent expansion in the March quarter. Manufacturing output grew 4.5 per cent for the year, indicating that the sector continues to play a key role in India’s post-pandemic economic recovery.

The HSBC India Manufacturing PMI, compiled by S&P Global, climbed to 58.4 in June from 57.6 in May, the highest level in 14 months and well above the long-run average of 54.1.

India’s manufacturing sector posted its strongest performance in over a year in June, as output, new orders, and employment surged amid rising global demand and easing cost pressures. The HSBC India Manufacturing Purchasing Managers’ Index (PMI), compiled by S&P Global, climbed to 58.4 in June from 57.6 in May, the highest level in 14 months and well above the long-run average of 54.1. A reading above 50 indicates expansion, and the June print reflects a substantial improvement in the sector’s health. This comes at the end of the first fiscal quarter, which has seen consistent gains in production and sales, despite global geopolitical tensions and trade uncertainties. Export orders surge, led by demand from US A key driver of the June surge was a sharp acceleration in international demand. New export orders grew at the third-fastest pace since the survey began in 2005, with Indian manufacturers citing stronger demand from across regions, particularly the United States. The increase in global interest helped offset slowdowns in the consumer and capital goods segments, even as intermediate goods producers led the expansion. Domestic new orders also picked up, supported by robust marketing efforts. The combined demand drove production volumes to their highest pace since April 2024. “To keep up with strong demand — particularly from international markets — Indian manufacturing firms had to tap deeper into their inventories, causing the stock of finished goods to continue shrinking,” said Pranjul Bhandari, Chief India Economist at HSBC. Record hiring and easing input costs boost sentiment The rise in demand also triggered the fastest pace of hiring in the survey’s history, with most firms reporting short-term recruitment to manage increasing workloads. Backlogs of work, which had stagnated in May, increased again in June. Cost pressures continued to ease, even as prices for key inputs like iron and steel remained elevated. Input inflation dropped to a four-month low and was negligible relative to historical averages. Despite this, output prices rose markedly as manufacturers passed on higher freight, labour, and material costs to clients, supported by strong demand. Inventory patterns reflected the shifting demand landscape. While purchases of raw materials rose at the fastest pace in 14 months, finished goods stocks declined significantly, with firms drawing down existing inventory to fulfil orders. Supply chains also showed improvement, with delivery times shortening at the quickest rate in five months. Looking ahead, the manufacturing sector’s outlook remains broadly positive. However, manufacturers remain cautious about inflationary pressures, increasing competition, and changing consumer preferences. The PMI data complements India’s broader economic picture. The country’s GDP grew 6.5 per cent in FY25, supported by a strong 7.4 per cent expansion in the March quarter. Manufacturing output grew 4.5 per cent for the year, indicating that the sector continues to play a key role in India’s post-pandemic economic recovery.

The HSBC India Manufacturing PMI, compiled by S&amp;P Global, climbed to 58.4 in June from 57.6 in May, the highest level in 14 months and well above the long-run average of 54.1.

India’s manufacturing PMI hits 14-month high on surge in orders, hiring

Britain’s shoppers are feeling the squeeze again, with shop prices rising for the first time in nearly a year. Supermarkets in particular are under pressure from higher taxes, wage increases and soaring wholesale food costs driven by global disruptions, according to data reported by Bloomberg.<h2>First rise in shop inflation in nearly a year</h2>Shop price inflation in the UK turned positive in June, rising by 0.4 per cent year-on-year after showing a slight decline of 0.1 per cent in May, as per the British Retail Consortium (BRC). This marks the first annual increase since mid-2023, signalling renewed price pressures in the retail sector.&nbsp;Bloomberg reported that the main driver was food price inflation, which jumped by 3.7 per cent, the fastest annual pace since March 2024. The BRC warned this reflected both domestic policy changes and broader global trends pushing up costs for retailers.<h2>Higher taxes and wages squeeze retailers</h2>Retailers point to the UK government’s latest revenue-raising measures as a key cause of rising costs. Bloomberg notes that Chancellor Jeremy Hunt’s budget included a 6.7 per cent rise in the national minimum wage and a £26 billion increase in payroll taxes, both of which took effect in April.&nbsp;The BRC argued these policies have significantly raised operating expenses just as retailers are battling higher wholesale food prices, driven by geopolitical tensions disrupting supply chains and the effects of climate change on agricultural yields. Helen Dickinson, chief executive of the BRC, urged the government to step in. “The government must find ways to alleviate the cost pressures bearing down on retailers,” she said, as quoted by Bloomberg.<h2>Weather worsens food price inflation</h2>Climate factors are also playing a role in driving prices higher. According to Bloomberg, the BRC warned that hot, dry weather is reducing yields for fruits and vegetables, adding further upward pressure on supermarket prices.&nbsp;While non-food prices continued to decline overall, they did so at the slowest pace since July 2023, offering little relief to consumers already contending with higher bills for essentials.<h2>Bank of England faces tough challenge</h2>Rising shop prices risk complicating the Bank of England’s battle to tame inflation. Overall, UK consumer price inflation, which covers costs ranging from housing and energy to transport, stood at 3.4 per cent in May, up from 2.6 per cent in March, as reported by Bloomberg citing the Office for National Statistics.&nbsp;Despite these challenges, central bank officials remain confident they can bring inflation back to the 2 per cent target by early 2027. Higher interest rates are seen as working to cool demand, while a weakening jobs market may reduce upward wage pressures. However, persistent food price inflation remains a key risk.<h2>Consumer spending fears</h2>Retail analysts warn that further price rises could hit consumer demand in the months ahead. Matt Watkins, head of retailer and business insight at NielsenIQ, which compiled the shop pricing data for the BRC told Bloomberg that “rising prices could become a concern if consumer willingness to spend declines later in the year.”&nbsp;With households already grappling with higher mortgage payments, energy costs and broader inflation, continued food price hikes could undermine consumer confidence and pose a threat to Britain’s fragile economic recovery.&nbsp;(With inputs from the agencies)&nbsp;

Britain retailers face renewed cost pressures from government policy, global disruptions, and climate impacts, fueling shop price inflation and challenging both households and the Bank of England economic goals.

Britain’s shoppers are feeling the squeeze again, with shop prices rising for the first time in nearly a year. Supermarkets in particular are under pressure from higher taxes, wage increases and soaring wholesale food costs driven by global disruptions, according to data reported by Bloomberg. First rise in shop inflation in nearly a year Shop price inflation in the UK turned positive in June, rising by 0.4 per cent year-on-year after showing a slight decline of 0.1 per cent in May, as per the British Retail Consortium (BRC). This marks the first annual increase since mid-2023, signalling renewed price pressures in the retail sector. Bloomberg reported that the main driver was food price inflation, which jumped by 3.7 per cent, the fastest annual pace since March 2024. The BRC warned this reflected both domestic policy changes and broader global trends pushing up costs for retailers. Higher taxes and wages squeeze retailers Retailers point to the UK government’s latest revenue-raising measures as a key cause of rising costs. Bloomberg notes that Chancellor Jeremy Hunt’s budget included a 6.7 per cent rise in the national minimum wage and a £26 billion increase in payroll taxes, both of which took effect in April. The BRC argued these policies have significantly raised operating expenses just as retailers are battling higher wholesale food prices, driven by geopolitical tensions disrupting supply chains and the effects of climate change on agricultural yields. Helen Dickinson, chief executive of the BRC, urged the government to step in. “The government must find ways to alleviate the cost pressures bearing down on retailers,” she said, as quoted by Bloomberg. Weather worsens food price inflation Climate factors are also playing a role in driving prices higher. According to Bloomberg, the BRC warned that hot, dry weather is reducing yields for fruits and vegetables, adding further upward pressure on supermarket prices. While non-food prices continued to decline overall, they did so at the slowest pace since July 2023, offering little relief to consumers already contending with higher bills for essentials. Bank of England faces tough challenge Rising shop prices risk complicating the Bank of England’s battle to tame inflation. Overall, UK consumer price inflation, which covers costs ranging from housing and energy to transport, stood at 3.4 per cent in May, up from 2.6 per cent in March, as reported by Bloomberg citing the Office for National Statistics. Despite these challenges, central bank officials remain confident they can bring inflation back to the 2 per cent target by early 2027. Higher interest rates are seen as working to cool demand, while a weakening jobs market may reduce upward wage pressures. However, persistent food price inflation remains a key risk. Consumer spending fears Retail analysts warn that further price rises could hit consumer demand in the months ahead. Matt Watkins, head of retailer and business insight at NielsenIQ, which compiled the shop pricing data for the BRC told Bloomberg that “rising prices could become a concern if consumer willingness to spend declines later in the year.” With households already grappling with higher mortgage payments, energy costs and broader inflation, continued food price hikes could undermine consumer confidence and pose a threat to Britain’s fragile economic recovery. (With inputs from the agencies)

