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A simmering crisis over staple rice has suddenly boiled over in Japan. Since 2023, a punishing heatwave slashed harvests to their lowest in over a decade.&nbsp;&nbsp;As of June 2025, a 5-kilogram bag of supermarket rice costs around ¥4,223 (approximately $29), nearly double what it did a year ago, as per Bloomberg. Schools have reportedly reduced rice meals, restaurants have hiked menu prices, and supermarket shelves are seeing panic buying. Below given table represents the rising cost of rice in Japan. From June 2024 to June 2025, rice prices in Japan almost doubled.&nbsp;

<figure class="table"><table><tbody><tr><td>Month&nbsp;</td><td>Average Rice Price (per 5 kgs)&nbsp;</td></tr><tr><td>June 2024</td><td>¥2,130</td></tr><tr><td>August 2024</td><td>¥2,800+</td></tr><tr><td>January 2025</td><td>¥3,700</td></tr><tr><td>May 2025</td><td>¥4,280</td></tr><tr><td>Late May 2025</td><td>¥4,243</td></tr></tbody></table></figure>Source: Japan Agriculture Ministry, via Bloomberg and Nikkei Asia

The soaring cost of Japan’s most essential grain is now fuelling political anger ahead of national elections in July.<h2>What caused the rice crisis?</h2>The problem traces back to the summer of 2023, when record-breaking heat damaged rice crops across Japan.&nbsp;According to Bloomberg, the harvest that year hit its lowest level in more than a decade.&nbsp;The situation worsened in August 2024 when the Japanese government issued a high-impact earthquake warning. Though the quake never occurred, the public rushed to stockpile essentials, especially rice. This surge in demand drove prices further up, as noted by The Guardian.&nbsp;Post-pandemic tourism has also driven up demand. As per Reuters, Japan’s hospitality sector has seen a sharp rebound, creating additional pressure on rice stocks.<h2>How did the Japanese government respond?</h2>Japan has long maintained a rice stockpile for emergencies, roughly 900,000 tonnes. In March 2025, the Agriculture Ministry released 200,000 tonnes into the market via auction. However, as per Bloomberg, much of this rice never reached supermarket shelves due to bottlenecks in the supply chain.&nbsp;By late May, Agriculture Minister Shinjiro Koizumi ordered a direct release of another 300,000 tonnes under fixed-price contracts to major retailers such as Aeon and Rakuten. According to Reuters, these retailers sold 5kg bags of rice at prices as low as ¥2,138—half the market average. Stocks reportedly sold out within hours.&nbsp;Yet the government has faced criticism for acting too late. Japan’s small-scale farming and multi-layered rice distribution network have slowed efforts to stabilise prices.<h2>Why Japan isn’t importing more rice</h2>Japan does import rice, but under tight quotas. Beyond the 770,000 tonnes it allows in tariff-free each year, the government slaps tariffs of ¥341 per kilogram on additional imports—equal to nearly 200 per cent in some cases, according to The Guardian.&nbsp;Facing shortages, Japan has quietly resumed small imports from South Korea for the first time since 1999, as reported by Yonhap News. The April shipment was only two tonnes, with another 20 tonnes scheduled.&nbsp;Expanding rice imports from the US was floated during ongoing trade negotiations. But, as per Bloomberg, the proposal was shot down after fierce backlash from domestic farmers and conservative voting blocs. &nbsp;

<figure class="table"><table><tbody><tr><td>Type</td><td>Amount (Tonnes)</td></tr><tr><td>Domestic Production&nbsp;</td><td>7.34 million</td></tr><tr><td>Tariff-free Imports&nbsp;</td><td>770,000</td></tr><tr><td>Imports Beyond Quota&nbsp;</td><td>Tariff: ¥341/KG</td></tr><tr><td>Major Import Partners&nbsp;</td><td>US, Thailand&nbsp;</td></tr></tbody></table></figure>Source: Japan’s Agriculture Ministry and WTO trade filings

<h2>Political fallout and public anger</h2>The crisis is now a political flashpoint. Former Agriculture Minister Taku Eto was forced to resign in May after joking that he never had to buy rice—since he received it as gifts. According to NHK, the remark outraged citizens struggling with soaring prices and contributed to his ouster.&nbsp;Polls conducted by NHK in June showed the nation split: 43 per cent believe rice prices will come down eventually, while 45 per cent believe they will stay high for the foreseeable future.&nbsp;Prime Minister Shigeru Ishiba, whose political base lies in the rural Tottori-Shimane district, is now under pressure to balance support for farmers with growing urban anger over inflation.<h2>Broader impact on households</h2>Rice remains at the centre of the Japanese diet, even though consumption has halved since its 1962 peak. According to the Agriculture Ministry, the average Japanese consumes 140 grams of rice per day, or about 51 kilograms annually.&nbsp;With retail prices nearly doubling, even convenience stores are charging more for rice balls (onigiri) and bento boxes. As per Bloomberg, some supermarkets have restricted purchases to one bag per customer.&nbsp;Restaurants are also feeling the crunch. According to The Guardian, high-end sushi outlets and casual eateries alike are increasing prices to offset costs—putting further pressure on consumers.<h2>What happens next?</h2>While the rice shortage has exposed deep structural flaws in Japan’s food security system, reforms will be politically risky. Farm lobbies wield considerable influence, especially in swing districts. In past trade deals, such as during the Trump-Abe era, Japan protected its rice sector by making concessions elsewhere, most notably in beef imports.&nbsp;Experts suggest that unless Japan relaxes its domestic production controls and import restrictions, the rice crisis may become a recurring problem. But with an election weeks away, no party wants to be seen antagonising rural voters.&nbsp;As per Reuters, the Bank of Japan is also closely monitoring food inflation. Core consumer prices rose by 3.5 per cent in April, and rice is playing a major role in that figure. (With inputs from the agencies)

A severe rice shortage has pushed prices to historic highs in Japan, straining households and fuelling voter discontent. Here’s what’s behind the crisis and what lies ahead.

A simmering crisis over staple rice has suddenly boiled over in Japan. Since 2023, a punishing heatwave slashed harvests to their lowest in over a decade. As of June 2025, a 5-kilogram bag of supermarket rice costs around ¥4,223 (approximately $29), nearly double what it did a year ago, as per Bloomberg. Schools have reportedly reduced rice meals, restaurants have hiked menu prices, and supermarket shelves are seeing panic buying. Below given table represents the rising cost of rice in Japan. From June 2024 to June 2025, rice prices in Japan almost doubled.

Japan’s rice prices have nearly doubled in a year, sparking political backlash, consumer frustration, and urgent policy debates ahead of the July election.

Japan's rice shortage turned into a national emergency, here's what happened

A gripping video showing an Indian student scaling fences along the US–Mexico border went viral this week, prompting a swift response from the US Department of Homeland Security. “Illegal entry will have consequences,” the department declared, signalling an uncompromising turn in border enforcement.&nbsp;The viral video reignited conservative calls for stricter controls, exactly the tone President Trump amplified by signing an executive order on 9 June barring citizens from 12 countries including Afghanistan, Iran, Libya and Haiti, from entering the US, citing national security and high visa overstay rates, according to Reuters.&nbsp;Protests erupted across Los Angeles, with ICE raids, deployment of National Guard troops, and even Marines drawing sharp criticism from local leaders such as Mayor Bass and Governor Newsom.&nbsp;President Trump’s second term has seen a broad escalation in immigration enforcement. Executive actions have reinstated travel bans, restricted asylum access, ramped up workplace raids, and tightened student and work visa scrutiny under Section 212(f) of the Immigration and Nationality Act.<h2>The beginning of labour-market tremors</h2>Initial glimpses reveal that the immigration crackdown is already affecting the labour market. May’s non-farm payrolls showed only 139,000 new jobs, far below projections, while the unemployment rate remained at 4.2 per cent, according to Reuters. That same month, a staggering 625,000 people exited the workforce, suggesting many may have withdrawn for fear of enforcement, rather than due to economic recovery.&nbsp;Meanwhile, data from the US Department of Labor reveal the foreign-born workforce has shrunk by approximately one million since March, the steepest decline in two months since the early COVID‑19 pandemic. Economists warn this skews perceptions of labour market strength; fewer workers can artificially depress unemployment, even as job creation remains sluggish.&nbsp;Some projections suggest that the threshold for maintaining steady unemployment—the “breakeven” job growth rate—could drop to as low as 50,000 new jobs a month.<h2>The indispensable role of Indian professionals</h2>Indian professionals continue to be a cornerstone of the US economy. Fiscal 2023 figures from the Iranian Programme show that Indian nationals obtained about 78 per cent of the 265,777 H‑1B visas awarded by the US Department of State. These visas enable skilled workers, especially in IT, healthcare and academics to contribute significantly to innovation, enterprise and employment.&nbsp;University research highlights that nearly half of new US firms are immigrant-founded, with Indians well represented among high-growth tech startups that generate jobs for Americans. Indian-American households reportedly enjoy the highest median income in the US, currently over US $126,891, nearly twice the national average.&nbsp;&nbsp;Any erosion of this skilled cohort due to visa uncertainty or processing delays could ripple widely across the economy.<h2>Ongoing illegal immigration challenges</h2>The US has long contended with illegal immigration from border crossings and visa overstays to asylum backlogs. President Trump’s administration has ramped up enforcement with worksite raids, travel bans spanning 19 nations, and cancellations or delays of work-permit approvals.&nbsp;By March, Border Patrol recorded just 7,400 migrant arrests, a stark fall from 250,000 in December 2023, underscoring significant reductions in unauthorised entries, according to Reuters.&nbsp;Yet tighter visa protocols and rising deportation fears have spooked many foreign workers, prompting them to avoid jobs or abandon applications for permits altogether. The result: fewer visible workers, fewer hires, and possible workforce gaps—even as employer demand remains.<h2>Why this matters now</h2>Trump’s policies may yield short-lived political optics, but the emerging labour data suggest hidden vulnerabilities. A shrinking workforce doesn’t equate to stronger employment, it conceals it. As skilled immigrant workers and Indian professionals withdraw, industries from tech to hospitality risk shortages, delayed innovation, and hiring bottlenecks.&nbsp;With the next jobs report due on 3 July, analysts will be watching closely. If labour participation shrinks further without proportional job growth, it could expose structural issues. Striking a balance between border enforcement and maintaining vital immigrant inflows will define whether the US can preserve its diverse, innovation-driven economy or whether politics reshapes its labour future. (With inputs from the agencies)

The immigration crackdown is already affecting the labor market, with May non-farm payrolls showing only 139,000 new jobs and the unemployment rate remaining at 4.2%. 

A gripping video showing an Indian student scaling fences along the US–Mexico border went viral this week, prompting a swift response from the US Department of Homeland Security. “Illegal entry will have consequences,” the department declared, signalling an uncompromising turn in border enforcement. The viral video reignited conservative calls for stricter controls, exactly the tone President Trump amplified by signing an executive order on 9 June barring citizens from 12 countries including Afghanistan, Iran, Libya and Haiti, from entering the US, citing national security and high visa overstay rates, according to Reuters. Protests erupted across Los Angeles, with ICE raids, deployment of National Guard troops, and even Marines drawing sharp criticism from local leaders such as Mayor Bass and Governor Newsom. President Trump’s second term has seen a broad escalation in immigration enforcement. Executive actions have reinstated travel bans, restricted asylum access, ramped up workplace raids, and tightened student and work visa scrutiny under Section 212(f) of the Immigration and Nationality Act. The beginning of labour-market tremors Initial glimpses reveal that the immigration crackdown is already affecting the labour market. May’s non-farm payrolls showed only 139,000 new jobs, far below projections, while the unemployment rate remained at 4.2 per cent, according to Reuters. That same month, a staggering 625,000 people exited the workforce, suggesting many may have withdrawn for fear of enforcement, rather than due to economic recovery. Meanwhile, data from the US Department of Labor reveal the foreign-born workforce has shrunk by approximately one million since March, the steepest decline in two months since the early COVID‑19 pandemic. Economists warn this skews perceptions of labour market strength; fewer workers can artificially depress unemployment, even as job creation remains sluggish. Some projections suggest that the threshold for maintaining steady unemployment—the “breakeven” job growth rate—could drop to as low as 50,000 new jobs a month. The indispensable role of Indian professionals Indian professionals continue to be a cornerstone of the US economy. Fiscal 2023 figures from the Iranian Programme show that Indian nationals obtained about 78 per cent of the 265,777 H‑1B visas awarded by the US Department of State. These visas enable skilled workers, especially in IT, healthcare and academics to contribute significantly to innovation, enterprise and employment. University research highlights that nearly half of new US firms are immigrant-founded, with Indians well represented among high-growth tech startups that generate jobs for Americans. Indian-American households reportedly enjoy the highest median income in the US, currently over US $126,891, nearly twice the national average. Any erosion of this skilled cohort due to visa uncertainty or processing delays could ripple widely across the economy. Ongoing illegal immigration challenges The US has long contended with illegal immigration from border crossings and visa overstays to asylum backlogs. President Trump’s administration has ramped up enforcement with worksite raids, travel bans spanning 19 nations, and cancellations or delays of work-permit approvals. By March, Border Patrol recorded just 7,400 migrant arrests, a stark fall from 250,000 in December 2023, underscoring significant reductions in unauthorised entries, according to Reuters. Yet tighter visa protocols and rising deportation fears have spooked many foreign workers, prompting them to avoid jobs or abandon applications for permits altogether. The result: fewer visible workers, fewer hires, and possible workforce gaps—even as employer demand remains. Why this matters now Trump’s policies may yield short-lived political optics, but the emerging labour data suggest hidden vulnerabilities. A shrinking workforce doesn’t equate to stronger employment, it conceals it. As skilled immigrant workers and Indian professionals withdraw, industries from tech to hospitality risk shortages, delayed innovation, and hiring bottlenecks. With the next jobs report due on 3 July, analysts will be watching closely. If labour participation shrinks further without proportional job growth, it could expose structural issues. Striking a balance between border enforcement and maintaining vital immigrant inflows will define whether the US can preserve its diverse, innovation-driven economy or whether politics reshapes its labour future. (With inputs from the agencies)

A viral video of an Indian student scaling fences along the US-Mexico border has sparked calls for stricter border enforcement, a response that President Trump has echoed.&nbsp;

Indian student video reignites border debate, here’s how Trump's illegal immigrant crackdown affecting US job market

Australian airline Qantas said on Wednesday (June 11) it would shut down Jetstar Asia, its Singapore-based budget carrier, by the end of July. &nbsp;After 20 years of operation, the discount airline has been facing supply cost rises, airport fee woes and stiff competition from rivals like AirAsia and Scoot. More than 500 employees will be laid off.&nbsp;The operations will gradually be phased down in the next seven weeks, according to the Qantas announcement.&nbsp;<h2>What will happen to passengers who have already booked Jetstar Asia flights?</h2> Announcing the closure, Qantas said passengers who had already booked Jetstar Asia flights would be fully refunded.&nbsp;The airline will notify passengers if their flights are impacted, and will contact those with tickets beyond &nbsp;31 July.&nbsp;Some of the passengers might be given seats on other flights of the Qantas group.&nbsp;Those who booked using travel agents, or via other airlines, were told to contact them directly.&nbsp;<h2>What will happen to Jetstar employees? &nbsp;</h2>According to reports, the staff will be given redundancy benefits.&nbsp;&nbsp;"Our focus is on supporting them through this process and helping them to find new roles in the industry," said Jetstar Group chief executive Stephanie Tully.&nbsp;<h2>The reason for closing Jetstar Asia &nbsp;</h2>Qantas Group Chief Executive Vanessa Hudson said in a statement that Jetstar Asia's supplier cost rose by up 200 per cent. In this financial year, it had losses of around 35 million Australian dollars.&nbsp;Quantas, the national airline of Australia, will save some $326 million by shutting down Jetstar Asia, which it can use for renewing its own aircraft fleet.&nbsp; Some 13 planes freed up by the closure will be used in Australia-New Zealand routes.<h2>How big is the impact of Jetstar Asia shutting down? &nbsp;</h2>The mainly Asian airline had some 16 routes that could be hit by the closure.&nbsp;&nbsp;These routes were between Singapore and Malaysia, the Philippines and Indonesia. &nbsp;Qantas will continue to operate flights in Asia under its Jetstar Airways arm, to countries like Thailand, Indonesia and Japan.&nbsp;<h2>The story of Jetstar Asia</h2><h2>&nbsp;</h2>Jetstar Asia was launched in 2004 and was in operation for more than 20 years.&nbsp;It was known for popularising budget air travel.&nbsp; Customers reacting to its shuttering described the airline as warm and efficient.

Qantas Group Chief Executive Vanessa Hudson said in a statement that Jetstar Asias supplier cost rose by up 200 per cent. In this financial year, it had losses of around 35 million Australian dollars.

Australian airline Qantas said on Wednesday (June 11) it would shut down Jetstar Asia, its Singapore-based budget carrier, by the end of July. After 20 years of operation, the discount airline has been facing supply cost rises, airport fee woes and stiff competition from rivals like AirAsia and Scoot. More than 500 employees will be laid off. The operations will gradually be phased down in the next seven weeks, according to the Qantas announcement. What will happen to passengers who have already booked Jetstar Asia flights? Announcing the closure, Qantas said passengers who had already booked Jetstar Asia flights would be fully refunded. The airline will notify passengers if their flights are impacted, and will contact those with tickets beyond 31 July. Some of the passengers might be given seats on other flights of the Qantas group. Those who booked using travel agents, or via other airlines, were told to contact them directly. What will happen to Jetstar employees? According to reports, the staff will be given redundancy benefits. "Our focus is on supporting them through this process and helping them to find new roles in the industry," said Jetstar Group chief executive Stephanie Tully. The reason for closing Jetstar Asia Qantas Group Chief Executive Vanessa Hudson said in a statement that Jetstar Asia's supplier cost rose by up 200 per cent. In this financial year, it had losses of around 35 million Australian dollars. Quantas, the national airline of Australia, will save some $326 million by shutting down Jetstar Asia, which it can use for renewing its own aircraft fleet. Some 13 planes freed up by the closure will be used in Australia-New Zealand routes. How big is the impact of Jetstar Asia shutting down? The mainly Asian airline had some 16 routes that could be hit by the closure. These routes were between Singapore and Malaysia, the Philippines and Indonesia. Qantas will continue to operate flights in Asia under its Jetstar Airways arm, to countries like Thailand, Indonesia and Japan. The story of Jetstar Asia Jetstar Asia was launched in 2004 and was in operation for more than 20 years. It was known for popularising budget air travel. Customers reacting to its shuttering described the airline as warm and efficient.

The operations will taper down in the next seven weeks, according to the Qantas announcement.&nbsp;

Will your flight be affected? This airline in Singapore is shutting down and laying off 500 staff

In a blockbuster month that sets the tone for its appearance at the Paris Air Show, Boeing secured 303 new aircraft orders and hit a critical production milestone for its 737 MAX line.&nbsp;&nbsp;The company also delivered 45 aircraft in May, nearly doubling its deliveries from the same month last year, signalling a recovery in both capacity and confidence.&nbsp;As quoted by Reuters, this was Boeing’s sixth-highest monthly order tally in history, with its backlog now standing at 5,943 aircraft.<h2>Historic orders drive momentum</h2>The crown jewel in Boeing’s May order book was Qatar Airways’ mega deal—its largest widebody jet purchase to date.&nbsp;&nbsp;The order includes 130 Dreamliner 787s and 30 777X jets, with options for 50 more. Only 120 of the 787s were newly booked in May; the remaining 10 had been listed under an anonymous customer since March, as per Reuters.&nbsp;This deal was part of a wider set of US commercial contracts unveiled during former President Donald Trump’s Middle East tour, signalling the strategic importance of Boeing’s partnerships in the Gulf.&nbsp;&nbsp;In addition, Saudi-owned AviLease ordered 20 Boeing 737-8 MAX jets, while Canada’s WestJet added seven MAX jets to its fleet and cancelled two earlier orders. Three total cancellations brought Boeing’s net May orders to 300.&nbsp;While Etihad Airways announced its intention to order 28 widebody aircraft, the airline did not confirm a firm order in time for it to be counted in May.<h2>Deliveries surge—737 MAX leads the pack</h2>In terms of deliveries, Boeing handed over 45 aircraft in May, marking the fifth consecutive month with 40 or more deliveries. This is almost double the 24 deliveries recorded in May 2024, as quoted by Reuters.&nbsp;Among them were 31 737 MAX jets, with seven delivered to United Airlines and four to Alaska Airlines. The company also delivered seven 787 Dreamliners, including three to Qatar Airways from earlier orders.&nbsp;Additionally, Boeing handed over five 777 freighters, one 767 freighter, and one 737 NG aircraft, which will be converted into a P-8 Poseidon maritime surveillance aircraft for the US Navy.&nbsp;Aircraft deliveries are critical for Boeing’s bottom line, as manufacturers typically receive the majority of payment upon delivery. May’s strong performance helps boost Boeing’s cash flow and strengthens its position going into the Paris Air Show.<h2>Production milestone achieved as 737 MAX hits FAA cap</h2>After months of struggling with quality control issues, supplier disruptions, and labour strikes, Boeing has finally hit a key target: rolling out 38 new 737 MAX aircraft in May.&nbsp;&nbsp;This matches the output cap set by the U.S. Federal Aviation Administration (FAA) after a mid-air panel blowout incident on a MAX aircraft in January 2024.&nbsp;As quoted by Reuters, Boeing CEO Kelly Ortberg said that the company must now demonstrate consistent production at this level before it can seek FAA approval to increase output.&nbsp;The road to this milestone hasn’t been smooth. Last year’s machinists’ strike in Washington and Oregon brought MAX production to a halt, and quality concerns led to increased scrutiny from regulators.&nbsp;&nbsp;Since restarting production in December 2024, Boeing has taken what Ortberg described as a “slow and deliberate” approach to ramping up output.&nbsp;Boeing also confirmed that all six quality and safety metrics agreed upon with US regulators are now in the “green” zone, another sign that the company is regaining operational stability.<h2>Deliveries to China resume after tariff freeze</h2>A notable development came late in May when a newly built 737 MAX aircraft landed in China, the first delivery to the country since a months-long halt in Boeing’s China-bound shipments due to geopolitical tensions.&nbsp;&nbsp;Beijing had stopped taking new deliveries in April 2025 amid trade friction with Washington. But after both sides agreed to temporarily freeze tariffs, the delivery ban was lifted.&nbsp;As per Reuters, no Boeing aircraft were delivered to Chinese carriers in May, but the resumed deliveries are a symbolic win for the US aerospace giant and could pave the way for more orders in the world’s second-largest aviation market.<h2>Boeing’s road to recovery, why it matters?&nbsp;</h2>Boeing’s record-breaking month in May reflects more than just strong sales—it signals a potential turning point after a turbulent few years.&nbsp;In terms of financial health, Boeing’s delivery surge directly boosts revenue recognition, improving liquidity. This is especially vital given the company’s $12 billion loss in 2023, as quoted by Reuters.On the front of operational stability, achieving the FAA-mandated production cap is a major vote of confidence.&nbsp;&nbsp;It indicates that Boeing has brought its internal quality and safety procedures back under control.&nbsp;From a market confidence perspective, the large orders from major airlines and the return of deliveries to China suggest that carriers once again trust Boeing’s ability to deliver safe, high-quality aircraft on time.<h2>What’s next at Paris Air Show 2025?</h2>While European rival Airbus has maintained its lead in total deliveries having shipped 243 aircraft this year compared to Boeing’s 220, Boeing’s comeback story could dominate headlines at the Paris Air Show.&nbsp;As per Reuters, Airbus did not announce any new orders in May but is expected to unveil fresh deals at the show, starting next week.&nbsp;With a stabilised supply chain, green signals from regulators, and a rising delivery curve, Boeing is no longer just playing catch-up. It’s back in the race, with its eyes firmly on growth. &nbsp;

Boeing rebounds with record orders, rising deliveries, and production milestones, signalling renewed confidence before the 2025 Paris Air Show.

