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US Inspector General of the United States Department of Labor Anthony D’Esposito on Thursday (Oct 08) reacted with mockery to news of the Indian stock market allegedly collapsing after the Donald Trump administration announced immigration curbs on major IT firms. "Ruh Roh." he said while sharing a post claiming that "The Indian stock market completely COLLAPSED today after the Trump Administration suspended H-1B and foreign labour programs over fraud." But did the Indian share market collapse following the announcement? WION does a fact check.<h2><img src="https://cdn3.wionews.com/prod/wion/images/2026/20261009/image-1791539423460.png"></h2>Also read | <a href="https://www.wionews.com/india-news/deeply-offensive-india-hits-back-at-us-vice-president-jd-vance-for-indentured-labour-remark-1791529828211">'Deeply offensive': India hits back at US Vice-President JD Vance for 'indentured labour' remark</a><h2>US curbs and Indian IT giants</h2>On Thursday, the US put curbs on eight IT firms. The companies named included Indian IT services majors Cognizant, Infosys, Tata, Wipro and HCL, alongside France's Capgemini. US technology companies Microsoft and Adobe were also suspended.US Labour Secretary Keith Sonderling said the companies had collectively sought millions of foreign workers and received hundreds of thousands of H-1B visa approvals and permanent labour certifications. “Since 2009, just these companies alone have requested almost 3 million foreign workers. They received over 230,000 H-1 B visa approvals and over 100,000 permanent labour certifications,” Sonderling said, arguing that the figures represented jobs taken from American workers.Also read | <a href="https://www.wionews.com/world/never-ending-flow-of-cheap-labour-jd-vance-hits-back-at-indian-origin-congresswoman-over-us-green-card-curbs-for-major-tech-companies-1791516363899">‘Never-ending flow of cheap labour’: JD Vance hits back at Indian-origin Congresswoman over US green card curbs for major tech companies</a><h2>What happened to Indian stock markets after the announcement?</h2>D’Esposito has gotten a fact check on X itself, with users pointing out in the community notes below the post that the Indian stock market had closed hours before the Trump administration’s October 8 announcement.On Friday (Oct 09), despite the US announcement, Indian markets opened on a high, with IT stocks witnessing strong buying. According to ANI, the Nifty 50 opened at 22,303.35, gaining 70.55 points or 0.32 per cent, while the BSE Sensex was trading at 71,747.82, up 154.5 points or 0.22 per cent.The Nifty IT index jumped 2.73 per cent, while most other sectoral indices on the NSE also traded in positive territory after losses the previous day (Thursday, Oct 08). Nifty FMCG rose 0.96 per cent, Nifty Private Bank gained 0.56 per cent, Nifty PSU Bank advanced 0.47 per cent, Nifty Metal increased 0.26 per cent, Nifty Pharma rose 0.22 per cent, and Nifty Auto gained 0.12 per cent.&nbsp;

Anthony D’Esposito, a top US official, appeared to mock India after a viral post claimed the Indian stock market had “completely COLLAPSED” following Trump’s latest IT curbs. But there’s a major problem with the claim: the data doesn’t add up. Here’s what the market data shows.

US Inspector General of the United States Department of Labor Anthony D’Esposito on Thursday (Oct 08) reacted with mockery to news of the Indian stock market allegedly collapsing after the Donald Trump administration announced immigration curbs on major IT firms. "Ruh Roh." he said while sharing a post claiming that "The Indian stock market completely COLLAPSED today after the Trump Administration suspended H-1B and foreign labour programs over fraud." But did the Indian share market collapse following the announcement? WION does a fact check. Also read | 'Deeply offensive': India hits back at US Vice-President JD Vance for 'indentured labour' remark US curbs and Indian IT giants On Thursday, the US put curbs on eight IT firms. The companies named included Indian IT services majors Cognizant, Infosys, Tata, Wipro and HCL, alongside France's Capgemini. US technology companies Microsoft and Adobe were also suspended. US Labour Secretary Keith Sonderling said the companies had collectively sought millions of foreign workers and received hundreds of thousands of H-1B visa approvals and permanent labour certifications. “Since 2009, just these companies alone have requested almost 3 million foreign workers. They received over 230,000 H-1 B visa approvals and over 100,000 permanent labour certifications,” Sonderling said, arguing that the figures represented jobs taken from American workers. Also read | ‘Never-ending flow of cheap labour’: JD Vance hits back at Indian-origin Congresswoman over US green card curbs for major tech companies What happened to Indian stock markets after the announcement? D’Esposito has gotten a fact check on X itself, with users pointing out in the community notes below the post that the Indian stock market had closed hours before the Trump administration’s October 8 announcement. On Friday (Oct 09), despite the US announcement, Indian markets opened on a high, with IT stocks witnessing strong buying. According to ANI, the Nifty 50 opened at 22,303.35, gaining 70.55 points or 0.32 per cent, while the BSE Sensex was trading at 71,747.82, up 154.5 points or 0.22 per cent. The Nifty IT index jumped 2.73 per cent, while most other sectoral indices on the NSE also traded in positive territory after losses the previous day (Thursday, Oct 08). Nifty FMCG rose 0.96 per cent, Nifty Private Bank gained 0.56 per cent, Nifty PSU Bank advanced 0.47 per cent, Nifty Metal increased 0.26 per cent, Nifty Pharma rose 0.22 per cent, and Nifty Auto gained 0.12 per cent.

Anthony D’Esposito, a top US official, appeared to mock India after a viral post claimed the Indian stock market had “completely COLLAPSED” following Trump’s latest IT curbs. But there’s a major problem with the claim: the data doesn’t add up. Here’s what the market data shows.

Union Communications Minister Jyotiraditya Scindia on Friday (Oct 09) said India would not allow a monopoly in commercial satellite communications, clarifying that three operators, including Elon Musk’s Starlink, are moving through the regulatory process for launching services in the country. Scindia’s remarks came after Musk, the SpaceX and Starlink chief, accused unnamed "oligarchs" of trying to preserve market dominance, maintain "their monopolistic chokehold" by preventing Starlink from entering India despite five years of efforts to comply with Indian requirements.“India does not allow a monopoly in any sector,” Scindia said, adding that licences had been granted to Reliance Jio, OneWeb and Starlink. He also named Amazon as another company interested in obtaining a licence, saying it would have to follow the prescribed process. “Today there are three licences that are out there. There is a lot of conversation about a particular party. But there are three parties that have got licences,” the minister said.Also read | <a href="https://www.wionews.com/world/never-ending-flow-of-cheap-labour-jd-vance-hits-back-at-indian-origin-congresswoman-over-us-green-card-curbs-for-major-tech-companies-1791516363899">‘Never-ending flow of cheap labour’: JD Vance hits back at Indian-origin Congresswoman over US green card curbs for major tech companies</a><h2>Pricing framework nearing final decision</h2>Scindia said the government was close to taking a final decision on the pricing framework for satellite communication services. The process involves decisions on spectrum allocation, the pricing regime, and security requirements that operators must fulfil before launching commercial operations.The decision to assign spectrum administratively rather than auction it has already been taken, he said. The Department of Telecommunications (DoT) and the Telecom Regulatory Authority of India (TRAI) have been discussing the pricing framework, with a final decision expected after those consultations.Scindia said each operator would have to independently meet the prescribed security requirements and milestones before moving ahead. “The third has to do with security requirements and requisites being followed,” he said, adding that commercial operations could begin only after each company had completed the required compliance process.Also read | <a href="https://www.wionews.com/india-news/deeply-offensive-india-hits-back-at-us-vice-president-jd-vance-for-indentured-labour-remark-1791529828211">'Deeply offensive': India hits back at US Vice-President JD Vance for 'indentured labour' remark</a><h2>Government rejects allegations of unfair treatment</h2>The minister’s remarks follow Musk’s claims that Starlink was being held back by vested interests in India. The Ministry of Communications had earlier rejected allegations of unfair treatment, saying all three licensed operators were at broadly the same stage of the regulatory process.The ministry said security assessments were under way for all three companies. Once they complete the required process, the operators can move to the next step of seeking spectrum assignment.&nbsp;

India has rejected claims of a monopoly in satellite communications, with Communications Minister Jyotiraditya Scindia saying Reliance Jio, OneWeb and Starlink are in the regulatory pipeline. Commercial launches will depend on the final pricing framework and security clearances.

Union Communications Minister Jyotiraditya Scindia on Friday (Oct 09) said India would not allow a monopoly in commercial satellite communications, clarifying that three operators, including Elon Musk’s Starlink, are moving through the regulatory process for launching services in the country. Scindia’s remarks came after Musk, the SpaceX and Starlink chief, accused unnamed "oligarchs" of trying to preserve market dominance, maintain "their monopolistic chokehold" by preventing Starlink from entering India despite five years of efforts to comply with Indian requirements. “India does not allow a monopoly in any sector,” Scindia said, adding that licences had been granted to Reliance Jio, OneWeb and Starlink. He also named Amazon as another company interested in obtaining a licence, saying it would have to follow the prescribed process. “Today there are three licences that are out there. There is a lot of conversation about a particular party. But there are three parties that have got licences,” the minister said. Also read | ‘Never-ending flow of cheap labour’: JD Vance hits back at Indian-origin Congresswoman over US green card curbs for major tech companies Pricing framework nearing final decision Scindia said the government was close to taking a final decision on the pricing framework for satellite communication services. The process involves decisions on spectrum allocation, the pricing regime, and security requirements that operators must fulfil before launching commercial operations. The decision to assign spectrum administratively rather than auction it has already been taken, he said. The Department of Telecommunications (DoT) and the Telecom Regulatory Authority of India (TRAI) have been discussing the pricing framework, with a final decision expected after those consultations. Scindia said each operator would have to independently meet the prescribed security requirements and milestones before moving ahead. “The third has to do with security requirements and requisites being followed,” he said, adding that commercial operations could begin only after each company had completed the required compliance process. Also read | 'Deeply offensive': India hits back at US Vice-President JD Vance for 'indentured labour' remark Government rejects allegations of unfair treatment The minister’s remarks follow Musk’s claims that Starlink was being held back by vested interests in India. The Ministry of Communications had earlier rejected allegations of unfair treatment, saying all three licensed operators were at broadly the same stage of the regulatory process. The ministry said security assessments were under way for all three companies. Once they complete the required process, the operators can move to the next step of seeking spectrum assignment.

India has rejected claims of a monopoly in satellite communications, with Communications Minister Jyotiraditya Scindia saying Reliance Jio, OneWeb and Starlink are in the regulatory pipeline. Commercial launches will depend on the final pricing framework and security clearances.

Starlink row: India rejects Musk’s ‘monopoly’ accusation, reveals Amazon also in satellite internet race

Explore the 10 fastest-growing Asian economies in 2026, ranked by GDP growth forecasts. See where Taiwan, India, Vietnam and China stand

Asia's fastest-growing economies in 2026 ranked by GDP growth forecasts as per Visual Capitalist. Taiwan leads at 11%, followed by Kyrgyzstan and Vietnam. Scroll down to see where India stands

The Sensex plunged 1,045 points and the Nifty fell 371 points on Thursday as Indian equity markets witnessed heavy selling pressure with investors reacting to the RBI’s shift towards a tighter monetary policy, a sharp rise in crude oil prices and continued foreign fund outflows. This was 50-stock index’s lowest close in 18 months. Over Rs 10 lakh crore in market-capitalisation was erased from the benchmarks as the sell-off extended through the session.&nbsp;The Sensex, which fell around 150 points at the open, eventually declined 1,045 points by the close as sell-off intensified through the trading session.&nbsp;The Nifty also extended its losses from around 70 points at the opening to finish 371 points lower.The sharp decline came a day after the Reserve Bank of India raised the repo rate by 25 basis points to 5.50 per cent and shifted its policy stance from “neutral” to “calibrated tightening”.&nbsp;The RBI decision was the biggest trigger for the market as the central bank raised the repo rate by 25 basis points to 5.50 per cent. While the rate hike was largely expected, the change in stance to “calibrated tightening” raised concerns that monetary tightening could continue if inflationary pressures persist.&nbsp;Higher interest rates can weigh on equity valuations by increasing borrowing costs and making fixed-income investments relatively more attractive.The RBI also flagged risks from elevated crude oil prices and tighter global financial conditions, adding to investor caution.&nbsp;<h2>Crude oil surges above $104</h2>&nbsp;Besides, a sharp rise in crude oil prices added to the pressure on Indian equities. Brent crude climbed nearly 4 per cent to around $104.09 a barrel as concerns over West Asia supply disruptions continued. Since India is heavily dependent on imports to meet its oil requirements, higher crude increases the import bill and puts pressure on the rupee.&nbsp;&nbsp;<h2>FIIs continue to sell</h2>&nbsp;Continued selling by foreign institutional investors emerged as another major drag on Indian equities. FIIs sold Rs 6,121.37 crore in the cash market on Wednesday, following sales of Rs 2,961.30 crore on Tuesday and Rs 4,699.14 crore on Monday.They had sold Rs 9,484.22 crore on October 1, Rs 10,148.41 crore on September 30 and Rs 9,980.22 crore on September 29, as they pulled out around Rs 43,395 crore over six trading sessions.&nbsp;<h2>Rupee remains under pressure</h2>&nbsp;The Indian rupee also remained under pressure amid elevated crude prices, foreign fund outflows and high US bond yields. The rupee was trading around 96.76 against the US dollar, close to its recent record-low levels.A weaker rupee makes imported commodities such as crude oil more expensive while companies importing raw materials can also see their costs rise.&nbsp;Thursday’s decline was broad-based, as the Nifty Metal index fell 3.40 per cent, while Oil &amp; Gas dipped 2.60 per cent, Realty fell 2.68 per cent, Auto 2.01 per cent and Pharma 2.26 per cent.&nbsp;FMCG stocks also dipped around 2.02 per cent, while Healthcare declined 2.31.

The RBI decision was the biggest trigger for markets as the central bank raised the repo rate by 25 basis points to 5.50 per cent. While the rate hike was largely expected, the change in stance to “calibrated tightening” raised concerns that monetary tightening could continue.