UK shop prices rose for the first time in nearly a year in June, driven by soaring food costs, higher taxes, and wage hikes, sparking concerns over inflation and consumer spending.

UK shop prices climb as supermarkets face tax hikes and food cost surge

The prices of commercial LPG gas cylinders were revised by the oil marketing companies on Tuesday (July 1, 2025), reducing the cost of a 19 kg commercial cylinder by Rs 58.50. The slash in the price will come into effect from July 1, 2025, bringing respite to commercial users such as hotels, restaurants, and businesses. Meanwhile, the prices of domestic 14.2 kg LPG cylinders, widely used in households, have not been changed, according to a report by the news agency ANI.<h3>Updated LPG cylinder rates in major cities</h3>After the recent price cut of one unit of a commercial LPG cylinder in Delhi will now cost Rs 1,665, down from Rs 1,723.50, providing relief to commercial users.In Mumbai, the retail price of 19-kg LPG cylinders will now cost Rs 1,616 after a slashing from the previous rate costing Rs 1674.50 per cylinder.In addition, the commercial price of an LPG cylinder will cost Rs 1,769 in Kolkata and Rs 1,823.50 in Chennai, reducing from Rs 1,826 and Rs 1,881, respectively.<h3>Could crude oil prices drop globally?</h3>As per a June 27 research report by ICICI Bank, international crude oil prices may face downward pressure due to several contributing factors. These include the easing of tensions between Israel and Iran, weaker-than-expected global demand, and a rise in overall oil production.On the demand front, the report notes that prolonged trade-related uncertainties could continue to dampen consumption. It also projects that oil demand in 2025 will remain largely flat at 102.9 million barrels per day (mbpd), similar to the levels seen in 2024, amid slow global economic growth.Also read: India: <a href="https://www.wionews.com/india-news/india-price-of-commercial-lpg-gas-cylinders-reduced-by-rs-7-8680060">Price of commercial LPG gas cylinders reduced by Rs 7</a>In terms of supply, global crude production is showing an upward trend, driven primarily by increased output from OPEC countries, while supply from non-OPEC producers has also remained stable."The physical markets recorded a net supply surplus for the fifth consecutive month of 1.6mbpd in May compared to 1.9mbpd recorded in April," ICICI Bank said.However, the report also suggested that the effect of the Iran-Israel conflict on the spike in crude prices was much lower than previous geopolitical tensions, such as the Russia-Ukraine war.&nbsp;

After the recent price cut of one unit of a commercial LPG cylinder in Delhi will now cost Rs 1,665, down. In Mumbai, will cost Rs 1,616, Rs 1,769 in Kolkata and Rs 1,823.50 in Chennai.

The prices of commercial LPG gas cylinders were revised by the oil marketing companies on Tuesday (July 1, 2025), reducing the cost of a 19 kg commercial cylinder by Rs 58.50. The slash in the price will come into effect from July 1, 2025, bringing respite to commercial users such as hotels, restaurants, and businesses. Meanwhile, the prices of domestic 14.2 kg LPG cylinders, widely used in households, have not been changed, according to a report by the news agency ANI. Updated LPG cylinder rates in major cities After the recent price cut of one unit of a commercial LPG cylinder in Delhi will now cost Rs 1,665, down from Rs 1,723.50, providing relief to commercial users. In Mumbai, the retail price of 19-kg LPG cylinders will now cost Rs 1,616 after a slashing from the previous rate costing Rs 1674.50 per cylinder. In addition, the commercial price of an LPG cylinder will cost Rs 1,769 in Kolkata and Rs 1,823.50 in Chennai, reducing from Rs 1,826 and Rs 1,881, respectively. Could crude oil prices drop globally? As per a June 27 research report by ICICI Bank, international crude oil prices may face downward pressure due to several contributing factors. These include the easing of tensions between Israel and Iran, weaker-than-expected global demand, and a rise in overall oil production. On the demand front, the report notes that prolonged trade-related uncertainties could continue to dampen consumption. It also projects that oil demand in 2025 will remain largely flat at 102.9 million barrels per day (mbpd), similar to the levels seen in 2024, amid slow global economic growth. Also read: India: Price of commercial LPG gas cylinders reduced by Rs 7 In terms of supply, global crude production is showing an upward trend, driven primarily by increased output from OPEC countries, while supply from non-OPEC producers has also remained stable. "The physical markets recorded a net supply surplus for the fifth consecutive month of 1.6mbpd in May compared to 1.9mbpd recorded in April," ICICI Bank said. However, the report also suggested that the effect of the Iran-Israel conflict on the spike in crude prices was much lower than previous geopolitical tensions, such as the Russia-Ukraine war.

After the recent price cut of one unit of a commercial LPG cylinder in Delhi will now cost Rs 1,665, down. In Mumbai, will cost Rs 1,616, Rs 1,769 in Kolkata and Rs 1,823.50 in Chennai.

LPG price cut: Commercial 19-kg cylinder reduced by Rs 58.50—check latest rates city-wise