In a blockbuster month that sets the tone for its appearance at the Paris Air Show, Boeing secured 303 new aircraft orders and hit a critical production milestone for its 737 MAX line. The company also delivered 45 aircraft in May, nearly doubling its deliveries from the same month last year, signalling a recovery in both capacity and confidence. As quoted by Reuters, this was Boeing’s sixth-highest monthly order tally in history, with its backlog now standing at 5,943 aircraft. Historic orders drive momentum The crown jewel in Boeing’s May order book was Qatar Airways’ mega deal—its largest widebody jet purchase to date. The order includes 130 Dreamliner 787s and 30 777X jets, with options for 50 more. Only 120 of the 787s were newly booked in May; the remaining 10 had been listed under an anonymous customer since March, as per Reuters. This deal was part of a wider set of US commercial contracts unveiled during former President Donald Trump’s Middle East tour, signalling the strategic importance of Boeing’s partnerships in the Gulf. In addition, Saudi-owned AviLease ordered 20 Boeing 737-8 MAX jets, while Canada’s WestJet added seven MAX jets to its fleet and cancelled two earlier orders. Three total cancellations brought Boeing’s net May orders to 300. While Etihad Airways announced its intention to order 28 widebody aircraft, the airline did not confirm a firm order in time for it to be counted in May. Deliveries surge—737 MAX leads the pack In terms of deliveries, Boeing handed over 45 aircraft in May, marking the fifth consecutive month with 40 or more deliveries. This is almost double the 24 deliveries recorded in May 2024, as quoted by Reuters. Among them were 31 737 MAX jets, with seven delivered to United Airlines and four to Alaska Airlines. The company also delivered seven 787 Dreamliners, including three to Qatar Airways from earlier orders. Additionally, Boeing handed over five 777 freighters, one 767 freighter, and one 737 NG aircraft, which will be converted into a P-8 Poseidon maritime surveillance aircraft for the US Navy. Aircraft deliveries are critical for Boeing’s bottom line, as manufacturers typically receive the majority of payment upon delivery. May’s strong performance helps boost Boeing’s cash flow and strengthens its position going into the Paris Air Show. Production milestone achieved as 737 MAX hits FAA cap After months of struggling with quality control issues, supplier disruptions, and labour strikes, Boeing has finally hit a key target: rolling out 38 new 737 MAX aircraft in May. This matches the output cap set by the U.S. Federal Aviation Administration (FAA) after a mid-air panel blowout incident on a MAX aircraft in January 2024. As quoted by Reuters, Boeing CEO Kelly Ortberg said that the company must now demonstrate consistent production at this level before it can seek FAA approval to increase output. The road to this milestone hasn’t been smooth. Last year’s machinists’ strike in Washington and Oregon brought MAX production to a halt, and quality concerns led to increased scrutiny from regulators. Since restarting production in December 2024, Boeing has taken what Ortberg described as a “slow and deliberate” approach to ramping up output. Boeing also confirmed that all six quality and safety metrics agreed upon with US regulators are now in the “green” zone, another sign that the company is regaining operational stability. Deliveries to China resume after tariff freeze A notable development came late in May when a newly built 737 MAX aircraft landed in China, the first delivery to the country since a months-long halt in Boeing’s China-bound shipments due to geopolitical tensions. Beijing had stopped taking new deliveries in April 2025 amid trade friction with Washington. But after both sides agreed to temporarily freeze tariffs, the delivery ban was lifted. As per Reuters, no Boeing aircraft were delivered to Chinese carriers in May, but the resumed deliveries are a symbolic win for the US aerospace giant and could pave the way for more orders in the world’s second-largest aviation market. Boeing’s road to recovery, why it matters? Boeing’s record-breaking month in May reflects more than just strong sales—it signals a potential turning point after a turbulent few years. In terms of financial health, Boeing’s delivery surge directly boosts revenue recognition, improving liquidity. This is especially vital given the company’s $12 billion loss in 2023, as quoted by Reuters. On the front of operational stability, achieving the FAA-mandated production cap is a major vote of confidence. It indicates that Boeing has brought its internal quality and safety procedures back under control. From a market confidence perspective, the large orders from major airlines and the return of deliveries to China suggest that carriers once again trust Boeing’s ability to deliver safe, high-quality aircraft on time. What’s next at Paris Air Show 2025? While European rival Airbus has maintained its lead in total deliveries having shipped 243 aircraft this year compared to Boeing’s 220, Boeing’s comeback story could dominate headlines at the Paris Air Show. As per Reuters, Airbus did not announce any new orders in May but is expected to unveil fresh deals at the show, starting next week. With a stabilised supply chain, green signals from regulators, and a rising delivery curve, Boeing is no longer just playing catch-up. It’s back in the race, with its eyes firmly on growth.

Boeing secured 303 aircraft orders and ramped up deliveries in May, marking a major recovery milestone ahead of the Paris Air Show.

Boeing soars ahead of Paris Air Show: 303 new orders, 737 MAX production back on track

Negotiators from India and the United States have concluded a high-stakes round of talks in New Delhi, aiming to seal an interim trade pact before Washington’s tariff suspension expires next month.&nbsp;&nbsp;With pressure mounting, both sides say they’ve made headway, but the clock is ticking.<h2>India and US intensify push for trade pact ahead of tariff deadline</h2>After a week of intense closed-door discussions in the Indian capital, New Delhi and Washington appear to be inching towards a breakthrough on a long-awaited bilateral trade agreement. A senior Indian official, quoted by PTI, confirmed that the two teams engaged in detailed negotiations across a range of sectors, including digital trade, customs facilitation, market access, and sanitary and technical barriers.&nbsp;The talks were held between 4 and 10 June, led by Additional US Trade Representative officials on the American side and senior officials from India’s commerce ministry.&nbsp;&nbsp;According to Reuters, the discussions were described as “productive,” with both parties agreeing to work towards a “balanced and mutually beneficial agreement,” including short-term wins as part of an interim package.<h2>Interim deal may precede larger agreement</h2>According to reports, the primary focus of the latest round was easing market access for both industrial and agricultural goods, along with efforts to reduce tariffs and tackle non-tariff barriers.&nbsp;&nbsp;Negotiators are aiming for a phased agreement with a limited deal likely before the G7 Summit later this month, where Prime Minister Narendra Modi and President Donald Trump are expected to meet.&nbsp;As per PTI, the goal is to finalise the first tranche of the Bilateral Trade Agreement (BTA) by fall 2025, while an interim deal could be sealed as early as late June.&nbsp;&nbsp;This would be critical, as the US has currently paused the imposition of reciprocal tariffs on Indian exports, including a 26 per cent duty that could hit sectors like textiles, footwear, rice, and shrimp until July 9.<h2>Tariffs, digital trade and agriculture in focus</h2>The Indian side is reportedly pushing for full exemption from the 10 per cent baseline tariff the US imposed under national security grounds during Trump’s earlier term.&nbsp;&nbsp;While Washington has so far resisted that demand, India has offered tariff concessions on high-value US exports such as almonds, pistachios and walnuts, according to Bloomberg.&nbsp;India has also declined to open its market to US imports of dairy, wheat and corn, which remain politically sensitive sectors. Meanwhile, both countries are exploring new ground in digital trade, customs efficiency, and legal harmonisation to facilitate smoother bilateral commerce.<h2>Deal likely ahead of Trump-Modi meet</h2>With President Trump keen to score a trade win before the 90-day tariff suspension ends, both sides are under pressure to announce a preliminary agreement by late June.&nbsp;&nbsp;External Affairs Minister S Jaishankar confirmed in an interview with French daily Le Figaro that India remains “hopeful” of striking a deal before July 9.&nbsp;Negotiations are likely to continue through June, possibly culminating in a signing on the sidelines of the G7 Summit in Canada.&nbsp;As the US remains India’s largest trading partner for the fourth consecutive year, with trade totalling $131.84 billion in 2024–25, as per official data, the stakes for a stable trade framework have never been higher.<h2>New Delhi negotiates on multiple fronts</h2>Even as trade talks with Washington intensify, Commerce Minister Piyush Goyal was in Switzerland last week to finalise the India-EFTA trade deal, aimed at strengthening ties with Europe, India’s second-largest trading partner.&nbsp;This multi-track approach signals New Delhi’s efforts to diversify its trade portfolio while securing favourable terms with key partners.&nbsp;&nbsp;But with the US being a strategic and economic heavyweight, the outcome of the current round of negotiations could set the tone for India’s broader trade policy in the years ahead. &nbsp;(With inputs from the agencies)

With US tariffs on Indian exports set to resume next month, both countries accelerate efforts to finalise a limited trade pact by late June.

Negotiators from India and the United States have concluded a high-stakes round of talks in New Delhi, aiming to seal an interim trade pact before Washington’s tariff suspension expires next month. With pressure mounting, both sides say they’ve made headway, but the clock is ticking. India and US intensify push for trade pact ahead of tariff deadline After a week of intense closed-door discussions in the Indian capital, New Delhi and Washington appear to be inching towards a breakthrough on a long-awaited bilateral trade agreement. A senior Indian official, quoted by PTI, confirmed that the two teams engaged in detailed negotiations across a range of sectors, including digital trade, customs facilitation, market access, and sanitary and technical barriers. The talks were held between 4 and 10 June, led by Additional US Trade Representative officials on the American side and senior officials from India’s commerce ministry. According to Reuters, the discussions were described as “productive,” with both parties agreeing to work towards a “balanced and mutually beneficial agreement,” including short-term wins as part of an interim package. Interim deal may precede larger agreement According to reports, the primary focus of the latest round was easing market access for both industrial and agricultural goods, along with efforts to reduce tariffs and tackle non-tariff barriers. Negotiators are aiming for a phased agreement with a limited deal likely before the G7 Summit later this month, where Prime Minister Narendra Modi and President Donald Trump are expected to meet. As per PTI, the goal is to finalise the first tranche of the Bilateral Trade Agreement (BTA) by fall 2025, while an interim deal could be sealed as early as late June. This would be critical, as the US has currently paused the imposition of reciprocal tariffs on Indian exports, including a 26 per cent duty that could hit sectors like textiles, footwear, rice, and shrimp until July 9. Tariffs, digital trade and agriculture in focus The Indian side is reportedly pushing for full exemption from the 10 per cent baseline tariff the US imposed under national security grounds during Trump’s earlier term. While Washington has so far resisted that demand, India has offered tariff concessions on high-value US exports such as almonds, pistachios and walnuts, according to Bloomberg. India has also declined to open its market to US imports of dairy, wheat and corn, which remain politically sensitive sectors. Meanwhile, both countries are exploring new ground in digital trade, customs efficiency, and legal harmonisation to facilitate smoother bilateral commerce. Deal likely ahead of Trump-Modi meet With President Trump keen to score a trade win before the 90-day tariff suspension ends, both sides are under pressure to announce a preliminary agreement by late June. External Affairs Minister S Jaishankar confirmed in an interview with French daily Le Figaro that India remains “hopeful” of striking a deal before July 9. Negotiations are likely to continue through June, possibly culminating in a signing on the sidelines of the G7 Summit in Canada. As the US remains India’s largest trading partner for the fourth consecutive year, with trade totalling $131.84 billion in 2024–25, as per official data, the stakes for a stable trade framework have never been higher. New Delhi negotiates on multiple fronts Even as trade talks with Washington intensify, Commerce Minister Piyush Goyal was in Switzerland last week to finalise the India-EFTA trade deal, aimed at strengthening ties with Europe, India’s second-largest trading partner. This multi-track approach signals New Delhi’s efforts to diversify its trade portfolio while securing favourable terms with key partners. But with the US being a strategic and economic heavyweight, the outcome of the current round of negotiations could set the tone for India’s broader trade policy in the years ahead. (With inputs from the agencies)

India and the US are close to clinching an interim trade deal ahead of a looming tariff deadline, after a week of intensive negotiations in New Delhi.

India and US edge closer to trade deal as deadline for tariff pause nears

America’s inflation engine is picking up speed again, just as global growth shows signs of long-term fatigue.&nbsp;&nbsp;A fresh reading on consumer prices is expected to confirm a modest increase, as early impacts of new US tariffs begin reaching shoppers.&nbsp;&nbsp;Meanwhile, a World Bank report has warned the world economy could be heading for its slowest decade since the 1960s.<h2>US inflation ticks up as tariff pressures mount</h2>Consumer prices in the United States are expected to rise at a faster pace in May, driven in part by early signs of cost pass-through from new trade tariffs.&nbsp;&nbsp;As per a Bloomberg survey of economists, the core Consumer Price Index (which excludes food and fuel) likely rose by 0.3 per cent in May, slightly higher than April’s 0.2 per cent gain.&nbsp;If confirmed, annual inflation would stand at 2.9 per cent, indicating a potential reversal of the cooling trend seen in early 2024.&nbsp;Some of this price pressure appears to be linked to import levies introduced under Donald Trump’s trade policy. While most retailers have so far absorbed the higher costs or used pre-tariff stock, this buffer is thinning.&nbsp;&nbsp;Walmart, for instance, has already warned that prices on some items may need to rise in the coming weeks.&nbsp;According to a note by Pantheon Macroeconomics economists Samuel Tombs and Oliver Allen, only a limited number of products were affected by tariffs in May, but the situation could escalate.&nbsp;&nbsp;They suggested that a broader inflationary impact is likely to emerge in June, as reported by Bloomberg.&nbsp;Sectors particularly exposed to trade frictions include consumer electronics, apparel, household appliances, and new vehicles.&nbsp;&nbsp;As highlighted by Bank of America economists Stephen Juneau and Jeseo Park, audio equipment prices jumped sharply in April, and more categories could follow if tariffs remain.&nbsp;Meanwhile, Wells Fargo analysts Sarah House and Nicole Cervi observed that companies initially coped with the tariff shock through inventory buffers and hopes of a policy rollback. But they warned, “as the higher tariff regime persists, shielding consumers from the costs is likely to become more challenging," as quoted by Bloomberg.&nbsp;&nbsp;Despite the pickup in inflation, the US Federal Reserve is not expected to raise interest rates at its upcoming policy meeting.&nbsp;&nbsp;Fed Chair Jerome Powell has previously said the central bank would assess trade impacts over time before making any move.<h2>Airfare and hotel prices provide some relief</h2>Interestingly, not all sectors are seeing rising prices. Services such as travel and accommodation appear to be moving in the opposite direction. Analysts expect continued softness in airfares and hotel rates, potentially due to reduced spending on leisure and international tourism.&nbsp;According to Bloomberg, BNP Paribas economist Andrew Schneider anticipates deflation in both air travel and hospitality, attributing the trend to lower demand.&nbsp;&nbsp;Similarly, Bloomberg Economics’ chief US economist Anna Wong has said that a slowdown in discretionary spending, especially among government and business travellers is likely pulling prices down.&nbsp;“Consumers and the public sector are cutting back on travel this year, and airfare inflation is still on a downward track,” Wong noted in her latest commentary, as per Bloomberg.&nbsp;<h2>World Bank warns of global slowdown, blames tariffs and uncertainty</h2>As the US wrestles with domestic price pressures, the international outlook is darkening. In its latest economic report, the World Bank forecasts the slowest decade of global growth since the 1960s.&nbsp;The Bank now sees global GDP expanding by just 2.3 per cent in 2025, a downgrade of 0.4 percentage points from its previous forecast in January. Growth in 2027 is expected to inch up to 2.6 per cent.&nbsp;Nearly two-thirds of all countries have seen their forecasts trimmed.&nbsp;The US is among the economies hit hardest by the downgrade. The World Bank cited ongoing trade tensions, rising tariffs, and weakening investor confidence as reasons for the reduced outlook for the US in both 2025 and 2026.&nbsp;In contrast, China’s growth forecast remained unchanged. The Bank said Beijing has sufficient fiscal tools to counter global shocks and navigate geopolitical instability.&nbsp;The report explicitly warned that if tariff escalation continues, it could cause a major rupture in global trade. “Global trade could seize up in the second half of this year, accompanied by a widespread collapse in confidence, surging uncertainty and turmoil in financial markets,” the Bank wrote.&nbsp;Despite these warnings, the World Bank stopped short of calling a global recession, saying the risk remains low—at under 10 per cent.&nbsp;The gloomy outlook echoes a recent OECD projection, which revised global growth expectations down to 2.9 per cent from 3.1 per cent.&nbsp;Meanwhile, a new round of US–China trade talks concluded in London this week with both sides agreeing on a tentative framework to ease tensions, including export curbs on key technologies.&nbsp;&nbsp;&nbsp;

As US inflation edges up, a World Bank warning signals the global economy may face its weakest decade since the 1960s.

America’s inflation engine is picking up speed again, just as global growth shows signs of long-term fatigue. A fresh reading on consumer prices is expected to confirm a modest increase, as early impacts of new US tariffs begin reaching shoppers. Meanwhile, a World Bank report has warned the world economy could be heading for its slowest decade since the 1960s. US inflation ticks up as tariff pressures mount Consumer prices in the United States are expected to rise at a faster pace in May, driven in part by early signs of cost pass-through from new trade tariffs. As per a Bloomberg survey of economists, the core Consumer Price Index (which excludes food and fuel) likely rose by 0.3 per cent in May, slightly higher than April’s 0.2 per cent gain. If confirmed, annual inflation would stand at 2.9 per cent, indicating a potential reversal of the cooling trend seen in early 2024. Some of this price pressure appears to be linked to import levies introduced under Donald Trump’s trade policy. While most retailers have so far absorbed the higher costs or used pre-tariff stock, this buffer is thinning. Walmart, for instance, has already warned that prices on some items may need to rise in the coming weeks. According to a note by Pantheon Macroeconomics economists Samuel Tombs and Oliver Allen, only a limited number of products were affected by tariffs in May, but the situation could escalate. They suggested that a broader inflationary impact is likely to emerge in June, as reported by Bloomberg. Sectors particularly exposed to trade frictions include consumer electronics, apparel, household appliances, and new vehicles. As highlighted by Bank of America economists Stephen Juneau and Jeseo Park, audio equipment prices jumped sharply in April, and more categories could follow if tariffs remain. Meanwhile, Wells Fargo analysts Sarah House and Nicole Cervi observed that companies initially coped with the tariff shock through inventory buffers and hopes of a policy rollback. But they warned, “as the higher tariff regime persists, shielding consumers from the costs is likely to become more challenging," as quoted by Bloomberg. Despite the pickup in inflation, the US Federal Reserve is not expected to raise interest rates at its upcoming policy meeting. Fed Chair Jerome Powell has previously said the central bank would assess trade impacts over time before making any move. Airfare and hotel prices provide some relief Interestingly, not all sectors are seeing rising prices. Services such as travel and accommodation appear to be moving in the opposite direction. Analysts expect continued softness in airfares and hotel rates, potentially due to reduced spending on leisure and international tourism. According to Bloomberg, BNP Paribas economist Andrew Schneider anticipates deflation in both air travel and hospitality, attributing the trend to lower demand. Similarly, Bloomberg Economics’ chief US economist Anna Wong has said that a slowdown in discretionary spending, especially among government and business travellers is likely pulling prices down. “Consumers and the public sector are cutting back on travel this year, and airfare inflation is still on a downward track,” Wong noted in her latest commentary, as per Bloomberg. World Bank warns of global slowdown, blames tariffs and uncertainty As the US wrestles with domestic price pressures, the international outlook is darkening. In its latest economic report, the World Bank forecasts the slowest decade of global growth since the 1960s. The Bank now sees global GDP expanding by just 2.3 per cent in 2025, a downgrade of 0.4 percentage points from its previous forecast in January. Growth in 2027 is expected to inch up to 2.6 per cent. Nearly two-thirds of all countries have seen their forecasts trimmed. The US is among the economies hit hardest by the downgrade. The World Bank cited ongoing trade tensions, rising tariffs, and weakening investor confidence as reasons for the reduced outlook for the US in both 2025 and 2026. In contrast, China’s growth forecast remained unchanged. The Bank said Beijing has sufficient fiscal tools to counter global shocks and navigate geopolitical instability. The report explicitly warned that if tariff escalation continues, it could cause a major rupture in global trade. “Global trade could seize up in the second half of this year, accompanied by a widespread collapse in confidence, surging uncertainty and turmoil in financial markets,” the Bank wrote. Despite these warnings, the World Bank stopped short of calling a global recession, saying the risk remains low—at under 10 per cent. The gloomy outlook echoes a recent OECD projection, which revised global growth expectations down to 2.9 per cent from 3.1 per cent. Meanwhile, a new round of US–China trade talks concluded in London this week with both sides agreeing on a tentative framework to ease tensions, including export curbs on key technologies.

US inflation is rising again as new tariffs begin pushing up consumer prices, amid concerns of a sluggish global economy.

Tariffs nudge US inflation higher in May, World Bank flags weakest decade for global growth

The World Bank has cut its forecast for global growth this year, and on Tuesday (June 10) warned that the 2020s are on course for the weakest performance for any decade since the 1960s.The Washington-based global bank published its twice-yearly Global Economic Prospects report, and reduced its forecast for global GDP growth this year to 2.3 per cent, down from 2.7 per cent in January.This would mark to be the slowest growth rate outside full-blown recessions since 2008, according to the bank.It further warned that the global growth in the first seven years of this decade is on course to average 2.5 per cent, which will be the slowest for any decade since the 1960s.<h2>Is Trump tariffs to be blamed?</h2>The World Bank blamed US President Donald Trump's trade war for the 2020s to be the weakest performance for any decade.After returning to the Oval Office, Trump has made several announcements, marking a major shift in the US policies, slapping tariffs on leading economies.With only a “tepid” recovery in global growth, to 2.4%, expected in 2026, the bank said this decade was likely to be the weakest since the 1960s.World Bank’s Chief Economist Indermit Gill said that decades of economic progress in developing countries had all but ground to a halt in recent years, with growth in investment and trade slowing and debt piling up.“Outside of Asia, the developing world is becoming a development-free zone,” he said.“It has been advertising itself for more than a decade. Growth in developing economies has ratcheted down for three decades – from 6% annually in the 2000s to 5% in the 2010s – to less than 4% in the 2020s.”The World Bank prediction assumes that Trump's high "reciprocal" tariffs, announced in April will not be reimposed when the 90-day "pause" he announced last month comes to an end.The bank urged governments to negotiate an end to the ongoing trade conflict. It further called on emerging markets and developing countries to rebuild their public finances by broadening their tax base.The global bank stressed that the situation could worsen further, if tariffs end up being higher than expected and uncertainty continues.“Risks to the global outlook remain tilted decidedly to the downside,” it added. “Growth could turn out to be lower if trade restrictions escalate or if policy uncertainty persists, which could also result in a buildup of financial stress.”

This would mark to be the slowest growth rate outside full-blown recessions since 2008, according to the bank.