The Sensex plunged 1,045 points and the Nifty fell 371 points on Thursday as Indian equity markets witnessed heavy selling pressure with investors reacting to the RBI’s shift towards a tighter monetary policy, a sharp rise in crude oil prices and continued foreign fund outflows. This was 50-stock index’s lowest close in 18 months. Over Rs 10 lakh crore in market-capitalisation was erased from the benchmarks as the sell-off extended through the session. The Sensex, which fell around 150 points at the open, eventually declined 1,045 points by the close as sell-off intensified through the trading session. The Nifty also extended its losses from around 70 points at the opening to finish 371 points lower. The sharp decline came a day after the Reserve Bank of India raised the repo rate by 25 basis points to 5.50 per cent and shifted its policy stance from “neutral” to “calibrated tightening”. The RBI decision was the biggest trigger for the market as the central bank raised the repo rate by 25 basis points to 5.50 per cent. While the rate hike was largely expected, the change in stance to “calibrated tightening” raised concerns that monetary tightening could continue if inflationary pressures persist. Higher interest rates can weigh on equity valuations by increasing borrowing costs and making fixed-income investments relatively more attractive. The RBI also flagged risks from elevated crude oil prices and tighter global financial conditions, adding to investor caution. Crude oil surges above $104 Besides, a sharp rise in crude oil prices added to the pressure on Indian equities. Brent crude climbed nearly 4 per cent to around $104.09 a barrel as concerns over West Asia supply disruptions continued. Since India is heavily dependent on imports to meet its oil requirements, higher crude increases the import bill and puts pressure on the rupee. FIIs continue to sell Continued selling by foreign institutional investors emerged as another major drag on Indian equities. FIIs sold Rs 6,121.37 crore in the cash market on Wednesday, following sales of Rs 2,961.30 crore on Tuesday and Rs 4,699.14 crore on Monday. They had sold Rs 9,484.22 crore on October 1, Rs 10,148.41 crore on September 30 and Rs 9,980.22 crore on September 29, as they pulled out around Rs 43,395 crore over six trading sessions. Rupee remains under pressure The Indian rupee also remained under pressure amid elevated crude prices, foreign fund outflows and high US bond yields. The rupee was trading around 96.76 against the US dollar, close to its recent record-low levels. A weaker rupee makes imported commodities such as crude oil more expensive while companies importing raw materials can also see their costs rise. Thursday’s decline was broad-based, as the Nifty Metal index fell 3.40 per cent, while Oil & Gas dipped 2.60 per cent, Realty fell 2.68 per cent, Auto 2.01 per cent and Pharma 2.26 per cent. FMCG stocks also dipped around 2.02 per cent, while Healthcare declined 2.31.

The RBI decision was the biggest trigger for markets as the central bank raised the repo rate by 25 basis points to 5.50 per cent. While the rate hike was largely expected, the change in stance to “calibrated tightening” raised concerns that monetary tightening could continue.

Sensex tanks 1,045 points, Nifty down 371; investors lose Rs 10 lakh crore

The People's Bank of China (PBC), the country's central bank, extended its buying streak of gold reserves for the 23rd consecutive month in September 2026, marking the longest official purchase by any bank in the world. This has brought China's official gold reserves to 77.47 million ounces, up from 76.73 million ounces in August, official data showed on Wednesday (October 7). By the end of July, China's gold reserves reached nearly 76.08 million troy ounces, valuing at around $306 billion. By the end of August, its estimated value rose to $350 billion. According to Cryptometer, the People's Bank of China (PBC) added 20 tonnes in July alone, lifting official holdings to a record 2,366 tonnes.<h3>Why is China buying more gold?</h3>China's central bank has maintained a sustained gold-buying streak in world history. It has been buying gold consistently for nearly two years. Multiple reasons have been cited for the bank's move, including geopolitical uncertainty, reserve diversification, evading sanctions and de-dollarisation. De-dollarisation and reserve diversification: China holds a huge pile of foreign exchange reserves historically weighted toward US dollar assets like Treasury bonds. Gold offers a way to reduce that concentration without relying on another country's currency or financial system. Protection against sanctions: After Russia's central bank reserves were frozen due to international pressure following Moscow's invasion of Ukraine in 2022, it has became wakeup call for countries like China. The move indicates that dollar- and euro-denominated reserves can be frozen by Western governments in a crisis, but gold held in domestic vaults cannot be sanctioned the same way, since it doesn't depend on a foreign issuer. Geopolitical risk management: A 2026 survey by the OMFIF (a central-bank research network) found that most reserve managers cited protection from geopolitical risk as a key reason for buying gold, and the large majority said they see the global monetary system becoming more "multipolar," i.e., less centred on the US dollar. The scale of buying: According to the People's Bank of China, official holdings reached roughly 2,366 tonnes by July 2026, after what was reported as the longest continuous buying streak in the central bank's history, 21 months in a row. However, analysts, including Goldman Sachs, believe China's actual purchases are significantly higher than the official figures suggest, since much of its buying happens through markets like London's over-the-counter gold market rather than being disclosed directly. Broader trend: China isn't alone. Central banks globally have been buying gold at near-record levels for several years, and some forecasters expect this to continue given ongoing geopolitical tensions, trade disputes, and a more fragmented global financial system.&nbsp;Also read: <a href="https://www.wionews.com/world/trump-administration-proposes-70-000-fee-for-international-students-to-work-in-us-1791446308714">Trump administration proposes $70,000 fee for international students to work in US</a><h3>How do India and China's central banks see gold reserves?</h3>Reacting to the ongoing development, Siddharth Maurya, Managing Director of Vibhavangal Anukulkara Pvt Ltd, said, "China’s central bank has been buying gold for 23 consecutive months, accumulating 740,000 ounces of the precious metal worth $3.1 billion in the latest round. Over that period, Beijing has added 4.67 million ounces—about $19.5 billion — and grown its gold reserves to roughly $323.5 billion in total. It is not a fleeting exercise in short-term trading. It is a deepening conviction in the virtues of hard assets as a hedge against devaluation and de-dollarisation." "Meanwhile, there is an equally compelling story unfolding around India, which has official gold reserves of 880 tonnes valued at near $115–120 billion, placing it among the world’s top ten. China holds far more. But India’s true gold strength lies with its households, which own an estimated 25,000 tonnes—worth over $4 trillion, a stockpile larger than the combined reserves of the world’s largest central banks," he added. "The RBI has also been withdrawing gold from overseas repositories, and focusing more closely on its domestic gold holdings. The India connection therefore goes far beyond a desire to emulate China’s monthly gold-buying binge, and is instead about recognising that India already possesses an immense and undervalued stock of gold bullion that, if leveraged through monetisation, gold-backed finance or sovereign wealth, could create powerful economic opportunities that harness its unique cultural attachment to gold, " Maurya said.&nbsp;In September, the US dollar index rose, and prices of major financial assets declined overall globally. This comes after being influenced by the global macroeconomic environment and the monetary policies of major developed and developing economies. It prompted the country's foreign exchange reserves to fall over the month after the combined effect of exchange rate translation and changes in asset prices. Therefore, China stepped in to focus more on diversifying its reserves by buying more gold to maintain the overall stability of its foreign exchange reserves.

China's central bank has maintained a sustained gold-buying streak in world history. It has been buying gold consistently for nearly two years. Multiple reasons have been cited for the bank's move, including geopolitical uncertainty, reserve diversification, sanctions and de-dollarisation.

The People's Bank of China (PBC), the country's central bank, extended its buying streak of gold reserves for the 23rd consecutive month in September 2026, marking the longest official purchase by any bank in the world. This has brought China's official gold reserves to 77.47 million ounces, up from 76.73 million ounces in August, official data showed on Wednesday (October 7). By the end of July, China's gold reserves reached nearly 76.08 million troy ounces, valuing at around $306 billion. By the end of August, its estimated value rose to $350 billion. According to Cryptometer, the People's Bank of China (PBC) added 20 tonnes in July alone, lifting official holdings to a record 2,366 tonnes. Why is China buying more gold? China's central bank has maintained a sustained gold-buying streak in world history. It has been buying gold consistently for nearly two years. Multiple reasons have been cited for the bank's move, including geopolitical uncertainty, reserve diversification, evading sanctions and de-dollarisation. De-dollarisation and reserve diversification: China holds a huge pile of foreign exchange reserves historically weighted toward US dollar assets like Treasury bonds. Gold offers a way to reduce that concentration without relying on another country's currency or financial system. Protection against sanctions: After Russia's central bank reserves were frozen due to international pressure following Moscow's invasion of Ukraine in 2022, it has became wakeup call for countries like China. The move indicates that dollar- and euro-denominated reserves can be frozen by Western governments in a crisis, but gold held in domestic vaults cannot be sanctioned the same way, since it doesn't depend on a foreign issuer. Geopolitical risk management: A 2026 survey by the OMFIF (a central-bank research network) found that most reserve managers cited protection from geopolitical risk as a key reason for buying gold, and the large majority said they see the global monetary system becoming more "multipolar," i.e., less centred on the US dollar. The scale of buying: According to the People's Bank of China, official holdings reached roughly 2,366 tonnes by July 2026, after what was reported as the longest continuous buying streak in the central bank's history, 21 months in a row. However, analysts, including Goldman Sachs, believe China's actual purchases are significantly higher than the official figures suggest, since much of its buying happens through markets like London's over-the-counter gold market rather than being disclosed directly. Broader trend: China isn't alone. Central banks globally have been buying gold at near-record levels for several years, and some forecasters expect this to continue given ongoing geopolitical tensions, trade disputes, and a more fragmented global financial system. Also read: Trump administration proposes $70,000 fee for international students to work in US How do India and China's central banks see gold reserves? Reacting to the ongoing development, Siddharth Maurya, Managing Director of Vibhavangal Anukulkara Pvt Ltd, said, "China’s central bank has been buying gold for 23 consecutive months, accumulating 740,000 ounces of the precious metal worth $3.1 billion in the latest round. Over that period, Beijing has added 4.67 million ounces—about $19.5 billion — and grown its gold reserves to roughly $323.5 billion in total. It is not a fleeting exercise in short-term trading. It is a deepening conviction in the virtues of hard assets as a hedge against devaluation and de-dollarisation." "Meanwhile, there is an equally compelling story unfolding around India, which has official gold reserves of 880 tonnes valued at near $115–120 billion, placing it among the world’s top ten. China holds far more. But India’s true gold strength lies with its households, which own an estimated 25,000 tonnes—worth over $4 trillion, a stockpile larger than the combined reserves of the world’s largest central banks," he added. "The RBI has also been withdrawing gold from overseas repositories, and focusing more closely on its domestic gold holdings. The India connection therefore goes far beyond a desire to emulate China’s monthly gold-buying binge, and is instead about recognising that India already possesses an immense and undervalued stock of gold bullion that, if leveraged through monetisation, gold-backed finance or sovereign wealth, could create powerful economic opportunities that harness its unique cultural attachment to gold, " Maurya said. In September, the US dollar index rose, and prices of major financial assets declined overall globally. This comes after being influenced by the global macroeconomic environment and the monetary policies of major developed and developing economies. It prompted the country's foreign exchange reserves to fall over the month after the combined effect of exchange rate translation and changes in asset prices. Therefore, China stepped in to focus more on diversifying its reserves by buying more gold to maintain the overall stability of its foreign exchange reserves.

China's central bank has maintained a sustained gold-buying streak in world history. It has been buying gold consistently for nearly two years. Multiple reasons have been cited for the bank's move, including geopolitical uncertainty, reserve diversification, sanctions and de-dollarisation.

New Cold War: Why is China buying more gold? Explained

A Wall Street Journal report has claimed that US Treasury Secretary Scott Bessent spat in his own food and stormed out of a Washington, D.C., restaurant after being confronted by anti-war protesters. The report is part of a larger investigation into Bessent's management style and work conduct in the 20 months in office in the administration of President Donald Trump.<h2>What happened with Bessent in the DC restaurant?</h2>Last December, Code Pink members interrupted Bessent's dinner. The activist group criticised the Trump administration's use of economic sanctions. Describing the protesters as ignorant, Bessent got angry with the restaurant's owner for failing to remove them. As per the owner and a nearby diner, Bessent then spat in his food before leaving, claimed the WSJ report.Also read: <a href="https://www.wionews.com/world/bessent-he-lifeng-us-china-talks-trump-xi-summit-trade-ai-1789928530751">Bessent meets China’s He Lifeng to prepare for Trump-Xi summit</a><h2>Bessent is on short fuse? What his aides think of him</h2>The paper called this evidence of Bessent's volatile temperament, with its report relying on interviews with more than 30 current and former officials. In the high-pressure environment at the Treasury Department, aides discuss Bessent's mood before approaching him, and they feel relieved when he is away from the office, said the report.&nbsp;It also calimed that Bessent's behaviour was a factor in the departure of several senior officials.&nbsp;<a href="https://www.wionews.com/videos/us-iran-tensions-bessent-unveils-economic-d-day-sanctions-on-iran-1787643625446/embed">https://www.wionews.com/videos/us-iran-tensions-bessent-unveils-economic-d-day-sanctions-on-iran-1787643625446/embed</a><h2>Binders fly in Bessent's Treasury office</h2>Bessent became angry over the organisation of his daily briefing book and threw a binder containing papers against a wall, an account he denied to the Journal.In January, he confronted John Hurley, then undersecretary for terrorism and financial intelligence, over the pace of a probe into alleged fraud in Minnesota's Somali community. Bessent yelled profanities at Hurley so that staff nearby could hear, claimed the report.&nbsp;Hurley later left the Treasury and was appointed the US envoy to the Organisation for Economic Co-operation and Development (OECD).The Journal reported that seven Senate-confirmed Treasury officials left the department by the end of August, compared with zero to two departures during similar periods under the previous four administrations, even as several key positions remain vacant.Also read: <a href="https://www.wionews.com/world/us-treasury-secretary-scott-bessent-hails-global-crackdown-on-iranian-banks-and-airlines-1790495066849">US Treasury Secretary Scott Bessent hails global crackdown on Iranian banks and airlines</a><h2>Bessent has Trump's backing despite not delivering on promises and plans</h2>Bessent had been promoting Trump's "3-3-3" economic strategy: 3 per cent GDP growth, a budget deficit at 3 per cent of GDP by 2028, and three million barrels of additional daily oil production. Currently, however, the GDP growth of US has remained around 2 per cent, oil output has risen by less than one million barrels a day, and the deficit is above 6 per cent of GDP. US government debt meanwhile, surpassed $40 trillion.But Trump has said he likes Bessent's "feisty public persona". Former Trump adviser Steve Bannon described Bessent as a good person with a "a tripwire and ... a temper".The Treasury Department meanwhile defended Bessent, saying he approaches the job with "responsibility and urgency" and has high expectations for the department. The White House defended his management style, citing professionalism and accountability.