Asian equity markets moved cautiously higher on July 1, buoyed by record gains on Wall Street and optimism surrounding ongoing global trade negotiations, even as political and economic uncertainty in the United States kept investors on edge. A weaker dollar, falling oil prices, and renewed demand for safe-haven assets like gold reflected growing anxiety ahead of crucial US policy decisions, including a massive tax-and-spending bill and looming tariff deadlines.MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 per cent, led by South Korea’s Kospi, which climbed 1.8 per cent. However, Japan’s Nikkei 225 fell 1.1 per cent as the yen strengthened, while broader indices such as Australia’s S&amp;P/ASX 200 and India’s BSE Sensex traded flat. Hong Kong markets remained closed for a public holiday.Investors remained fixated on the fate of President Donald Trump’s sweeping tax and spending package, estimated to add $3.3 trillion to the US debt pile. The bill, dubbed the “One Big Beautiful Bill” by the president, has sparked intense debate in the Senate, with Republicans and Democrats battling over a flurry of amendments. Trump has urged passage before the July 4 holiday.Meanwhile, the 90-day reprieve on Trump’s reciprocal tariffs is set to expire on July 9, heightening tensions with trading partners. US Treasury Secretary Scott Bessent signalled progress with some nations but warned that tariffs could “spring back” to previously announced levels if negotiations stall. The uncertainty weighed on sentiment across Asian markets, where export-driven economies are especially vulnerable.<h2>Gold climbs as safe-haven demand grows</h2>Gold prices extended gains on July 1, supported by a falling US dollar and rising investor demand for safe-haven assets amid geopolitical concerns and policy ambiguity. Spot gold rose 0.6 per cent to $3,322.55 per ounce in early Asian trading, while US gold futures gained 0.8 per cent to $3,334.80. The US dollar index dropped 0.2 per cent, touching a 50-month low. A weaker dollar typically boosts gold demand by making it cheaper for holders of other currencies.Indian domestic prices also mirrored global trends. 24-karat gold traded at ₹98,400 ($1,147) per 10 grams, while 22-karat stood at ₹90,200 ($1,052). Analysts expect an upward bias in gold prices to persist in the near term.Market participants are now closely watching the upcoming US jobs report due on July 3, which could influence the Federal Reserve’s stance on interest rates. Any signs of economic softening may strengthen the case for rate cuts, potentially boosting gold further.<h2>Oil slides as supply outlook weighs</h2>Crude oil prices continued their downward trend, pressured by expectations of increased supply from OPEC+ and concerns over slowing demand due to trade tensions. Brent futures for September delivery fell 0.46 per cent to $66.43, while WTI August contracts dropped 0.49 per cent to $64.79 per barrel.OPEC+ is expected to hike output by another 411,000 barrels per day in August, the fourth straight monthly increase. Analysts from ING Think noted that with recent supply additions, the global oil market could return to a surplus in Q4 2025, eroding the geopolitical risk premium that previously supported prices. Domestic oil futures followed suit. On the MCX, July crude contracts fell 0.48 per cent to ₹5,554 ($64.76), while August contracts slipped 0.42 per cent to ₹5,469 ($63.77).Despite easing tensions between Israel and Iran, markets remain alert to potential disruptions. Trump’s latest criticism of Japan for refusing US rice imports, posted on Truth Social, underscores the fragile nature of ongoing trade talks. With critical US economic data and policy decisions looming, investors remain on guard, balancing cautious optimism with the risk of renewed volatility in global markets.

The uncertainty weighed on sentiment across Asian markets, where export-driven economies are especially vulnerable to Trump's trade policies.

Asian equity markets moved cautiously higher on July 1, buoyed by record gains on Wall Street and optimism surrounding ongoing global trade negotiations, even as political and economic uncertainty in the United States kept investors on edge. A weaker dollar, falling oil prices, and renewed demand for safe-haven assets like gold reflected growing anxiety ahead of crucial US policy decisions, including a massive tax-and-spending bill and looming tariff deadlines. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 per cent, led by South Korea’s Kospi, which climbed 1.8 per cent. However, Japan’s Nikkei 225 fell 1.1 per cent as the yen strengthened, while broader indices such as Australia’s S&P/ASX 200 and India’s BSE Sensex traded flat. Hong Kong markets remained closed for a public holiday. Investors remained fixated on the fate of President Donald Trump’s sweeping tax and spending package, estimated to add $3.3 trillion to the US debt pile. The bill, dubbed the “One Big Beautiful Bill” by the president, has sparked intense debate in the Senate, with Republicans and Democrats battling over a flurry of amendments. Trump has urged passage before the July 4 holiday. Meanwhile, the 90-day reprieve on Trump’s reciprocal tariffs is set to expire on July 9, heightening tensions with trading partners. US Treasury Secretary Scott Bessent signalled progress with some nations but warned that tariffs could “spring back” to previously announced levels if negotiations stall. The uncertainty weighed on sentiment across Asian markets, where export-driven economies are especially vulnerable. Gold climbs as safe-haven demand grows Gold prices extended gains on July 1, supported by a falling US dollar and rising investor demand for safe-haven assets amid geopolitical concerns and policy ambiguity. Spot gold rose 0.6 per cent to $3,322.55 per ounce in early Asian trading, while US gold futures gained 0.8 per cent to $3,334.80. The US dollar index dropped 0.2 per cent, touching a 50-month low. A weaker dollar typically boosts gold demand by making it cheaper for holders of other currencies. Indian domestic prices also mirrored global trends. 24-karat gold traded at ₹98,400 ($1,147) per 10 grams, while 22-karat stood at ₹90,200 ($1,052). Analysts expect an upward bias in gold prices to persist in the near term. Market participants are now closely watching the upcoming US jobs report due on July 3, which could influence the Federal Reserve’s stance on interest rates. Any signs of economic softening may strengthen the case for rate cuts, potentially boosting gold further. Oil slides as supply outlook weighs Crude oil prices continued their downward trend, pressured by expectations of increased supply from OPEC+ and concerns over slowing demand due to trade tensions. Brent futures for September delivery fell 0.46 per cent to $66.43, while WTI August contracts dropped 0.49 per cent to $64.79 per barrel. OPEC+ is expected to hike output by another 411,000 barrels per day in August, the fourth straight monthly increase. Analysts from ING Think noted that with recent supply additions, the global oil market could return to a surplus in Q4 2025, eroding the geopolitical risk premium that previously supported prices. Domestic oil futures followed suit. On the MCX, July crude contracts fell 0.48 per cent to ₹5,554 ($64.76), while August contracts slipped 0.42 per cent to ₹5,469 ($63.77). Despite easing tensions between Israel and Iran, markets remain alert to potential disruptions. Trump’s latest criticism of Japan for refusing US rice imports, posted on Truth Social, underscores the fragile nature of ongoing trade talks. With critical US economic data and policy decisions looming, investors remain on guard, balancing cautious optimism with the risk of renewed volatility in global markets.

The uncertainty weighed on sentiment across Asian markets, where export-driven economies are especially vulnerable to Trump's trade policies.

Asian markets edge higher, gold shines as investors await US policy clarity

The US dollar has posted its worst first-half performance in more than 50 years, hit by President Donald Trump’s aggressive tariff policies, investor fears over rising national debt, and bets on Federal Reserve rate cuts. According to Bloomberg and The Guardian, the US Dollar Index fell 10.8 per cent in the first six months of 2025, a slump unmatched since 1973.<h2>Dollar index dives amid policy uncertainty</h2>The US Dollar Index, which measures the greenback against a basket of major currencies, has dropped to its lowest level since March 2022. The scale of this year’s decline rivals the 14.8 per cent plunge in the first half of 1973 during Richard Nixon’s presidency. According to Bloomberg, traders have been spooked by Trump’s surprise “Liberation Day” tariff hikes in April. The policy, aimed at extracting concessions from China, Mexico and Canada, triggered a sharp sell-off in dollar assets and prompted fears of a global trade war.&nbsp;Although the White House paused some tariffs for 90 days under pressure from investors, uncertainty remains high. Analysts say the repeated tariff threats have undermined confidence in the dollar as a safe-haven currency, while worries about the US fiscal outlook are adding to the strain.&nbsp;Here’s a snapshot illustrating how severe the 2025 slump has been in historical context:

<figure class="table"><table><tbody><tr><td>Year</td><td>First-Half Dollar Index Change (%)</td></tr><tr><td>1973</td><td>-14.8</td></tr><tr><td>2025</td><td>-10.8</td></tr><tr><td>Typical Range (Recent Decades)</td><td>-1 to +5</td></tr></tbody></table></figure>Source: Guardian graphic, data from LSEG