The World Bank has cut its forecast for global growth this year, and on Tuesday (June 10) warned that the 2020s are on course for the weakest performance for any decade since the 1960s. The Washington-based global bank published its twice-yearly Global Economic Prospects report, and reduced its forecast for global GDP growth this year to 2.3 per cent, down from 2.7 per cent in January. This would mark to be the slowest growth rate outside full-blown recessions since 2008, according to the bank. It further warned that the global growth in the first seven years of this decade is on course to average 2.5 per cent, which will be the slowest for any decade since the 1960s. Is Trump tariffs to be blamed? The World Bank blamed US President Donald Trump's trade war for the 2020s to be the weakest performance for any decade. After returning to the Oval Office, Trump has made several announcements, marking a major shift in the US policies, slapping tariffs on leading economies. With only a “tepid” recovery in global growth, to 2.4%, expected in 2026, the bank said this decade was likely to be the weakest since the 1960s. World Bank’s Chief Economist Indermit Gill said that decades of economic progress in developing countries had all but ground to a halt in recent years, with growth in investment and trade slowing and debt piling up. “Outside of Asia, the developing world is becoming a development-free zone,” he said. “It has been advertising itself for more than a decade. Growth in developing economies has ratcheted down for three decades – from 6% annually in the 2000s to 5% in the 2010s – to less than 4% in the 2020s.” The World Bank prediction assumes that Trump's high "reciprocal" tariffs, announced in April will not be reimposed when the 90-day "pause" he announced last month comes to an end. The bank urged governments to negotiate an end to the ongoing trade conflict. It further called on emerging markets and developing countries to rebuild their public finances by broadening their tax base. The global bank stressed that the situation could worsen further, if tariffs end up being higher than expected and uncertainty continues. “Risks to the global outlook remain tilted decidedly to the downside,” it added. “Growth could turn out to be lower if trade restrictions escalate or if policy uncertainty persists, which could also result in a buildup of financial stress.”

This would mark to be the slowest growth rate outside full-blown recessions since 2008, according to the bank.

2020s weakest decade since 60s: World Bank's PREDICTION about worsening global economy | Is Trump tariffs to be blamed?

Pakistan has failed in achieving key economic targets, but its finance minister used the occasion to discuss the dire state of affairs to blame India in the context of its recent bailout package tranche from IMF. The economic survey of Pakistan revealed some shocking numbers, which give an indication of how badly the South Asian nation has been performing. But instead of facing reality, the Pakistani Finance Minister Muhammad Aurangzeb found time to blame, without proof, an unnamed 'Indian executive director' of IMF for trying to ‘block’ the IMF package.But first, here is a look at the economic situation, as revealed in the Pakistan Economic Survey 2024-25 unveiled by Aurgangzeb on Monday (June 9).&nbsp;<h2>Pakistan misses GDP target, crop production down</h2><h2>&nbsp;</h2>The key aspect of the economic survey was the GDP failing to meet the target. Pakistan's GDP growth stood at 2.68 per cent, far below the target of 3.56 per cent.&nbsp;&nbsp;Though slightly better than the previous year, the GDP growth was less than the country's five-year average of 3.3 per cent, and long-term average of over 4.5 per cent. &nbsp;<h2>Pakistan minister takes global economy as alibi as most targets missed</h2>&nbsp;While explaining the poor performance of the economy, Aurangzeb cited global economic headwinds.&nbsp;Almost all key economic targets were missed. On the crop production, the shortfall was blamed on a 35 per cent water shortage, revised down to 11-12 per cent. Both industries and services underperformed, failing to meet targets despite moderate growth.&nbsp;The country's large-scale manufacturing continued to struggle for the third straight year.&nbsp;&nbsp;Yet, the Pakistani finance minister put up a brave front, calling it a gradual recovery even as he promised a turnaround next year.<h2> Crop production down</h2>&nbsp;One glaring aspect in Pakistan's economic survey was the fall in crop production. Major crop production was down 13.5 per cent. The survey blamed it on a 'water crisis'.&nbsp;The survey showed that wheat, cotton, and maize production went down by 13.5 per cent, while cotton ginning fell by 19 per cent. &nbsp;<h2>Blaming 'Indian IMF executive director'</h2>&nbsp;But what stuck out like a sore thumb in the finance minister's presentation of the survey was the unfounded allegations targeting India, indirectly blaming it for its internal economic mismanagement.&nbsp;He was speaking in the context of the recent $1 billion tranche released by the IMF. Without offering any proof, or naming anyone, Aurangzeb claimed that 'the Indian executive director at the IMF' tried to keep Pakistan bailout discussion off the agenda of the IMF board.&nbsp;He claimed that the Indian official tried to block the second instalment of the bailout package, as well as another $1.4 billion Resilience and Sustainability Facility for Pakistan's climate crisis financing.

Instead of facing reality, the Pakistani Finance Minister Muhammad Aurangzeb found time to blame, without proof, an unnamed Indian executive director of IMF for trying to block the IMF tranche.

Pakistan has failed in achieving key economic targets, but its finance minister used the occasion to discuss the dire state of affairs to blame India in the context of its recent bailout package tranche from IMF. The economic survey of Pakistan revealed some shocking numbers, which give an indication of how badly the South Asian nation has been performing. But instead of facing reality, the Pakistani Finance Minister Muhammad Aurangzeb found time to blame, without proof, an unnamed 'Indian executive director' of IMF for trying to ‘block’ the IMF package. But first, here is a look at the economic situation, as revealed in the Pakistan Economic Survey 2024-25 unveiled by Aurgangzeb on Monday (June 9). Pakistan misses GDP target, crop production down The key aspect of the economic survey was the GDP failing to meet the target. Pakistan's GDP growth stood at 2.68 per cent, far below the target of 3.56 per cent. Though slightly better than the previous year, the GDP growth was less than the country's five-year average of 3.3 per cent, and long-term average of over 4.5 per cent. Pakistan minister takes global economy as alibi as most targets missed While explaining the poor performance of the economy, Aurangzeb cited global economic headwinds. Almost all key economic targets were missed. On the crop production, the shortfall was blamed on a 35 per cent water shortage, revised down to 11-12 per cent. Both industries and services underperformed, failing to meet targets despite moderate growth. The country's large-scale manufacturing continued to struggle for the third straight year. Yet, the Pakistani finance minister put up a brave front, calling it a gradual recovery even as he promised a turnaround next year. Crop production down One glaring aspect in Pakistan's economic survey was the fall in crop production. Major crop production was down 13.5 per cent. The survey blamed it on a 'water crisis'. The survey showed that wheat, cotton, and maize production went down by 13.5 per cent, while cotton ginning fell by 19 per cent. Blaming 'Indian IMF executive director' But what stuck out like a sore thumb in the finance minister's presentation of the survey was the unfounded allegations targeting India, indirectly blaming it for its internal economic mismanagement. He was speaking in the context of the recent $1 billion tranche released by the IMF. Without offering any proof, or naming anyone, Aurangzeb claimed that 'the Indian executive director at the IMF' tried to keep Pakistan bailout discussion off the agenda of the IMF board. He claimed that the Indian official tried to block the second instalment of the bailout package, as well as another $1.4 billion Resilience and Sustainability Facility for Pakistan's climate crisis financing.

Instead of facing reality, the Pakistani Finance Minister Muhammad Aurangzeb found time to blame, without proof, an unnamed 'Indian executive director' of IMF for trying to block the IMF tranche.

Pak minister blames India, without proof, on IMF tranche issue even as its economy misses crop production, GDP targets

Tesla stock downgrades from a couple of brokerages on Monday highlight Wall Street's growing fear about the EV maker's future after last week's spat between Musk and Trump.&nbsp;Argus Research and Baird downgraded Tesla's stock to a 'hold' recommendation from 'buy' before Musk and Trump's fallout on Thursday.The brokerages downgraded Tesla's stock due to concerns about the company's outlook following the breakup in Musk and Trump's bromance.&nbsp;The outlook cut further solidifies Tesla's status as analysts' least favourite megacap stock.<h2>Trump vs Musk: Tesla stock downgraded</h2>Tesla's shares have fallen about 27 per cent in 2025. That decline so far this year makes the EV maker the weakest performer of the so-called magnificent seven stocks.&nbsp;Tesla shares had rallied in the wake of Trump's re-election, which Musk vigorously supported. But they are down almost 40 per cent off their peak in December.&nbsp;Much of the stock's recent decline came after the high-profile blowup between Musk and Trump last week.&nbsp;The disagreements are perceived as a major drag on Tesla's share price, even as Musk later indicated he was willing to make amends.Wall Street analysts called the Trump-Musk spat a 'disaster' for embattled Tesla.&nbsp;Analysts at Argus Research said, "Looking ahead, we are concerned that the war of words between President Trump and Elon Musk, along with the expiration of EV credits, could further weaken demand for new Teslas."&nbsp;That view was echoed by Baird, which cut the stock to 'neutral' from 'outperform.'&nbsp;Baird said, "Musk's comments about Tesla's robotaxi program are a bit too optimistic, and we believe this excitement has been priced into shares."Tesla's robotaxi service focuses on driverless vehicles and artificial intelligence, and scheduled to launch in Austin this week.&nbsp;The EV maker has the worst analyst recommendation ratio among the market's biggest companies.&nbsp;Fewer than half of the analysts surveyed by Bloomberg recommended buy the shares. Still, there are 30 'buy' ratings for the stock.&nbsp;But there are also 18 'hold' ratings and 13 'sell' recommendations. Even within the positive bets, analysts don't seem to be expecting a price recovery anytime soon.&nbsp;

The stock has dropped about 27% in 2025 and nearly 40% from December's peak, making it the weakest performer among major stocks this year.

Tesla stock downgrades from a couple of brokerages on Monday highlight Wall Street's growing fear about the EV maker's future after last week's spat between Musk and Trump. Argus Research and Baird downgraded Tesla's stock to a 'hold' recommendation from 'buy' before Musk and Trump's fallout on Thursday. The brokerages downgraded Tesla's stock due to concerns about the company's outlook following the breakup in Musk and Trump's bromance. The outlook cut further solidifies Tesla's status as analysts' least favourite megacap stock. Trump vs Musk: Tesla stock downgraded Tesla's shares have fallen about 27 per cent in 2025. That decline so far this year makes the EV maker the weakest performer of the so-called magnificent seven stocks. Tesla shares had rallied in the wake of Trump's re-election, which Musk vigorously supported. But they are down almost 40 per cent off their peak in December. Much of the stock's recent decline came after the high-profile blowup between Musk and Trump last week. The disagreements are perceived as a major drag on Tesla's share price, even as Musk later indicated he was willing to make amends. Wall Street analysts called the Trump-Musk spat a 'disaster' for embattled Tesla. Analysts at Argus Research said, "Looking ahead, we are concerned that the war of words between President Trump and Elon Musk, along with the expiration of EV credits, could further weaken demand for new Teslas." That view was echoed by Baird, which cut the stock to 'neutral' from 'outperform.' Baird said, "Musk's comments about Tesla's robotaxi program are a bit too optimistic, and we believe this excitement has been priced into shares." Tesla's robotaxi service focuses on driverless vehicles and artificial intelligence, and scheduled to launch in Austin this week. The EV maker has the worst analyst recommendation ratio among the market's biggest companies. Fewer than half of the analysts surveyed by Bloomberg recommended buy the shares. Still, there are 30 'buy' ratings for the stock. But there are also 18 'hold' ratings and 13 'sell' recommendations. Even within the positive bets, analysts don't seem to be expecting a price recovery anytime soon.

Tesla stock was downgraded to 'hold' by Argus Research and Baird amid concerns over the company's future following a fallout between Musk and Trump.&nbsp;

Tesla becomes the weakest performer of the magnificent 7 stocks

US President Donald Trump deployed the National Guard into Los Angeles to end the ongoing violent protests against his immigration crackdown. This has pitted the western California state, of which LA is the largest city, against the federal government. California is the richest state in the US and cannot be antagonised by any federal government. Its economy is bigger than several US states combined, and surpasses the economies of even some countries.&nbsp;Amid the sharp focus on Los Angeles protests, here is a look at the economic importance of California for the US.&nbsp;<h2>California’s economy is the biggest in the US</h2>&nbsp;The nominal GDP of California for 2024 was $4.103 trillion, making it the largest economy among the US states.&nbsp;This is in fact nearly the combined GDP of the next few states' GDP: Texas is at $2.6 tn, New York at $2 tn and Florida at $1.6 tn, according to recent available data.&nbsp;This means that the rich western state accounts for more than 14 per cent of the total GDP of the US.&nbsp;Having achieved this with only 12 per cent of the national population, California continues to hold a disproportionate economic might in the US.&nbsp;<h2>California's economy is bigger than some countries'</h2> It is a well-known fact that if California were a country, it would be the fourth-largest economy in the world, just behind the US ($29.18 tn), China ($18.74 tn), and Germany ($4.65 tn).&nbsp;Its economy would be ahead of Japan and India too.&nbsp;The per capita GDP of California, estimated to be around $85,340, surpasses that of most large economies.<h2> From tech industry to Hollywood and everything in between: What powers California's economy?</h2> &nbsp;&nbsp;The state is home to the tech mecca of Silicon Valley in the north, and the entertainment industry hub of Hollywood in the south. These and other high-revenue industries are the reason behind its wealth. Most of the world's top tech companies are headquartered in California, including Google parent Alphabet, Apple, Facebook parent Meta, IBM, Intel and Nvidia. As per figures from 2023, the technology industry attracted $134 billion in venture capital, which was the highest in the US at the time.&nbsp;<h2>A powerhouse of agriculture&nbsp;</h2>&nbsp;&nbsp;California is also home to the largest agriculture industry in the US, with exports estimated at $24.3 billion in 2023. Its key farm exports include almonds and dairy products.&nbsp;California leads the US in some of the key agricultural produce, including half of its fruits, vegetables and nuts, as well as more than 80 per cent of strawberries. &nbsp;<h2>Hollywood to electric cars: A diversified economy</h2>&nbsp;&nbsp;The Hollywood-led entertainment industry generates anywhere north of $150 billion every year.&nbsp;California is also a global tourism magnet, attracting revenues of $150.4 bn in 2023.&nbsp;Heavy industries and manufacturing are also key to California's economic prowess. These included aerospace and electric vehicles.&nbsp;Ports in California handle some 38 per cent of US imports.&nbsp;<h2>A giant among US states</h2>&nbsp;As already mentioned, the GDP of California dominates over the next few states. It is double that of New York, and more than half of Texas.&nbsp;Once home to America's oil boom, California shines in both traditional industries like agriculture, emission-free vehicles, technology and entertainment.&nbsp;California is home to 78 of Fortune 100 companies and 337 of Fortune 500 companies, which is the highest for any state.&nbsp;<h2>But it is not all fine for Californians, and LA violence may be a result of that</h2><h2>&nbsp;</h2>But in spite of all these, California still reels under economic inequality, high living costs, and endemic homelessness.&nbsp;The LA protests are partially a result of economic disparities in the western state.&nbsp;&nbsp;Many of those taking part in the protests are also angry at the rich-poor divide in the city.

Amid the sharp focus on Los Angeles protests, here is a look at the economic importance of California for the US.



US President Donald Trump deployed the National Guard into Los Angeles to end the ongoing violent protests against his immigration crackdown. This has pitted the western California state, of which LA is the largest city, against the federal government. California is the richest state in the US and cannot be antagonised by any federal government. Its economy is bigger than several US states combined, and surpasses the economies of even some countries. Amid the sharp focus on Los Angeles protests, here is a look at the economic importance of California for the US. California’s economy is the biggest in the US The nominal GDP of California for 2024 was $4.103 trillion, making it the largest economy among the US states. This is in fact nearly the combined GDP of the next few states' GDP: Texas is at $2.6 tn, New York at $2 tn and Florida at $1.6 tn, according to recent available data. This means that the rich western state accounts for more than 14 per cent of the total GDP of the US. Having achieved this with only 12 per cent of the national population, California continues to hold a disproportionate economic might in the US. California's economy is bigger than some countries' It is a well-known fact that if California were a country, it would be the fourth-largest economy in the world, just behind the US ($29.18 tn), China ($18.74 tn), and Germany ($4.65 tn). Its economy would be ahead of Japan and India too. The per capita GDP of California, estimated to be around $85,340, surpasses that of most large economies. From tech industry to Hollywood and everything in between: What powers California's economy? The state is home to the tech mecca of Silicon Valley in the north, and the entertainment industry hub of Hollywood in the south. These and other high-revenue industries are the reason behind its wealth. Most of the world's top tech companies are headquartered in California, including Google parent Alphabet, Apple, Facebook parent Meta, IBM, Intel and Nvidia. As per figures from 2023, the technology industry attracted $134 billion in venture capital, which was the highest in the US at the time. A powerhouse of agriculture California is also home to the largest agriculture industry in the US, with exports estimated at $24.3 billion in 2023. Its key farm exports include almonds and dairy products. California leads the US in some of the key agricultural produce, including half of its fruits, vegetables and nuts, as well as more than 80 per cent of strawberries. Hollywood to electric cars: A diversified economy The Hollywood-led entertainment industry generates anywhere north of $150 billion every year. California is also a global tourism magnet, attracting revenues of $150.4 bn in 2023. Heavy industries and manufacturing are also key to California's economic prowess. These included aerospace and electric vehicles. Ports in California handle some 38 per cent of US imports. A giant among US states As already mentioned, the GDP of California dominates over the next few states. It is double that of New York, and more than half of Texas. Once home to America's oil boom, California shines in both traditional industries like agriculture, emission-free vehicles, technology and entertainment. California is home to 78 of Fortune 100 companies and 337 of Fortune 500 companies, which is the highest for any state. But it is not all fine for Californians, and LA violence may be a result of that But in spite of all these, California still reels under economic inequality, high living costs, and endemic homelessness. The LA protests are partially a result of economic disparities in the western state. Many of those taking part in the protests are also angry at the rich-poor divide in the city.

Amid the sharp focus on Los Angeles protests, here is a look at the economic importance of California for the US.&nbsp;

LA protest violence brings focus to California. The richest US state's economy is bigger than some countries | Reasons, listed

India's journey into human spaceflight has evolved dramatically, from a symbolic, Soviet-sponsored flight in 1984 to a $2.32 billion homegrown programme that now includes ambitions of a national space station.&nbsp;In 1984, Wing Commander Rakesh Sharma&nbsp;made history by becoming the first Indian in space. He flew aboard the Soviet Soyuz T-11 under the USSR’s Interkosmos programme, which fully funded the mission as part of its diplomatic-scientific outreach. India contributed scientific experiments and personnel but made no direct financial payment.&nbsp;But times have changed. India is now investing heavily in its own human spaceflight infrastructure funding missions, purchasing seats on private spacecraft, and planning a long-term presence in low Earth orbit.<h2>What India has spent on human spaceflight?</h2>India’s expenditure on spaceflight missions has grown significantly, with major costs associated with the indigenous Gaganyaan programme&nbsp;and the purchase of a commercial seat aboard a SpaceX-operated mission to the International Space Station (ISS).&nbsp;As per an interview by ISRO Chairman V. Narayanan&nbsp;with science journalist Pallava Bagla, India paid $60–70 million (₹500–550 crore)&nbsp;to book a seat for Group Captain Shubhanshu Shukla&nbsp;aboard the Axiom-4 mission.&nbsp;&nbsp;The cost also includes training expenses for backup astronaut Captain Prasanth Balakrishnan Nair, who will act as Shukla’s alternate for the mission.&nbsp;This covered astronaut training, launch services via SpaceX, and a two-week ISS stay.&nbsp;Meanwhile, the flagship Gaganyaan human spaceflight programme, originally approved with a budget of ₹10,000 crore ($1.1 billion), has now been revised to ₹20,193 crore ($2.32 billion).&nbsp;&nbsp;According to a written reply by Minister Jitendra Singh&nbsp;in Parliament on 13 February 2025 as reported by Reuters, the programme will now include eight missions, two crewed and six uncrewed.&nbsp;Here is a breakdown of known and estimated costs:

<figure class="table"><table><tbody><tr><td>Mission</td><td>Year</td><td>Estimated cost</td><td>Description</td></tr><tr><td>Rakesh Sharma (Soyuz T-11)</td><td>1984</td><td>$0</td><td>USSR-funded; no direct Indian expenditure</td></tr><tr><td>Shubhanshu Shukla &amp; Prasanth Balakrishnan Nair(Ax-4)</td><td>2025</td><td>$60–70 million (₹500–550 crore)</td><td>Seat + training + ISS stay via Axiom Space and SpaceX&nbsp;</td></tr><tr><td>Gaganyaan programme</td><td>2024–2028</td><td>$2.32 billion (₹20,193 crore)</td><td>2 crewed + 6 uncrewed flights, infrastructure, space station prep</td></tr></tbody></table></figure>

These figures mark a significant shift in India’s approach, from international dependence to sovereign capability-building.<h2>What does the $2.32 billion Gaganyaan budget covers?</h2>The Gaganyaan programme&nbsp;is India’s first indigenous effort to send humans into space. The mission aims to launch Indian astronauts into a 400-kilometre orbit and return them with a controlled splashdown in the Indian Ocean.&nbsp;According to ISRO, the $2.32 billion budget includes two crewed missions, now scheduled for 2027 and 2028, as well as six uncrewed test missions&nbsp;beginning late 2024. These precursor flights will validate systems such as the crew escape mechanism and re-entry safety.&nbsp;A significant part of the budget goes into the development of indigenous life-support and environmental systems, a key requirement for sustaining astronauts in orbit. Further allocations are intended for infrastructure upgrades&nbsp;at the Sriharikota launch site&nbsp;and for building marine recovery systems&nbsp;in the Bay of Bengal.&nbsp;The programme also includes initial work for a long-term goal, the Bharatiya Antariksh Station, India’s own orbital station, expected to begin construction by 2028&nbsp;and become fully operational by 2035.<h2>India vs global giants space spending</h2>Despite the expansion, Gaganyaan remains one of the most cost-efficient human spaceflight programmes globally. According to data compiled from ISRO, NASA, CNSA, Roscosmos, ESA and Reuters, India’s programme costs a fraction of what global space giants are spending.

<figure class="table"><table><tbody><tr><td>Country</td><td>Annual space budget</td><td>Human spaceflight programme</td><td>Major programme cost</td></tr><tr><td>India</td><td>~$1.8 billion</td><td>Gaganyaan, Ax-4 seat</td><td>Gaganyaan: $2.32 billion</td></tr><tr><td>USA</td><td>~$27.2 billion</td><td>Artemis, ISS</td><td>Artemis (I–III): $93 billion</td></tr><tr><td>China</td><td>~$12–13 billion</td><td>Tiangong + Shenzhou</td><td>~$10–12 billion</td></tr><tr><td>Russia</td><td>~$2–3 billion</td><td>Soyuz, ISS</td><td>~$15–20 billion</td></tr><tr><td>&nbsp;ESA</td><td>~$8 billion</td><td>Orion (support), ISS modules</td><td>~$2–3 billion</td></tr></tbody></table></figure>

While the United States is reportedly spending over $93 billion on its Artemis missions, and China has invested up to $12 billion in its space station, India is delivering a similar capability for less than 3 per cent of Artemis’ cost.&nbsp;This continues ISRO’s reputation for frugal innovation, a legacy seen in the Mars Orbiter Mission, which reportedly cost just $74 million.<h2>Why India is spending more than ever on space?</h2>India’s current space investments are not about prestige; they are strategic and long-term. With a growing focus on sovereignty in high-tech sectors, the human spaceflight programme is designed to build indigenous capability&nbsp;that supports the economy, national security, and scientific development.&nbsp;An Indian astronaut programme reduces dependence on foreign rockets and boosts domestic innovation in aerospace, automation, AI and advanced materials. It creates new jobs, inspires students through STEM education, and improves India's positioning in global space cooperation and commerce.&nbsp;ISRO’s future plans include a fully operational Indian space station by 2035 and a crewed lunar mission by 2040. The country is also investing in reusable launch vehicles, deep space habitats, and satellite constellations.&nbsp;“India is no longer hitching rides. We’re building our own systems, training our own astronauts, and designing our own future in orbit,” said a senior ISRO scientist.&nbsp;India’s human spaceflight journey started with a mission funded entirely by the Soviet Union. Four decades later, the nation is investing over $2.32 billion to build the capability to send its own astronauts aboard its own rockets.&nbsp;From Rakesh Sharma’s cost-free mission in 1984, to Shubhanshu Shukla’s $70 million seat&nbsp;on a private ISS mission, and now the expansive Gaganyaan programme, India’s investment signals its intent to be a serious space power—not just a participant, but a leader.&nbsp;The story of India’s space ambitions is no longer about reaching space, it’s about shaping the future in it.&nbsp;(With inputs from the agencies)

The story of India’s space ambitions is no longer about reaching space, it’s about shaping the future in it.