A Wall Street Journal report details Treasury Secretary Scott Bessent’s alleged short temper, including a restaurant confrontation with protesters, outbursts at staff, and departures of officials from his department. Despite not delivering on his promises, Trump administration defends him

A Wall Street Journal report has claimed that US Treasury Secretary Scott Bessent spat in his own food and stormed out of a Washington, D.C., restaurant after being confronted by anti-war protesters. The report is part of a larger investigation into Bessent's management style and work conduct in the 20 months in office in the administration of President Donald Trump. What happened with Bessent in the DC restaurant? Last December, Code Pink members interrupted Bessent's dinner. The activist group criticised the Trump administration's use of economic sanctions. Describing the protesters as ignorant, Bessent got angry with the restaurant's owner for failing to remove them. As per the owner and a nearby diner, Bessent then spat in his food before leaving, claimed the WSJ report. Also read: Bessent meets China’s He Lifeng to prepare for Trump-Xi summit Bessent is on short fuse? What his aides think of him The paper called this evidence of Bessent's volatile temperament, with its report relying on interviews with more than 30 current and former officials. In the high-pressure environment at the Treasury Department, aides discuss Bessent's mood before approaching him, and they feel relieved when he is away from the office, said the report. It also calimed that Bessent's behaviour was a factor in the departure of several senior officials. https://www.wionews.com/videos/us-iran-tensions-bessent-unveils-economic-d-day-sanctions-on-iran-1787643625446/embed Binders fly in Bessent's Treasury office Bessent became angry over the organisation of his daily briefing book and threw a binder containing papers against a wall, an account he denied to the Journal. In January, he confronted John Hurley, then undersecretary for terrorism and financial intelligence, over the pace of a probe into alleged fraud in Minnesota's Somali community. Bessent yelled profanities at Hurley so that staff nearby could hear, claimed the report. Hurley later left the Treasury and was appointed the US envoy to the Organisation for Economic Co-operation and Development (OECD). The Journal reported that seven Senate-confirmed Treasury officials left the department by the end of August, compared with zero to two departures during similar periods under the previous four administrations, even as several key positions remain vacant. Also read: US Treasury Secretary Scott Bessent hails global crackdown on Iranian banks and airlines Bessent has Trump's backing despite not delivering on promises and plans Bessent had been promoting Trump's "3-3-3" economic strategy: 3 per cent GDP growth, a budget deficit at 3 per cent of GDP by 2028, and three million barrels of additional daily oil production. Currently, however, the GDP growth of US has remained around 2 per cent, oil output has risen by less than one million barrels a day, and the deficit is above 6 per cent of GDP. US government debt meanwhile, surpassed $40 trillion. But Trump has said he likes Bessent's "feisty public persona". Former Trump adviser Steve Bannon described Bessent as a good person with a "a tripwire and ... a temper". The Treasury Department meanwhile defended Bessent, saying he approaches the job with "responsibility and urgency" and has high expectations for the department. The White House defended his management style, citing professionalism and accountability.

A Wall Street Journal report details Treasury Secretary Scott Bessent’s alleged short temper, including a restaurant confrontation with protesters, outbursts at staff, and departures of officials from his department. Despite not delivering on his promises, Trump administration defends him

Scott Bessent spat in his food after protesters confronted him at restaurant, threw binders, yelled at officials, claims report

The Government of Malta and VFS Global have signed a Joint Declaration of Intent (JDI) to expand cooperation on mobility, citizen services and skills development, the company said on Thursday (Oct 8). The agreement brings together Malta's Ministry for Foreign and European Affairs (MFEA), Identità, the country's identity management agency, and the Institute of Tourism Studies (ITS) under an expanded framework of cooperation. The declaration was signed in Valletta on the sidelines of the World Travel &amp; Tourism Council (WTTC) Global Summit in Malta. It was signed by Christopher Cutajar for MFEA, Col. Edric Zahra for Identità, Pierre Fenech for ITS and Zubin Karkaria, founder and CEO of VFS Global.&nbsp;The expanded partnership will include citizen and consular support services for Maltese nationals living overseas, in coordination with the MFEA. It will also broaden skills assessment services currently provided in collaboration with ITS. The existing partnership with ITS has focused on facilitating interviews for candidates in the hospitality and tourism sectors. Under the new framework, the scope will be extended to support talent requirements across other sectors, VFS Global said.&nbsp;The collaboration will also seek to facilitate a skilled and verified workforce to meet Malta's evolving employment needs and support initiatives aimed at positioning the country as a destination for international education. The agreement builds on VFS Global's longstanding partnership with the Maltese government and Identità, which currently covers short-stay and long-stay visa services as well as skills assessment.&nbsp;&nbsp;"Our partnership with the Government of Malta has evolved significantly since it began in 2008, and this MoU marks an important new chapter in that journey," Karkaria said. He said the expansion into citizen services for Maltese nationals overseas and skills development across strategic sectors reflected the confidence placed in VFS Global as a partner.&nbsp;VFS Global has worked with the Maltese government since 2008 and currently provides visa services on its behalf in 73 countries through 155 dedicated visa application centres. The company clarified that its role in the visa process is limited to administrative tasks such as collecting applications and documents and enrolling biometrics. Decisions to grant or refuse visas remain solely with the concerned embassy or Identità. The signing comes as Malta seeks to strengthen mobility, citizen services and workforce capabilities across key sectors.

Malta and VFS Global have signed a Joint Declaration of Intent to expand cooperation on citizen and consular services, skills assessment and workforce development. The partnership will support Maltese nationals overseas and broaden talent assessment beyond tourism and hospitality sectors.

The Government of Malta and VFS Global have signed a Joint Declaration of Intent (JDI) to expand cooperation on mobility, citizen services and skills development, the company said on Thursday (Oct 8). The agreement brings together Malta's Ministry for Foreign and European Affairs (MFEA), Identità, the country's identity management agency, and the Institute of Tourism Studies (ITS) under an expanded framework of cooperation. The declaration was signed in Valletta on the sidelines of the World Travel & Tourism Council (WTTC) Global Summit in Malta. It was signed by Christopher Cutajar for MFEA, Col. Edric Zahra for Identità, Pierre Fenech for ITS and Zubin Karkaria, founder and CEO of VFS Global. The expanded partnership will include citizen and consular support services for Maltese nationals living overseas, in coordination with the MFEA. It will also broaden skills assessment services currently provided in collaboration with ITS. The existing partnership with ITS has focused on facilitating interviews for candidates in the hospitality and tourism sectors. Under the new framework, the scope will be extended to support talent requirements across other sectors, VFS Global said. The collaboration will also seek to facilitate a skilled and verified workforce to meet Malta's evolving employment needs and support initiatives aimed at positioning the country as a destination for international education. The agreement builds on VFS Global's longstanding partnership with the Maltese government and Identità, which currently covers short-stay and long-stay visa services as well as skills assessment. "Our partnership with the Government of Malta has evolved significantly since it began in 2008, and this MoU marks an important new chapter in that journey," Karkaria said. He said the expansion into citizen services for Maltese nationals overseas and skills development across strategic sectors reflected the confidence placed in VFS Global as a partner. VFS Global has worked with the Maltese government since 2008 and currently provides visa services on its behalf in 73 countries through 155 dedicated visa application centres. The company clarified that its role in the visa process is limited to administrative tasks such as collecting applications and documents and enrolling biometrics. Decisions to grant or refuse visas remain solely with the concerned embassy or Identità. The signing comes as Malta seeks to strengthen mobility, citizen services and workforce capabilities across key sectors.

Malta and VFS Global have signed a Joint Declaration of Intent to expand cooperation on citizen and consular services, skills assessment and workforce development. The partnership will support Maltese nationals overseas and broaden talent assessment beyond tourism and hospitality sectors.

Malta expands partnership with VFS Global for consular services, skills assessment, workforce development

Not so long ago, the term 'brain drain' referred to the loss of skilled manpower from developing nations like India to foreign countries such as the US. Today, comparable levels of emigration are taking place from India to a larger number of nations. But the term 'brain drain' is not heard as much as it was in the past, in media or academic circles. The migration of skilled labour, such as software engineers and doctors, could be considered a kind of export. Celebrating the material success of the Indian diaspora is one way of looking at this. But it belies a potential crisis and raises the question: Is India unable to retain its talent within the country?<h2>India has the world's largest emigrant population</h2>Recently, economist and former Prime Minister of the Kyrgyz Republic Djoomart Otorbaev wrote that India is not merely exporting software, pharmaceuticals, and services. It is exporting something consequential: human beings. While China became the world's workshop, India is increasingly becoming the world's labour pool. That observation is accurate, going by global as well as Indian government data. The number of India-born people living abroad was estimated at 18.5 million in 2024 by the United Nations, which is roughly 6 per cent of all international migrants. It is a near-tripling from 6.5 million in 1990.India's Ministry of External Affairs (MEA) data shows a much bigger number of 34.36 million as of January 2025, which includes 17.18 million Persons of Indian Origin (PIOs) and 17.18 million Non-Resident Indians (NRIs). Of this total, the US hosts 5.69 million, the UAE 3.90 million and Canada 3.61 million. These are mission-compiled estimates, and the totals have varied between various parliamentary replies.Also read: <a href="https://www.wionews.com/world/indians-now-australia-s-top-migrant-group-surpasses-uk-s-population-more-details-inside-1777533766737">Indians now Australia’s top migrant group, surpasses UK's population: More details inside</a><h2>Voting with their feet: The number of Indians giving up their citizenship is growing</h2>In migration studies, the term 'voting with their feet' refers to people leaving their home country for better opportunities, driven by 'push and pull' factors — relatively poor conditions at home and better living standards, opportunities and attractive currency exchange rates abroad. One of the clearest signs of this is a permanent exit: the renunciation of citizenship. India does not allow dual nationality, though people of Indian origin can apply for an Overseas Citizen of India (OCI) card, which provides certain rights but is not equivalent to Indian citizenship. Between 2011 and 2024, according to MEA data, 2.09 million Indians gave up their citizenship.When taken annually, these renunciations ranged between 121,000 and 144,000 in the 2011- 2019 period. Then came a sudden jump to 225,620 in 2022, followed by 216,219 in 2023 and 206,378 in 2024. Nearly 900,000 people left the citizenship rolls in the five years to 2024 alone.Also read: <a href="https://www.wionews.com/trending/how-are-migration-and-urbanisation-leaving-millions-of-elderly-parents-without-care-1783593293480">How are migration and urbanisation leaving millions of elderly parents without care</a><h2>Rich nations are taking the cream of the crop from India</h2>Much of this migration is a combination of the pre-selection of the best talent by foreign firms and nations, something Otorbaev referred to as 'filtering the pool', and the self-selection of destination countries by migrants themselves. In spite of growing rhetoric against Indian migration to the US, Indian-born workers received 283,400 of 399,400 approved US H-1B petitions, which is 71 per cent of the total pool, in 2024-25. For the US, as well as several other countries, India was the leading source of international students, with more than 363,000 enrolled in the US in 2024-25 alone, according to Migration Policy Institute data. Many of them go on to find jobs in the nations where they studied.This migration is increasingly including Europe, Scandinavia and Oceania, besides traditional destinations such as the US, UK and Canada. The other stream is lower- and mid-skilled workers who move towards the Gulf, where taking citizenship is not possible in most cases. Government data showed that the UAE and the US each hosted 17 per cent of India's emigrants in 2024, while Gulf countries accounted for around half of all Indian migrants.<a href="https://www.wionews.com/videos/global-work-visa-options-top-countries-opening-work-visas-for-indians-1758778533092/embed">https://www.wionews.com/videos/global-work-visa-options-top-countries-opening-work-visas-for-indians-1758778533092/embed</a>&nbsp;<h2>The good side: India's rise to the top of remittance-receiving nations helps its foreign currency reserves</h2>India has been the world's largest remittance recipient since 2008, with remittances standing at around $137.7 billion in 2024. This is more than double the amount flowing to the next-ranked country, Mexico, which received around $67 billion, much of it from 'near-far' migration into the US.Indian remittances are around 3.5 per cent of its GDP and have been growing at nearly 14 per cent annually in the last few years. These inflows add to India's foreign currency reserves, helping it pay bills and balance its currency during difficult periods such as the current conflict in West Asia.Also read: <a href="https://www.wionews.com/world/home-not-a-hotel-australia-vows-biggest-immigration-cut-in-history-what-it-means-for-indians-1791274843735">'Home, not a hotel': Australia vows 'biggest immigration cut' in history - What it means for Indians</a><h2>What the migration reveals: The job situation for youth in India</h2>The story of migration cannot be read without considering the 'push factor': a lack of employment opportunities for skilled labour in India for young and able-bodied workforce, and the anticipation of unemployment at the student stage itself for many individuals. As a result, many are planning their studies abroad, often taking bank loans, with the intention of finding a job in the destination countries and possibly settling there.<h2>The lack of enough productive jobs for available labour in the country</h2>Youth unemployment, for those aged between 15 and 29, is estimated to be nearly 10 per cent, and that is problematic for a nation with the 'demographic dividend' of a young, employable population.The data is worse for urban youth, where unemployment is averaging around 13 per cent.This essentially means India is at a crossroads when it comes to balancing unemployment and emigration. The benefits of India's education system — much of it subsidised by the government — are not being transferred back to the nation due to permanent or long-term emigration. This is the classic ‘brain drain’ problem.In short, richer economies take advantage of the benefits of Indians' relatively cheaper education. This is starting to look very much like the 'brain drain' of the 1980s and 1990s. But the counterargument is the benefits of remittances.&nbsp;The world, as Otorbaev put it, is competing for Indian talent. But can India compete to keep its own talent at home?. Ultimately, it is about the cost-benefit analysis of retaining skilled workforce at home versus getting their inward remittances from abroad. And the balance might tilt.

India's skilled labour migration is expanding beyond traditional destinations. When placed against youth unemployment and talent retention issues, it amounts to a brain drain. Record remittances are the silver lining, but the balance might tilt.