This graphic highlight that outside of crisis years like 1973, the dollar typically moves within a far narrower band in the first half of the year. The 2025 slump is one of the largest moves in over five decades, underlining just how severely investor sentiment has been shaken.<h2>Rate-cut expectations deepen dollar weakness</h2>As reported by Bloomberg, traders are increasingly convinced that the Federal Reserve will have to cut interest rates to counter weaker growth. President Trump has repeatedly attacked the Fed for not cutting fast enough and has suggested he might replace Chair Jerome Powell with someone more dovish.&nbsp;Markets are pricing in multiple rate reductions over the coming year. Lower rates reduce the yield on dollar-denominated assets, making the currency less attractive to global investors.<h2>Investors rotate away from US assets</h2>According to The Guardian, the dollar’s decline has been matched by strength in rival currencies. Sterling has risen to a three-year high of $1.37, while the euro is up around 5 per cent so far this year.This reflects a broader rotation out of US assets amid worries about the country’s ballooning debt and unpredictable trade policy. Trump’s expansive budget plans, described as the “big beautiful” budget, are expected to push borrowing even higher, fuelling further doubts about the dollar’s long-term stability.<h2>US stock markets rebound despite tariff shock</h2>Despite the dollar’s slump and an early-year sell-off, US equity markets have bounced back. The April tariff announcement led to the sharpest equity correction since the pandemic, with the S&amp;P 500 tumbling more than 10 per cent in just two days.&nbsp;Bloomberg reports that this volatility was quickly reversed once tariffs were paused and strong earnings, particularly from AI-focused firms, supported sentiment. By the end of June, the S&amp;P 500 had regained ground to post a 5 per cent gain for the year, though it still lagged key European indices.<h2>Europe and UK outperform</h2>As detailed in The Guardian, European markets have outpaced Wall Street. The pan-European Stoxx 600 index rose 7 per cent in the first half of 2025, the UK’s FTSE 100 gained 7.2 per cent, and Germany’s Dax surged 20 per cent, making Europe one of the best-performing regions globally.&nbsp;Investment analysts note that tariffs, earnings downgrades, geopolitical conflicts, and fears over US debt have prompted a shift in investor preferences, reducing America’s dominance in global portfolios.<h2>Winners and losers among sectors</h2>Technology stocks have seen diverging fortunes. Meta Platforms, Facebook’s owner, has soared 25 per cent on AI optimism, while Apple has lost nearly 20 per cent amid concerns about tariffs on Chinese imports and fears it has fallen behind in the AI race.&nbsp;Meanwhile, safe-haven assets have benefited. Gold prices have jumped 25 per cent in 2025 so far, as investors seek protection against market volatility and policy uncertainty.<h2>The road ahead for the dollar</h2>With Trump’s tariff threats still hanging over trade partners, ongoing geopolitical tensions, and questions about the Federal Reserve’s path, analysts warn that the greenback could face further turbulence in the second half of 2025.&nbsp;While US stocks have shown resilience, the dollar’s worst first-half slump in over 50 years underscores the deep anxiety about America’s economic direction and its traditional role as the world’s reserve currency. &nbsp;(With inputs from the agencies) &nbsp;

With a 10.8% plunge in H1 2025, the US Dollar Index faces its worst start in over 50 years, driven by tariff tensions, fiscal instability, and fading investor confidence in America economic policy direction.

The US dollar has posted its worst first-half performance in more than 50 years, hit by President Donald Trump’s aggressive tariff policies, investor fears over rising national debt, and bets on Federal Reserve rate cuts. According to Bloomberg and The Guardian, the US Dollar Index fell 10.8 per cent in the first six months of 2025, a slump unmatched since 1973. Dollar index dives amid policy uncertainty The US Dollar Index, which measures the greenback against a basket of major currencies, has dropped to its lowest level since March 2022. The scale of this year’s decline rivals the 14.8 per cent plunge in the first half of 1973 during Richard Nixon’s presidency. According to Bloomberg, traders have been spooked by Trump’s surprise “Liberation Day” tariff hikes in April. The policy, aimed at extracting concessions from China, Mexico and Canada, triggered a sharp sell-off in dollar assets and prompted fears of a global trade war. Although the White House paused some tariffs for 90 days under pressure from investors, uncertainty remains high. Analysts say the repeated tariff threats have undermined confidence in the dollar as a safe-haven currency, while worries about the US fiscal outlook are adding to the strain. Here’s a snapshot illustrating how severe the 2025 slump has been in historical context:

The US dollar has suffered its steepest first-half drop since 1973, shaken by Trump’s tariff shocks, debt concerns, and expectations of Fed rate cuts.

Dollar slumps to 50-year low as Trump’s tariffs, Fed rift rattle markets

Asia’s once-resilient manufacturing sector is showing signs of sustained fatigue as June PMI (Purchasing Managers’ Index) data from across the region point to a deepening contraction in factory activity, with China standing out as a rare exception. Amid persistent global trade tensions, especially around US tariffs under President Donald Trump, many export-reliant economies, including Taiwan, Vietnam, South Korea, and Indonesia, are reporting falling orders, reduced output, and job cuts. China’s manufacturing sector, meanwhile, managed to return to growth in June, with its PMI rising to 50.4, breaching the critical 50 threshold that separates expansion from contraction. This contrasts with the rest of Asia, where both domestic and foreign demand have remained subdued and prospects remain clouded by tariff uncertainties and declining global consumption.<h2>Widespread contraction across Asia</h2>The S&amp;P Global PMI readings across much of the continent paint a grim picture. Taiwan’s manufacturing PMI fell to 47.2 in June from 48.6 in May, marking the steepest contraction in 18 months. The slump was driven by sharp declines in both new business and export orders, with manufacturers citing “reduced customer demand at home and overseas amid tariff concerns”, according to Annabel Fiddes of S&amp;P Global Market Intelligence.Vietnam’s PMI fell to 48.9, dragged down by what businesses described as a tariff-induced collapse in export orders, particularly to the US. Staffing, purchasing, and inventories all saw corresponding cuts, although production showed marginal growth. The country’s manufacturers noted that US tariffs had been a major factor behind the decline in foreign business.Elsewhere in Southeast Asia, the picture was similarly bleak. Indonesia posted the region’s worst reading at 46.9, down from 47.4 in May. The country saw its sharpest fall in new orders since August 2021, triggering contractions in output and employment. Malaysia and the wider ASEAN bloc also remained mired in contraction, with ASEAN’s overall PMI dipping to 48.6, its lowest level since August 2021, amid worsening foreign demand and production cuts.South Korea, a key manufacturing hub, reported a PMI of 48.7 in June, an improvement from 47.7 in May, but still indicative of contraction for the fourth straight month. Manufacturers reported a fourth consecutive drop in production and a third in export orders, with global clients showing increasing hesitancy as tariff uncertainty looms. Despite a slight recovery in domestic sentiment, the employment index turned negative again, highlighting fragile conditions on the ground.Japan managed a symbolic return to growth with its PMI rising to 50.1 in June—the first reading above 50 since May 2024—helped by a slight increase in production. But the country remains exposed to escalating US tariffs, with President Trump threatening new levies on Japanese imports. Business optimism improved, but underlying demand remained weak, and both new orders and exports continued to decline.Even traditionally resilient economies such as the Philippines and Thailand are feeling the strain. The Philippines PMI rose modestly to 50.7, but supply chain constraints and labour shortages hampered growth. Thailand, by contrast, posted stronger numbers, its PMI rose to 51.7, the best since August 2024, thanks to better export orders and strong promotional activity. However, manufacturers there remained cautious amid easing optimism.<h2>China: A fragile recovery</h2>Amid the widespread gloom, China has emerged as the only major Asian economy to register an expansion in manufacturing activity. Its June PMI rose to 50.4 from 48.3 in May, driven by a rebound in new domestic orders and production. Though the increase was marginal, it marked the fastest pace of output growth since November 2024. Firms credited promotional activities and better trade conditions for the rebound.Still, the recovery is far from robust. Export orders declined for a third consecutive month, although the pace of decline eased. Manufacturers continued to cut jobs in response to cost pressures and uncertainty about the global trade outlook. Business confidence, while still positive, weakened and remains below the long-run average.Chinese firms also faced deteriorating supply chain conditions and were cautious about input purchases. Despite these headwinds, cost savings from lower raw material prices allowed manufacturers to reduce output charges, helping maintain competitiveness.<h2>Tariff deadlines loom large</h2>The regional downturn comes as the three-month grace period on Trump’s reciprocal tariffs is set to expire on July 9. Washington is expected to announce further tariff actions shortly after the US July 4 holiday, including sweeping 24 per cent duties on Japanese imports unless a last-minute agreement is reached. The ongoing brinkmanship has left businesses wary of investing or hiring, further straining supply chains and undermining fragile recoveries.Economists warn that the region’s deflationary pressures, intensified by cheap Chinese exports and reduced global consumption, may worsen if geopolitical tensions remain unresolved. Despite China’s positive headline reading, the outlook for the broader region remains troubled. Unless global demand picks up and tariff risks recede, Asia’s role as the world’s factory floor may be in for a prolonged period of restructuring and stagnation.