India's journey into human spaceflight has evolved dramatically, from a symbolic, Soviet-sponsored flight in 1984 to a $2.32 billion homegrown programme that now includes ambitions of a national space station. In 1984, Wing Commander Rakesh Sharma made history by becoming the first Indian in space. He flew aboard the Soviet Soyuz T-11 under the USSR’s Interkosmos programme, which fully funded the mission as part of its diplomatic-scientific outreach. India contributed scientific experiments and personnel but made no direct financial payment. But times have changed. India is now investing heavily in its own human spaceflight infrastructure funding missions, purchasing seats on private spacecraft, and planning a long-term presence in low Earth orbit. What India has spent on human spaceflight? India’s expenditure on spaceflight missions has grown significantly, with major costs associated with the indigenous Gaganyaan programme and the purchase of a commercial seat aboard a SpaceX-operated mission to the International Space Station (ISS). As per an interview by ISRO Chairman V. Narayanan with science journalist Pallava Bagla, India paid $60–70 million (₹500–550 crore) to book a seat for Group Captain Shubhanshu Shukla aboard the Axiom-4 mission. The cost also includes training expenses for backup astronaut Captain Prasanth Balakrishnan Nair, who will act as Shukla’s alternate for the mission. This covered astronaut training, launch services via SpaceX, and a two-week ISS stay. Meanwhile, the flagship Gaganyaan human spaceflight programme, originally approved with a budget of ₹10,000 crore ($1.1 billion), has now been revised to ₹20,193 crore ($2.32 billion). According to a written reply by Minister Jitendra Singh in Parliament on 13 February 2025 as reported by Reuters, the programme will now include eight missions, two crewed and six uncrewed. Here is a breakdown of known and estimated costs:

India's human spaceflight journey evolved from Rakesh Sharma's 1984 Soviet flight to a $2.32 billion self-funded program, now focusing on building a national space station and enhancing low Earth orbit presence.

From free ride to $2.32 billion: Breaking down the cost of India’s human space missions

Commerce and Industry Minister Piyush Goyal has sharply criticised China’s latest export restrictions on rare earth materials, calling them a “wake-up call for the world”. He warned that while India’s automotive and white goods sectors may face short-term disruptions, the country is actively building resilient and independent supply chains to emerge stronger in the long run.&nbsp;Goyal made these remarks during his official visit to Switzerland, where he addressed reporters on Monday. As quoted by ANI, he said, “This situation serves as a wake-up call for all those who have become over-reliant on certain geographies… The world today wants India in their supply chains because we are seen as a trusted partner.”<h2>What did Goyal say?</h2>According to ANI, Goyal acknowledged that sectors like automotive and electronics, both reliant on rare earth magnets will feel the impact of China’s decision to tighten export licences on seven key rare earth elements and related magnets.&nbsp;&nbsp;These components are vital for electric vehicles, motors, defence equipment, and appliances.&nbsp;He confirmed that several Indian companies have already submitted their licence applications to the Chinese government. While New Delhi is optimistic that approvals will come through, Goyal stressed that India is not waiting passively.&nbsp;The Indian embassy in Beijing is actively pursuing fast-track approvals, while the Commerce Ministry is exploring new sourcing options. At the same time, efforts are underway to boost domestic capacity through Indian Rare Earths Ltd and private partnerships.&nbsp;“The industry is not just looking to the government for handouts anymore,” Goyal remarked. “More and more companies are partnering with startups, funding innovation, and adapting pricing to support the ecosystem.<h2>India’s dependency on China for rare earth&nbsp;</h2>India's reliance on China for rare earth magnets is longstanding, but the urgency has intensified.&nbsp;Despite having rare earth reserves, India lacks large-scale refining and processing infrastructure. As a result, more than 70 per cent of its rare earth magnets are imported from China, which dominates over 90 per cent of the world’s magnet-making capacity.&nbsp;These specialised magnets power everything from electric vehicle drivetrains to missile systems and air conditioners. With Beijing’s new restrictions, effective from 4 April, the disruption is already affecting production timelines in India’s high-growth sectors, particularly manufacturing and clean tech.&nbsp;Even though India is not a direct player in the current US-China trade conflict, it finds itself entangled in the fallout. Beijing’s export curbs are widely seen as retaliation against Washington’s escalating tariffs on Chinese tech and green energy products. In this global power contest, India, heavily dependent on critical imports, risks becoming collateral damage.&nbsp;This comes against the backdrop of still-strained bilateral ties between India and China following the 2020 Galwan clash. Although trade between the two nations touched $118 billion in FY24, India’s trade deficit with China remains steep, primarily due to its heavy imports of electronics, industrial components, and solar modules. These recent curbs have accelerated India’s urgency to secure alternate supply chains.<h2>New Delhi's alternative approach&nbsp;</h2>Despite the near-term challenges, Goyal expressed optimism that this disruption could act as a pivot for long-term self-reliance. As quoted by ANI, he said, “We are all working as a team and remain confident that while there may be challenges in the short run, we will emerge as winners in the medium to long term.”&nbsp;There are early signs of industry adapting. Indian automakers have begun collaborating with local startups and researchers to develop domestic solutions. Meanwhile, the government is exploring whether the Production Linked Incentive (PLI) scheme can be extended to cover rare earth processing, magnet recycling, and advanced materials.&nbsp;Goyal also emphasised a shift in industry mindset. Indian firms are no longer relying entirely on government subsidies but are taking active ownership of innovation and investment. This aligns with the government’s broader push for Atmanirbhar Bharat (a self-reliant India).&nbsp;Piyush&nbsp;Goyal’s comments go beyond China’s immediate policy shift. His statement is a call to Indian industry, and the global community to rethink the fragility of global supply chains in an era marked by geopolitical uncertainty. “There is an opportunity even in this crisis… and India intends to seize it,” he said as quoted by ANI.&nbsp; &nbsp;

Piyush Goyal calls China rare earth curbs a global warning, highlights India’s supply chain push.

Commerce and Industry Minister Piyush Goyal has sharply criticised China’s latest export restrictions on rare earth materials, calling them a “wake-up call for the world”. He warned that while India’s automotive and white goods sectors may face short-term disruptions, the country is actively building resilient and independent supply chains to emerge stronger in the long run. Goyal made these remarks during his official visit to Switzerland, where he addressed reporters on Monday. As quoted by ANI, he said, “This situation serves as a wake-up call for all those who have become over-reliant on certain geographies… The world today wants India in their supply chains because we are seen as a trusted partner.” What did Goyal say? According to ANI, Goyal acknowledged that sectors like automotive and electronics, both reliant on rare earth magnets will feel the impact of China’s decision to tighten export licences on seven key rare earth elements and related magnets. These components are vital for electric vehicles, motors, defence equipment, and appliances. He confirmed that several Indian companies have already submitted their licence applications to the Chinese government. While New Delhi is optimistic that approvals will come through, Goyal stressed that India is not waiting passively. The Indian embassy in Beijing is actively pursuing fast-track approvals, while the Commerce Ministry is exploring new sourcing options. At the same time, efforts are underway to boost domestic capacity through Indian Rare Earths Ltd and private partnerships. “The industry is not just looking to the government for handouts anymore,” Goyal remarked. “More and more companies are partnering with startups, funding innovation, and adapting pricing to support the ecosystem. India’s dependency on China for rare earth India's reliance on China for rare earth magnets is longstanding, but the urgency has intensified. Despite having rare earth reserves, India lacks large-scale refining and processing infrastructure. As a result, more than 70 per cent of its rare earth magnets are imported from China, which dominates over 90 per cent of the world’s magnet-making capacity. These specialised magnets power everything from electric vehicle drivetrains to missile systems and air conditioners. With Beijing’s new restrictions, effective from 4 April, the disruption is already affecting production timelines in India’s high-growth sectors, particularly manufacturing and clean tech. Even though India is not a direct player in the current US-China trade conflict, it finds itself entangled in the fallout. Beijing’s export curbs are widely seen as retaliation against Washington’s escalating tariffs on Chinese tech and green energy products. In this global power contest, India, heavily dependent on critical imports, risks becoming collateral damage. This comes against the backdrop of still-strained bilateral ties between India and China following the 2020 Galwan clash. Although trade between the two nations touched $118 billion in FY24, India’s trade deficit with China remains steep, primarily due to its heavy imports of electronics, industrial components, and solar modules. These recent curbs have accelerated India’s urgency to secure alternate supply chains. New Delhi's alternative approach Despite the near-term challenges, Goyal expressed optimism that this disruption could act as a pivot for long-term self-reliance. As quoted by ANI, he said, “We are all working as a team and remain confident that while there may be challenges in the short run, we will emerge as winners in the medium to long term.” There are early signs of industry adapting. Indian automakers have begun collaborating with local startups and researchers to develop domestic solutions. Meanwhile, the government is exploring whether the Production Linked Incentive (PLI) scheme can be extended to cover rare earth processing, magnet recycling, and advanced materials. Goyal also emphasised a shift in industry mindset. Indian firms are no longer relying entirely on government subsidies but are taking active ownership of innovation and investment. This aligns with the government’s broader push for Atmanirbhar Bharat (a self-reliant India). Piyush Goyal’s comments go beyond China’s immediate policy shift. His statement is a call to Indian industry, and the global community to rethink the fragility of global supply chains in an era marked by geopolitical uncertainty. “There is an opportunity even in this crisis… and India intends to seize it,” he said as quoted by ANI.

During his visit to Switzerland, Commerce Minister Piyush Goyal criticised China’s rare earth export restrictions as a wake-up call for over-dependent economies and affirmed India’s efforts to build resilient, self-reliant supply chains.

“Wake-up call for the world”: Piyush Goyal slams China’s rare earth curbs

High-stakes negotiations between the world’s two largest economies moved into their second day on Tuesday at London’s Lancaster House. Rare earth minerals, semiconductor access, and student visa restrictions are reportedly on the top agenda of the meeting.&nbsp;Despite no major breakthrough, US President Donald Trump struck an optimistic tone. Speaking to reporters at the White House on Monday, he said, “We are doing well with China. China’s not easy. I’m only getting good reports", as quoted by Reuters.&nbsp;&nbsp;Leading the talks are US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer. On the Chinese side, Vice Premier He Lifeng is heading the delegation.&nbsp;The dialogue follows a fragile truce struck in Geneva on 12 May. That deal rolled back tariffs by 115 per cent and paused further trade barriers for 90 days.But since then, both sides have accused each other of breaking the agreement, casting doubt over any long-term resolution.<h2>US-China trade war saga under Trump 2.0</h2>Tensions have been building ever since President Trump began his second term in office. Here’s how the trade war has escalated:&nbsp;It began on 1 February, when Trump signed an executive order imposing a 10 per cent tariff on Chinese imports. He&nbsp;claimed the move would tackle fentanyl smuggling. The same order scrapped the de minimis rule, which had previously allowed small Chinese parcels under $800 to enter the US duty-free.Just days later, on 4 February, China hit back. It imposed a 15 per cent tariff on US coal and LNG, and a 10 per cent tariff on crude oil, large vehicles, and farm machinery. It also brought in export controls on key rare earth minerals, such as molybdenum and tellurium.&nbsp;On 10 February, Trump added fresh tariffs on steel and aluminium imports, citing dumping by China. By 27&nbsp;February, he had also limited Chinese investment in sensitive sectors like technology and energy via new CFIUS guidelines.&nbsp;Things worsened in March. On the 3rd, tariffs on Chinese goods were raised to 20 per cent. China responded swiftly on the 4th with new levies on US poultry, grains, and meat, and launched a WTO case challenging the US measures.&nbsp;April saw dramatic escalation. On the 2nd, Trump introduced his so-called “Liberation Day” tariffs raising duties on Chinese goods to 54 per cent and permanently removing de minimis exemptions. China responded on 4 April with 34 per cent tariffs and added licensing requirements for exporting seven rare earths.&nbsp;Between 8 and 9 April, Trump upped the pressure again. Tariffs were hiked first to 104 per cent, then 125, and finally to 145 per cent. China struck back with its own 84 per cent levy. By 11 April, China raised its tariffs to match the US at 125 per cent, though Trump did exempt some electronics—from countries other than China.&nbsp;On 12 May, there was a brief breakthrough. Both sides agreed to a truce in Geneva, cutting tariffs to 30 per cent (US) and 10 per cent (China), and freezing further measures for 90 days.&nbsp;But by 28 May, cracks were already showing. The US Court of International Trade ruled that Trump had overstepped his authority by imposing such sweeping tariffs. His administration appealed.&nbsp;Then, on 30 May, Trump accused China of breaking the Geneva deal. He said Beijing had failed to relax rare earth restrictions as promised. China pushed back on 2 June, blaming Washington for imposing new controls on AI chip exports and revoking student visas.&nbsp;On 5 June, Trump spoke with Xi Jinping in a 90-minute call. The US President later said they were working to “save” the Geneva deal. A day later, he named Bessent, Lutnick, and Greer as lead negotiators for the London summit.&nbsp;Talks began on 9 June but hopes remains low amid growing industrial pressure and widening rifts.<h2>How the trade tension affected both economies?&nbsp;</h2>The Geneva truce may have paused the tariff hikes, but its effect on the real economy is proving limited.&nbsp;According to Reuters, Chinese exports to the United States dropped by 34.5 per cent in May 2025, the sharpest year-on-year fall since early 2020. Meanwhile, foreign direct investment (FDI) into China’s high-tech and defence sectors fell by 18.2 per cent, as per data from the Chinese Ministry of Commerce.&nbsp;Analysts link this to uncertainty over semiconductor access and tightening export controls.&nbsp;On the American side, supply chains are under pressure, particularly in industries dependent on Chinese rare earths. A US Chamber of Commerce report confirms that several major automakers and semiconductor firms have submitted emergency requests to the White House, seeking uninterrupted access to critical raw materials.&nbsp;President Trump has claimed a limited export deal is in place, but Reuters clarifies that China has only issued 30-day provisional licences, which are subject to monthly review, leaving US industries in limbo. The International Monetary Fund (IMF) has also weighed in. In its June forecast, the IMF cut its 2025 global growth projection to 2.5 per cent, down from 3.1&nbsp;per cent, warning that continued US-China trade tensions could cost the global economy up to 0.6 percentage points in lost growth over the next year.&nbsp;Both economies are feeling the pinch, China from falling exports and foreign investment, the US from disrupted production and growing supply bottlenecks. The longer the standoff continues, the deeper the economic scars may run.<h2>Rare Earths at the heart of London negotiations</h2>Commerce Secretary Lutnick’s presence in London underlines how crucial rare earths have become. China controls over 85 per cent of global output. These minerals are essential for electric vehicles, wind turbines, satellites, and guided missiles.&nbsp;According to Associated Press, several European and US firms are already facing production delays due to shrinking rare earth stocks. British officials are also involved. UK Business Secretary Jonathan Reynolds and Treasury Chief Rachel Reeves held side meetings with both delegations.&nbsp;A UK government statement read: “We are a nation that champions free trade and have always been clear that a trade war is in nobody’s interests.”<h2>What lies ahead?&nbsp;</h2>Formal statements from both sides are expected after Tuesday’ssession. But insiders warn that unless China loosens its rare earth export licensing and the US relaxes chip and visa restrictions, no major breakthrough is likely.&nbsp;Speaking to CNBC, White House economic adviser Kevin Hassett said: “I expect a short meeting with a big, strong handshake on rare earths—but not much else.”&nbsp;With more disputes surfacing on chip design tools, intellectual property, and academic ties, experts caution that these talks might only delay deeper conflict.&nbsp;

Despite the lack of significant achievements, US President Donald Trump voiced confidence. 

High-stakes negotiations between the world’s two largest economies moved into their second day on Tuesday at London’s Lancaster House. Rare earth minerals, semiconductor access, and student visa restrictions are reportedly on the top agenda of the meeting. Despite no major breakthrough, US President Donald Trump struck an optimistic tone. Speaking to reporters at the White House on Monday, he said, “We are doing well with China. China’s not easy. I’m only getting good reports", as quoted by Reuters. Leading the talks are US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer. On the Chinese side, Vice Premier He Lifeng is heading the delegation. The dialogue follows a fragile truce struck in Geneva on 12 May. That deal rolled back tariffs by 115 per cent and paused further trade barriers for 90 days. But since then, both sides have accused each other of breaking the agreement, casting doubt over any long-term resolution. US-China trade war saga under Trump 2.0 Tensions have been building ever since President Trump began his second term in office. Here’s how the trade war has escalated: It began on 1 February, when Trump signed an executive order imposing a 10 per cent tariff on Chinese imports. He claimed the move would tackle fentanyl smuggling. The same order scrapped the de minimis rule, which had previously allowed small Chinese parcels under $800 to enter the US duty-free. Just days later, on 4 February, China hit back. It imposed a 15 per cent tariff on US coal and LNG, and a 10 per cent tariff on crude oil, large vehicles, and farm machinery. It also brought in export controls on key rare earth minerals, such as molybdenum and tellurium. On 10 February, Trump added fresh tariffs on steel and aluminium imports, citing dumping by China. By 27 February, he had also limited Chinese investment in sensitive sectors like technology and energy via new CFIUS guidelines. Things worsened in March. On the 3rd, tariffs on Chinese goods were raised to 20 per cent. China responded swiftly on the 4th with new levies on US poultry, grains, and meat, and launched a WTO case challenging the US measures. April saw dramatic escalation. On the 2nd, Trump introduced his so-called “Liberation Day” tariffs raising duties on Chinese goods to 54 per cent and permanently removing de minimis exemptions. China responded on 4 April with 34 per cent tariffs and added licensing requirements for exporting seven rare earths. Between 8 and 9 April, Trump upped the pressure again. Tariffs were hiked first to 104 per cent, then 125, and finally to 145 per cent. China struck back with its own 84 per cent levy. By 11 April, China raised its tariffs to match the US at 125 per cent, though Trump did exempt some electronics—from countries other than China. On 12 May, there was a brief breakthrough. Both sides agreed to a truce in Geneva, cutting tariffs to 30 per cent (US) and 10 per cent (China), and freezing further measures for 90 days. But by 28 May, cracks were already showing. The US Court of International Trade ruled that Trump had overstepped his authority by imposing such sweeping tariffs. His administration appealed. Then, on 30 May, Trump accused China of breaking the Geneva deal. He said Beijing had failed to relax rare earth restrictions as promised. China pushed back on 2 June, blaming Washington for imposing new controls on AI chip exports and revoking student visas. On 5 June, Trump spoke with Xi Jinping in a 90-minute call. The US President later said they were working to “save” the Geneva deal. A day later, he named Bessent, Lutnick, and Greer as lead negotiators for the London summit. Talks began on 9 June but hopes remains low amid growing industrial pressure and widening rifts. How the trade tension affected both economies? The Geneva truce may have paused the tariff hikes, but its effect on the real economy is proving limited. According to Reuters, Chinese exports to the United States dropped by 34.5 per cent in May 2025, the sharpest year-on-year fall since early 2020. Meanwhile, foreign direct investment (FDI) into China’s high-tech and defence sectors fell by 18.2 per cent, as per data from the Chinese Ministry of Commerce. Analysts link this to uncertainty over semiconductor access and tightening export controls. On the American side, supply chains are under pressure, particularly in industries dependent on Chinese rare earths. A US Chamber of Commerce report confirms that several major automakers and semiconductor firms have submitted emergency requests to the White House, seeking uninterrupted access to critical raw materials. President Trump has claimed a limited export deal is in place, but Reuters clarifies that China has only issued 30-day provisional licences, which are subject to monthly review, leaving US industries in limbo. The International Monetary Fund (IMF) has also weighed in. In its June forecast, the IMF cut its 2025 global growth projection to 2.5 per cent, down from 3.1 per cent, warning that continued US-China trade tensions could cost the global economy up to 0.6 percentage points in lost growth over the next year. Both economies are feeling the pinch, China from falling exports and foreign investment, the US from disrupted production and growing supply bottlenecks. The longer the standoff continues, the deeper the economic scars may run. Rare Earths at the heart of London negotiations Commerce Secretary Lutnick’s presence in London underlines how crucial rare earths have become. China controls over 85 per cent of global output. These minerals are essential for electric vehicles, wind turbines, satellites, and guided missiles. According to Associated Press, several European and US firms are already facing production delays due to shrinking rare earth stocks. British officials are also involved. UK Business Secretary Jonathan Reynolds and Treasury Chief Rachel Reeves held side meetings with both delegations. A UK government statement read: “We are a nation that champions free trade and have always been clear that a trade war is in nobody’s interests.” What lies ahead? Formal statements from both sides are expected after Tuesday’ssession. But insiders warn that unless China loosens its rare earth export licensing and the US relaxes chip and visa restrictions, no major breakthrough is likely. Speaking to CNBC, White House economic adviser Kevin Hassett said: “I expect a short meeting with a big, strong handshake on rare earths—but not much else.” With more disputes surfacing on chip design tools, intellectual property, and academic ties, experts caution that these talks might only delay deeper conflict.

The second day of high-stakes talks between the two biggest economies in the world has begun at Lancaster House in London, with the main topics of discussion being student visa limits, semiconductor access, and rare earth minerals.&nbsp;

US-China trade talks enter day two in London as Rare Earths dominates agenda

China posted a larger-than-expected trade surplus in May, driven by a steep drop in imports and modest gains in exports, even as high tariffs from the United States weighed on overseas demand.The trade developments come just ahead of another round of crucial US-China trade talks in London, amid lingering tensions and uncertainty over the path forward.According to government data released Monday, China’s trade surplus widened to $103.22 billion in May, surpassing market expectations of a $101.10 billion surplus and increasing from $96.18 billion in April. This 25 per cent year-on-year rise in trade surplus was fuelled by a sharp 3.4 per cent year-on-year fall in imports, which exceeded expectations for a 0.9 per cent decline and reflected tepid domestic demand and ongoing economic fragility.On the export front, exports rose 4.8 per cent compared to May 2024, falling short of the expected 5 per cent and slowing from an 8.1 per cent gain in April. The underperformance was attributed largely to weakened shipments to the United States, where exports fell 34.5 per cent year-on-year, the steepest drop since the COVID-related disruptions in early 2020.Imports from the US also contracted over 18 per cent, reducing China’s trade surplus with America by 41.55 per cent to $18 billion.Though exports to Southeast Asia and Africa surged—up nearly 15 per cent and 33 per cent, respectively—and those to the EU rose by 12 per cent, the rebound was insufficient to offset the drag from US trade tensions.Export categories like cars and ships rose by 22 per cent and 5 per cent, respectively, but smartphone and appliance shipments dropped by around 10 per cent and 6 per cent.<h2>High-stakes talks in London</h2>The May trade data comes ahead of the US-China trade talks in London, following a preliminary Geneva agreement in May. That deal saw both sides agree to a temporary reduction in tariffs: the US scaled back duties to 30 per cent from a peak of 145 per cent, while China lowered its tariffs on American goods to 10 per cent from 125 per cent.Despite attempts to ease the situation, tensions have persisted. US officials accused Beijing of dragging its feet in approving critical mineral exports, while China criticised new restrictions on Chinese student visas and chip exports.Analysts believe the full impact of tariff reductions may only show in June’s trade figures, with modest rebound potential for key exports like rare earths and electric machinery.<h2>Rare earth exports surge, but outlook mixed</h2>China’s exports of rare earths—vital for electric vehicles and semiconductors—rose 23 per cent in May from April, hitting their highest monthly total in a year at 5,865 tonnes.However, Beijing’s tighter controls on certain categories of rare earth exports have already caused disruptions across Europe, forcing some auto and semiconductor plants to suspend operations.Although China’s rare earth exports for the first five months of 2025 saw a marginal annual rise, data on specific categories, particularly magnets, show steep drops. Export volumes of rare earth magnets fell by 50 per cent in April, highlighting the impact of export curbs, which continue to serve as a bargaining chip in trade negotiations.<h2>Deflation worsens in consumer and producer prices</h2>Alongside trade data, inflation indicators released on June 9 paint a sobering picture of China’s economic health. The Consumer Price Index (CPI) fell 0.1 per cent year-on-year in May, marking the fourth straight month of deflation. The Producer Price Index (PPI) declined 3.3 per cent, the steepest drop since July 2023.Although core inflation (excluding food and energy) rose by 0.6 per cent—its highest level in nearly a year—economists warn that persistent overcapacity and sluggish consumer demand will keep prices low.Sectors like automotive and property have experienced price wars, deepening the deflationary trend. Factory-gate prices in coal mining and oil extraction sectors plunged 18.2 per cent and 17.3 per cent, respectively, underlining the pervasive cost pressures.<h2>Policy dilemma: Stimulus or structural reform?</h2>With external trade uncertain and internal demand stagnating, the Chinese government faces mounting pressure to inject further stimulus. The People's Bank of China has already cut interest rates and lowered reserve requirements this year, but analysts believe more aggressive easing may be needed to revive consumer confidence and industrial activity.At stake is whether China can sustain growth amid global supply chain shifts, geopolitical tensions, and a fragile domestic recovery.The outcome of trade talks in London, set to feature Vice Premier He Lifeng and US Treasury Secretary Scott Bessent, may determine whether recent tariff truce gains can translate into a durable economic rebound or merely delay a deeper slowdown.With exports slowing, prices falling, and trade tensions unresolved, China’s economy continues to grapple with external pressure and internal weakness.