Not so long ago, the term 'brain drain' referred to the loss of skilled manpower from developing nations like India to foreign countries such as the US. Today, comparable levels of emigration are taking place from India to a larger number of nations. But the term 'brain drain' is not heard as much as it was in the past, in media or academic circles. The migration of skilled labour, such as software engineers and doctors, could be considered a kind of export. Celebrating the material success of the Indian diaspora is one way of looking at this. But it belies a potential crisis and raises the question: Is India unable to retain its talent within the country? India has the world's largest emigrant population Recently, economist and former Prime Minister of the Kyrgyz Republic Djoomart Otorbaev wrote that India is not merely exporting software, pharmaceuticals, and services. It is exporting something consequential: human beings. While China became the world's workshop, India is increasingly becoming the world's labour pool. That observation is accurate, going by global as well as Indian government data. The number of India-born people living abroad was estimated at 18.5 million in 2024 by the United Nations, which is roughly 6 per cent of all international migrants. It is a near-tripling from 6.5 million in 1990. India's Ministry of External Affairs (MEA) data shows a much bigger number of 34.36 million as of January 2025, which includes 17.18 million Persons of Indian Origin (PIOs) and 17.18 million Non-Resident Indians (NRIs). Of this total, the US hosts 5.69 million, the UAE 3.90 million and Canada 3.61 million. These are mission-compiled estimates, and the totals have varied between various parliamentary replies. Also read: Indians now Australia’s top migrant group, surpasses UK's population: More details inside Voting with their feet: The number of Indians giving up their citizenship is growing In migration studies, the term 'voting with their feet' refers to people leaving their home country for better opportunities, driven by 'push and pull' factors — relatively poor conditions at home and better living standards, opportunities and attractive currency exchange rates abroad. One of the clearest signs of this is a permanent exit: the renunciation of citizenship. India does not allow dual nationality, though people of Indian origin can apply for an Overseas Citizen of India (OCI) card, which provides certain rights but is not equivalent to Indian citizenship. Between 2011 and 2024, according to MEA data, 2.09 million Indians gave up their citizenship. When taken annually, these renunciations ranged between 121,000 and 144,000 in the 2011- 2019 period. Then came a sudden jump to 225,620 in 2022, followed by 216,219 in 2023 and 206,378 in 2024. Nearly 900,000 people left the citizenship rolls in the five years to 2024 alone. Also read: How are migration and urbanisation leaving millions of elderly parents without care Rich nations are taking the cream of the crop from India Much of this migration is a combination of the pre-selection of the best talent by foreign firms and nations, something Otorbaev referred to as 'filtering the pool', and the self-selection of destination countries by migrants themselves. In spite of growing rhetoric against Indian migration to the US, Indian-born workers received 283,400 of 399,400 approved US H-1B petitions, which is 71 per cent of the total pool, in 2024-25. For the US, as well as several other countries, India was the leading source of international students, with more than 363,000 enrolled in the US in 2024-25 alone, according to Migration Policy Institute data. Many of them go on to find jobs in the nations where they studied. This migration is increasingly including Europe, Scandinavia and Oceania, besides traditional destinations such as the US, UK and Canada. The other stream is lower- and mid-skilled workers who move towards the Gulf, where taking citizenship is not possible in most cases. Government data showed that the UAE and the US each hosted 17 per cent of India's emigrants in 2024, while Gulf countries accounted for around half of all Indian migrants. https://www.wionews.com/videos/global-work-visa-options-top-countries-opening-work-visas-for-indians-1758778533092/embed The good side: India's rise to the top of remittance-receiving nations helps its foreign currency reserves India has been the world's largest remittance recipient since 2008, with remittances standing at around $137.7 billion in 2024. This is more than double the amount flowing to the next-ranked country, Mexico, which received around $67 billion, much of it from 'near-far' migration into the US. Indian remittances are around 3.5 per cent of its GDP and have been growing at nearly 14 per cent annually in the last few years. These inflows add to India's foreign currency reserves, helping it pay bills and balance its currency during difficult periods such as the current conflict in West Asia. Also read: 'Home, not a hotel': Australia vows 'biggest immigration cut' in history - What it means for Indians What the migration reveals: The job situation for youth in India The story of migration cannot be read without considering the 'push factor': a lack of employment opportunities for skilled labour in India for young and able-bodied workforce, and the anticipation of unemployment at the student stage itself for many individuals. As a result, many are planning their studies abroad, often taking bank loans, with the intention of finding a job in the destination countries and possibly settling there. The lack of enough productive jobs for available labour in the country Youth unemployment, for those aged between 15 and 29, is estimated to be nearly 10 per cent, and that is problematic for a nation with the 'demographic dividend' of a young, employable population. The data is worse for urban youth, where unemployment is averaging around 13 per cent. This essentially means India is at a crossroads when it comes to balancing unemployment and emigration. The benefits of India's education system — much of it subsidised by the government — are not being transferred back to the nation due to permanent or long-term emigration. This is the classic ‘brain drain’ problem. In short, richer economies take advantage of the benefits of Indians' relatively cheaper education. This is starting to look very much like the 'brain drain' of the 1980s and 1990s. But the counterargument is the benefits of remittances. The world, as Otorbaev put it, is competing for Indian talent. But can India compete to keep its own talent at home?. Ultimately, it is about the cost-benefit analysis of retaining skilled workforce at home versus getting their inward remittances from abroad. And the balance might tilt.

India's skilled labour migration is expanding beyond traditional destinations. When placed against youth unemployment and talent retention issues, it amounts to a brain drain. Record remittances are the silver lining, but the balance might tilt.

Are Indians 'voting with their feet?' Skilled labour emigration grows, but no one's crying 'brain drain'

The Reserve Bank of India hiked its interest rates for the first time in over 3 years on Wednesday (October 7) by 25 basis points to 5.50 per cent. RBI took the measure as rising inflation risks, rising global yields and resilient domestic growth made the case for tighter monetary policy. The Monetary Policy Committee's move marks a shift from its August policy, when the repo rate was held at 5.25 per cent, and a neutral stance was retained while waiting for greater clarity on the inflation outlook and growth-inflation balance. In his statement, RBI Governor Sanjay Malhotra said, “After a detailed assessment of the evolving macroeconomic and financial conditions, developments and the outlook, the MPC voted unanimously to increase the policy repo rate by 25 basis points.” With the hike, the standing deposit facility (SDF) rate is now 5.25 per cent, while the marginal standing facility (MSF) rate and the Bank Rate stand at 5.75 per cent. The MPC also changed its stance to calibrated tightening, by a majority vote.&nbsp;Also read: <a href="https://www.wionews.com/world/who-breaks-silence-on-possible-pneumonic-plague-in-russia-seeks-clarity-on-second-reported-death-1791344075932">WHO breaks silence on possible pneumonic plague in Russia, seeks clarity on second reported death</a><h3>Inflation expected nearly 5.9 per cent in third quarter</h3>The decision comes amid escalating price pressures as India's CPI inflation reached &nbsp;4.82 per cent in August. Economists and research reports have forecasted that inflation will likely go to 5 per cent during FY27. Inflation is expected to peak nearly 5.9 per cent in the third quarter, with deficient monsoon conditions and crude oil prices around USD 100 a barrel adding to the risks.&nbsp;Global financial conditions have also become less supportive. The US Federal Reserve raised its policy rate by 25 basis points in September, while US 10-year Treasury yields have remained elevated at around 5.3 per cent. The rupee was trading at 96.36 per US dollar at the time of filing this report.&nbsp;Liquidity was evaluated as another key consideration. The RBI's special forex swap facility mobilised USD 132.98 billion through FCNR(B) deposits as of August 31, adding substantial liquidity to the banking system and increasing the need for calibrated absorption.&nbsp;The RBI's decision also comes against resilient domestic activity. India's economy grew 7.8 per cent in Q1 FY27, while high-frequency indicators have pointed to continued strength in domestic demand, manufacturing and services.The latest move is expected to set the direction for monetary policy in the coming months, with economists earlier seeing scope for cumulative tightening of up to 75 basis points and the repo rate potentially reaching around 6 per cent by the end of FY27, depending on inflation, oil prices and global financial conditions.&nbsp;

With the hike, the standing deposit facility (SDF) rate is now 5.25 per cent, while the marginal standing facility (MSF) rate and the Bank Rate stand at 5.75 per cent. The MPC also changed its stance to calibrated tightening by a majority vote.

The Reserve Bank of India hiked its interest rates for the first time in over 3 years on Wednesday (October 7) by 25 basis points to 5.50 per cent. RBI took the measure as rising inflation risks, rising global yields and resilient domestic growth made the case for tighter monetary policy. The Monetary Policy Committee's move marks a shift from its August policy, when the repo rate was held at 5.25 per cent, and a neutral stance was retained while waiting for greater clarity on the inflation outlook and growth-inflation balance. In his statement, RBI Governor Sanjay Malhotra said, “After a detailed assessment of the evolving macroeconomic and financial conditions, developments and the outlook, the MPC voted unanimously to increase the policy repo rate by 25 basis points.” With the hike, the standing deposit facility (SDF) rate is now 5.25 per cent, while the marginal standing facility (MSF) rate and the Bank Rate stand at 5.75 per cent. The MPC also changed its stance to calibrated tightening, by a majority vote. Also read: WHO breaks silence on possible pneumonic plague in Russia, seeks clarity on second reported death Inflation expected nearly 5.9 per cent in third quarter The decision comes amid escalating price pressures as India's CPI inflation reached 4.82 per cent in August. Economists and research reports have forecasted that inflation will likely go to 5 per cent during FY27. Inflation is expected to peak nearly 5.9 per cent in the third quarter, with deficient monsoon conditions and crude oil prices around USD 100 a barrel adding to the risks. Global financial conditions have also become less supportive. The US Federal Reserve raised its policy rate by 25 basis points in September, while US 10-year Treasury yields have remained elevated at around 5.3 per cent. The rupee was trading at 96.36 per US dollar at the time of filing this report. Liquidity was evaluated as another key consideration. The RBI's special forex swap facility mobilised USD 132.98 billion through FCNR(B) deposits as of August 31, adding substantial liquidity to the banking system and increasing the need for calibrated absorption. The RBI's decision also comes against resilient domestic activity. India's economy grew 7.8 per cent in Q1 FY27, while high-frequency indicators have pointed to continued strength in domestic demand, manufacturing and services. The latest move is expected to set the direction for monetary policy in the coming months, with economists earlier seeing scope for cumulative tightening of up to 75 basis points and the repo rate potentially reaching around 6 per cent by the end of FY27, depending on inflation, oil prices and global financial conditions.

With the hike, the standing deposit facility (SDF) rate is now 5.25 per cent, while the marginal standing facility (MSF) rate and the Bank Rate stand at 5.75 per cent. The MPC also changed its stance to calibrated tightening by a majority vote.

RBI raises repo rate by 25 bps to 5.50%, first hike in over 3 years after inflation risks strengthen

Google has been accused of misusing its dominance to impose excessive commissions on app developers, as a mass consumer lawsuit worth more than £1 billion ($1.33 billion) ​started in London on Tuesday (October 7). The claim is brought on behalf of about ‌20 million consumers who bought apps using Google's Play Store, or paid for in-app purchases and subscriptions between 2015 and this July. It marks the latest case in Britain against Big ​Tech. Lawyers for consumer advocate Liz Coll, who is leading the action, stated that ​Google abused its dominant position by charging commissions of up ⁠to 30 per cent on Play Store app purchases, in-app purchases and subscriptions. They argue that app developers passed these excessive commissions on to consumers. As an example, they point to Google's own YouTube Premium: when it was sold through Apple's App Store, Google chose to pass on the commission it was charged.&nbsp;Also read: <a href="https://www.wionews.com/world/who-breaks-silence-on-possible-pneumonic-plague-in-russia-seeks-clarity-on-second-reported-death-1791344075932">WHO breaks silence on possible pneumonic plague in Russia, seeks clarity on second reported death</a><h3>Competition from Apple's App Store</h3>However, Alphabet, Google's ​parent company, is fighting the lawsuit. A spokesperson stated that the company has ignored the ​degree of choice the Android platform gives consumers and that it charges "some of the lowest fees ‌in ⁠the market". The tech giant's lawyers argued that the Play Store experienced strong competitive constraints both on the developer and consumer sides from Apple's App Store and other alternative platforms. The trial at London's Competition Appeal Tribunal follows similar cases against Apple and Sony over their App Store and PlayStation Store, both of which involved commissions of up to 30 per cent. Coll's claim also comes after years of regulatory scrutiny and litigation over Google's app store practices, including a long-running dispute with "Fortnite" maker Epic Games, whose London lawsuit was due to be heard alongside hers. In March, Google and Epic reached a worldwide settlement under which Google said it would expand billing options and cut developer fees. Last month, Google also paid £260 million to settle another lawsuit, brought on behalf of app developers, without admitting liability or wrongdoing.

Lawyers for consumer advocate Liz Coll, who is leading the action, stated that ​Google abused its dominant position by charging commissions of up ⁠to 30 per cent on Play Store app purchases, in-app purchases and subscriptions.

Google has been accused of misusing its dominance to impose excessive commissions on app developers, as a mass consumer lawsuit worth more than £1 billion ($1.33 billion) started in London on Tuesday (October 7). The claim is brought on behalf of about ‌20 million consumers who bought apps using Google's Play Store, or paid for in-app purchases and subscriptions between 2015 and this July. It marks the latest case in Britain against Big Tech. Lawyers for consumer advocate Liz Coll, who is leading the action, stated that Google abused its dominant position by charging commissions of up ⁠to 30 per cent on Play Store app purchases, in-app purchases and subscriptions. They argue that app developers passed these excessive commissions on to consumers. As an example, they point to Google's own YouTube Premium: when it was sold through Apple's App Store, Google chose to pass on the commission it was charged. Also read: WHO breaks silence on possible pneumonic plague in Russia, seeks clarity on second reported death Competition from Apple's App Store However, Alphabet, Google's parent company, is fighting the lawsuit. A spokesperson stated that the company has ignored the degree of choice the Android platform gives consumers and that it charges "some of the lowest fees ‌in ⁠the market". The tech giant's lawyers argued that the Play Store experienced strong competitive constraints both on the developer and consumer sides from Apple's App Store and other alternative platforms. The trial at London's Competition Appeal Tribunal follows similar cases against Apple and Sony over their App Store and PlayStation Store, both of which involved commissions of up to 30 per cent. Coll's claim also comes after years of regulatory scrutiny and litigation over Google's app store practices, including a long-running dispute with "Fortnite" maker Epic Games, whose London lawsuit was due to be heard alongside hers. In March, Google and Epic reached a worldwide settlement under which Google said it would expand billing options and cut developer fees. Last month, Google also paid £260 million to settle another lawsuit, brought on behalf of app developers, without admitting liability or wrongdoing.