In Asia, both domestic and foreign demand, have remained subdued and prospects remain clouded by tariff uncertainties and declining global consumption.

Asia’s once-resilient manufacturing sector is showing signs of sustained fatigue as June PMI (Purchasing Managers’ Index) data from across the region point to a deepening contraction in factory activity, with China standing out as a rare exception. Amid persistent global trade tensions, especially around US tariffs under President Donald Trump, many export-reliant economies, including Taiwan, Vietnam, South Korea, and Indonesia, are reporting falling orders, reduced output, and job cuts. China’s manufacturing sector, meanwhile, managed to return to growth in June, with its PMI rising to 50.4, breaching the critical 50 threshold that separates expansion from contraction. This contrasts with the rest of Asia, where both domestic and foreign demand have remained subdued and prospects remain clouded by tariff uncertainties and declining global consumption. Widespread contraction across Asia The S&P Global PMI readings across much of the continent paint a grim picture. Taiwan’s manufacturing PMI fell to 47.2 in June from 48.6 in May, marking the steepest contraction in 18 months. The slump was driven by sharp declines in both new business and export orders, with manufacturers citing “reduced customer demand at home and overseas amid tariff concerns”, according to Annabel Fiddes of S&P Global Market Intelligence. Vietnam’s PMI fell to 48.9, dragged down by what businesses described as a tariff-induced collapse in export orders, particularly to the US. Staffing, purchasing, and inventories all saw corresponding cuts, although production showed marginal growth. The country’s manufacturers noted that US tariffs had been a major factor behind the decline in foreign business. Elsewhere in Southeast Asia, the picture was similarly bleak. Indonesia posted the region’s worst reading at 46.9, down from 47.4 in May. The country saw its sharpest fall in new orders since August 2021, triggering contractions in output and employment. Malaysia and the wider ASEAN bloc also remained mired in contraction, with ASEAN’s overall PMI dipping to 48.6, its lowest level since August 2021, amid worsening foreign demand and production cuts. South Korea, a key manufacturing hub, reported a PMI of 48.7 in June, an improvement from 47.7 in May, but still indicative of contraction for the fourth straight month. Manufacturers reported a fourth consecutive drop in production and a third in export orders, with global clients showing increasing hesitancy as tariff uncertainty looms. Despite a slight recovery in domestic sentiment, the employment index turned negative again, highlighting fragile conditions on the ground. Japan managed a symbolic return to growth with its PMI rising to 50.1 in June—the first reading above 50 since May 2024—helped by a slight increase in production. But the country remains exposed to escalating US tariffs, with President Trump threatening new levies on Japanese imports. Business optimism improved, but underlying demand remained weak, and both new orders and exports continued to decline. Even traditionally resilient economies such as the Philippines and Thailand are feeling the strain. The Philippines PMI rose modestly to 50.7, but supply chain constraints and labour shortages hampered growth. Thailand, by contrast, posted stronger numbers, its PMI rose to 51.7, the best since August 2024, thanks to better export orders and strong promotional activity. However, manufacturers there remained cautious amid easing optimism. China: A fragile recovery Amid the widespread gloom, China has emerged as the only major Asian economy to register an expansion in manufacturing activity. Its June PMI rose to 50.4 from 48.3 in May, driven by a rebound in new domestic orders and production. Though the increase was marginal, it marked the fastest pace of output growth since November 2024. Firms credited promotional activities and better trade conditions for the rebound. Still, the recovery is far from robust. Export orders declined for a third consecutive month, although the pace of decline eased. Manufacturers continued to cut jobs in response to cost pressures and uncertainty about the global trade outlook. Business confidence, while still positive, weakened and remains below the long-run average. Chinese firms also faced deteriorating supply chain conditions and were cautious about input purchases. Despite these headwinds, cost savings from lower raw material prices allowed manufacturers to reduce output charges, helping maintain competitiveness. Tariff deadlines loom large The regional downturn comes as the three-month grace period on Trump’s reciprocal tariffs is set to expire on July 9. Washington is expected to announce further tariff actions shortly after the US July 4 holiday, including sweeping 24 per cent duties on Japanese imports unless a last-minute agreement is reached. The ongoing brinkmanship has left businesses wary of investing or hiring, further straining supply chains and undermining fragile recoveries. Economists warn that the region’s deflationary pressures, intensified by cheap Chinese exports and reduced global consumption, may worsen if geopolitical tensions remain unresolved. Despite China’s positive headline reading, the outlook for the broader region remains troubled. Unless global demand picks up and tariff risks recede, Asia’s role as the world’s factory floor may be in for a prolonged period of restructuring and stagnation.

In Asia, both domestic and foreign demand, have remained subdued and prospects remain clouded by tariff uncertainties and declining global consumption.

Asia’s manufacturing engines stall amid trade uncertainty; China emerges as lone bright spot