Chinese exports rose 4.8 per cent compared to May 2024, and the underperformance was attributed largely to weakened shipments to the US, where exports fell 34.5 per cent year-on-year, the steepest drop since the COVID-related disruptions in early 2020.

China posted a larger-than-expected trade surplus in May, driven by a steep drop in imports and modest gains in exports, even as high tariffs from the United States weighed on overseas demand. The trade developments come just ahead of another round of crucial US-China trade talks in London, amid lingering tensions and uncertainty over the path forward. According to government data released Monday, China’s trade surplus widened to $103.22 billion in May, surpassing market expectations of a $101.10 billion surplus and increasing from $96.18 billion in April. This 25 per cent year-on-year rise in trade surplus was fuelled by a sharp 3.4 per cent year-on-year fall in imports, which exceeded expectations for a 0.9 per cent decline and reflected tepid domestic demand and ongoing economic fragility. On the export front, exports rose 4.8 per cent compared to May 2024, falling short of the expected 5 per cent and slowing from an 8.1 per cent gain in April. The underperformance was attributed largely to weakened shipments to the United States, where exports fell 34.5 per cent year-on-year, the steepest drop since the COVID-related disruptions in early 2020. Imports from the US also contracted over 18 per cent, reducing China’s trade surplus with America by 41.55 per cent to $18 billion. Though exports to Southeast Asia and Africa surged—up nearly 15 per cent and 33 per cent, respectively—and those to the EU rose by 12 per cent, the rebound was insufficient to offset the drag from US trade tensions. Export categories like cars and ships rose by 22 per cent and 5 per cent, respectively, but smartphone and appliance shipments dropped by around 10 per cent and 6 per cent. High-stakes talks in London The May trade data comes ahead of the US-China trade talks in London, following a preliminary Geneva agreement in May. That deal saw both sides agree to a temporary reduction in tariffs: the US scaled back duties to 30 per cent from a peak of 145 per cent, while China lowered its tariffs on American goods to 10 per cent from 125 per cent. Despite attempts to ease the situation, tensions have persisted. US officials accused Beijing of dragging its feet in approving critical mineral exports, while China criticised new restrictions on Chinese student visas and chip exports. Analysts believe the full impact of tariff reductions may only show in June’s trade figures, with modest rebound potential for key exports like rare earths and electric machinery. Rare earth exports surge, but outlook mixed China’s exports of rare earths—vital for electric vehicles and semiconductors—rose 23 per cent in May from April, hitting their highest monthly total in a year at 5,865 tonnes. However, Beijing’s tighter controls on certain categories of rare earth exports have already caused disruptions across Europe, forcing some auto and semiconductor plants to suspend operations. Although China’s rare earth exports for the first five months of 2025 saw a marginal annual rise, data on specific categories, particularly magnets, show steep drops. Export volumes of rare earth magnets fell by 50 per cent in April, highlighting the impact of export curbs, which continue to serve as a bargaining chip in trade negotiations. Deflation worsens in consumer and producer prices Alongside trade data, inflation indicators released on June 9 paint a sobering picture of China’s economic health. The Consumer Price Index (CPI) fell 0.1 per cent year-on-year in May, marking the fourth straight month of deflation. The Producer Price Index (PPI) declined 3.3 per cent, the steepest drop since July 2023. Although core inflation (excluding food and energy) rose by 0.6 per cent—its highest level in nearly a year—economists warn that persistent overcapacity and sluggish consumer demand will keep prices low. Sectors like automotive and property have experienced price wars, deepening the deflationary trend. Factory-gate prices in coal mining and oil extraction sectors plunged 18.2 per cent and 17.3 per cent, respectively, underlining the pervasive cost pressures. Policy dilemma: Stimulus or structural reform? With external trade uncertain and internal demand stagnating, the Chinese government faces mounting pressure to inject further stimulus. The People's Bank of China has already cut interest rates and lowered reserve requirements this year, but analysts believe more aggressive easing may be needed to revive consumer confidence and industrial activity. At stake is whether China can sustain growth amid global supply chain shifts, geopolitical tensions, and a fragile domestic recovery. The outcome of trade talks in London, set to feature Vice Premier He Lifeng and US Treasury Secretary Scott Bessent, may determine whether recent tariff truce gains can translate into a durable economic rebound or merely delay a deeper slowdown. With exports slowing, prices falling, and trade tensions unresolved, China’s economy continues to grapple with external pressure and internal weakness.

Chinese exports rose 4.8 per cent compared to May 2024, and the underperformance was attributed largely to weakened shipments to the US, where exports fell 34.5 per cent year-on-year, the steepest drop since the COVID-related disruptions in early 2020.

Are cracks in China’s economy widening as it walks a tightrope between external pressure and internal weakness?

The Trump administration has launched a sweeping immigration crackdown, ordering mass deportations and implementing fresh legal and financial restrictions on undocumented immigrants. The White House has reinstated a controversial travel ban impacting 12 countries, restricted in-state tuition for undocumented students in Texas, and begun dismantling humanitarian parole programs that protected over 500,000 immigrants from Venezuela, Cuba, Haiti, and Nicaragua.US President Donald Trump has argued these moves are essential to restoring law and order and securing the southern border. However, critics, including judges, lawmakers, and civil rights groups, have raised serious concerns about the legality and humanity of the tactics, particularly the erosion of due process rights in rapid deportation proceedings.<h2>Immigrants pay more than billionaires</h2>Amid this policy blitz, a recent report from Americans for Tax Fairness (ATF) is turning heads in Washington. Contrary to political rhetoric portraying undocumented immigrants as a drain on the US economy, the report finds that they pay significantly more in taxes than many of the nation's wealthiest individuals and largest corporations.In 2022 alone, undocumented immigrants contributed $96.7 billion in taxes—$51.8 billion in federal taxes and $37.3 billion in state and local taxes. Their average state and local tax rate of 10.1 per cent is higher than the 7.2 per cent paid by the top 1 per cent of earners in most states.At the federal level, their effective tax rate of 5.27 per cent surpassed that of five billionaires profiled by ProPublica and dozens of Fortune 500 companies.In sharp contrast, 55 of the nation’s largest corporations paid just $3.7 billion in total federal taxes on over $200 billion in profits.<h2>Public support used and misused</h2>The ATF report also dismantles the notion that undocumented workers are an undue burden on public resources. In 2018, they received just $2.6 billion in emergency Medicaid—only 0.4 per cent of the program’s total costs. By law, undocumented immigrants are barred from Medicaid except in life-threatening emergencies.Meanwhile, corporations like Walmart and Amazon are offloading labour costs onto taxpayers. Just 17 major corporations had more than 40,000 workers on Medicaid and nearly 60,000 on food stamps (SNAP), a result of paying wages too low to support basic living costs.<h2>Corporate welfare vs human labour</h2>Perhaps most strikingly, the report notes that Elon Musk’s companies alone have received $13 billion in federal subsidies, which is five times what undocumented immigrants received in emergency aid. And yet, undocumented immigrants are over-represented in essential industries like agriculture, construction, elder care, and healthcare.“This report confirms what we already knew,” said David Kass, Executive Director of Americans for Tax Fairness. “Trump and his billionaire backers want Americans to blame immigrants for a broken economy—when it’s billionaires and mega-corporations who are rigging the system and getting the handouts.”As the Trump administration intensifies its efforts to deport undocumented immigrants, a new set of numbers demands attention. Far from being a burden, undocumented workers are a vital part of the US economy, paying more in taxes than the ultra-wealthy and receiving far fewer public benefits in return.

Undocumented workers pay more in taxes than billionaires and major corporations, a report by ATF claims.

The Trump administration has launched a sweeping immigration crackdown, ordering mass deportations and implementing fresh legal and financial restrictions on undocumented immigrants. The White House has reinstated a controversial travel ban impacting 12 countries, restricted in-state tuition for undocumented students in Texas, and begun dismantling humanitarian parole programs that protected over 500,000 immigrants from Venezuela, Cuba, Haiti, and Nicaragua. US President Donald Trump has argued these moves are essential to restoring law and order and securing the southern border. However, critics, including judges, lawmakers, and civil rights groups, have raised serious concerns about the legality and humanity of the tactics, particularly the erosion of due process rights in rapid deportation proceedings. Immigrants pay more than billionaires Amid this policy blitz, a recent report from Americans for Tax Fairness (ATF) is turning heads in Washington. Contrary to political rhetoric portraying undocumented immigrants as a drain on the US economy, the report finds that they pay significantly more in taxes than many of the nation's wealthiest individuals and largest corporations. In 2022 alone, undocumented immigrants contributed $96.7 billion in taxes—$51.8 billion in federal taxes and $37.3 billion in state and local taxes. Their average state and local tax rate of 10.1 per cent is higher than the 7.2 per cent paid by the top 1 per cent of earners in most states. At the federal level, their effective tax rate of 5.27 per cent surpassed that of five billionaires profiled by ProPublica and dozens of Fortune 500 companies. In sharp contrast, 55 of the nation’s largest corporations paid just $3.7 billion in total federal taxes on over $200 billion in profits. Public support used and misused The ATF report also dismantles the notion that undocumented workers are an undue burden on public resources. In 2018, they received just $2.6 billion in emergency Medicaid—only 0.4 per cent of the program’s total costs. By law, undocumented immigrants are barred from Medicaid except in life-threatening emergencies. Meanwhile, corporations like Walmart and Amazon are offloading labour costs onto taxpayers. Just 17 major corporations had more than 40,000 workers on Medicaid and nearly 60,000 on food stamps (SNAP), a result of paying wages too low to support basic living costs. Corporate welfare vs human labour Perhaps most strikingly, the report notes that Elon Musk’s companies alone have received $13 billion in federal subsidies, which is five times what undocumented immigrants received in emergency aid. And yet, undocumented immigrants are over-represented in essential industries like agriculture, construction, elder care, and healthcare. “This report confirms what we already knew,” said David Kass, Executive Director of Americans for Tax Fairness. “Trump and his billionaire backers want Americans to blame immigrants for a broken economy—when it’s billionaires and mega-corporations who are rigging the system and getting the handouts.” As the Trump administration intensifies its efforts to deport undocumented immigrants, a new set of numbers demands attention. Far from being a burden, undocumented workers are a vital part of the US economy, paying more in taxes than the ultra-wealthy and receiving far fewer public benefits in return.

Undocumented workers pay more in taxes than billionaires and major corporations, a report by ATF claims.

The true cost of Trump’s immigration crackdown: Who really pays?

China’s electric vehicle (EV) industry is spiralling into a new phase of disruption as a brutal price war, led by market giant BYD Co., forces automakers into unsustainable discounting strategies.Despite surging vehicle sales, the industry faces a sobering reality: profits are thinning, weaker players are folding, and Beijing is stepping in to curb what it now calls “rat race competition”.BYD delivered nearly 382,500 vehicles in May, its best monthly performance of the year, yet the company’s stock continues to plunge. In just the past week, its Hong Kong-listed shares dropped another 5 per cent, following a steeper 15 per cent decline earlier.The paradox of rising sales and falling share prices highlights the mounting strain from relentless discounting that has gripped China’s EV sector over the past two years.Other major EV players, including Xpeng, Geely, and Leapmotor, are slashing prices in a bid to stay relevant. Price cuts across various models have reached up to 34 per cent, with compact models like BYD’s Seagull now retailing for as little as 55,800 yuan ($7,750).The broadening scope of price reductions is beginning to mirror the intensity of earlier price wars in China’s overheated real estate market, an ominous parallel noted by several industry veterans.While Chinese consumers initially benefitted from more affordable electric cars, the long-term risks are becoming more visible. Frequent and unpredictable pricing has begun to erode consumer trust, with many buyers hesitating in anticipation of further price cuts. Dealerships in several provinces have already gone under, and concerns are mounting over deteriorating service quality and thinning after-sales support.<h2>Mounting overcapacity and shrinking margins</h2>A key driver of the ongoing crisis is massive overcapacity. China’s EV makers are collectively operating at under 50 per cent production capacity, with too many players chasing too few consumers in a saturated domestic market.Although the number of new energy vehicle (NEV) manufacturers has begun to shrink—2024 marked the first year exits outpaced new entrants—the industry remains bloated and fragmented.Even as Chinese automakers shift their focus to exports to absorb excess production, foreign markets are tightening. The US has effectively shut its doors to Chinese EVs with 100 per cent import tariffs, while Japan and South Korea are reportedly weighing similar measures.Meanwhile, Europe’s recently imposed tariffs have yet to dent Chinese competitiveness: BYD outsold Tesla in the EU for the first time in April.Beijing is increasingly concerned. Authorities summoned major automakers to the capital last week, urging them to stop selling vehicles below cost and to avoid irrational pricing.Regulators also voiced concern about “zero-mileage” cars being sold as second-hand, a tactic used by some companies to inflate sales numbers. Yet this is not the first time policymakers have tried to rein in the sector. A 2023 industry pact to end price wars collapsed within days due to antitrust concerns, and discounting resumed unabated.<h2>Profitability under pressure, even for industry leaders</h2>Despite its dominance, BYD is not immune to the fallout. While the company posted a 49 per cent increase in annual net profit last year, analysts now estimate its true net debt may be far higher than reported—possibly over 323 billion yuan ($45 billion), based on supply chain finance arrangements that have come under scrutiny.Meanwhile, even well-established brands are being forced into strategic pivots. Geely-backed Zeekr and others are increasingly offering advanced driver-assist features for free, effectively using software to differentiate instead of further lowering prices. However, such moves may not be enough to offset the heavy toll of operating in an environment where margins are being relentlessly compressed.The average car price in China has fallen nearly 19 per cent over the past two years, with battery-only EVs seeing a 21 per cent drop and hybrids down 27 per cent. This deflationary trend sharply contrasts with rising car prices in markets like the US, where average EV prices now exceed $59,000.For now, China’s EV industry continues to produce and sell at scale, but the path forward looks increasingly precarious. Without a sustained rebound in consumer demand or meaningful industry consolidation, the sector’s growth may continue to mask deeper structural imbalances. Beijing’s calls for “self-regulation” may not be enough to restore order in a market where scale, price, and survival are tightly intertwined.

Despite surging vehicle sales, the industry faces a sobering reality: profits are thinning, weaker players are folding, and Beijing is stepping in to curb what it now calls ‘rat race competition’.

China’s electric vehicle (EV) industry is spiralling into a new phase of disruption as a brutal price war, led by market giant BYD Co., forces automakers into unsustainable discounting strategies. Despite surging vehicle sales, the industry faces a sobering reality: profits are thinning, weaker players are folding, and Beijing is stepping in to curb what it now calls “rat race competition”. BYD delivered nearly 382,500 vehicles in May, its best monthly performance of the year, yet the company’s stock continues to plunge. In just the past week, its Hong Kong-listed shares dropped another 5 per cent, following a steeper 15 per cent decline earlier. The paradox of rising sales and falling share prices highlights the mounting strain from relentless discounting that has gripped China’s EV sector over the past two years. Other major EV players, including Xpeng, Geely, and Leapmotor, are slashing prices in a bid to stay relevant. Price cuts across various models have reached up to 34 per cent, with compact models like BYD’s Seagull now retailing for as little as 55,800 yuan ($7,750). The broadening scope of price reductions is beginning to mirror the intensity of earlier price wars in China’s overheated real estate market, an ominous parallel noted by several industry veterans. While Chinese consumers initially benefitted from more affordable electric cars, the long-term risks are becoming more visible. Frequent and unpredictable pricing has begun to erode consumer trust, with many buyers hesitating in anticipation of further price cuts. Dealerships in several provinces have already gone under, and concerns are mounting over deteriorating service quality and thinning after-sales support. Mounting overcapacity and shrinking margins A key driver of the ongoing crisis is massive overcapacity. China’s EV makers are collectively operating at under 50 per cent production capacity, with too many players chasing too few consumers in a saturated domestic market. Although the number of new energy vehicle (NEV) manufacturers has begun to shrink—2024 marked the first year exits outpaced new entrants—the industry remains bloated and fragmented. Even as Chinese automakers shift their focus to exports to absorb excess production, foreign markets are tightening. The US has effectively shut its doors to Chinese EVs with 100 per cent import tariffs, while Japan and South Korea are reportedly weighing similar measures. Meanwhile, Europe’s recently imposed tariffs have yet to dent Chinese competitiveness: BYD outsold Tesla in the EU for the first time in April. Beijing is increasingly concerned. Authorities summoned major automakers to the capital last week, urging them to stop selling vehicles below cost and to avoid irrational pricing. Regulators also voiced concern about “zero-mileage” cars being sold as second-hand, a tactic used by some companies to inflate sales numbers. Yet this is not the first time policymakers have tried to rein in the sector. A 2023 industry pact to end price wars collapsed within days due to antitrust concerns, and discounting resumed unabated. Profitability under pressure, even for industry leaders Despite its dominance, BYD is not immune to the fallout. While the company posted a 49 per cent increase in annual net profit last year, analysts now estimate its true net debt may be far higher than reported—possibly over 323 billion yuan ($45 billion), based on supply chain finance arrangements that have come under scrutiny. Meanwhile, even well-established brands are being forced into strategic pivots. Geely-backed Zeekr and others are increasingly offering advanced driver-assist features for free, effectively using software to differentiate instead of further lowering prices. However, such moves may not be enough to offset the heavy toll of operating in an environment where margins are being relentlessly compressed. The average car price in China has fallen nearly 19 per cent over the past two years, with battery-only EVs seeing a 21 per cent drop and hybrids down 27 per cent. This deflationary trend sharply contrasts with rising car prices in markets like the US, where average EV prices now exceed $59,000. For now, China’s EV industry continues to produce and sell at scale, but the path forward looks increasingly precarious. Without a sustained rebound in consumer demand or meaningful industry consolidation, the sector’s growth may continue to mask deeper structural imbalances. Beijing’s calls for “self-regulation” may not be enough to restore order in a market where scale, price, and survival are tightly intertwined.

Despite surging vehicle sales, the industry faces a sobering reality: profits are thinning, weaker players are folding, and Beijing is stepping in to curb what it now calls ‘rat race competition’.

BYD leads aggressive discounting shakes China’s auto market amid fears of industry meltdown

In a significant boost for Indian globetrotters, the Philippines has officially announced visa-free entry for Indian nationals starting June 8, 2025, for tourism purposes. The decision comes as part of the country’s strategy to expand its tourism base and tap into one of the world's fastest-growing outbound travel markets.The initiative follows a 12 per cent increase in Indian tourist arrivals to the Philippines in 2024, with nearly 80,000 Indian visitors making their way to the archipelago. Although Indian travellers still account for a small slice of the 5 million total tourist arrivals last year, Philippine authorities are betting big on India’s booming travel demand.<h2>Visa-free entry explained</h2>The new visa-free regime for Indians has categories based on eligibility, offering either a 14-day or 30-day stay without requiring a visa.Category 1: 14-day visa-free stayIndian passport holders can now enter the Philippines for up to 14 days without a visa, provided they meet the following requirements:Passport valid for at least six months beyond the intended stayConfirmed hotel bookings in the PhilippinesA return or onward&nbsp;travel ticketProof of sufficient financial means for the tripNo prior immigration violations in the PhilippinesThis category targets tourists visiting for short vacations and leisure travel.Category 2: 30-day visa-free stayIndian citizens who hold valid visas or permanent residency in specific countries are eligible for 30 days of visa-free travel. Qualifying nations include the United States, the United Kingdom, Canada, Australia, Japan, Singapore and Schengen Area countries.Eligible travellers must present:A valid visa or residence permit from the above countriesA clean immigration historyConfirmed travel itinerary, including return or onward ticketsIn parallel, the existing e-visa platform remains operational for those seeking longer stays or alternate visa types.<h2>India’s outbound travel boom</h2>The Philippines’ visa-free move is not a coincidence; it aligns with a boom in Indian outbound tourism. In 2024 alone, more than 30 million Indians travelled abroad, with that number projected to climb even higher in 2025.According to data from India’s Ministry of Tourism, 5.09 million Indians had already travelled overseas in the first two months of 2025, indicating a 6 per cent year-on-year increase.A recent report by Thomas Cook India and SOTC Travel found that 84 per cent of Indian travellers plan to increase their travel frequency and spend 20-50 per cent more on holidays this year.The shift is driven by rising incomes, a growing middle class (now at 31 per cent and set to hit 60 per cent by 2047), and a strong cultural shift toward experiential travel.This rise has led many countries to compete for Indian tourists, with nations like Japan, South Africa, Dubai, and Thailand simplifying visa processes or offering visa-on-arrival options.According to the report, 44 per cent of respondents are more likely to visit countries offering simplified visa processes like e-visas or visa-on-arrival options such as Thailand, Malaysia, the UAE, and Sri Lanka, while countries that issue long-term visas, like Australia, Japan, and the US, are also witnessing an uptick.Vietnam saw a 231 per cent surge in Indian arrivals since launching its e-visa in 2015. Now, the Philippines is stepping up with its own simplified visa policy.By 2040, the number of international tourist departures from India could hit 90 million, not far from the 104 million Chinese tourists who travelled in 2019. However, research suggests that Chinese holidaymakers are increasingly deciding to travel at home, which means that Indian tourists may soon overtake them.<h2>Philippines: A rising star on Indian itineraries?</h2>With Southeast Asia becoming increasingly popular among Indian tourists, the Philippines’ new policy appears tailor-made to capture a larger share of this growing market.In a study of travel trends in India, online travel platform Booking.com found that Indian tourists typically book their trip at the last minute. It suggests that Indians spend just 30 days planning a holiday on average, compared with 63 days for Americans and 90 days for Brits.Time-consuming visa requirements do not fit in the last-minute planning of Indians, and hence they opt for easier and more welcoming destinations instead.Adding further momentum, Air India announced new non-stop flights between Delhi and Manila, starting October 1, 2025. The service will operate five times a week, providing direct and convenient access to the Philippines from India, a first for the two nations.According to official data, the contribution of the travel and tourism sector in the island nation’s economy saw a remarkable increase of 25 per cent year-on-year, soaring 7.1 per cent above the previous 2019 peak.Travel and tourism represented more than one fifth (21.3 per cent) of the country’s economy in 2024, underscoring the sector’s critical role in supporting the nation and its local communities.This growth is a testament to the government’s efforts in enhancing tourism infrastructure, with efforts underway to upgrade regional airports to alleviate congestion at Manila's main airport and make travel more accessible.With over 7,000 islands, white-sand beaches, and tropical destinations, the Philippines offers Indian tourists the appeal of Southeast Asia without the visa headaches. Coupled with friendly locals, a low cost of living, and increasing flight connectivity, the Philippines could soon find itself on more Indian bucket lists.The introduction of a digital nomad visa, announced by President Bongbong Marcos, will further diversify the types of Indian travellers visiting the Philippines, from short-term tourists to long-stay professionals and remote workers.