Lawyers for consumer advocate Liz Coll, who is leading the action, stated that ​Google abused its dominant position by charging commissions of up ⁠to 30 per cent on Play Store app purchases, in-app purchases and subscriptions.

Big Tech case: Google faces £1 billion consumer lawsuit in UK over play store fees

Tesla may finally be turning a corner after two consecutive years of falling vehicle sales. The electric carmaker delivered 486,532 vehicles in the third quarter of 2026, comfortably beating analysts’ estimate of 456,896, according to Visible Alpha data. The stronger-than-expected numbers sent Tesla shares more than 5 per cent higher in early trading on October 2. More importantly, the result means the company now needs just 311,448 deliveries in the fourth quarter to avoid a third straight annual decline.<h2>Europe becomes key to Tesla’s recovery</h2>Tesla’s rebound comes as its performance in Europe improves after a difficult 2025.&nbsp;European sales had been hit by several factors, including political backlash against CEO Elon Musk and competition from cheaper Chinese electric vehicles. But registrations have recovered sharply this year. Tesla recorded stronger growth in markets including France and Denmark during the third quarter. Government incentives, easier comparisons with last year and growing interest in electric vehicles have all helped the recovery. The company’s Full Self-Driving technology could provide another boost. Tesla’s FSD software has now been approved in eight European countries, although its rollout remains gradual.<h2>Tesla no longer relying only on US incentives</h2>The result is particularly significant because a $7,500 US federal tax credit for EV buyers expired in September 2025. Tesla therefore faced a tougher US market comparison this year. Analysts have responded by raising their expectations for Tesla’s full-year deliveries. The latest consensus cited by Reuters puts 2026 deliveries at 1.82 million vehicles, up from 1.65 million in June.<h2>Musk’s bigger Tesla bet goes beyond cars</h2>Despite the delivery improvement, investors are increasingly looking beyond Tesla’s traditional car business.Elon Musk has positioned the company around artificial intelligence, robotaxis and humanoid robots. Tesla’s robotaxi service is already operating without an in-car safety supervisor in Texas and Florida, while the company has also introduced its purpose-built Cybercab into the Austin service. Tesla is due to report its full third-quarter financial results on October 21 after markets close. That report will show whether the delivery rebound is translating into stronger financial performance. For now, the latest figures give Tesla something it has been missing: evidence that its core vehicle business can return to growth.

Tesla delivered 486,532 vehicles in Q3 2026, beating Wall Street estimates by nearly 30,000. A recovery in Europe helped offset weaker US demand, putting the EV maker within 311,448 deliveries of ending its two-year annual sales decline.

Tesla may finally be turning a corner after two consecutive years of falling vehicle sales. The electric carmaker delivered 486,532 vehicles in the third quarter of 2026, comfortably beating analysts’ estimate of 456,896, according to Visible Alpha data. The stronger-than-expected numbers sent Tesla shares more than 5 per cent higher in early trading on October 2. More importantly, the result means the company now needs just 311,448 deliveries in the fourth quarter to avoid a third straight annual decline. Europe becomes key to Tesla’s recovery Tesla’s rebound comes as its performance in Europe improves after a difficult 2025. European sales had been hit by several factors, including political backlash against CEO Elon Musk and competition from cheaper Chinese electric vehicles. But registrations have recovered sharply this year. Tesla recorded stronger growth in markets including France and Denmark during the third quarter. Government incentives, easier comparisons with last year and growing interest in electric vehicles have all helped the recovery. The company’s Full Self-Driving technology could provide another boost. Tesla’s FSD software has now been approved in eight European countries, although its rollout remains gradual. Tesla no longer relying only on US incentives The result is particularly significant because a $7,500 US federal tax credit for EV buyers expired in September 2025. Tesla therefore faced a tougher US market comparison this year. Analysts have responded by raising their expectations for Tesla’s full-year deliveries. The latest consensus cited by Reuters puts 2026 deliveries at 1.82 million vehicles, up from 1.65 million in June. Musk’s bigger Tesla bet goes beyond cars Despite the delivery improvement, investors are increasingly looking beyond Tesla’s traditional car business. Elon Musk has positioned the company around artificial intelligence, robotaxis and humanoid robots. Tesla’s robotaxi service is already operating without an in-car safety supervisor in Texas and Florida, while the company has also introduced its purpose-built Cybercab into the Austin service. Tesla is due to report its full third-quarter financial results on October 21 after markets close. That report will show whether the delivery rebound is translating into stronger financial performance. For now, the latest figures give Tesla something it has been missing: evidence that its core vehicle business can return to growth.

Tesla delivered 486,532 vehicles in Q3 2026, beating Wall Street estimates by nearly 30,000. A recovery in Europe helped offset weaker US demand, putting the EV maker within 311,448 deliveries of ending its two-year annual sales decline.

Tesla car sales show signs of recovery as deliveries beat forecasts

Money from the cryptocurrency industry is playing a subtle but crucial role in the US midterm elections. From crypto-millionaire donors to crypto-linked super political action committees (super PACs), millions of dollars are flowing into the 2026 election campaign. Crypto companies have contributed roughly $206 million this election cycle, according to analyses by groups like Public Citizen based on Federal Election Commission (FEC) data. This makes crypto the largest corporate source of political contributions tracked so far, ahead of online betting and Big Tech and artificial intelligence companies. The figure has already surpassed the industry's $170 million contribution in the 2024 cycle.Some of the money is going to non-crypto-specific groups such as MAGA Inc., a super PAC aligned with President Donald Trump. The scale of the spending raises an important question: who are the people and organisations making this push, and what do they want? Here is a primer.<h2>Top donors to major crypto PACs</h2>The most prominent groups are the Fairshake network, Protect Progress, Defend American Jobs and the Digital Freedom Fund. They are backed by a relatively small group of crypto companies, venture capital firms and executives.Fairshake is the crypto industry's flagship bipartisan super PAC. Its major backers include Coinbase, Ripple Labs and Andreessen Horowitz, also known as a16z. As of 30 June, Fairshake had received almost $137 million in the 2026 election cycle and had about $127 million in cash on hand, according to FEC filings.Fairshake itself reported about $138 million in receipts in the 2026 cycle by the middle of the year, while the broader network is larger when its affiliated committees and transfers are included.The Digital Freedom Fund is a Republican-leaning super PAC backed heavily by Winklevoss Capital, associated with Gemini co-founders Tyler and Cameron Winklevoss. It reported $22.4 million in receipts through 30 June 2026. More than $21 million came from Winklevoss Capital Fund LLC. Payward Inc. contributed $1 million and investor Naval Ravikant contributed $100,000.<a href="https://www.wionews.com/videos/trump-administration-gains-access-to-voter-data-1790408108603/embed">https://www.wionews.com/videos/trump-administration-gains-access-to-voter-data-1790408108603/embed</a><h2>What do they want? Why crypto firms and associated individuals are among the top corporate political donors in the midterms</h2>The funding , which goes to both Republicans and Democrats, is mainly aimed at electing and protecting candidates who support clearer federal rules for digital assets such as cryptocurrencies. The industry's political spending also supports independent advertising that does not always mention crypto directly. In many cases, the ads focus on candidates' broader records or other issues rather than explicitly discussing cryptocurrency policy. This approach was also prominent during the 2024 election cycle.Also read: <a href="https://www.wionews.com/business-economy/bitcoin-surges-above-85-000-as-nearly-900-million-in-crypto-positions-are-liquidated-is-the-crypto-winter-over-1790004335800">Bitcoin surges above $85,000 as nearly $900 million in crypto positions are liquidated: Is the crypto winter over?</a><h2>More about Fairshake and others: Funding both sides</h2>Fairshake is an issue-focused group that backs pro-crypto candidates who favour American innovation in both parties. Its broader objective is to expand a pro-crypto congressional caucus.Fairshake transfers funds to its two main partisan affiliates: Defend American Jobs, which is Republican-focused, and Protect Progress, which is Democrat-focused. This allows the network to support candidates from both major parties while concentrating on their positions on digital-asset policy.Across the Fairshake network, receipts have reached hundreds of millions of dollars when the affiliated committees and wider corporate contributions are included. Fairshake and its affiliates have also spent tens of millions of dollars on primaries and early general-election activity.&nbsp;Fairshake has also announced a planned $30 million campaign against Democratic Senate candidate Sherrod Brown in Ohio. The spending is part of the industry's broader effort to influence races involving candidates viewed as supportive or hostile to crypto legislation.Digital Freedom Fund, a Republican-leaning super PAC backed heavily by the Winklevoss interests, is focused on Republican candidates supporting crypto-friendly policies.Its objectives include self-custody rights, developer protections, banking access for crypto firms and opposition to a US central bank digital currency.Stand With Crypto Alliance, a Coinbase-backed advocacy and pressure group, has also built a large grassroots base. In 2025, it reported more than 2.6 million advocates and chapters in all 50 states. By late September 2026, the organisation was referring to more than three million advocates. It grades politicians on their crypto positions, organises events and meetings with lawmakers, and supports candidates through endorsements and advertising.Smaller or related entities, such as Fellowship PAC, have also been active in some races.Beyond direct campaign spending, the crypto industry has deployed lobbyists, advocacy groups and executive engagement. Industry representatives regularly meet senators and House members from both parties to push legislation and influence agency rules.Also read: <a href="https://www.wionews.com/world/trump-minted-over-1-billion-from-crypto-dealings-in-first-year-back-in-office-1782868287013">Trump minted over $1 billion from crypto dealings in first year back in office</a><h2>Who are the crypto millions supporting?&nbsp;</h2>During primaries, Fairshake had backed candidates in 57 races and won 53 of them by early October. On Monday, (Oct 5, Fairshake announced support for 32 House incumbents: 19 Republicans and 13 Democrats. All of the candidates supported in this latest round had voted for the Digital Asset Market Clarity (CLARITY) Act when it passed the House in 2025.Among the Democratic House representatives receiving support are Janelle Bynum, Steven Horsford and Derek Tran. Republican priorities include Representatives French Hill, chair of the House Financial Services Committee, Bill Huizenga and Bryan Steil, who has a role on the committee's digital-assets subcommittee.Other Republicans supported by crypto money include Tom Emmer, Michelle Fischbach and Jason Smith. Democratic candidates supported by the industry include Pete Aguilar and Josh Gottheimer, among others.<h2>Crypto industry's priority is to reduce regulatory uncertainty</h2>The crypto industry has been rooting for the passage of market-structure legislation such as the Digital Asset Market Clarity (CLARITY) Act. The bill passed the House in 2025 by 294-134, but failed to advance in the Senate in September after a procedural vote fell short of the 60 votes needed. The Senate vote was 49-50, according to Reuters.The legislation aimed to clarify the respective jurisdictions of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital assets. It also sought to establish rules for crypto issuance and trading and registration requirements for intermediaries, while reducing uncertainty created by enforcement-led regulation.The failure of the legislation has shifted the industry's focus towards the next Congress and continuing Securities and Exchange Commission and Commodity Futures Trading Commission rulemaking.The industry is also building on the earlier GENIUS Act, which had established a federal framework for stablecoins.Other areas of interest include banking access and integration of crypto firms with payment rails, as well as greater tax clarity on issues such as crypto mining, staking and rewards. The industry also wants clearer rules for peer-to-peer transactions while some advocacy groups oppose overly restrictive regulations and a retail central bank digital currency.<h2>Money matters, but criticism is there too</h2>Critics, including Public Citizen, oppose the use of unlimited super PAC spending to prioritise corporate policy goals over party loyalty. They argue that large contributions give companies and wealthy individuals greater leverage over candidates and public policy, including through both supportive and attack advertisements.The scale of crypto spending has therefore turned the 2026 midterms into an important test of how much influence a rapidly expanding industry can exert over Congress and the rules governing digital assets.

Crypto firms and investors are pouring hundreds of millions into the US midterms through super PACs and cash donations and campaign ads. They are backing pro-crypto candidates from both Republican and Democratic parties, seeking clearer digital-asset rules after the CLARITY Act stalled.