US President Donald Trump has turned up the heat on trade talks with Japan, threatening sharply higher tariffs unless Tokyo makes new concessions on American exports. His remarks come as a crucial July 9 deadline approaches, raising fears of an escalation that could impact everything from rice to cars.<h2>Trump complains about Japan’s rice imports</h2>In a social media post on Monday, Trump criticised Japan’s reluctance to import American-grown rice despite what he called a “massive rice shortage” in the country. Writing on his Truth Social platform, he accused trading partners of becoming “spoiled” when dealing with the United States.&nbsp;“I have great respect for Japan, they won’t take our RICE, and yet they have a massive rice shortage,” Trump said. He also indicated his administration would soon be sending formal notices to partners about the planned tariff increases, as per Reuters. This latest outburst follows his Sunday comments, in which he accused Japan of “unfair” trade practices in the automobile sector. Such remarks have become a hallmark of Trump’s second-term trade strategy, marked by tough rhetoric and an emphasis on what he calls fairer terms for American producers.<h2>July 9 deadline looms for tariff hike</h2>Trump’s administration had earlier imposed a temporary 10 per cent tariff rate on a broad range of imports. But those rates are set to snap back to much higher levels, between 11 and 50 per cent on 9 July if no new deals are finalised. Treasury Secretary Scott Bessent told Bloomberg Television that the White House would notify countries of these higher rates if negotiations stalled. He acknowledged that some countries were bargaining in good faith but insisted the threat of tariffs was needed to maintain pressure.&nbsp;“We have countries that are negotiating in good faith, but they should be aware that if we can’t get across the line because they are being recalcitrant, then we could spring back to the April 2 levels. I hope that won’t have to happen,” Bessent said, as quoted by Reuters. Despite the tough talk, Bessent has hinted at flexibility. Earlier this month he floated the idea of extending the deadline for countries actively negotiating with Washington, although he emphasised only Trump would make that call.<h2>Japan warns of impact on its auto industry</h2>Japan’s main trade negotiator, Ryosei Akazawa, signalled on Monday that Tokyo was committed to continuing discussions with Washington while protecting its own interests. He specifically warned that the resumption of Trump’s 25 per cent tariff on Japanese autos would deal a serious blow to Japan’s economy.&nbsp;“We will continue working with the US to reach a trade agreement while defending Japan’s national interest,” Akazawa said, as per Reuters. Autos remain one of the most sensitive sectors in US-Japan trade, with past negotiations frequently bogging down over market access and tariff rates.<h2>EU eyes deal to avoid steep tariffs</h2>While Japan faces tough demands, another major US trading partner, the European Union, is also trying to navigate the looming tariff threat. According to Bloomberg News, the EU is willing to accept a 10 per cent baseline tariff on its exports to the US in exchange for American commitments to lower tariffs in key industries such as pharmaceuticals, alcohol, semiconductors, and commercial aircraft.&nbsp;Reuters reported that European officials are increasingly resigned to this 10 per cent level as the baseline for any reciprocal deal. The UK previously agreed to similar terms, securing tariff stability on autos while gaining special access for aircraft engines and beef.<h2>A familiar hardline Trump strategy</h2>Trump’s latest trade offensive echoes his first-term approach: using the threat of tariffs to force concessions from allies and rivals alike. While his administration says it is simply fighting for American workers and producers, critics warn the strategy risks destabilising trade flows and hurting key industries on both sides.&nbsp;As the 9 July deadline approaches, trading partners will be under pressure to strike last-minute deals. The outcome will likely define the next phase of America’s complex trade relationships and could have significant implications for global supply chains, prices, and diplomatic ties.&nbsp;(With inputs from the agencies) &nbsp;

As Trump threatens steep tariff hikes on Japan and the EU, global trade tensions rise; key sectors like autos and agriculture hang in the balance with major deals at stake before the looming July 9 cutoff.

US President Donald Trump has turned up the heat on trade talks with Japan, threatening sharply higher tariffs unless Tokyo makes new concessions on American exports. His remarks come as a crucial July 9 deadline approaches, raising fears of an escalation that could impact everything from rice to cars. Trump complains about Japan’s rice imports In a social media post on Monday, Trump criticised Japan’s reluctance to import American-grown rice despite what he called a “massive rice shortage” in the country. Writing on his Truth Social platform, he accused trading partners of becoming “spoiled” when dealing with the United States. “I have great respect for Japan, they won’t take our RICE, and yet they have a massive rice shortage,” Trump said. He also indicated his administration would soon be sending formal notices to partners about the planned tariff increases, as per Reuters. This latest outburst follows his Sunday comments, in which he accused Japan of “unfair” trade practices in the automobile sector. Such remarks have become a hallmark of Trump’s second-term trade strategy, marked by tough rhetoric and an emphasis on what he calls fairer terms for American producers. July 9 deadline looms for tariff hike Trump’s administration had earlier imposed a temporary 10 per cent tariff rate on a broad range of imports. But those rates are set to snap back to much higher levels, between 11 and 50 per cent on 9 July if no new deals are finalised. Treasury Secretary Scott Bessent told Bloomberg Television that the White House would notify countries of these higher rates if negotiations stalled. He acknowledged that some countries were bargaining in good faith but insisted the threat of tariffs was needed to maintain pressure. “We have countries that are negotiating in good faith, but they should be aware that if we can’t get across the line because they are being recalcitrant, then we could spring back to the April 2 levels. I hope that won’t have to happen,” Bessent said, as quoted by Reuters. Despite the tough talk, Bessent has hinted at flexibility. Earlier this month he floated the idea of extending the deadline for countries actively negotiating with Washington, although he emphasised only Trump would make that call. Japan warns of impact on its auto industry Japan’s main trade negotiator, Ryosei Akazawa, signalled on Monday that Tokyo was committed to continuing discussions with Washington while protecting its own interests. He specifically warned that the resumption of Trump’s 25 per cent tariff on Japanese autos would deal a serious blow to Japan’s economy. “We will continue working with the US to reach a trade agreement while defending Japan’s national interest,” Akazawa said, as per Reuters. Autos remain one of the most sensitive sectors in US-Japan trade, with past negotiations frequently bogging down over market access and tariff rates. EU eyes deal to avoid steep tariffs While Japan faces tough demands, another major US trading partner, the European Union, is also trying to navigate the looming tariff threat. According to Bloomberg News, the EU is willing to accept a 10 per cent baseline tariff on its exports to the US in exchange for American commitments to lower tariffs in key industries such as pharmaceuticals, alcohol, semiconductors, and commercial aircraft. Reuters reported that European officials are increasingly resigned to this 10 per cent level as the baseline for any reciprocal deal. The UK previously agreed to similar terms, securing tariff stability on autos while gaining special access for aircraft engines and beef. A familiar hardline Trump strategy Trump’s latest trade offensive echoes his first-term approach: using the threat of tariffs to force concessions from allies and rivals alike. While his administration says it is simply fighting for American workers and producers, critics warn the strategy risks destabilising trade flows and hurting key industries on both sides. As the 9 July deadline approaches, trading partners will be under pressure to strike last-minute deals. The outcome will likely define the next phase of America’s complex trade relationships and could have significant implications for global supply chains, prices, and diplomatic ties. (With inputs from the agencies)

Trump escalates trade pressure on Japan with tariff threats over rice and cars ahead of a critical July 9 deadline, signaling a return to hardline trade tactics.

Trump threatens higher tariffs as US-Japan trade row deepens

From 1 July, a raft of new financial rules has come into force across India, reshaping everyday transactions for millions. Major banks are hiking ATM fees, Aadhaar is now mandatory for new PAN card applications, and the deadline for income tax return filing has been extended. Here is how these changes will affect you.<h2>ATM withdrawals get costlier across all major banks</h2>Customers of nearly every major bank will pay more for withdrawing cash this month. Following the RBI’s rules capping post-free ATM withdrawal fees at ₹23, banks have aligned their charges, but the number of free transactions and the exact fees after that limit vary.&nbsp;State Bank of India (SBI) will charge ₹15 plus GST for every cash withdrawal at its own ATMs once the free limit is exhausted, and ₹21 plus GST at other banks’ ATMs. ICICI Bank customers get five free cash withdrawals per month at ICICI ATMs, after which each withdrawal will cost ₹23. For non-ICICI ATMs, metro city customers get three free transactions and non-metro users five; exceeding these limits will cost ₹23 per withdrawal and ₹8.5 for balance enquiries.&nbsp;HDFC Bank has standardised its post-limit charge to ₹23 for all ATM withdrawals, whether on its own network or other banks’ machines. Axis Bank has raised its fee to ₹23 per transaction beyond the free monthly limit for all eligible account types, including savings, NRI, trust and Priority customers.Kotak Mahindra Bank now charges ₹23 for each extra cash transaction beyond the free quota, while non-financial transactions cost ₹10. Yes Bank follows a similar model, with ₹23 per cash withdrawal and ₹10 for non-financial actions once free limits are used up. Punjab National Bank (PNB) is charging ₹23 for extra withdrawals and ₹11 for balance checks beyond the free limit.&nbsp;Banks are advising customers to plan their cash needs more carefully, use their own bank’s ATM network wherever possible, and embrace digital payments to avoid these rising costs.