The initiative follows a 12 per cent increase in Indian tourist arrivals to the Philippines in 2024, with nearly 80,000 Indian visitors making their way to the Philippines. 

In a significant boost for Indian globetrotters, the Philippines has officially announced visa-free entry for Indian nationals starting June 8, 2025, for tourism purposes. The decision comes as part of the country’s strategy to expand its tourism base and tap into one of the world's fastest-growing outbound travel markets. The initiative follows a 12 per cent increase in Indian tourist arrivals to the Philippines in 2024, with nearly 80,000 Indian visitors making their way to the archipelago. Although Indian travellers still account for a small slice of the 5 million total tourist arrivals last year, Philippine authorities are betting big on India’s booming travel demand. Visa-free entry explained The new visa-free regime for Indians has categories based on eligibility, offering either a 14-day or 30-day stay without requiring a visa. Category 1: 14-day visa-free stay Indian passport holders can now enter the Philippines for up to 14 days without a visa, provided they meet the following requirements: Passport valid for at least six months beyond the intended stay Confirmed hotel bookings in the Philippines A return or onward travel ticket Proof of sufficient financial means for the trip No prior immigration violations in the Philippines This category targets tourists visiting for short vacations and leisure travel. Category 2: 30-day visa-free stay Indian citizens who hold valid visas or permanent residency in specific countries are eligible for 30 days of visa-free travel. Qualifying nations include the United States, the United Kingdom, Canada, Australia, Japan, Singapore and Schengen Area countries. Eligible travellers must present: A valid visa or residence permit from the above countries A clean immigration history Confirmed travel itinerary, including return or onward tickets In parallel, the existing e-visa platform remains operational for those seeking longer stays or alternate visa types. India’s outbound travel boom The Philippines’ visa-free move is not a coincidence; it aligns with a boom in Indian outbound tourism. In 2024 alone, more than 30 million Indians travelled abroad, with that number projected to climb even higher in 2025. According to data from India’s Ministry of Tourism, 5.09 million Indians had already travelled overseas in the first two months of 2025, indicating a 6 per cent year-on-year increase. A recent report by Thomas Cook India and SOTC Travel found that 84 per cent of Indian travellers plan to increase their travel frequency and spend 20-50 per cent more on holidays this year. The shift is driven by rising incomes, a growing middle class (now at 31 per cent and set to hit 60 per cent by 2047), and a strong cultural shift toward experiential travel. This rise has led many countries to compete for Indian tourists, with nations like Japan, South Africa, Dubai, and Thailand simplifying visa processes or offering visa-on-arrival options. According to the report, 44 per cent of respondents are more likely to visit countries offering simplified visa processes like e-visas or visa-on-arrival options such as Thailand, Malaysia, the UAE, and Sri Lanka, while countries that issue long-term visas, like Australia, Japan, and the US, are also witnessing an uptick. Vietnam saw a 231 per cent surge in Indian arrivals since launching its e-visa in 2015. Now, the Philippines is stepping up with its own simplified visa policy. By 2040, the number of international tourist departures from India could hit 90 million, not far from the 104 million Chinese tourists who travelled in 2019. However, research suggests that Chinese holidaymakers are increasingly deciding to travel at home, which means that Indian tourists may soon overtake them. Philippines: A rising star on Indian itineraries? With Southeast Asia becoming increasingly popular among Indian tourists, the Philippines’ new policy appears tailor-made to capture a larger share of this growing market. In a study of travel trends in India, online travel platform Booking.com found that Indian tourists typically book their trip at the last minute. It suggests that Indians spend just 30 days planning a holiday on average, compared with 63 days for Americans and 90 days for Brits. Time-consuming visa requirements do not fit in the last-minute planning of Indians, and hence they opt for easier and more welcoming destinations instead. Adding further momentum, Air India announced new non-stop flights between Delhi and Manila, starting October 1, 2025. The service will operate five times a week, providing direct and convenient access to the Philippines from India, a first for the two nations. According to official data, the contribution of the travel and tourism sector in the island nation’s economy saw a remarkable increase of 25 per cent year-on-year, soaring 7.1 per cent above the previous 2019 peak. Travel and tourism represented more than one fifth (21.3 per cent) of the country’s economy in 2024, underscoring the sector’s critical role in supporting the nation and its local communities. This growth is a testament to the government’s efforts in enhancing tourism infrastructure, with efforts underway to upgrade regional airports to alleviate congestion at Manila's main airport and make travel more accessible. With over 7,000 islands, white-sand beaches, and tropical destinations, the Philippines offers Indian tourists the appeal of Southeast Asia without the visa headaches. Coupled with friendly locals, a low cost of living, and increasing flight connectivity, the Philippines could soon find itself on more Indian bucket lists. The introduction of a digital nomad visa, announced by President Bongbong Marcos, will further diversify the types of Indian travellers visiting the Philippines, from short-term tourists to long-stay professionals and remote workers.

The initiative follows a 12 per cent increase in Indian tourist arrivals to the Philippines in 2024, with nearly 80,000 Indian visitors making their way to the Philippines.&nbsp;

Philippines eyes India’s fast‑growing outbound market with visa‑free access

Top trade negotiators from the United States and China are meeting in London on June 9 in a high-stakes bid to defuse rising tensions between the world’s two largest economies.The talks come after a brief thaw in Geneva last month and a phone call between President Donald Trump and Chinese President Xi Jinping last week, signalling a potential path back to cooperation.The meeting in London, hosted at an undisclosed venue, includes US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer. They are set to meet a Chinese delegation led by Vice Premier He Lifeng.The negotiations aim to rescue a 90-day tariff truce agreed upon in Geneva, which has since been marred by mutual recriminations and renewed hostilities.The UK, while not directly involved in the negotiations, welcomed the talks. “We are a nation that champions free trade and have always been clear that a trade war is in nobody’s interests,” a UK government spokesperson said on June 8.<h2>Rare earths and export controls at the heart of dispute</h2>Central to the impasse is China’s dominance over rare earth elements—vital for manufacturing smartphones, electric vehicles (EVs), military equipment, and semiconductors.Beijing recently restricted exports of seven rare earth elements, citing the need for tighter licensing, which disrupted global supply chains. The US responded with strong criticism, accusing China of violating the Geneva agreement.President Trump, however, sounded optimistic after his recent call with Xi, claiming the Chinese leader had agreed to resume rare earth shipments.“We want the rare earths, the magnets that are crucial for cell phones and everything else to flow just as they did before,” National Economic Council Director Kevin Hassett told CBS on June 8.China’s Commerce Ministry confirmed it had approved some export licences, though without detailing specific recipients or sectors.<h2>Technology, tariffs, and student visas add to the strain</h2>The trade war, initially characterised by tit-for-tat tariffs that reached as high as 145 per cent, has now spilled into technology and education.A US Commerce Department guidance issued just days after the Geneva meeting warned that chips from Chinese tech giant Huawei could violate US export restrictions, reigniting tensions.The Chinese government was quick to condemn the move. “The Chinese side urges the US side to immediately correct its erroneous practices,” said a spokesperson from China’s Ministry of Commerce.Another sore point has emerged around US policy changes affecting Chinese students. A US announcement to revoke visas of students linked to the Chinese Communist Party or those studying in sensitive fields further agitated Beijing. China labelled it a unilateral provocation that undermines the spirit of the Geneva agreement.<h2>Market optimism tempered by geopolitical uncertainty</h2>Financial markets opened the week on a positive note, buoyed by Friday’s US jobs report and optimism surrounding the London talks.The MSCI Asia-Pacific Index rose 0.5 per cent, Japan’s Nikkei gained 0.9 per cent, and Hong Kong’s Hang Seng Index climbed 1.3 per cent, breaching the 24,000-point mark for the first time since March.On Wall Street, stocks had already surged on June 6 after the Labor Department reported the US added 139,000 jobs in May, modestly ahead of expectations. Investors are now watching closely for inflation data set to release on June 11, which could influence the Federal Reserve’s interest rate trajectory.Despite the positive momentum, analysts remain cautious. “Signs of further momentum in talks could give the markets a fresh boost to kick off the week,” Kyle Rodda of Capital.com told AFP. But he also noted, “Trade policy will remain the big macro uncertainty.”<h2>Challenges beyond trade</h2>Even if the June 9 discussions produce some progress, deeper issues continue to threaten long-term resolution. These include US complaints about China’s state-led economic model, Beijing’s posture toward Taiwan, and tensions over the illicit fentanyl trade.The outcome of this new round of talks could determine whether Washington and Beijing are able to stabilise their fractious relationship or spiral into a renewed trade war.Trump’s reprieve on tariffs is set to expire in August, and without a firm deal, he has threatened to restore duties to the high levels set earlier this year.While the US seeks clarity on rare earths and export controls, China is pushing for a rollback of technology restrictions and assurances over market access. Both sides appear willing to talk, but with vastly different expectations, the road to resolution remains long and uncertain.

While the US seeks clarity on rare earths and export controls, China is pushing for a rollback of technology restrictions and assurances over market access.

Top trade negotiators from the United States and China are meeting in London on June 9 in a high-stakes bid to defuse rising tensions between the world’s two largest economies. The talks come after a brief thaw in Geneva last month and a phone call between President Donald Trump and Chinese President Xi Jinping last week, signalling a potential path back to cooperation. The meeting in London, hosted at an undisclosed venue, includes US Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and Trade Representative Jamieson Greer. They are set to meet a Chinese delegation led by Vice Premier He Lifeng. The negotiations aim to rescue a 90-day tariff truce agreed upon in Geneva, which has since been marred by mutual recriminations and renewed hostilities. The UK, while not directly involved in the negotiations, welcomed the talks. “We are a nation that champions free trade and have always been clear that a trade war is in nobody’s interests,” a UK government spokesperson said on June 8. Rare earths and export controls at the heart of dispute Central to the impasse is China’s dominance over rare earth elements—vital for manufacturing smartphones, electric vehicles (EVs), military equipment, and semiconductors. Beijing recently restricted exports of seven rare earth elements, citing the need for tighter licensing, which disrupted global supply chains. The US responded with strong criticism, accusing China of violating the Geneva agreement. President Trump, however, sounded optimistic after his recent call with Xi, claiming the Chinese leader had agreed to resume rare earth shipments. “We want the rare earths, the magnets that are crucial for cell phones and everything else to flow just as they did before,” National Economic Council Director Kevin Hassett told CBS on June 8. China’s Commerce Ministry confirmed it had approved some export licences, though without detailing specific recipients or sectors. Technology, tariffs, and student visas add to the strain The trade war, initially characterised by tit-for-tat tariffs that reached as high as 145 per cent, has now spilled into technology and education. A US Commerce Department guidance issued just days after the Geneva meeting warned that chips from Chinese tech giant Huawei could violate US export restrictions, reigniting tensions. The Chinese government was quick to condemn the move. “The Chinese side urges the US side to immediately correct its erroneous practices,” said a spokesperson from China’s Ministry of Commerce. Another sore point has emerged around US policy changes affecting Chinese students. A US announcement to revoke visas of students linked to the Chinese Communist Party or those studying in sensitive fields further agitated Beijing. China labelled it a unilateral provocation that undermines the spirit of the Geneva agreement. Market optimism tempered by geopolitical uncertainty Financial markets opened the week on a positive note, buoyed by Friday’s US jobs report and optimism surrounding the London talks. The MSCI Asia-Pacific Index rose 0.5 per cent, Japan’s Nikkei gained 0.9 per cent, and Hong Kong’s Hang Seng Index climbed 1.3 per cent, breaching the 24,000-point mark for the first time since March. On Wall Street, stocks had already surged on June 6 after the Labor Department reported the US added 139,000 jobs in May, modestly ahead of expectations. Investors are now watching closely for inflation data set to release on June 11, which could influence the Federal Reserve’s interest rate trajectory. Despite the positive momentum, analysts remain cautious. “Signs of further momentum in talks could give the markets a fresh boost to kick off the week,” Kyle Rodda of Capital.com told AFP. But he also noted, “Trade policy will remain the big macro uncertainty.” Challenges beyond trade Even if the June 9 discussions produce some progress, deeper issues continue to threaten long-term resolution. These include US complaints about China’s state-led economic model, Beijing’s posture toward Taiwan, and tensions over the illicit fentanyl trade. The outcome of this new round of talks could determine whether Washington and Beijing are able to stabilise their fractious relationship or spiral into a renewed trade war. Trump’s reprieve on tariffs is set to expire in August, and without a firm deal, he has threatened to restore duties to the high levels set earlier this year. While the US seeks clarity on rare earths and export controls, China is pushing for a rollback of technology restrictions and assurances over market access. Both sides appear willing to talk, but with vastly different expectations, the road to resolution remains long and uncertain.

While the US seeks clarity on rare earths and export controls, China is pushing for a rollback of technology restrictions and assurances over market access.

Rare earths, visas and chips take the center stage as US-China resume trade talks in London

Meta Platforms Inc. is in advanced discussions to invest over $10 billion in artificial intelligence (AI) startup Scale AI, a move that would mark the tech giant’s most significant external AI investment to date, according to a report by&nbsp;Bloomberg.The deal, which is still under negotiation, could become one of the largest private funding rounds in history, according to sources cited by&nbsp;Bloomberg.Founded in 2016 by CEO Alexandr Wang, Scale AI provides data labelling services essential to training machine learning models.The company’s client list includes AI powerhouses such as Microsoft and OpenAI. Last valued at approximately $14 billion in 2024, Scale has since been in talks for a tender offer that could raise its valuation to $25 billion.<h2>Meta shifts strategy amid AI arms race</h2>Meta’s potential multibillion-dollar stake would represent a strategic pivot for the company, which has in the past relied on in-house AI research and open-source development, rather than making large external investments like its competitors.This approach differs sharply from that of other Big Tech companies. Microsoft has poured over $13 billion into OpenAI, while Amazon and Alphabet have each committed billions to Anthropic, a rival AI startup. Many of these investments have been structured to include cloud-compute credits, a model Meta may not follow, as it does not operate a cloud platform.In January, Meta CEO Mark Zuckerberg declared AI the company’s top strategic priority, announcing plans to invest as much as $65 billion in AI projects in 2025. One of its flagship efforts is Llama, its open-source large language model, which powers an AI assistant integrated into Facebook, Instagram, and WhatsApp, now reaching 1 billion users per month.If the Scale deal materialises, it would mark Meta’s biggest external AI deal and deepen its involvement in AI data infrastructure, an area crucial to maintaining competitiveness in the rapidly evolving generative AI landscape.<h2>Scale AI: A data powerhouse</h2>Scale AI has seen meteoric growth, with 2024 revenues hitting $870 million and expectations of $2 billion in sales in 2025. The company plays a critical role in the AI ecosystem by using vast networks of contract workers to clean and label datasets, images, text, and other data required for training advanced models.As the demand for high-quality, well-curated data intensifies, Scale’s services have become indispensable, especially as generative AI tools spread across industries and applications.<h2>Shared interest in defence tech</h2>Both Meta and Scale AI are increasingly extending their reach into defence technology. Meta recently partnered with defence contractor Anduril Industries to develop AI-enabled military products, including a virtual/augmented reality helmet. Meta has also authorised its AI models for use by US government agencies and defence contractors.The two companies are working together on Defence Llama, a military-focused version of Meta’s language model. Meanwhile, Scale AI secured a US Department of Defense contract earlier this year to develop AI agent technology, which the company described as a “significant milestone in military advancement”.The alignment of their defence ambitions may be another factor strengthening Meta’s interest in Scale.While terms of the Meta-Scale deal remain fluid, the potential $10 billion-plus investment underscores a new phase in Meta’s AI playbook. As it works to close the gap with AI leaders like Microsoft and Google, investing in foundational AI infrastructure through a high-growth startup like Scale could give Meta access to both strategic data capabilities and government partnerships.If finalised, the deal will not only reshape Meta’s role in the global AI race, but it may also cement Scale AI’s position as a central force in the generative AI revolution.&nbsp;(With inputs from agencies)

Meta’s potential multibillion-dollar stake would represent a strategic pivot for the company, which has in the past relied on in-house AI research and open-source development, rather than making large external investments like its competitors.

Meta Platforms Inc. is in advanced discussions to invest over $10 billion in artificial intelligence (AI) startup Scale AI, a move that would mark the tech giant’s most significant external AI investment to date, according to a report by Bloomberg. The deal, which is still under negotiation, could become one of the largest private funding rounds in history, according to sources cited by Bloomberg. Founded in 2016 by CEO Alexandr Wang, Scale AI provides data labelling services essential to training machine learning models. The company’s client list includes AI powerhouses such as Microsoft and OpenAI. Last valued at approximately $14 billion in 2024, Scale has since been in talks for a tender offer that could raise its valuation to $25 billion. Meta shifts strategy amid AI arms race Meta’s potential multibillion-dollar stake would represent a strategic pivot for the company, which has in the past relied on in-house AI research and open-source development, rather than making large external investments like its competitors. This approach differs sharply from that of other Big Tech companies. Microsoft has poured over $13 billion into OpenAI, while Amazon and Alphabet have each committed billions to Anthropic, a rival AI startup. Many of these investments have been structured to include cloud-compute credits, a model Meta may not follow, as it does not operate a cloud platform. In January, Meta CEO Mark Zuckerberg declared AI the company’s top strategic priority, announcing plans to invest as much as $65 billion in AI projects in 2025. One of its flagship efforts is Llama, its open-source large language model, which powers an AI assistant integrated into Facebook, Instagram, and WhatsApp, now reaching 1 billion users per month. If the Scale deal materialises, it would mark Meta’s biggest external AI deal and deepen its involvement in AI data infrastructure, an area crucial to maintaining competitiveness in the rapidly evolving generative AI landscape. Scale AI: A data powerhouse Scale AI has seen meteoric growth, with 2024 revenues hitting $870 million and expectations of $2 billion in sales in 2025. The company plays a critical role in the AI ecosystem by using vast networks of contract workers to clean and label datasets, images, text, and other data required for training advanced models. As the demand for high-quality, well-curated data intensifies, Scale’s services have become indispensable, especially as generative AI tools spread across industries and applications. Shared interest in defence tech Both Meta and Scale AI are increasingly extending their reach into defence technology. Meta recently partnered with defence contractor Anduril Industries to develop AI-enabled military products, including a virtual/augmented reality helmet. Meta has also authorised its AI models for use by US government agencies and defence contractors. The two companies are working together on Defence Llama, a military-focused version of Meta’s language model. Meanwhile, Scale AI secured a US Department of Defense contract earlier this year to develop AI agent technology, which the company described as a “significant milestone in military advancement”. The alignment of their defence ambitions may be another factor strengthening Meta’s interest in Scale. While terms of the Meta-Scale deal remain fluid, the potential $10 billion-plus investment underscores a new phase in Meta’s AI playbook. As it works to close the gap with AI leaders like Microsoft and Google, investing in foundational AI infrastructure through a high-growth startup like Scale could give Meta access to both strategic data capabilities and government partnerships. If finalised, the deal will not only reshape Meta’s role in the global AI race, but it may also cement Scale AI’s position as a central force in the generative AI revolution. (With inputs from agencies)

Meta’s potential multibillion-dollar stake would represent a strategic pivot for the company, which has in the past relied on in-house AI research and open-source development, rather than making large external investments like its competitors.

Meta in talks to invest over $10 billion in Scale AI amid expanding AI push

Indonesia is grappling with an accelerating brain drain, as a growing number of young, educated citizens migrate abroad in search of better job opportunities and quality of life. Amid a sluggish domestic labour market and rising pessimism among the youth, this trend is raising concerns among economists and policymakers about its long-term implications for the country’s development.The Jakarta Post explained this with the example of 25-year-old Fikri Haikal, a political science graduate who left Indonesia on a working holiday visa (WHV) to Australia. Despite aspirations to pursue higher education overseas, Fikri settled for a job at a poultry factory after failing to secure a scholarship.“I never thought I would be a factory worker,” he said, adding that job prospects in Indonesia were dismal. “In Australia, securing a job is easy because there is a shortage of labour in sectors like manufacturing,” he told&nbsp;The Jakarta Post on May 23.The WHV programme is increasingly popular among Indonesians, with visa approvals rising sharply from 2,984 in 2022–2023 to 4,285 in 2023–2024, according to the Australian Department of Home Affairs.On social media, hashtags like #KaburAjaDulu (Just get out first) have gained traction in 2025, as more graduates share stories of better pay and working conditions abroad, though some caution that life overseas comes with its own set of challenges.<h2>Youth unemployment and policy gaps</h2>Indonesia’s inability to absorb its growing skilled labour force is seen as a key driver of the brain drain. A report by the Centre of Reform on Economics (Core) Indonesia reveals that formal employment opportunities are shrinking, even as the country struggles with one of the highest youth unemployment rates in Southeast Asia.In 2024, youth unemployment stood at 13.1 per cent, according to the International Labour Organization (ILO). More alarmingly, a June 2025 survey by Statistics Indonesia showed an even higher youth jobless rate of 16.16 per cent, more than triple the national average of 4.76%.“The country’s demographic dividend is at risk of becoming a demographic paradox — getting old before getting rich,” Core executive director Mohammad Faisal told&nbsp;The Jakarta Post. “If our best talent continues to leave, we will miss out on innovation, technology development, and investment opportunities.”Labour expert Dr Tadjuddin Noer Effendi from Gadjah Mada University echoed the warning, expressing doubt about Indonesia’s 2045 “Golden Indonesia” vision of becoming one of the world’s top economies.According to the report by&nbsp;The Jakarta Post, he attributed the brain drain to a lack of job security, widespread layoffs in 2025, corruption, and extortion that undermine the investment climate.“There is a real risk of brain drain causing shortages in crucial sectors like health, education, and technology,” he said. “As more young professionals leave, we are left with an ageing workforce.”<h2>From brain drain to brain gain?</h2>Not all consequences of this talent exodus are negative. Experts point out that Indonesian workers abroad significantly boost the nation’s foreign exchange earnings through remittances.In 2024, remittance inflows rose 13 per cent to 253 trillion rupiah ($20 billion), according to the Indonesian Migrant Workers Protection Agency.“Migrants are often heroes of foreign exchange,” said Dr Tadjuddin. “But remittances can’t compensate for the long-term developmental losses if we continue to lose skilled workers.”Singapore has also emerged as a top destination, with 3,912 Indonesians switching to Singaporean citizenship from 2019 to 2022, most aged between 25 and 35. “This shows that Singapore is perceived as a more attractive place to build a career and access quality education,” Dr Hempri Suyatna, a social welfare expert at Universitas Gadjah Mada, said in a report by Universitas Gadjah Mada.He stressed the importance of strengthening programmes like Kampus Merdeka, launched under former Education Minister Nadiem Makarim, which aim to equip students with real-world skills through internships and entrepreneurial training.However, he noted that implementation gaps remain, particularly in post-program mentoring. He also emphasised the urgent need for a national blueprint aligning education with labour market demands. “A grand design for population and job market development is crucial,” he said. “But even with such a design, the system won’t work if recruitment still favours personal connections over merit.”As Indonesia stands at a crossroads, the decision to address its brain drain crisis now will determine whether it can harness its youth as an asset or watch them thrive elsewhere.