Money from the cryptocurrency industry is playing a subtle but crucial role in the US midterm elections. From crypto-millionaire donors to crypto-linked super political action committees (super PACs), millions of dollars are flowing into the 2026 election campaign. Crypto companies have contributed roughly $206 million this election cycle, according to analyses by groups like Public Citizen based on Federal Election Commission (FEC) data. This makes crypto the largest corporate source of political contributions tracked so far, ahead of online betting and Big Tech and artificial intelligence companies. The figure has already surpassed the industry's $170 million contribution in the 2024 cycle. Some of the money is going to non-crypto-specific groups such as MAGA Inc., a super PAC aligned with President Donald Trump. The scale of the spending raises an important question: who are the people and organisations making this push, and what do they want? Here is a primer. Top donors to major crypto PACs The most prominent groups are the Fairshake network, Protect Progress, Defend American Jobs and the Digital Freedom Fund. They are backed by a relatively small group of crypto companies, venture capital firms and executives. Fairshake is the crypto industry's flagship bipartisan super PAC. Its major backers include Coinbase, Ripple Labs and Andreessen Horowitz, also known as a16z. As of 30 June, Fairshake had received almost $137 million in the 2026 election cycle and had about $127 million in cash on hand, according to FEC filings. Fairshake itself reported about $138 million in receipts in the 2026 cycle by the middle of the year, while the broader network is larger when its affiliated committees and transfers are included. The Digital Freedom Fund is a Republican-leaning super PAC backed heavily by Winklevoss Capital, associated with Gemini co-founders Tyler and Cameron Winklevoss. It reported $22.4 million in receipts through 30 June 2026. More than $21 million came from Winklevoss Capital Fund LLC. Payward Inc. contributed $1 million and investor Naval Ravikant contributed $100,000. https://www.wionews.com/videos/trump-administration-gains-access-to-voter-data-1790408108603/embed What do they want? Why crypto firms and associated individuals are among the top corporate political donors in the midterms The funding , which goes to both Republicans and Democrats, is mainly aimed at electing and protecting candidates who support clearer federal rules for digital assets such as cryptocurrencies. The industry's political spending also supports independent advertising that does not always mention crypto directly. In many cases, the ads focus on candidates' broader records or other issues rather than explicitly discussing cryptocurrency policy. This approach was also prominent during the 2024 election cycle. Also read: Bitcoin surges above $85,000 as nearly $900 million in crypto positions are liquidated: Is the crypto winter over? More about Fairshake and others: Funding both sides Fairshake is an issue-focused group that backs pro-crypto candidates who favour American innovation in both parties. Its broader objective is to expand a pro-crypto congressional caucus. Fairshake transfers funds to its two main partisan affiliates: Defend American Jobs, which is Republican-focused, and Protect Progress, which is Democrat-focused. This allows the network to support candidates from both major parties while concentrating on their positions on digital-asset policy. Across the Fairshake network, receipts have reached hundreds of millions of dollars when the affiliated committees and wider corporate contributions are included. Fairshake and its affiliates have also spent tens of millions of dollars on primaries and early general-election activity. Fairshake has also announced a planned $30 million campaign against Democratic Senate candidate Sherrod Brown in Ohio. The spending is part of the industry's broader effort to influence races involving candidates viewed as supportive or hostile to crypto legislation. Digital Freedom Fund, a Republican-leaning super PAC backed heavily by the Winklevoss interests, is focused on Republican candidates supporting crypto-friendly policies. Its objectives include self-custody rights, developer protections, banking access for crypto firms and opposition to a US central bank digital currency. Stand With Crypto Alliance, a Coinbase-backed advocacy and pressure group, has also built a large grassroots base. In 2025, it reported more than 2.6 million advocates and chapters in all 50 states. By late September 2026, the organisation was referring to more than three million advocates. It grades politicians on their crypto positions, organises events and meetings with lawmakers, and supports candidates through endorsements and advertising. Smaller or related entities, such as Fellowship PAC, have also been active in some races. Beyond direct campaign spending, the crypto industry has deployed lobbyists, advocacy groups and executive engagement. Industry representatives regularly meet senators and House members from both parties to push legislation and influence agency rules. Also read: Trump minted over $1 billion from crypto dealings in first year back in office Who are the crypto millions supporting? During primaries, Fairshake had backed candidates in 57 races and won 53 of them by early October. On Monday, (Oct 5, Fairshake announced support for 32 House incumbents: 19 Republicans and 13 Democrats. All of the candidates supported in this latest round had voted for the Digital Asset Market Clarity (CLARITY) Act when it passed the House in 2025. Among the Democratic House representatives receiving support are Janelle Bynum, Steven Horsford and Derek Tran. Republican priorities include Representatives French Hill, chair of the House Financial Services Committee, Bill Huizenga and Bryan Steil, who has a role on the committee's digital-assets subcommittee. Other Republicans supported by crypto money include Tom Emmer, Michelle Fischbach and Jason Smith. Democratic candidates supported by the industry include Pete Aguilar and Josh Gottheimer, among others. Crypto industry's priority is to reduce regulatory uncertainty The crypto industry has been rooting for the passage of market-structure legislation such as the Digital Asset Market Clarity (CLARITY) Act. The bill passed the House in 2025 by 294-134, but failed to advance in the Senate in September after a procedural vote fell short of the 60 votes needed. The Senate vote was 49-50, according to Reuters. The legislation aimed to clarify the respective jurisdictions of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital assets. It also sought to establish rules for crypto issuance and trading and registration requirements for intermediaries, while reducing uncertainty created by enforcement-led regulation. The failure of the legislation has shifted the industry's focus towards the next Congress and continuing Securities and Exchange Commission and Commodity Futures Trading Commission rulemaking. The industry is also building on the earlier GENIUS Act, which had established a federal framework for stablecoins. Other areas of interest include banking access and integration of crypto firms with payment rails, as well as greater tax clarity on issues such as crypto mining, staking and rewards. The industry also wants clearer rules for peer-to-peer transactions while some advocacy groups oppose overly restrictive regulations and a retail central bank digital currency. Money matters, but criticism is there too Critics, including Public Citizen, oppose the use of unlimited super PAC spending to prioritise corporate policy goals over party loyalty. They argue that large contributions give companies and wealthy individuals greater leverage over candidates and public policy, including through both supportive and attack advertisements. The scale of crypto spending has therefore turned the 2026 midterms into an important test of how much influence a rapidly expanding industry can exert over Congress and the rules governing digital assets.

Crypto firms and investors are pouring hundreds of millions into the US midterms through super PACs and cash donations and campaign ads. They are backing pro-crypto candidates from both Republican and Democratic parties, seeking clearer digital-asset rules after the CLARITY Act stalled.

US Midterms 2026: Cryptocurrency industry money is playing a crucial role. What do donors want? Fairshake, super PACs and more

OpenAI is reportedly engaged in discussions with several UAE-based investment funds, including Abu Dhabi-based MGX, to help anchor a $30 billion financing round for the ChatGPT maker. These funds would come together to form a syndicate to invest in the round, with UAE investors jointly discussing a potential of up to $10 billion altogether. BlackRock Inc. is also said to be in talks to join this syndicate, according to Bloomberg. Sources also revealed that the fundraising is ongoing, and the details could change. However, OpenAI and BlackRock refused to comment on the development. Even representatives for MGX did not respond to requests for comment outside normal business hours. OpenAI is reportedly seeking to secure at least $30 billion in fresh capital at a valuation nearly $1.4 trillion, even as the firm pushes back plans for an initial public offering until at least next year at the earliest, pointing to its focus on AI safety work. This latest push follows OpenAI most recently raising a $122 billion round in March, which had valued the company at $852 billion at the time.&nbsp;Read more: <a href="https://www.wionews.com/world/oil-prices-fall-by-almost-2-as-g7-stockpile-release-offsets-strait-of-hormuz-supply-fears-1791260713210">Oil prices fall by almost 2% as G7 stockpile release offsets Strait of Hormuz supply fears</a><h3>Deep-pocketed investors</h3>Leading AI companies, including OpenAI and Anthropic PBC, have previously turned toward deep-pocketed investors in the Middle East to fulfil their intense capital requirements in order to develop and support cutting-edge artificial intelligence software. MGX, in particular, has already backed earlier funding rounds for both OpenAI and Anthropic, and according to Bloomberg News, the firm raised nearly $50 billion earlier this year specifically to ramp up its AI infrastructure investments. Beyond the UAE funds, OpenAI has reportedly been in conversation with the University of California's endowment, an existing investor, about joining this round, while current backers Thrive Capital and Andreessen Horowitz have also reportedly discussed contributing. Thrive declined to offer a comment, and representatives for both Andreessen Horowitz and the University of California did not respond when reached. Notably, OpenAI is said to be approaching this round differently than is typical: rather than allowing investors to negotiate terms and compete to lead the round, the company is presenting its $1.4 trillion pre-money valuation as essentially fixed, even without having locked in a lead investor, a departure from the usual venture-funding playbook.

OpenAI is reportedly seeking to secure at least $30 billion in fresh capital at a valuation nearly $1.4 trillion, even as the firm pushes back plans for an initial public offering until at least next year at the earliest, pointing to its focus on AI safety work.

OpenAI is reportedly engaged in discussions with several UAE-based investment funds, including Abu Dhabi-based MGX, to help anchor a $30 billion financing round for the ChatGPT maker. These funds would come together to form a syndicate to invest in the round, with UAE investors jointly discussing a potential of up to $10 billion altogether. BlackRock Inc. is also said to be in talks to join this syndicate, according to Bloomberg. Sources also revealed that the fundraising is ongoing, and the details could change. However, OpenAI and BlackRock refused to comment on the development. Even representatives for MGX did not respond to requests for comment outside normal business hours. OpenAI is reportedly seeking to secure at least $30 billion in fresh capital at a valuation nearly $1.4 trillion, even as the firm pushes back plans for an initial public offering until at least next year at the earliest, pointing to its focus on AI safety work. This latest push follows OpenAI most recently raising a $122 billion round in March, which had valued the company at $852 billion at the time. Read more: Oil prices fall by almost 2% as G7 stockpile release offsets Strait of Hormuz supply fears Deep-pocketed investors Leading AI companies, including OpenAI and Anthropic PBC, have previously turned toward deep-pocketed investors in the Middle East to fulfil their intense capital requirements in order to develop and support cutting-edge artificial intelligence software. MGX, in particular, has already backed earlier funding rounds for both OpenAI and Anthropic, and according to Bloomberg News, the firm raised nearly $50 billion earlier this year specifically to ramp up its AI infrastructure investments. Beyond the UAE funds, OpenAI has reportedly been in conversation with the University of California's endowment, an existing investor, about joining this round, while current backers Thrive Capital and Andreessen Horowitz have also reportedly discussed contributing. Thrive declined to offer a comment, and representatives for both Andreessen Horowitz and the University of California did not respond when reached. Notably, OpenAI is said to be approaching this round differently than is typical: rather than allowing investors to negotiate terms and compete to lead the round, the company is presenting its $1.4 trillion pre-money valuation as essentially fixed, even without having locked in a lead investor, a departure from the usual venture-funding playbook.

OpenAI is reportedly seeking to secure at least $30 billion in fresh capital at a valuation nearly $1.4 trillion, even as the firm pushes back plans for an initial public offering until at least next year at the earliest, pointing to its focus on AI safety work.

OpenAI in talks with UAE funds, BlackRock for $30 billion round at $1.4t valuation

Oil prices settled lower on Monday (Oct 05) as traders weighed a planned release of emergency crude and diesel stocks by the Group of Seven against renewed attacks around the Strait of Hormuz and continuing risks to Middle East supplies. December Brent crude futures fell 1.9 per cent to $100.32 a barrel, while December West Texas Intermediate futures dropped 1.8 per cent to $89.43 a barrel. Brent has now settled lower in three of the past five sessions, while WTI has declined for two consecutive days, according to FactSet data.<h2>G7 plans 100 million-barrel release</h2>G7 countries agreed on Friday (Oct 02) to coordinate the release of 100 million barrels of crude oil and fuel through the International Energy Agency over four months. A substantial portion of the release will involve diesel during the first 20 days.Also read | <a href="https://www.wionews.com/world/russian-spies-left-faeces-in-finnish-mp-s-toilet-bizarre-home-intrusions-spark-intimidation-fears-1791258344095">‘Russian spies, faeces and Finnish MPs? Bizarre home intrusions spark intimidation fears</a>The IEA said about 325 million barrels of the 400 million barrels pledged under collective action announced in March have already been released. While Middle East crude exports have recovered significantly, refined-product flows, particularly diesel, remain severely constrained, the agency said.The US Department of Energy said 800,000 barrels of crude were released from the Strategic Petroleum Reserve last week. September releases were the smallest in six months. The reserve held 283 million barrels as of Friday, the lowest level since October 1982.<h2>Saudi Arabia cuts crude price</h2>Saudi Aramco cut the official selling price for November shipments of Arab Light crude to Asia by $3 a barrel, widening its discount to the Oman/Dubai benchmark to $5. The move came as crude flows through the Strait of Hormuz recovered, although freight costs remained elevated. MUFG analysts said tanker attacks, infrastructure disruptions and vessels operating without visible tracking signals were still limiting exports through the waterway.Meanwhile, seven OPEC+ members, including Saudi Arabia and Russia, agreed on Sunday to keep production levels unchanged in November.Also read | <a href="https://www.wionews.com/world/uss-dwight-d-eisenhower-returns-to-port-for-aircraft-systems-assessment-after-growler-mishap-1791252806297">USS Dwight D. Eisenhower returns to port for aircraft systems assessment after Growler mishap</a><h2>Hormuz supply recovery remains fragile</h2>Saudi Arabia is loading crude from both its Persian Gulf and Red Sea coasts as exports recover. Kpler data showed Saudi crude shipments through the Strait rising from around 1.4 million barrels a day in late August to about 4.1 million barrels a day last week.The kingdom's East-West pipeline has also returned to flows of around 5.5 million barrels a day after being shut in mid-September following drone attacks. But the recovery remains vulnerable. UK Maritime Trade Operations said Sunday that a tanker in the Strait of Hormuz was struck by an unknown projectile, damaging its engine room. The crew was safe, and no environmental impact was reported. Seven vessel attacks have been reported around the strait since September 28, according to The Wall Street Journal.

Oil prices fell despite renewed attacks around the Strait of Hormuz as traders weighed a planned G7 release of 100 million barrels of crude and fuel. Brent settled at $100.32 a barrel while supply risks across the Middle East remain elevated.


Oil prices settled lower on Monday (Oct 05) as traders weighed a planned release of emergency crude and diesel stocks by the Group of Seven against renewed attacks around the Strait of Hormuz and continuing risks to Middle East supplies. December Brent crude futures fell 1.9 per cent to $100.32 a barrel, while December West Texas Intermediate futures dropped 1.8 per cent to $89.43 a barrel. Brent has now settled lower in three of the past five sessions, while WTI has declined for two consecutive days, according to FactSet data. G7 plans 100 million-barrel release G7 countries agreed on Friday (Oct 02) to coordinate the release of 100 million barrels of crude oil and fuel through the International Energy Agency over four months. A substantial portion of the release will involve diesel during the first 20 days. Also read | ‘Russian spies, faeces and Finnish MPs? Bizarre home intrusions spark intimidation fears The IEA said about 325 million barrels of the 400 million barrels pledged under collective action announced in March have already been released. While Middle East crude exports have recovered significantly, refined-product flows, particularly diesel, remain severely constrained, the agency said. The US Department of Energy said 800,000 barrels of crude were released from the Strategic Petroleum Reserve last week. September releases were the smallest in six months. The reserve held 283 million barrels as of Friday, the lowest level since October 1982. Saudi Arabia cuts crude price Saudi Aramco cut the official selling price for November shipments of Arab Light crude to Asia by $3 a barrel, widening its discount to the Oman/Dubai benchmark to $5. The move came as crude flows through the Strait of Hormuz recovered, although freight costs remained elevated. MUFG analysts said tanker attacks, infrastructure disruptions and vessels operating without visible tracking signals were still limiting exports through the waterway. Meanwhile, seven OPEC+ members, including Saudi Arabia and Russia, agreed on Sunday to keep production levels unchanged in November. Also read | USS Dwight D. Eisenhower returns to port for aircraft systems assessment after Growler mishap Hormuz supply recovery remains fragile Saudi Arabia is loading crude from both its Persian Gulf and Red Sea coasts as exports recover. Kpler data showed Saudi crude shipments through the Strait rising from around 1.4 million barrels a day in late August to about 4.1 million barrels a day last week. The kingdom's East-West pipeline has also returned to flows of around 5.5 million barrels a day after being shut in mid-September following drone attacks. But the recovery remains vulnerable. UK Maritime Trade Operations said Sunday that a tanker in the Strait of Hormuz was struck by an unknown projectile, damaging its engine room. The crew was safe, and no environmental impact was reported. Seven vessel attacks have been reported around the strait since September 28, according to The Wall Street Journal.