<figure class="table"><table><tbody><tr><td colspan="4">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;ATM Withdrawal Fees Across Major Banks (Post-Free Limit)</td></tr><tr><td>Bank</td><td>Own ATM Fee</td><td>Other Bank ATM Fee</td><td>Non-Financial Transaction Fee</td></tr><tr><td>SBI</td><td>₹15 + GST</td><td>₹21 + GST</td><td>&nbsp; &nbsp; &nbsp;Typically free (subject to policy)</td></tr><tr><td>ICICI Bank</td><td>₹23</td><td>₹23</td><td>₹8.5 at non-ICICI ATMs</td></tr><tr><td>HDFC Bank</td><td>₹23</td><td>₹23</td><td>Typically free</td></tr><tr><td>Axis Bank</td><td>₹23</td><td>₹23</td><td>Typically free</td></tr><tr><td>Kotak Mahindra Bank</td><td>₹23</td><td>₹23</td><td>₹10</td></tr><tr><td>Yes Bank</td><td>₹23</td><td>₹23</td><td>₹10</td></tr><tr><td>Punjab National Bank</td><td>₹23</td><td>₹23</td><td>₹11</td></tr></tbody></table></figure>Note: Free transaction limits vary (usually 3–5 per month depending on account type and location). GST is applied extra on all applicable fees.

<h2>Aadhaar now compulsory for new PAN applications</h2>From today, Aadhaar verification has become mandatory for anyone applying for a new PAN card. Until now, applicants could use other government-issued IDs such as a driving licence or birth certificate. The Central Board of Direct Taxes (CBDT) says this change is aimed at eliminating duplicate or fraudulent PAN cards and ensuring stricter identity verification.&nbsp;Existing PAN holders have until 31 December this year to link their Aadhaar. Failure to do so may result in the PAN being deactivated, which could disrupt access to banking, tax filing, and other services.<h2>ITR filing deadline extended</h2>In a relief for taxpayers, the government has extended the deadline for filing income tax returns for salaried individuals. Instead of 31 July, taxpayers now have until 15 September to complete their filings. This 46-day extension aims to reduce last-minute rush and ease the load on the income tax e-filing portal, which often suffers from slowdowns and errors near deadline days.&nbsp;Officials have still advised early filing to ensure faster processing of refunds and fewer technical issues.<h2>Credit card fees and features see major revisions</h2>Credit card users will also see new terms and charges this month. SBI is discontinuing its air accident insurance benefit, which was previously available on premium cards such as SBI Elite and Miles variants when used to buy air tickets. The bank is also revising the way it calculates the minimum amount due on monthly bills.&nbsp;HDFC Bank is imposing a one per cent fee, capped at ₹4,999 per transaction, on rent payments, wallet loading over ₹10,000 in a single transaction, and spending more than ₹10,000 on online skill-based games. Utility bill payments over ₹50,000 a month using HDFC cards will also attract this fee, with insurance payments exempt.&nbsp;ICICI Bank is revising its IMPS charges for online transfers, which will now range from ₹2.5 to ₹15 depending on the amount. The bank is also limiting free cash deposits at branches and cash recycler machines to three per month; extra deposits will cost ₹150 each. Cash deposits over ₹1 lakh a month will attract a fee of ₹150 or ₹3.50 per ₹1,000, whichever is higher.&nbsp;Kotak Mahindra Bank is introducing broader changes, including fees on wallet loading, standing instructions and utility bill payments, along with a revised calculation for minimum amounts due.<h2>A changing landscape for customers</h2>These sweeping changes mark a significant shift in the cost of everyday banking and payments in India. Customers are being urged to stay informed, plan cash withdrawals to avoid new ATM fees, ensure Aadhaar-PAN linking well before the deadline, and carefully review credit card terms to avoid surprise charges.&nbsp;As banks and regulators push for greater digital adoption and financial discipline, the cost of convenience is rising and staying alert is the best way to keep your finances in check.&nbsp;(With inputs from the agencies)&nbsp;

Aadhaar is now mandatory for new PAN applications, while major changes in tax deadlines and banking charges signal a shift in India financial compliance and consumer costs.

From 1 July, a raft of new financial rules has come into force across India, reshaping everyday transactions for millions. Major banks are hiking ATM fees, Aadhaar is now mandatory for new PAN card applications, and the deadline for income tax return filing has been extended. Here is how these changes will affect you. ATM withdrawals get costlier across all major banks Customers of nearly every major bank will pay more for withdrawing cash this month. Following the RBI’s rules capping post-free ATM withdrawal fees at ₹23, banks have aligned their charges, but the number of free transactions and the exact fees after that limit vary. State Bank of India (SBI) will charge ₹15 plus GST for every cash withdrawal at its own ATMs once the free limit is exhausted, and ₹21 plus GST at other banks’ ATMs. ICICI Bank customers get five free cash withdrawals per month at ICICI ATMs, after which each withdrawal will cost ₹23. For non-ICICI ATMs, metro city customers get three free transactions and non-metro users five; exceeding these limits will cost ₹23 per withdrawal and ₹8.5 for balance enquiries. HDFC Bank has standardised its post-limit charge to ₹23 for all ATM withdrawals, whether on its own network or other banks’ machines. Axis Bank has raised its fee to ₹23 per transaction beyond the free monthly limit for all eligible account types, including savings, NRI, trust and Priority customers. Kotak Mahindra Bank now charges ₹23 for each extra cash transaction beyond the free quota, while non-financial transactions cost ₹10. Yes Bank follows a similar model, with ₹23 per cash withdrawal and ₹10 for non-financial actions once free limits are used up. Punjab National Bank (PNB) is charging ₹23 for extra withdrawals and ₹11 for balance checks beyond the free limit. Banks are advising customers to plan their cash needs more carefully, use their own bank’s ATM network wherever possible, and embrace digital payments to avoid these rising costs.

From stricter Aadhaar-PAN rules to revised credit card and ATM fees, here's how recent policy shifts impact tax filing, digital payments, and personal finance management in India.

From ATM fees to PAN card rules, here’s what changes from July 1

In a bold legislative move, Texas has passed a landmark law recognising gold and silver as legal tender for everyday transactions, with the law slated to take effect on May 1, 2027. Signed by Governor Greg Abbott in June 2025, the law authorises Texans to conduct financial transactions using gold and silver coins or other designated forms, positioning the state at the forefront of monetary innovation in the United States.&nbsp;This development reflects a growing appetite for financial sovereignty and alternatives to fiat currency, especially in a climate of rising interest in inflation-resistant assets and decentralised finance. The initiative is grounded in Article 1, Section 10 of the US Constitution, which permits states to make gold and silver legal tender, something rarely exercised in modern times.<h2>A push toward monetary sovereignty and diversification</h2>At the heart of the new legislation is a desire to give residents more control over their financial future. The law mandates the Texas Comptroller to develop infrastructure for enabling transactions in precious metals, including electronic systems. This opens the door to a dual-currency system, where gold and silver can coexist alongside the US dollar for retail purchases, contractual obligations, and other payments.&nbsp;Supporters of the law argue that gold and silver offer a more stable and tangible store of value than paper currency, especially amid concerns of inflation and monetary debasement. By making these metals legal tender, Texas aims to provide an inflation hedge and diversify the monetary system. Critics, however, caution that integrating physical assets into mainstream commerce could introduce logistical and regulatory complications, such as verifying metal authenticity and securing storage and transport.<h2>Fintech innovation and crypto implications</h2>The legal tender designation is also expected to catalyse innovation in Texas’s fintech sector. Startups may begin developing digital platforms that facilitate gold- or silver-backed transactions, possibly creating tokenised representations of these metals for easier use in digital commerce. This hybrid approach could blur the lines between traditional finance and emerging digital asset ecosystems.&nbsp;Interestingly, the move may create new competition for cryptocurrencies like Bitcoin and Ethereum. Unlike crypto, gold and silver have a constitutional and historical foundation as currency, which may make them more appealing to conservative investors and those sceptical of decentralised digital currencies. While this doesn’t necessarily diminish crypto’s relevance, it introduces a parallel system that could attract users seeking stability and legal clarity.<h2>A national trend in the making?</h2>Texas’s bold step may not be an isolated one. Over a dozen US states are reportedly exploring similar legislation, and Texas’s law could serve as a model for operationalising precious metals in daily commerce. If adopted elsewhere, it could spark a nationwide rethink of monetary systems, with implications for central banking, digital currency regulation, and economic policy.&nbsp;As the 2027 implementation date approaches, the financial world will be watching closely to see how Texas navigates this transition. Whether this ushers in a new era of state-level monetary autonomy or remains a symbolic gesture, one thing is clear: the conversation about the future of money in America has fundamentally shifted.