Experts warn of long-term economic risks as thousands of skilled workers leave Indonesia.

Indonesia is grappling with an accelerating brain drain, as a growing number of young, educated citizens migrate abroad in search of better job opportunities and quality of life. Amid a sluggish domestic labour market and rising pessimism among the youth, this trend is raising concerns among economists and policymakers about its long-term implications for the country’s development. The Jakarta Post explained this with the example of 25-year-old Fikri Haikal, a political science graduate who left Indonesia on a working holiday visa (WHV) to Australia. Despite aspirations to pursue higher education overseas, Fikri settled for a job at a poultry factory after failing to secure a scholarship. “I never thought I would be a factory worker,” he said, adding that job prospects in Indonesia were dismal. “In Australia, securing a job is easy because there is a shortage of labour in sectors like manufacturing,” he told The Jakarta Post on May 23. The WHV programme is increasingly popular among Indonesians, with visa approvals rising sharply from 2,984 in 2022–2023 to 4,285 in 2023–2024, according to the Australian Department of Home Affairs. On social media, hashtags like #KaburAjaDulu (Just get out first) have gained traction in 2025, as more graduates share stories of better pay and working conditions abroad, though some caution that life overseas comes with its own set of challenges. Youth unemployment and policy gaps Indonesia’s inability to absorb its growing skilled labour force is seen as a key driver of the brain drain. A report by the Centre of Reform on Economics (Core) Indonesia reveals that formal employment opportunities are shrinking, even as the country struggles with one of the highest youth unemployment rates in Southeast Asia. In 2024, youth unemployment stood at 13.1 per cent, according to the International Labour Organization (ILO). More alarmingly, a June 2025 survey by Statistics Indonesia showed an even higher youth jobless rate of 16.16 per cent, more than triple the national average of 4.76%. “The country’s demographic dividend is at risk of becoming a demographic paradox — getting old before getting rich,” Core executive director Mohammad Faisal told The Jakarta Post. “If our best talent continues to leave, we will miss out on innovation, technology development, and investment opportunities.” Labour expert Dr Tadjuddin Noer Effendi from Gadjah Mada University echoed the warning, expressing doubt about Indonesia’s 2045 “Golden Indonesia” vision of becoming one of the world’s top economies. According to the report by The Jakarta Post, he attributed the brain drain to a lack of job security, widespread layoffs in 2025, corruption, and extortion that undermine the investment climate. “There is a real risk of brain drain causing shortages in crucial sectors like health, education, and technology,” he said. “As more young professionals leave, we are left with an ageing workforce.” From brain drain to brain gain? Not all consequences of this talent exodus are negative. Experts point out that Indonesian workers abroad significantly boost the nation’s foreign exchange earnings through remittances. In 2024, remittance inflows rose 13 per cent to 253 trillion rupiah ($20 billion), according to the Indonesian Migrant Workers Protection Agency. “Migrants are often heroes of foreign exchange,” said Dr Tadjuddin. “But remittances can’t compensate for the long-term developmental losses if we continue to lose skilled workers.” Singapore has also emerged as a top destination, with 3,912 Indonesians switching to Singaporean citizenship from 2019 to 2022, most aged between 25 and 35. “This shows that Singapore is perceived as a more attractive place to build a career and access quality education,” Dr Hempri Suyatna, a social welfare expert at Universitas Gadjah Mada, said in a report by Universitas Gadjah Mada. He stressed the importance of strengthening programmes like Kampus Merdeka, launched under former Education Minister Nadiem Makarim, which aim to equip students with real-world skills through internships and entrepreneurial training. However, he noted that implementation gaps remain, particularly in post-program mentoring. He also emphasised the urgent need for a national blueprint aligning education with labour market demands. “A grand design for population and job market development is crucial,” he said. “But even with such a design, the system won’t work if recruitment still favours personal connections over merit.” As Indonesia stands at a crossroads, the decision to address its brain drain crisis now will determine whether it can harness its youth as an asset or watch them thrive elsewhere.

Experts warn of long-term economic risks as thousands of skilled workers leave Indonesia.

Indonesia’s brain drain worsens as young talent seeks better futures abroad

China has announced its willingness to establish a ‘green channel’ to expedite export licences for rare earth shipments to the European Union (EU), in a move aimed at alleviating severe supply chain disruptions across European industries.The announcement follows mounting criticism from European businesses and officials who say China’s licensing regime, imposed in April, has led to costly production delays in critical sectors such as electric vehicles, aerospace, and semiconductors.According to a statement from China’s Ministry of Commerce released on June 7, qualified EU firms could benefit from faster approvals under the proposed mechanism. Commerce Minister Wang Wentao conveyed this willingness during a meeting with EU Trade Commissioner Maros Sefcovic in Paris last week."China attaches great importance to Europe's concerns and is willing to establish a green channel for eligible applications, fast-track the examination and approval, and instruct the working level to maintain timely communication," the ministry stated in the release.The Chinese government has maintained that its rare earth export controls are in line with international practices, particularly in response to Western export bans on advanced technology products to China.However, business groups such as the European Union Chamber of Commerce have warned that the current system lacks transparency and is hampering operations.<h2>Brandy, EVs, and bilateral bargaining</h2>The rare earth issue is just one of several flashpoints in the growing economic tensions between China and the EU. Another contentious topic is the ongoing trade investigation into European brandy imports, particularly French cognac, on which China had imposed tariffs of up to 39 per cent, interpreted widely as retaliation for the EU’s tariffs on Chinese-made electric vehicles (EVs).France’s President Emmanuel Macron publicly criticised the move, calling it “pure retaliation”. China’s Ministry of Commerce announced that it would deliver a final decision on the brandy duties by July 5. It added that French producers and associations had submitted applications on price commitments and that the two sides had reached a consensus on core terms, pending final review.Meanwhile, consultations over a price commitment mechanism for Chinese EV exports to Europe have reached an “advanced stage”, although both sides have acknowledged that further effort is needed.The European Commission has suggested setting minimum prices for Chinese-made EVs instead of imposing outright tariffs, a proposal Beijing is evaluating along with possible new technical cooperation in the electric mobility sector.<h2>Pressure from the US and global backlash</h2>The EU is not alone in its concerns. The United States has also raised alarms about the implications of China’s rare earth controls. Following a phone call between US President Donald Trump and Chinese President Xi Jinping, both countries agreed to resume trade talks in London, though no clear commitments were made regarding the rare earths issue.While China has issued more export licences in recent days, American and European industry leaders say the pace remains too slow and supply chains remain vulnerable.Chinese companies are reportedly hesitant to apply for large-volume export licences, especially for shipments that could end up with US military contractors, amid growing national security concerns.Beijing’s strategic use of rare earths as leverage has triggered broader concerns among Western policymakers.<h2>Cooperation or confrontation?</h2>The next few weeks may prove pivotal. China is set to host a summit with the EU next month, marking 50 years of diplomatic relations with Brussels. While the rare earth green channel signals a potential thaw in trade relations, the broader dynamics of technology restrictions, reciprocal tariffs, and geopolitical distrust remain unresolved.As discussions continue, both sides appear to be balancing the need for cooperation against the realities of a rapidly fracturing global trade environment. Whether the latest moves by Beijing will be enough to rebuild trust and prevent further escalation remains to be seen.

The announcement follows mounting criticism from European businesses and officials who say China’s licensing regime, imposed in April, has led to costly production delays in critical sectors such as electric vehicles, aerospace, and semiconductors.

China has announced its willingness to establish a ‘green channel’ to expedite export licences for rare earth shipments to the European Union (EU), in a move aimed at alleviating severe supply chain disruptions across European industries. The announcement follows mounting criticism from European businesses and officials who say China’s licensing regime, imposed in April, has led to costly production delays in critical sectors such as electric vehicles, aerospace, and semiconductors. According to a statement from China’s Ministry of Commerce released on June 7, qualified EU firms could benefit from faster approvals under the proposed mechanism. Commerce Minister Wang Wentao conveyed this willingness during a meeting with EU Trade Commissioner Maros Sefcovic in Paris last week. "China attaches great importance to Europe's concerns and is willing to establish a green channel for eligible applications, fast-track the examination and approval, and instruct the working level to maintain timely communication," the ministry stated in the release. The Chinese government has maintained that its rare earth export controls are in line with international practices, particularly in response to Western export bans on advanced technology products to China. However, business groups such as the European Union Chamber of Commerce have warned that the current system lacks transparency and is hampering operations. Brandy, EVs, and bilateral bargaining The rare earth issue is just one of several flashpoints in the growing economic tensions between China and the EU. Another contentious topic is the ongoing trade investigation into European brandy imports, particularly French cognac, on which China had imposed tariffs of up to 39 per cent, interpreted widely as retaliation for the EU’s tariffs on Chinese-made electric vehicles (EVs). France’s President Emmanuel Macron publicly criticised the move, calling it “pure retaliation”. China’s Ministry of Commerce announced that it would deliver a final decision on the brandy duties by July 5. It added that French producers and associations had submitted applications on price commitments and that the two sides had reached a consensus on core terms, pending final review. Meanwhile, consultations over a price commitment mechanism for Chinese EV exports to Europe have reached an “advanced stage”, although both sides have acknowledged that further effort is needed. The European Commission has suggested setting minimum prices for Chinese-made EVs instead of imposing outright tariffs, a proposal Beijing is evaluating along with possible new technical cooperation in the electric mobility sector. Pressure from the US and global backlash The EU is not alone in its concerns. The United States has also raised alarms about the implications of China’s rare earth controls. Following a phone call between US President Donald Trump and Chinese President Xi Jinping, both countries agreed to resume trade talks in London, though no clear commitments were made regarding the rare earths issue. While China has issued more export licences in recent days, American and European industry leaders say the pace remains too slow and supply chains remain vulnerable. Chinese companies are reportedly hesitant to apply for large-volume export licences, especially for shipments that could end up with US military contractors, amid growing national security concerns. Beijing’s strategic use of rare earths as leverage has triggered broader concerns among Western policymakers. Cooperation or confrontation? The next few weeks may prove pivotal. China is set to host a summit with the EU next month, marking 50 years of diplomatic relations with Brussels. While the rare earth green channel signals a potential thaw in trade relations, the broader dynamics of technology restrictions, reciprocal tariffs, and geopolitical distrust remain unresolved. As discussions continue, both sides appear to be balancing the need for cooperation against the realities of a rapidly fracturing global trade environment. Whether the latest moves by Beijing will be enough to rebuild trust and prevent further escalation remains to be seen.

The announcement follows mounting criticism from European businesses and officials who say China’s licensing regime, imposed in April, has led to costly production delays in critical sectors such as electric vehicles, aerospace, and semiconductors.

China offers ‘green channel’ for rare earth exports to EU amid mounting tensions

In 2017, three childhood friends stood under a flimsy canopy in a Los Angeles parking lot, armed with a fryer, borrowed tables, and a dream. Their capital? Just $900. Their product? Nashville-style hot chicken served with fries, slaw, and a fiery spice level called “Reaper” that requires a waiver to eat.Eight years later, Dave’s Hot Chicken has gone from pop-up to phenomenon. This week, the California-based fast-casual chain was sold in a deal reportedly worth close to $1 billion to private equity firm Roark Capital, the latest sign of how red-hot the chicken market has become.“It’s insane what we did,” said CEO Bill Phelps in an interview with CNBC. “The vision of these guys was just great. Arman Oganesyan was the founder. A high school dropout, but a marketing genius, and he created all of this in his head.”<h2>A humble start</h2>It all began with Arman Oganesyan, then a 24-year-old aspiring comedian making $50 a night with no restaurant experience. He pitched the idea of selling hot chicken to two childhood friends: Dave Kopushyan, a classically trained chef who had worked at Michelin-starred establishments like The French Laundry, and Tommy Rubenyan. There was just one hiccup: Kopushyan didn’t eat meat.“Chicken? First of all, I don’t even like chicken,” Kopushyan reportedly told him.But Oganesyan convinced him. Together, the trio scraped together their savings and started experimenting in kitchens, inspired by cult favourites like Howlin’ Ray’s and Gus’s World Famous Fried Chicken. Their research was intense, stuffing themselves with hot chicken across LA, studying recipes on YouTube, and even discovering the power of pickle juice by accident.Their first night in business brought in just $40, mostly from friends. But within a week, a rave review from Eater Los Angeles sparked long lines outside their stand. Within months, they were selling out daily and paying themselves $10,000 a month, more money than any of them had ever seen.<h2>The Hollywood twist</h2>Their big break came when a man named John Davis walked into their first brick-and-mortar store and left a Post-it note asking for a call. Davis, a Hollywood producer and early investor in Wetzel’s Pretzels and Blaze Pizza, was ready to bet big on fried chicken.In 2019, Davis led an investor group including actor Samuel L. Jackson, former NFL player and TV host Michael Strahan, and Boston Red Sox owner Tom Werner to buy a roughly 50 per cent stake in Dave’s Hot Chicken. Phelps, a fast-food veteran who co-founded Wetzel’s Pretzels, became CEO. His experience, particularly in franchising, proved invaluable.Unlike Wetzel's, where franchises were handed to just about anyone, Dave’s focused on multi-unit operators who committed to opening at least five stores. The result was explosive: from a handful of LA stores, the brand has grown to 315 locations across the US, Canada, the UK, and the Middle East—with plans to hit 1,000 in the next five years.<h2>The billion-dollar chicken boom</h2>Dave’s success isn’t just about clever branding or spicy wings. It’s part of a broader trend: Americans are eating more chicken than ever. According to Technomic, sales at US chicken chains jumped 9 per cent last year—triple the growth rate of burger joints. Fast-casual chicken spots like Raising Cane’s, Wingstop, and Dave’s saw sales surge 24 per cent.In 2024 alone, Dave’s raked in over $600 million in systemwide sales. This year, it expects to double that to $1.2 billion. “We’re extremely profitable at the franchise level and corporate level,” said company president and COO Jim Bitticks.Private equity firms have taken notice. Roark Capital—already the owner of Dunkin’, Subway, Arby’s, and Buffalo Wild Wings—has now added Dave’s to its growing restaurant empire. The firm reportedly had its eye on the brand since 2021 and attended early store openings, leading company insiders to joke that they had a “private equity stalker”.Though Roark now holds a majority stake, Dave’s original team—including Oganesyan, Kopushyan, the Rubenyan brothers, and Phelps—will retain minority shares and continue leading the brand.<h2>Staying true to the flame</h2>Despite its rapid growth and billion-dollar valuation, Dave’s hasn’t lost touch with its humble roots. Stores still display graffiti-covered walls and a simple four-combo menu. The “Reaper” spice level remains—along with the waiver customers must sign acknowledging risks of “bodily injury” and “emotional distress”.Chef Dave Kopushyan continues to serve as chief culinary officer, while Oganesyan, now 32, steers the brand’s image as chief brand officer. Their success may seem improbable, but for them, the formula was simple: obsession with quality, authenticity, and timing.“When we started”, Oganesyan once said, “our goal was to have a single store in a few years.”Instead, they built one of the fastest-growing restaurant chains in America. Not bad for a guy who didn’t eat chicken, another who dropped out of high school, and a third who couldn’t even afford a food truck.

This week, the California-based Dave’s Hot Chicken chain was sold in a deal reportedly worth close to $1 billion to private equity firm Roark Capital, the latest sign of how red-hot the chicken market has become.

In 2017, three childhood friends stood under a flimsy canopy in a Los Angeles parking lot, armed with a fryer, borrowed tables, and a dream. Their capital? Just $900. Their product? Nashville-style hot chicken served with fries, slaw, and a fiery spice level called “Reaper” that requires a waiver to eat. Eight years later, Dave’s Hot Chicken has gone from pop-up to phenomenon. This week, the California-based fast-casual chain was sold in a deal reportedly worth close to $1 billion to private equity firm Roark Capital, the latest sign of how red-hot the chicken market has become. “It’s insane what we did,” said CEO Bill Phelps in an interview with CNBC. “The vision of these guys was just great. Arman Oganesyan was the founder. A high school dropout, but a marketing genius, and he created all of this in his head.” A humble start It all began with Arman Oganesyan, then a 24-year-old aspiring comedian making $50 a night with no restaurant experience. He pitched the idea of selling hot chicken to two childhood friends: Dave Kopushyan, a classically trained chef who had worked at Michelin-starred establishments like The French Laundry, and Tommy Rubenyan. There was just one hiccup: Kopushyan didn’t eat meat. “Chicken? First of all, I don’t even like chicken,” Kopushyan reportedly told him. But Oganesyan convinced him. Together, the trio scraped together their savings and started experimenting in kitchens, inspired by cult favourites like Howlin’ Ray’s and Gus’s World Famous Fried Chicken. Their research was intense, stuffing themselves with hot chicken across LA, studying recipes on YouTube, and even discovering the power of pickle juice by accident. Their first night in business brought in just $40, mostly from friends. But within a week, a rave review from Eater Los Angeles sparked long lines outside their stand. Within months, they were selling out daily and paying themselves $10,000 a month, more money than any of them had ever seen. The Hollywood twist Their big break came when a man named John Davis walked into their first brick-and-mortar store and left a Post-it note asking for a call. Davis, a Hollywood producer and early investor in Wetzel’s Pretzels and Blaze Pizza, was ready to bet big on fried chicken. In 2019, Davis led an investor group including actor Samuel L. Jackson, former NFL player and TV host Michael Strahan, and Boston Red Sox owner Tom Werner to buy a roughly 50 per cent stake in Dave’s Hot Chicken. Phelps, a fast-food veteran who co-founded Wetzel’s Pretzels, became CEO. His experience, particularly in franchising, proved invaluable. Unlike Wetzel's, where franchises were handed to just about anyone, Dave’s focused on multi-unit operators who committed to opening at least five stores. The result was explosive: from a handful of LA stores, the brand has grown to 315 locations across the US, Canada, the UK, and the Middle East—with plans to hit 1,000 in the next five years. The billion-dollar chicken boom Dave’s success isn’t just about clever branding or spicy wings. It’s part of a broader trend: Americans are eating more chicken than ever. According to Technomic, sales at US chicken chains jumped 9 per cent last year—triple the growth rate of burger joints. Fast-casual chicken spots like Raising Cane’s, Wingstop, and Dave’s saw sales surge 24 per cent. In 2024 alone, Dave’s raked in over $600 million in systemwide sales. This year, it expects to double that to $1.2 billion. “We’re extremely profitable at the franchise level and corporate level,” said company president and COO Jim Bitticks. Private equity firms have taken notice. Roark Capital—already the owner of Dunkin’, Subway, Arby’s, and Buffalo Wild Wings—has now added Dave’s to its growing restaurant empire. The firm reportedly had its eye on the brand since 2021 and attended early store openings, leading company insiders to joke that they had a “private equity stalker”. Though Roark now holds a majority stake, Dave’s original team—including Oganesyan, Kopushyan, the Rubenyan brothers, and Phelps—will retain minority shares and continue leading the brand. Staying true to the flame Despite its rapid growth and billion-dollar valuation, Dave’s hasn’t lost touch with its humble roots. Stores still display graffiti-covered walls and a simple four-combo menu. The “Reaper” spice level remains—along with the waiver customers must sign acknowledging risks of “bodily injury” and “emotional distress”. Chef Dave Kopushyan continues to serve as chief culinary officer, while Oganesyan, now 32, steers the brand’s image as chief brand officer. Their success may seem improbable, but for them, the formula was simple: obsession with quality, authenticity, and timing. “When we started”, Oganesyan once said, “our goal was to have a single store in a few years.” Instead, they built one of the fastest-growing restaurant chains in America. Not bad for a guy who didn’t eat chicken, another who dropped out of high school, and a third who couldn’t even afford a food truck.

This week, the California-based Dave’s Hot Chicken chain was sold in a deal reportedly worth close to $1 billion to private equity firm Roark Capital, the latest sign of how red-hot the chicken market has become.

From $900 to $1 billion: How Dave’s Hot Chicken became America’s spiciest success story

There's a new billionaire in town—and she’s not headlining stadium tours or breaking Spotify records. Instead, she’s zipping around on an electric skateboard, hosting wild parties in Miami, and cashing in big on artificial intelligence (AI).Meet Lucy Guo, the 30-year-old tech entrepreneur who just snagged the title of the world’s youngest self-made female billionaire, beating out Taylor Swift on Forbes’ latest list.Worth an estimated $1.3 billion, Guo’s fortune largely stems from her early stake in Scale AI, a data labelling company she co-founded back in 2016. The company, currently valued at around $25 billion, plays a crucial role in training AI models used by the likes of OpenAI and Alphabet.But despite her billionaire status, Guo insists it doesn’t quite feel real yet. “Most of my money is still on paper,” she told The Telegraph. “Maybe reality hasn’t hit.”<h2>The American dream</h2>Born to Chinese immigrant parents and raised in the San Francisco Bay Area, Guo's story has all the classic ingredients of a modern-day tech fairy tale. She picked up coding in middle school, aced her way into Carnegie Mellon, and then dropped out—a move that horrified her parents at the time.“They stopped talking to me for a while,” Guo admitted in a conversation with The Telegraph. “I get it. The immigrant mentality was like, ‘We sacrificed everything to give you a better life.’” But reconciliation came eventually, especially once things started taking off.With support from the Thiel Fellowship—a $100,000 scholarship created by PayPal co-founder Peter Thiel for students who skip college to build startups—Guo dove into the tech world headfirst. She worked brief stints at Quora and Snapchat, and it was during this time she met Alexandr Wang, her future Scale AI co-founder.Together, they launched Scale AI, just as the AI wave was beginning to swell. Guo ran operations and production design, while Wang took the CEO role. However, a difference of opinion eventually led to Guo's exit just two years later, though she smartly held on to her 5 per cent equity. That stake? Now worth about $1.2 billion.<h2>Building, partying, and investing</h2>Guo didn’t stop there. After stepping away from Scale AI, she set up her own VC firm, Backend Capital, which has invested in over 100 startups. She also co-founded Passes, a content creation platform that blends the functionality of Patreon with a social media twist, like paid DMs, livestreams, and subscriptions.Passes markets itself as a more wholesome alternative to OnlyFans, though it has been surrounded by controversy. A lawsuit filed earlier this year alleged the platform hosted explicit content featuring a minor.Guo and Passes have denied the claims, calling the suit a baseless, orchestrated attempt to smear the company and its founder.A spokesperson for Passes said the platform now bans underage creators and wiped related content even before the lawsuit went public. Guo’s legal team has filed to dismiss the suit, and the case remains ongoing.Despite the heavy accusations and intense scrutiny, Guo isn’t exactly living the quiet billionaire lifestyle. Guo enjoys the finer, and sometimes flashier, things in life.Think two Barry’s Bootcamp sessions a day, techno raves, and a party scene that once involved renting animals like lemurs and snakes from the Zoological Wildlife Foundation and led to the building’s homeowners’ association sending a warning letter.Her apartment in Miami’s ultra-luxe One Thousand Museum tower became notorious enough to attract tabloid headlines. She now splits her time between LA and Miami.While her personality might polarise, Guo is serious when it comes to supporting women in tech. She’s vocal about the double standards female founders face. “Take two people, exactly the same, one male and the other female, coming out of MIT. Investors still think the male will do better. It sucks,” she told The Telegraph.Still, she doesn’t sugarcoat the startup grind. "It's pretty unrealistic to build a venture-funded startup with work-life balance,” she said, and she wants aspiring founders to know that upfront.<h2>Passing the baton?</h2>Even with her shiny new title, Guo isn’t too attached to it. In fact, she seems thrilled by the idea of being dethroned soon. “I have almost no doubt this title can be taken in three to six months,” she told Extra.ie. “Women are crushing it. Entrepreneurship is growing, and that’s exciting.”She even had kind words for the woman she replaced. “Taylor Swift has always struck me as someone who’s very pro-woman and wants other people to win. I’m a huge fan. I think she’s an icon.”&nbsp;(With inputs from agencies)

With a net worth estimated at $1.3 billion, Lucy Guo’s fortune largely stems from her early stake in Scale AI, a data labelling company she co-founded back in 2016.