Oil prices fell despite renewed attacks around the Strait of Hormuz as traders weighed a planned G7 release of 100 million barrels of crude and fuel. Brent settled at $100.32 a barrel while supply risks across the Middle East remain elevated.

Oil prices fall by almost 2% as G7 stockpile release offsets Strait of Hormuz supply fears

India-US trade deal talks have reached a "plateau,", said Indian Finance Minister Nirmala Sitharaman on October 5. Speaking at the Munich Security Conference, she claimed that a concessions or a reciprocal give-and-take from either side would be "very very difficult." She added that Washington wants to reduce deficit with India, and address perceived past losses."It's been a hard and very rigorously negotiated agreement. The negotiations are still ongoing. Although we'd like to believe that both sides have reached a plateau beyond which giving or taking might be very very difficult," said Sitharaman. "But maybe if there are rooms to operate from both sides would do it."US is one of the very few nation with which India runs a trade surplus. In the 2025-26 financial year, bilateral trade between the two nations hit a record $140.80 billion. India's exports to the US reached $87.32 billion while imports from the US stood at $53.49 billion. The US has been seeking to narrow its trade deficit with India, while New Delhi has been looking to secure greater market access and protect areas considered sensitive.Also Read:<a href="https://www.wionews.com/india-news/delhi-police-acp-vivek-bhagat-promoted-additional-dcp-journalist-harassment-1791218843042">'Rewarded for molestation?': Delhi Police ACP accused of harassing journalist promoted to Additional DCP</a>"Negotiation used to be the only platform through which countries could highlight the discrepancies, highlight the lopsidedness, and say would we want to correct this. And how would you correct it because you have demand in your country, I can supply, so open up on that," she said.“Now the imbalance is being sought to be addressed through other means, where you rightly said tariff has become weaponised,” said Nirmala sitharaman.Contrastingly India runs a massive trade deficit with India which has continued to widen since 2014. The bilateral trade volume between India and China for 2025-26 is at $151.10 billion. Driven by a 16% surge in industrial imports, China overtook the US to become India's single largest trading partner. While India runs a $112.16 billion deficit with China.&nbsp;"The trade imbalance with China for India, for instance, since 2014 has been growing exponentially," she said. "So I can probably take the same position with China because it's so lopsided it is terribly against me. But, no - you can't. You will have to talk it out. You will have to negotiate. You will have to have some give and take. That's the difference."On Saturday, United States Trade Representative Jamieson Greer said that India-US trade deal was at final stages but not “imminent”.The current impasse follows a foundational framework for an interim trade agreement that both nations officially announced in February 2026.&nbsp;&nbsp;

India-US trade deal talks have reached a “plateau”, Finance Minister Nirmala Sitharaman said, citing difficulties over further concessions and trade imbalances.

India-US trade deal talks have reached a "plateau,", said Indian Finance Minister Nirmala Sitharaman on October 5. Speaking at the Munich Security Conference, she claimed that a concessions or a reciprocal give-and-take from either side would be "very very difficult." She added that Washington wants to reduce deficit with India, and address perceived past losses. "It's been a hard and very rigorously negotiated agreement. The negotiations are still ongoing. Although we'd like to believe that both sides have reached a plateau beyond which giving or taking might be very very difficult," said Sitharaman. "But maybe if there are rooms to operate from both sides would do it." US is one of the very few nation with which India runs a trade surplus. In the 2025-26 financial year, bilateral trade between the two nations hit a record $140.80 billion. India's exports to the US reached $87.32 billion while imports from the US stood at $53.49 billion. The US has been seeking to narrow its trade deficit with India, while New Delhi has been looking to secure greater market access and protect areas considered sensitive. Also Read:'Rewarded for molestation?': Delhi Police ACP accused of harassing journalist promoted to Additional DCP "Negotiation used to be the only platform through which countries could highlight the discrepancies, highlight the lopsidedness, and say would we want to correct this. And how would you correct it because you have demand in your country, I can supply, so open up on that," she said. “Now the imbalance is being sought to be addressed through other means, where you rightly said tariff has become weaponised,” said Nirmala sitharaman. Contrastingly India runs a massive trade deficit with India which has continued to widen since 2014. The bilateral trade volume between India and China for 2025-26 is at $151.10 billion. Driven by a 16% surge in industrial imports, China overtook the US to become India's single largest trading partner. While India runs a $112.16 billion deficit with China. "The trade imbalance with China for India, for instance, since 2014 has been growing exponentially," she said. "So I can probably take the same position with China because it's so lopsided it is terribly against me. But, no - you can't. You will have to talk it out. You will have to negotiate. You will have to have some give and take. That's the difference." On Saturday, United States Trade Representative Jamieson Greer said that India-US trade deal was at final stages but not “imminent”.The current impasse follows a foundational framework for an interim trade agreement that both nations officially announced in February 2026.

India-US trade deal talks have reached a “plateau”, Finance Minister Nirmala Sitharaman said, citing difficulties over further concessions and trade imbalances.

India-US trade deal talks hit ‘plateau’, Nirmala Sitharaman says

US President Donald Trump over the weekend announced that the US was not considering a Diesel export ban, after floating the idea last week. Importers reacted to a possible US diesel export ban because the global diesel market has almost no spare supply. The threat alone was enough to shake the world's fuel buyers.&nbsp;The Iran war and attacks on Gulf refineries cut Middle East output; China reduced its diesel exports. Then came the Houthis, who captured the Red Sea coast, skyrocketing prices. Refineries in Asia and India are actually taking the long way around the Cape of Good Hope to deliver refined products to Europe, or to bring West African crudes back to Asia. Similarly, Ukrainian drones have hit most of Russia's major refineries, and Russia has restricted fuel exports. So it's not just crude oil that is being taken out of the market; it's also these huge refineries that are being rendered useless.Europe's reliance on US diesel increased in 2026 as Gulf exports from Saudi Arabia and the UAE declined. US diesel exports reached a weekly record near 2 million barrels per day this summer. Top buyers include Brazil, Chile, Mexico, Peru, Morocco, France and the United Kingdom. Many of these countries have little refining capacity of their own.Also Read: <a href="https://www.wionews.com/world/us-midterms-2026-democrats-house-senate-coin-flip-1791041722379">Democrats favoured to win House as US Senate race remains a coin flip</a><h2>How does it affect diesel prices?</h2>Crude oil isn't the only thing that's driving the world's fuel crisis. The gap between what crude costs and what diesel sells for is, and it has hit levels never seen before. The crack spread rose from about $20 a barrel to over $100 in late September. The overall Trading Economics Crack Spread Index hit its absolute record high of $75 per barrel on September 24, 2026. Additionally, the specific ultra-low sulfur diesel futures crack hit its absolute peak of $118 a barrel right in the middle of the month on September 16, 2026In 2025, the price of oil was about $65 a barrel, and the crack spread was about $20 a barrel, when added diesel was at $85 per barrel. In late September, Brent Crude was more than $100 a barrel, and the crack spread- the price of refining that barrel of oil was $118. It means diesel prices, which were $85 a barrel, rose to $218 a barrel, roughly three times. On October 2, it was somewhere around $187.53 a barrel for WTI Crude.If diesel is three times as expensive, then transportation is three times as expensive. About 10% of the cost of food comes from the transportation to get it to the store. Similarly, agricultural equipment, big and heavy, runs on diesel. Jet fuel is another refined product which is also facing the same situation.&nbsp;Also Read: <a href="https://www.wionews.com/world/trump-rules-out-us-diesel-export-ban-europe-fuel-supply-1791032335488">Trump rules out US diesel export ban as Europe pledges emergency fuel supply</a><h2>China is on a buying spree</h2>China magically cut back its imports by five and a half million barrels a day in mid-2026. But since September, China has started paying $135 a barrel for oil, and it's on a buying spree. As of October 4, 2026, Shanghai Crude is sitting at 892.00 Yuan per barrel. It's now cutting just two and a half million barrels a day from its normal imports. It has effectively suspended and heavily restricted refined oil product exports, including diesel, gasoline, and jet fuel, for the month of October. China implemented a similar ban on refined fuel exports earlier this year in March, then it allowed refiners to resume normal export quotas in July and August. China and the US are the two largest oil-refining nations on Earth, each processing roughly 17 to 18.5 million barrels of crude oil per day.Global diesel supply fell by about 3 million barrels out of 30 million barrels a day; roughly 10% is absent since September. Now, if the US bans its exports, then the world will not only face a fuel crisis, but will also be on the threshold of a food crisis.The G7 will deploy 100 million barrels of reserves over the next four months. G7 leaders also agreed to “refrain from export restrictions on energy and energy products between G7 countries” and called on producers to avoid measures that could exacerbate market tensions, according to their joint statement. According to the US Treasury, crude oil exports from the Persian Gulf are at or near prewar levels, although volumes remain volatile. Meanwhile, the US has sent a third aircraft carrier to the Persian Gulf, raising the potential for escalation in the months-long conflict.&nbsp;&nbsp;

Global diesel supplies are tightening as refinery disruptions and export curbs push crack spreads to record levels, raising fears of higher fuel and food costs.

US President Donald Trump over the weekend announced that the US was not considering a Diesel export ban, after floating the idea last week. Importers reacted to a possible US diesel export ban because the global diesel market has almost no spare supply. The threat alone was enough to shake the world's fuel buyers. The Iran war and attacks on Gulf refineries cut Middle East output; China reduced its diesel exports. Then came the Houthis, who captured the Red Sea coast, skyrocketing prices. Refineries in Asia and India are actually taking the long way around the Cape of Good Hope to deliver refined products to Europe, or to bring West African crudes back to Asia. Similarly, Ukrainian drones have hit most of Russia's major refineries, and Russia has restricted fuel exports. So it's not just crude oil that is being taken out of the market; it's also these huge refineries that are being rendered useless. Europe's reliance on US diesel increased in 2026 as Gulf exports from Saudi Arabia and the UAE declined. US diesel exports reached a weekly record near 2 million barrels per day this summer. Top buyers include Brazil, Chile, Mexico, Peru, Morocco, France and the United Kingdom. Many of these countries have little refining capacity of their own. Also Read: Democrats favoured to win House as US Senate race remains a coin flip How does it affect diesel prices? Crude oil isn't the only thing that's driving the world's fuel crisis. The gap between what crude costs and what diesel sells for is, and it has hit levels never seen before. The crack spread rose from about $20 a barrel to over $100 in late September. The overall Trading Economics Crack Spread Index hit its absolute record high of $75 per barrel on September 24, 2026. Additionally, the specific ultra-low sulfur diesel futures crack hit its absolute peak of $118 a barrel right in the middle of the month on September 16, 2026 In 2025, the price of oil was about $65 a barrel, and the crack spread was about $20 a barrel, when added diesel was at $85 per barrel. In late September, Brent Crude was more than $100 a barrel, and the crack spread- the price of refining that barrel of oil was $118. It means diesel prices, which were $85 a barrel, rose to $218 a barrel, roughly three times. On October 2, it was somewhere around $187.53 a barrel for WTI Crude. If diesel is three times as expensive, then transportation is three times as expensive. About 10% of the cost of food comes from the transportation to get it to the store. Similarly, agricultural equipment, big and heavy, runs on diesel. Jet fuel is another refined product which is also facing the same situation. Also Read: Trump rules out US diesel export ban as Europe pledges emergency fuel supply China is on a buying spree China magically cut back its imports by five and a half million barrels a day in mid-2026. But since September, China has started paying $135 a barrel for oil, and it's on a buying spree. As of October 4, 2026, Shanghai Crude is sitting at 892.00 Yuan per barrel. It's now cutting just two and a half million barrels a day from its normal imports. It has effectively suspended and heavily restricted refined oil product exports, including diesel, gasoline, and jet fuel, for the month of October. China implemented a similar ban on refined fuel exports earlier this year in March, then it allowed refiners to resume normal export quotas in July and August. China and the US are the two largest oil-refining nations on Earth, each processing roughly 17 to 18.5 million barrels of crude oil per day. Global diesel supply fell by about 3 million barrels out of 30 million barrels a day; roughly 10% is absent since September. Now, if the US bans its exports, then the world will not only face a fuel crisis, but will also be on the threshold of a food crisis. The G7 will deploy 100 million barrels of reserves over the next four months. G7 leaders also agreed to “refrain from export restrictions on energy and energy products between G7 countries” and called on producers to avoid measures that could exacerbate market tensions, according to their joint statement. According to the US Treasury, crude oil exports from the Persian Gulf are at or near prewar levels, although volumes remain volatile. Meanwhile, the US has sent a third aircraft carrier to the Persian Gulf, raising the potential for escalation in the months-long conflict.

Global diesel supplies are tightening as refinery disruptions and export curbs push crack spreads to record levels, raising fears of higher fuel and food costs.