The development reflects a growing appetite for financial sovereignty and alternatives to fiat currency, especially in a climate of rising interest in inflation-resistant assets and decentralised finance.

In a bold legislative move, Texas has passed a landmark law recognising gold and silver as legal tender for everyday transactions, with the law slated to take effect on May 1, 2027. Signed by Governor Greg Abbott in June 2025, the law authorises Texans to conduct financial transactions using gold and silver coins or other designated forms, positioning the state at the forefront of monetary innovation in the United States. This development reflects a growing appetite for financial sovereignty and alternatives to fiat currency, especially in a climate of rising interest in inflation-resistant assets and decentralised finance. The initiative is grounded in Article 1, Section 10 of the US Constitution, which permits states to make gold and silver legal tender, something rarely exercised in modern times. A push toward monetary sovereignty and diversification At the heart of the new legislation is a desire to give residents more control over their financial future. The law mandates the Texas Comptroller to develop infrastructure for enabling transactions in precious metals, including electronic systems. This opens the door to a dual-currency system, where gold and silver can coexist alongside the US dollar for retail purchases, contractual obligations, and other payments. Supporters of the law argue that gold and silver offer a more stable and tangible store of value than paper currency, especially amid concerns of inflation and monetary debasement. By making these metals legal tender, Texas aims to provide an inflation hedge and diversify the monetary system. Critics, however, caution that integrating physical assets into mainstream commerce could introduce logistical and regulatory complications, such as verifying metal authenticity and securing storage and transport. Fintech innovation and crypto implications The legal tender designation is also expected to catalyse innovation in Texas’s fintech sector. Startups may begin developing digital platforms that facilitate gold- or silver-backed transactions, possibly creating tokenised representations of these metals for easier use in digital commerce. This hybrid approach could blur the lines between traditional finance and emerging digital asset ecosystems. Interestingly, the move may create new competition for cryptocurrencies like Bitcoin and Ethereum. Unlike crypto, gold and silver have a constitutional and historical foundation as currency, which may make them more appealing to conservative investors and those sceptical of decentralised digital currencies. While this doesn’t necessarily diminish crypto’s relevance, it introduces a parallel system that could attract users seeking stability and legal clarity. A national trend in the making? Texas’s bold step may not be an isolated one. Over a dozen US states are reportedly exploring similar legislation, and Texas’s law could serve as a model for operationalising precious metals in daily commerce. If adopted elsewhere, it could spark a nationwide rethink of monetary systems, with implications for central banking, digital currency regulation, and economic policy. As the 2027 implementation date approaches, the financial world will be watching closely to see how Texas navigates this transition. Whether this ushers in a new era of state-level monetary autonomy or remains a symbolic gesture, one thing is clear: the conversation about the future of money in America has fundamentally shifted.

The development reflects a growing appetite for financial sovereignty and alternatives to fiat currency, especially in a climate of rising interest in inflation-resistant assets and decentralised finance.

Texas declares gold and silver as legal tender, paving the way for currency reform

As anticipation builds around the 56th GST Council meeting expected in early July, Finance Minister Nirmala Sitharaman has signalled a significant overhaul of the Goods and Services Tax (GST) structure, including potential rate cuts and simplification of the compliance process. In a recent interview with The Financial Express, Sitharaman confirmed that a more streamlined and easy-to-comply GST regime is in the works and that lowering rates is part of the plan.&nbsp;The finance minister stated that there is active work underway to review the current GST framework, including rate slabs, tax inversions, and the layering of levies. “The time has come for getting some consensus in the GST Council and coming up with a very simplified and easy-to-comply GST. We will be doing it,” she said.&nbsp;According to Sitharaman, the broader expectation is for goods and services tax rates to come down. “Revenue buoyancy will rise if the rates are low enough,” she said, adding that such a move could stimulate consumption and enhance tax compliance. The restructuring could provide relief to consumers by reducing the cost of goods and services while offering clarity and simplicity for businesses.&nbsp;<h2>Balancing reform with revenue</h2>&nbsp;While the proposed reforms are aimed at reducing the compliance burden and improving transparency, concerns remain about how a lower tax regime might impact state revenues, which heavily rely on GST collections. The government is reportedly working to ensure that the reforms are sustainable and equitable, striking a balance between simplicity and revenue needs.&nbsp;The conversation about overhaul comes as India approaches the eighth anniversary of the GST launch on July 1, 2017. The tax reform, seen as a watershed moment, replaced a fragmented and complex indirect tax system with a unified structure designed to minimise cascading and compliance costs. Alongside the GST revamp, the Finance Ministry is also looking at further simplification of income tax laws, land monetisation, and financial sector reforms including new bank licences and amendments to the Insolvency and Bankruptcy Code.

The finance minister stated that there is active work underway to review the current GST framework, including rate slabs, tax inversions, and the layering of levies.

As anticipation builds around the 56th GST Council meeting expected in early July, Finance Minister Nirmala Sitharaman has signalled a significant overhaul of the Goods and Services Tax (GST) structure, including potential rate cuts and simplification of the compliance process. In a recent interview with The Financial Express, Sitharaman confirmed that a more streamlined and easy-to-comply GST regime is in the works and that lowering rates is part of the plan. The finance minister stated that there is active work underway to review the current GST framework, including rate slabs, tax inversions, and the layering of levies. “The time has come for getting some consensus in the GST Council and coming up with a very simplified and easy-to-comply GST. We will be doing it,” she said. According to Sitharaman, the broader expectation is for goods and services tax rates to come down. “Revenue buoyancy will rise if the rates are low enough,” she said, adding that such a move could stimulate consumption and enhance tax compliance. The restructuring could provide relief to consumers by reducing the cost of goods and services while offering clarity and simplicity for businesses. Balancing reform with revenue While the proposed reforms are aimed at reducing the compliance burden and improving transparency, concerns remain about how a lower tax regime might impact state revenues, which heavily rely on GST collections. The government is reportedly working to ensure that the reforms are sustainable and equitable, striking a balance between simplicity and revenue needs. The conversation about overhaul comes as India approaches the eighth anniversary of the GST launch on July 1, 2017. The tax reform, seen as a watershed moment, replaced a fragmented and complex indirect tax system with a unified structure designed to minimise cascading and compliance costs. Alongside the GST revamp, the Finance Ministry is also looking at further simplification of income tax laws, land monetisation, and financial sector reforms including new bank licences and amendments to the Insolvency and Bankruptcy Code.

The finance minister stated that there is active work underway to review the current GST framework, including rate slabs, tax inversions, and the layering of levies.

India set for major GST overhaul; tax rates likely to fall