There's a new billionaire in town—and she’s not headlining stadium tours or breaking Spotify records. Instead, she’s zipping around on an electric skateboard, hosting wild parties in Miami, and cashing in big on artificial intelligence (AI). Meet Lucy Guo, the 30-year-old tech entrepreneur who just snagged the title of the world’s youngest self-made female billionaire, beating out Taylor Swift on Forbes’ latest list. Worth an estimated $1.3 billion, Guo’s fortune largely stems from her early stake in Scale AI, a data labelling company she co-founded back in 2016. The company, currently valued at around $25 billion, plays a crucial role in training AI models used by the likes of OpenAI and Alphabet. But despite her billionaire status, Guo insists it doesn’t quite feel real yet. “Most of my money is still on paper,” she told The Telegraph. “Maybe reality hasn’t hit.” The American dream Born to Chinese immigrant parents and raised in the San Francisco Bay Area, Guo's story has all the classic ingredients of a modern-day tech fairy tale. She picked up coding in middle school, aced her way into Carnegie Mellon, and then dropped out—a move that horrified her parents at the time. “They stopped talking to me for a while,” Guo admitted in a conversation with The Telegraph. “I get it. The immigrant mentality was like, ‘We sacrificed everything to give you a better life.’” But reconciliation came eventually, especially once things started taking off. With support from the Thiel Fellowship—a $100,000 scholarship created by PayPal co-founder Peter Thiel for students who skip college to build startups—Guo dove into the tech world headfirst. She worked brief stints at Quora and Snapchat, and it was during this time she met Alexandr Wang, her future Scale AI co-founder. Together, they launched Scale AI, just as the AI wave was beginning to swell. Guo ran operations and production design, while Wang took the CEO role. However, a difference of opinion eventually led to Guo's exit just two years later, though she smartly held on to her 5 per cent equity. That stake? Now worth about $1.2 billion. Building, partying, and investing Guo didn’t stop there. After stepping away from Scale AI, she set up her own VC firm, Backend Capital, which has invested in over 100 startups. She also co-founded Passes, a content creation platform that blends the functionality of Patreon with a social media twist, like paid DMs, livestreams, and subscriptions. Passes markets itself as a more wholesome alternative to OnlyFans, though it has been surrounded by controversy. A lawsuit filed earlier this year alleged the platform hosted explicit content featuring a minor. Guo and Passes have denied the claims, calling the suit a baseless, orchestrated attempt to smear the company and its founder. A spokesperson for Passes said the platform now bans underage creators and wiped related content even before the lawsuit went public. Guo’s legal team has filed to dismiss the suit, and the case remains ongoing. Despite the heavy accusations and intense scrutiny, Guo isn’t exactly living the quiet billionaire lifestyle. Guo enjoys the finer, and sometimes flashier, things in life. Think two Barry’s Bootcamp sessions a day, techno raves, and a party scene that once involved renting animals like lemurs and snakes from the Zoological Wildlife Foundation and led to the building’s homeowners’ association sending a warning letter. Her apartment in Miami’s ultra-luxe One Thousand Museum tower became notorious enough to attract tabloid headlines. She now splits her time between LA and Miami. While her personality might polarise, Guo is serious when it comes to supporting women in tech. She’s vocal about the double standards female founders face. “Take two people, exactly the same, one male and the other female, coming out of MIT. Investors still think the male will do better. It sucks,” she told The Telegraph. Still, she doesn’t sugarcoat the startup grind. "It's pretty unrealistic to build a venture-funded startup with work-life balance,” she said, and she wants aspiring founders to know that upfront. Passing the baton? Even with her shiny new title, Guo isn’t too attached to it. In fact, she seems thrilled by the idea of being dethroned soon. “I have almost no doubt this title can be taken in three to six months,” she told Extra.ie. “Women are crushing it. Entrepreneurship is growing, and that’s exciting.” She even had kind words for the woman she replaced. “Taylor Swift has always struck me as someone who’s very pro-woman and wants other people to win. I’m a huge fan. I think she’s an icon.” (With inputs from agencies)

With a net worth estimated at $1.3 billion, Lucy Guo’s fortune largely stems from her early stake in Scale AI, a data labelling company she co-founded back in 2016.

Who is the college dropout who dethroned Taylor Swift as the youngest self-made female billionaire?

Friday brought some calm in the aftermath of the breakup between Elon Musk and President Donald Trump's bromance, with Wall Street stocks ending the week in the green.The solid jobs report also helped offset any worries about the trade war and its impact on the real economy.The market surge comes even as bets show a further delay in Federal Reserve rate cuts to later in the year.US stocks closed at their highest mark since February, boosting the S&amp;P 500 by about one per cent to 6,000 points.After Tesla stocks crashed over 14 per cent, wiping out more than $150 billion in market value, the EV maker recovered some ground as dip-buyers engaged significantly and flocked to the stock.Musk's very public meltdown with Trump on Thursday turned into a more calm and boring Friday, with only a couple of attacking posts on social platforms by the once best buddies.The US jobs report showed more resilience in the US economy, with the widely expected slowdown still not reflected in the labour market at least.While there will be a significant impact from the uncertainty surrounding Trump's tariffs, the timing and the depth of the hit are hot topics of debate.<h2>Fed rate cut expectations shift</h2>The Fed on the sidelines has irked the US president, with Trump repeatedly calling for a rate cut and the Fed Chair Jerome Powell's head.However, within the central bank, about 40 per cent of policymakers now expect to lower rates just once by 25 basis points at best.That is below the two rate actions, interest rate swap market is betting on, with a 70 per cent probability of one cut coming in September.While trades show September still is expected to be a live event, bets were for a 90 per cent probability before the release of non-farm payrolls data.But the other view floating among investors is that any delay in a rate cut will slip the Fed behind the curve on growth, which could force the US central bank to deliver another jumbo rate cut as it did last year.Investors will eye US consumer price inflation for cues to understand if the Fed's focus on price pressures is the best approach.Separately, a Bloomberg survey showed Wall Street stocks will put the worst of this year's trade-war turmoil behind them and rally to fresh highs in 2025.While markets have rallied in recent times, the risk of a severe pullback remains real.

The solid jobs report also helped offset any worries about the trade war and its impact on the real economy.

Friday brought some calm in the aftermath of the breakup between Elon Musk and President Donald Trump's bromance, with Wall Street stocks ending the week in the green. The solid jobs report also helped offset any worries about the trade war and its impact on the real economy. The market surge comes even as bets show a further delay in Federal Reserve rate cuts to later in the year. US stocks closed at their highest mark since February, boosting the S&P 500 by about one per cent to 6,000 points. After Tesla stocks crashed over 14 per cent, wiping out more than $150 billion in market value, the EV maker recovered some ground as dip-buyers engaged significantly and flocked to the stock. Musk's very public meltdown with Trump on Thursday turned into a more calm and boring Friday, with only a couple of attacking posts on social platforms by the once best buddies. The US jobs report showed more resilience in the US economy, with the widely expected slowdown still not reflected in the labour market at least. While there will be a significant impact from the uncertainty surrounding Trump's tariffs, the timing and the depth of the hit are hot topics of debate. Fed rate cut expectations shift The Fed on the sidelines has irked the US president, with Trump repeatedly calling for a rate cut and the Fed Chair Jerome Powell's head. However, within the central bank, about 40 per cent of policymakers now expect to lower rates just once by 25 basis points at best. That is below the two rate actions, interest rate swap market is betting on, with a 70 per cent probability of one cut coming in September. While trades show September still is expected to be a live event, bets were for a 90 per cent probability before the release of non-farm payrolls data. But the other view floating among investors is that any delay in a rate cut will slip the Fed behind the curve on growth, which could force the US central bank to deliver another jumbo rate cut as it did last year. Investors will eye US consumer price inflation for cues to understand if the Fed's focus on price pressures is the best approach. Separately, a Bloomberg survey showed Wall Street stocks will put the worst of this year's trade-war turmoil behind them and rally to fresh highs in 2025. While markets have rallied in recent times, the risk of a severe pullback remains real.

The solid jobs report also helped offset any worries about the trade war and its impact on the real economy.

Markets rally despite Musk-Trump rift, but what’s next?

In a significant achievement underscoring India’s developmental strides, the World Bank has reported a dramatic fall in the country’s extreme poverty rate—from 27.1 per cent in 2011-12 to just 5.3 per cent in 2022-23.This translates to about 269 million Indians escaping extreme poverty over the past 11 years, according to newly released data that reflects updated global standards.The assessment is based on the World Bank’s revised international poverty line of $3.00 per day, adjusted to 2021 purchasing power parity (PPP), up from the earlier threshold of $2.15 (2017 PPP).The new benchmark aims to better represent present-day global price levels and cost-of-living conditions, offering a more realistic picture of deprivation.Under this revised standard, the number of Indians living in extreme poverty dropped to 75.24 million in 2022-23, compared to 344.47 million in 2011-12.The fall was particularly steep in rural India, where the poverty rate plummeted from 18.4 per cent to 2.8 per cent. In urban areas, extreme poverty declined from 10.7 per cent to just 1.1 per cent.<h2>Five states drive the bulk of poverty reduction</h2>Five of India’s most populous states—Uttar Pradesh, Maharashtra, Bihar, West Bengal, and Madhya Pradesh—were pivotal in driving this transformation. In 2011-12, they accounted for 65 per cent of the country’s extremely poor population.By 2022-23, they contributed to two-thirds of the overall reduction in extreme poverty. However, these states still house over half of the country’s remaining extreme poor.The World Bank also updated its lower-middle-income poverty line from $3.65 to $4.20 per day. By this metric, poverty in India fell from 57.7 per cent in 2011-12 to 23.9 per cent in 2022-23, indicating a significant decline in income vulnerability.Complementing these trends, India’s Multidimensional Poverty Index (MPI)—which includes indicators such as education, health, and living standards—also registered a steep decline. The MPI dropped from 53.8 per cent in 2005-06 to 16.4 per cent in 2019-21 and further down to 15.5 per cent in 2022-23.<h2>Economic growth, welfare schemes behind gains</h2>Experts attribute the progress to sustained economic growth, job creation in urban and services sectors, and the effective rollout of government schemes.Flagship initiatives like PM Awas Yojana, Jan Dhan Yojana, Ayushman Bharat, and Ujjwala Yojana have improved access to housing, healthcare, banking, and clean cooking fuel. Meanwhile, direct benefit transfers (DBT), digital infrastructure, and rural development efforts have enhanced transparency and last-mile delivery.Despite these gains, economists caution that vulnerability remains high for many. Household consumption expenditure survey (HCES) data for 2023-24 reveals that 90 per cent of rural Indians still spend less than ₹5,763 per month, with the bottom 5 per cent surviving on just ₹1,677.As India continues to evolve its poverty assessment tools, including plans by NITI Aayog to develop a new income-based poverty measure, the focus will likely shift from lifting people out of poverty to preventing those just above the line from falling back in.

The fall was particularly steep in rural India, where the poverty rate plummeted from 18.4 per cent to 2.8 per cent. In urban areas, extreme poverty declined from 10.7 per cent to just 1.1 per cent.

In a significant achievement underscoring India’s developmental strides, the World Bank has reported a dramatic fall in the country’s extreme poverty rate—from 27.1 per cent in 2011-12 to just 5.3 per cent in 2022-23. This translates to about 269 million Indians escaping extreme poverty over the past 11 years, according to newly released data that reflects updated global standards. The assessment is based on the World Bank’s revised international poverty line of $3.00 per day, adjusted to 2021 purchasing power parity (PPP), up from the earlier threshold of $2.15 (2017 PPP). The new benchmark aims to better represent present-day global price levels and cost-of-living conditions, offering a more realistic picture of deprivation. Under this revised standard, the number of Indians living in extreme poverty dropped to 75.24 million in 2022-23, compared to 344.47 million in 2011-12. The fall was particularly steep in rural India, where the poverty rate plummeted from 18.4 per cent to 2.8 per cent. In urban areas, extreme poverty declined from 10.7 per cent to just 1.1 per cent. Five states drive the bulk of poverty reduction Five of India’s most populous states—Uttar Pradesh, Maharashtra, Bihar, West Bengal, and Madhya Pradesh—were pivotal in driving this transformation. In 2011-12, they accounted for 65 per cent of the country’s extremely poor population. By 2022-23, they contributed to two-thirds of the overall reduction in extreme poverty. However, these states still house over half of the country’s remaining extreme poor. The World Bank also updated its lower-middle-income poverty line from $3.65 to $4.20 per day. By this metric, poverty in India fell from 57.7 per cent in 2011-12 to 23.9 per cent in 2022-23, indicating a significant decline in income vulnerability. Complementing these trends, India’s Multidimensional Poverty Index (MPI)—which includes indicators such as education, health, and living standards—also registered a steep decline. The MPI dropped from 53.8 per cent in 2005-06 to 16.4 per cent in 2019-21 and further down to 15.5 per cent in 2022-23. Economic growth, welfare schemes behind gains Experts attribute the progress to sustained economic growth, job creation in urban and services sectors, and the effective rollout of government schemes. Flagship initiatives like PM Awas Yojana, Jan Dhan Yojana, Ayushman Bharat, and Ujjwala Yojana have improved access to housing, healthcare, banking, and clean cooking fuel. Meanwhile, direct benefit transfers (DBT), digital infrastructure, and rural development efforts have enhanced transparency and last-mile delivery. Despite these gains, economists caution that vulnerability remains high for many. Household consumption expenditure survey (HCES) data for 2023-24 reveals that 90 per cent of rural Indians still spend less than ₹5,763 per month, with the bottom 5 per cent surviving on just ₹1,677. As India continues to evolve its poverty assessment tools, including plans by NITI Aayog to develop a new income-based poverty measure, the focus will likely shift from lifting people out of poverty to preventing those just above the line from falling back in.

The fall was particularly steep in rural India, where the poverty rate plummeted from 18.4 per cent to 2.8 per cent. In urban areas, extreme poverty declined from 10.7 per cent to just 1.1 per cent.

India lifts 269 million out of extreme poverty in 11 years: World Bank

What began as one of the most powerful political-tech partnerships in modern American history has now devolved into an epic feud. The once-close relationship between President Donald Trump and billionaire Elon Musk has collapsed in spectacular fashion—publicly, bitterly, and with potentially far-reaching political and economic consequences.Just a few months ago, Musk stood beside Trump on the steps of the US Capitol, lauded during the president’s second inaugural address as a “super genius” and “a star”. Today, their mutual admiration has turned into open hostility. Musk has called Trump’s spending bill a “disgusting abomination”, while Trump has threatened to revoke billions of dollars in government contracts with Musk’s companies.It’s a rupture that feels both inevitable and tragic, a classic tale of egos too large to share the same spotlight.<h2>A high-wattage beginning</h2>The roots of the Trump-Musk alliance trace back to the summer of 2024, when Musk publicly endorsed Trump following an assassination attempt during a campaign rally. From there, the alliance deepened quickly.Musk appeared at Trump rallies, wore MAGA (Make America Great Again) hats, and declared the former president the only candidate who could “preserve democracy in America”.The tech mogul’s social media platform, X, became a digital megaphone for Trump’s re-election campaign. Musk’s political enthusiasm wasn’t limited to cheerleading; he reportedly poured more than $100 million into efforts to return Trump to the White House, emerging as a potent new kingmaker in Republican politics.In return, Trump elevated Musk in ways no modern president has done for a private citizen. Following his election victory in November 2024, Trump appointed Musk to lead the newly created Department of Government Efficiency (DOGE), tasking him with cutting federal waste and reshaping the bureaucratic state.Musk’s role was far from ceremonial. He took part in Cabinet meetings and oversaw budget cuts. Trump defended Musk during global backlash against Tesla, calling him a “patriot” and vowing to buy a Tesla himself.<h2>The beginning of the end</h2>Despite the theatrics and mutual praise, tensions began to bubble beneath the surface early in 2025. As DOGE aggressively pushed cost-cutting and return-to-office mandates, backlash from federal workers and agencies grew. Musk’s efforts to overhaul agencies like the US. The Institute of Peace sparked internal resistance and mounting political headaches for the administration.By March, Trump made it clear to his Cabinet that Musk was not in charge of federal departments—a subtle but significant reassertion of executive authority. Musk, for his part, publicly claimed the meetings were “productive”, but behind the scenes, his influence was waning.April brought more cracks. Tesla reported disappointing earnings, with shares down more than 40 per cent for the year amid growing investor concern that Musk was overextended. He pledged to reduce his involvement in DOGE, and by May, he had exited the administration altogether, citing frustration with government inefficiency and the administration’s direction.Even then, both men maintained a facade of cordiality. Trump held a farewell event for Musk, calling him “not really gone”, and Musk continued to visit the White House sporadically. But the goodwill would not last.<h2>A collision of titans</h2>The final break came in June, triggered by Musk’s vocal opposition to Trump’s sweeping tax and spending bill. Musk called the legislation “a disgusting abomination” and accused lawmakers of stuffing it with wasteful “pork”. He argued it undermined the very efficient efforts he had championed at DOGE.Trump initially tried to downplay the criticism but quickly turned combative. He accused Musk of being upset over the rollback of electric vehicle tax credits and dismissed his opposition as “personal”.The response from Musk was swift and scathing. He denied being consulted on the bill, lambasted the rushed legislative process, and suggested that Trump’s leadership was flawed. In a particularly pointed jab, he claimed Trump would have lost the 2024 election without his help.What followed was an extraordinary online brawl. Trump threatened to cancel federal contracts with Musk’s companies—Tesla, SpaceX, and Neuralink among them. Musk responded by threatening to phase out SpaceX’s Dragon spacecraft, which provides critical transport services for NASA. Tesla’s stock nosedived, shedding $150 billion in value in a single day.Adding fuel to the fire, Musk reposted a meme calling for Trump’s impeachment and suggested the president’s name may appear in the sealed Jeffrey Epstein files. Trump retaliated by branding Musk “crazy” and dismissing his influence on the campaign as overblown.Now, as their feud dominates headlines and rattles markets, analysts are left wondering what happens next. Trump remains president, but Musk is still one of the most powerful voices in American business. Despite the fallout, their political fates may remain inextricably linked.Musk’s departure from Trump’s orbit doesn’t sever their shared legacy. From reshaping the Republican Party’s donor class to creating a new archetype of tech-political partnership, the pair have already altered the political landscape. And with Musk now hinting at forming a new political party and Trump eyeing legislative victories, their rivalry could shape not just the next election but the future of American governance itself.

The once-close relationship between President Donald Trump and billionaire Elon Musk has collapsed in spectacular fashion—publicly, bitterly, and with potentially far-reaching political and economic consequences.

What began as one of the most powerful political-tech partnerships in modern American history has now devolved into an epic feud. The once-close relationship between President Donald Trump and billionaire Elon Musk has collapsed in spectacular fashion—publicly, bitterly, and with potentially far-reaching political and economic consequences. Just a few months ago, Musk stood beside Trump on the steps of the US Capitol, lauded during the president’s second inaugural address as a “super genius” and “a star”. Today, their mutual admiration has turned into open hostility. Musk has called Trump’s spending bill a “disgusting abomination”, while Trump has threatened to revoke billions of dollars in government contracts with Musk’s companies. It’s a rupture that feels both inevitable and tragic, a classic tale of egos too large to share the same spotlight. A high-wattage beginning The roots of the Trump-Musk alliance trace back to the summer of 2024, when Musk publicly endorsed Trump following an assassination attempt during a campaign rally. From there, the alliance deepened quickly. Musk appeared at Trump rallies, wore MAGA (Make America Great Again) hats, and declared the former president the only candidate who could “preserve democracy in America”. The tech mogul’s social media platform, X, became a digital megaphone for Trump’s re-election campaign. Musk’s political enthusiasm wasn’t limited to cheerleading; he reportedly poured more than $100 million into efforts to return Trump to the White House, emerging as a potent new kingmaker in Republican politics. In return, Trump elevated Musk in ways no modern president has done for a private citizen. Following his election victory in November 2024, Trump appointed Musk to lead the newly created Department of Government Efficiency (DOGE), tasking him with cutting federal waste and reshaping the bureaucratic state. Musk’s role was far from ceremonial. He took part in Cabinet meetings and oversaw budget cuts. Trump defended Musk during global backlash against Tesla, calling him a “patriot” and vowing to buy a Tesla himself. The beginning of the end Despite the theatrics and mutual praise, tensions began to bubble beneath the surface early in 2025. As DOGE aggressively pushed cost-cutting and return-to-office mandates, backlash from federal workers and agencies grew. Musk’s efforts to overhaul agencies like the US. The Institute of Peace sparked internal resistance and mounting political headaches for the administration. By March, Trump made it clear to his Cabinet that Musk was not in charge of federal departments—a subtle but significant reassertion of executive authority. Musk, for his part, publicly claimed the meetings were “productive”, but behind the scenes, his influence was waning. April brought more cracks. Tesla reported disappointing earnings, with shares down more than 40 per cent for the year amid growing investor concern that Musk was overextended. He pledged to reduce his involvement in DOGE, and by May, he had exited the administration altogether, citing frustration with government inefficiency and the administration’s direction. Even then, both men maintained a facade of cordiality. Trump held a farewell event for Musk, calling him “not really gone”, and Musk continued to visit the White House sporadically. But the goodwill would not last. A collision of titans The final break came in June, triggered by Musk’s vocal opposition to Trump’s sweeping tax and spending bill. Musk called the legislation “a disgusting abomination” and accused lawmakers of stuffing it with wasteful “pork”. He argued it undermined the very efficient efforts he had championed at DOGE. Trump initially tried to downplay the criticism but quickly turned combative. He accused Musk of being upset over the rollback of electric vehicle tax credits and dismissed his opposition as “personal”. The response from Musk was swift and scathing. He denied being consulted on the bill, lambasted the rushed legislative process, and suggested that Trump’s leadership was flawed. In a particularly pointed jab, he claimed Trump would have lost the 2024 election without his help. What followed was an extraordinary online brawl. Trump threatened to cancel federal contracts with Musk’s companies—Tesla, SpaceX, and Neuralink among them. Musk responded by threatening to phase out SpaceX’s Dragon spacecraft, which provides critical transport services for NASA. Tesla’s stock nosedived, shedding $150 billion in value in a single day. Adding fuel to the fire, Musk reposted a meme calling for Trump’s impeachment and suggested the president’s name may appear in the sealed Jeffrey Epstein files. Trump retaliated by branding Musk “crazy” and dismissing his influence on the campaign as overblown. Now, as their feud dominates headlines and rattles markets, analysts are left wondering what happens next. Trump remains president, but Musk is still one of the most powerful voices in American business. Despite the fallout, their political fates may remain inextricably linked. Musk’s departure from Trump’s orbit doesn’t sever their shared legacy. From reshaping the Republican Party’s donor class to creating a new archetype of tech-political partnership, the pair have already altered the political landscape. And with Musk now hinting at forming a new political party and Trump eyeing legislative victories, their rivalry could shape not just the next election but the future of American governance itself.

The once-close relationship between President Donald Trump and billionaire Elon Musk has collapsed in spectacular fashion—publicly, bitterly, and with potentially far-reaching political and economic consequences.

From bromance to breakup: The rise and ruin of Trump and Musk’s relationship