Diesel crisis deepens as global supplies shrink, crack spreads hit record highs

US-Russia talks on ending the war in Ukraine will involve a multibillion-dollar oil deal for international assets such as oil fields, refineries and gas stations around the world owned by one of Russia's biggest energy companies, Lukoil, reported the US-based newspaper New York Times.&nbsp;The deal is contingent on the approval of the US and Russian governments. The deal was raised by Russian President Vladimir Putin during a September 5 meeting at the Kremlin with US envoys Steve Witkoff and Jared Kushner. He framed the asset sale as a way to show that Russian and US businesses could resume working together. According to the NYT, this deal is the latest attempt by US President Donald Trump to end the Russia-Ukraine war.&nbsp;<h2>Who else is in the deal?</h2>The leading group seeking Lukoil's assets includes American investors and Trump donor Todd Boehly, two Gulf groups related to Steve Witkoff and Jared Kushner and the US government.&nbsp;Todd Boehly, a billionaire co-owner of the Los Angeles Dodgers, donated $1 million to Trump-aligned MAGA Inc. and Trump’s inauguration. He also fronted the consortium that bought Chelsea Football Club from Russian oligarch Roman Abramovich. The $5.2 billion takeover was officially completed in May 2022.Qatar-based Al-Khayyat Brothers, Moutaz and Ramez Al-Khayyat, are also part of the deal. They have attended Trump's inauguration in 2025. They, along with Kushner and Ivanka Trump, are also financing the multibillion-dollar luxury resort project in Albania, which has stirred up the Flamingo revolution.Also Read: <a href="https://www.wionews.com/world/flydubai-flight-1073-what-happened-israel-terror-attack-1790876427952">Flydubai Flight 1073: How an in-flight brawl became a ‘jihadist terror’ attack</a>Sheikh Tahnoon bin Zayed Al Nahyan, the Abu Dhabi royal, controls investment funds backing the deal. They also have a stake in World Liberty Financial, the crypto entity co-founded by Witkoff and linked to the Trump family, which generated $799 million for Trump last year, according to the report.Sheikh Tahnoon also helps oversee Lunate, an Abu Dhabi fund that is among the largest stakeholders in Kushner’s private equity firm. Witkoff’s spokeswoman said he has “no conflict of interest and no financial stake in this matter.” It is unclear whether Kushner and Witkoff are likely to benefit from the deal, reported Times.The US International Development Finance Corporation, or DFC, is also seeking a stake with Kushner and Witkoff helping negotiate financial terms to ensure “a substantial upfront payment and profits interest for the United States.”<h2>What are Lukoil's assets?</h2>According to Lukoil's international assets are valued at $20-22 billion, including major energy infrastructure across roughly 30 countries across continents, spanning upstream oil and gas fields, vital European refineries, and hundreds of retail gas stations in Europe and the United States. Since Russia's invasion of Ukraine, US and Western sanctions have heavily restricted Lukoil's ability to operate or profit from these overseas holdings; the assets have effectively been traded at distressed or "fire sale" rates. Now the parties in the proposed deal believe that, following the government approval and subsequent removal of sanctions, the values are likely to skyrocket.

A group including Trump donor Todd Boehly, Gulf investors and the US government is seeking Lukoil's overseas oil and gas assets in a multibillion-dollar deal.

US-Russia talks on ending the war in Ukraine will involve a multibillion-dollar oil deal for international assets such as oil fields, refineries and gas stations around the world owned by one of Russia's biggest energy companies, Lukoil, reported the US-based newspaper New York Times. The deal is contingent on the approval of the US and Russian governments. The deal was raised by Russian President Vladimir Putin during a September 5 meeting at the Kremlin with US envoys Steve Witkoff and Jared Kushner. He framed the asset sale as a way to show that Russian and US businesses could resume working together. According to the NYT, this deal is the latest attempt by US President Donald Trump to end the Russia-Ukraine war. Who else is in the deal? The leading group seeking Lukoil's assets includes American investors and Trump donor Todd Boehly, two Gulf groups related to Steve Witkoff and Jared Kushner and the US government. Todd Boehly, a billionaire co-owner of the Los Angeles Dodgers, donated $1 million to Trump-aligned MAGA Inc. and Trump’s inauguration. He also fronted the consortium that bought Chelsea Football Club from Russian oligarch Roman Abramovich. The $5.2 billion takeover was officially completed in May 2022. Qatar-based Al-Khayyat Brothers, Moutaz and Ramez Al-Khayyat, are also part of the deal. They have attended Trump's inauguration in 2025. They, along with Kushner and Ivanka Trump, are also financing the multibillion-dollar luxury resort project in Albania, which has stirred up the Flamingo revolution. Also Read: Flydubai Flight 1073: How an in-flight brawl became a ‘jihadist terror’ attack Sheikh Tahnoon bin Zayed Al Nahyan, the Abu Dhabi royal, controls investment funds backing the deal. They also have a stake in World Liberty Financial, the crypto entity co-founded by Witkoff and linked to the Trump family, which generated $799 million for Trump last year, according to the report. Sheikh Tahnoon also helps oversee Lunate, an Abu Dhabi fund that is among the largest stakeholders in Kushner’s private equity firm. Witkoff’s spokeswoman said he has “no conflict of interest and no financial stake in this matter.” It is unclear whether Kushner and Witkoff are likely to benefit from the deal, reported Times. The US International Development Finance Corporation, or DFC, is also seeking a stake with Kushner and Witkoff helping negotiate financial terms to ensure “a substantial upfront payment and profits interest for the United States.” What are Lukoil's assets? According to Lukoil's international assets are valued at $20-22 billion, including major energy infrastructure across roughly 30 countries across continents, spanning upstream oil and gas fields, vital European refineries, and hundreds of retail gas stations in Europe and the United States. Since Russia's invasion of Ukraine, US and Western sanctions have heavily restricted Lukoil's ability to operate or profit from these overseas holdings; the assets have effectively been traded at distressed or "fire sale" rates. Now the parties in the proposed deal believe that, following the government approval and subsequent removal of sanctions, the values are likely to skyrocket.

A group including Trump donor Todd Boehly, Gulf investors and the US government is seeking Lukoil's overseas oil and gas assets in a multibillion-dollar deal.

Trump-linked investors eye $20-22bn Lukoil assets in latest US-Russia talks to end Ukraine war

Zee has completed glorious 34 years with the guidance of group founder Dr Subhash Chandra. In 1992, the network brought to India its first private satellite television channel. Viewers looked for the vibrant blue, yellow, and pink logo on their screens as they tuned in. It brought children, parents, and grandparents together to watch shows; there was a little something for everyone.&nbsp;The world has evolved from those box TVs to sleek screens, and so have content and viewing patterns. Keeping up with the changing world, the network has relentlessly provided the audience with movies, music, live experiences, kids' entertainment, sports, and more.&nbsp;Taking to his social media handle, founder Subhash Chandra tweeted, “34 years back today, Zee was launched with just 5 people. ​That single step sparked an entire industry and resulted in employment for over 30 million people across India. ​A humble beginning that shaped an era, and the future promises to be even bigger.”

<blockquote class="twitter-tweet">34 years of entertaining India - and the journey is only getting started. Yours Truly, ‘Z&#39;<a href="https://x.com/hashtag/34YearsOfZ?src=hash&amp;ref_src=twsrc%5Etfw">#34YearsOfZ</a> <a href="https://x.com/hashtag/YoursTrulyZ?src=hash&amp;ref_src=twsrc%5Etfw">#YoursTrulyZ</a> <a href="https://x.com/hashtag/AttentionEconomy?src=hash&amp;ref_src=twsrc%5Etfw">#AttentionEconomy</a> <a href="https://x.com/hashtag/Content?src=hash&amp;ref_src=twsrc%5Etfw">#Content</a> <a href="https://x.com/hashtag/Technology?src=hash&amp;ref_src=twsrc%5Etfw">#Technology</a> <a href="https://t.co/zpYC3IxGdC">pic.twitter.com/zpYC3IxGdC</a>&mdash; WION (@WIONews) <a href="https://x.com/WIONews/status/2106257137219608896?ref_src=twsrc%5Etfw">October 3, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

The launch opened a new world of entertainment and sparked a new industry. It also paved the way for talent to shine and perform across every screen. The pioneer Zee is now set to take that legacy forward. The company says it will continue to take India to the world, narrating stories across languages and connecting audiences across platforms.&nbsp;Zee has also positioned itself at the pulse of a changing media ecosystem. It is taking technology in its stride and powering that evolution with artificial intelligence and machine learning, tools that make content discovery smarter and connections deeper.&nbsp;In the attention economy, the company said, every meaningful connection counts and creates new possibilities. Building on that belief, Zee said it aims to define the next three decades of entertainment. Summing up its journey, the company expressed gratitude to its viewers for the enchanting 34 years of pioneering vision and entertainment.

<blockquote class="twitter-tweet">34 years back today, Zee was launched with just 5 people. ​That single step sparked an entire industry and resulted in employment for over 30 million people across India. ​A humble beginning that shaped an era,and the future promises to be even bigger.&mdash; Subhash Chandra (@subhashchandra) <a href="https://x.com/subhashchandra/status/2105788840300752973?ref_src=twsrc%5Etfw">October 1, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

Zee completes 34 years as India's media pioneer. Founder Subhash Chandra reflects on its growth from a 5-member team to generating over 30 million jobs, while laying out plans for AI-driven entertainment.

Zee has completed glorious 34 years with the guidance of group founder Dr Subhash Chandra. In 1992, the network brought to India its first private satellite television channel. Viewers looked for the vibrant blue, yellow, and pink logo on their screens as they tuned in. It brought children, parents, and grandparents together to watch shows; there was a little something for everyone. The world has evolved from those box TVs to sleek screens, and so have content and viewing patterns. Keeping up with the changing world, the network has relentlessly provided the audience with movies, music, live experiences, kids' entertainment, sports, and more. Taking to his social media handle, founder Subhash Chandra tweeted, “34 years back today, Zee was launched with just 5 people. That single step sparked an entire industry and resulted in employment for over 30 million people across India. A humble beginning that shaped an era, and the future promises to be even bigger.”

Zee completes 34 years as India's media pioneer. Founder Subhash Chandra reflects on its growth from a 5-member team to generating over 30 million jobs, while laying out plans for AI-driven entertainment.

Zee marks 34 years: Founder Subhash Chandra reflects on pioneering journey and AI-driven future

Indian stock market crashed again on Thursday, October 1; the single-day sell-off wiped out roughly ₹9.5 lakh crore in investors wealth within an hour during intraday trading. BSE Sensex shed 570.59 points or 0.79%. During the day, it plunged by as much as 1,187.41 points to hit a fresh 52-week low of 71,292.88. The NSE Nifty 50 dropped 198.50 points or 0.88% to settle at 22,421.95, recovering partially from an intraday low of 22,217.30.&nbsp;The biggest losers were the Nifty Auto Index, falling 3.46%; the FMCG index and the Nifty Metal fell 2.35%; Nifty Consumer Durables declined 1.91%; and Nifty Oil &amp; Gas dropped 1.32%. The biggest red flags were Auto and Consumer Durables, which fell by 5.9% and 6.2%, respectively, this week as weak monsoon data added to demand concerns.<h2>Eight consecutive weeks of loss</h2>Over the week, the Sensex declined 2.6%, while the Nifty fell more than 3%, wiping out more than ₹15 lakh crore. The markets will remain closed on Friday, October 2, on account of Gandhi Jayanti. This marks the eighth consecutive week of losses, the worst streak since 2001. It kicked off with a crash on Monday, losing ₹7.4 lakh crore, and concluded with another crash, losing ₹9.5 lakh crore.&nbsp;The current multi-week meltdown is the third-largest decline in the history of the Indian stock market. The longest streak was 10 weeks in 1993, the aftermath of the bubble burst in the Harshad Mehta scam; the BSE Sensex crashed by over 40% to 50%, a drop from the previous year's peak wiping out roughly ₹1lakh crore in market capitalisation.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/karnataka-blo-pressured-form-7-applications-muslim-voter-deletions-1790862243626">SIR: BLOs pressured to sign Form-7 applications seeking Muslim voter deletions in Karnataka</a><h2>Why is the market losing persistently?</h2>Unlike the previous historic streaks, this is not a scam or an asset bubble. It is rather a case of external shock as well as a combination of poor macroeconomic fundamentals. The headline GDP growth number is failing to wow the outgoing foreign investors.&nbsp;Foreign Portfolio Investors pulled over ₹35,861 crore out of Indian equities in September 2026 alone, driving total net outflows to over ₹129,187 crore for the first half of the ongoing financial year. The Indian Rupee has fallen to 96.31/$ by 37 paise, or roughly 0.5%. It is more and more inching closer to its historic low of &nbsp; ₹96.79 per dollar earlier in May 2026.&nbsp;&nbsp;The persistent driver has been US bond yields; the 10-year Treasury yield breached a level last seen in April 2002, before easing more than 4 basis points to 5.251%, while the 30-year Treasury bond also hit its highest in 24 years before pulling back to 5.61%. US stocks are also at record highs, and bonds are at multi-decade highs, so FPIs are flowing out of emerging economies.&nbsp;The Foreign Portfolio Investor outflows and the Indian Rupee are compounding each other's pain. FPI outflows mean they convert their rupee sale proceeds into US dollars, which in turn puts pressure on the rupee, and it depreciates. Again, loss in rupee value creates capital loss and pushes import costs higher. So it's a classic reflexivity feedback loop.&nbsp;&nbsp;It is easier to point to the ongoing oil shock, which is pushing crude oil prices to $100/bl, though it would be quite a simplistic explanation and does not account for 2025, when there was no war or oil shock; India was purchasing cheap Russian crude, refining it and selling it to European and other Asian markets, but the Rupee still fell by 4.9%. Weak corporate earnings, expanding CADs, FPI reluctance and the lack of a strong investment story are domestic problems. The rupee fell from about 84 to about 96 in under two years, with the RBI selling dollars to slow it; that is a lot of pressure.&nbsp;Indian Finance Minister Nirmala Sitharaman has suggested that FPIs will come and go, but domestic retail investors act as a "counterfoil" or "shock absorber" to foreign capital flight. She is not entirely right or wrong. The mechanics are correct, but the scale is not; domestic institutions and retail investors can not replace the scale of the capital of FPIs to prevent a fall. However, most of the FPIs are flying towards US tech stocks and south asian chip stock, specifically the AI growth story. India can hope that the AI bubble pops and capital will rotate back to Indian markets.&nbsp;

Indian stocks suffered another sharp sell-off as Sensex and Nifty extended losses, with FPI outflows, rupee weakness and high US yields weighing on markets.

Indian stock market crashed again on Thursday, October 1; the single-day sell-off wiped out roughly ₹9.5 lakh crore in investors wealth within an hour during intraday trading. BSE Sensex shed 570.59 points or 0.79%. During the day, it plunged by as much as 1,187.41 points to hit a fresh 52-week low of 71,292.88. The NSE Nifty 50 dropped 198.50 points or 0.88% to settle at 22,421.95, recovering partially from an intraday low of 22,217.30. The biggest losers were the Nifty Auto Index, falling 3.46%; the FMCG index and the Nifty Metal fell 2.35%; Nifty Consumer Durables declined 1.91%; and Nifty Oil & Gas dropped 1.32%. The biggest red flags were Auto and Consumer Durables, which fell by 5.9% and 6.2%, respectively, this week as weak monsoon data added to demand concerns. Eight consecutive weeks of loss Over the week, the Sensex declined 2.6%, while the Nifty fell more than 3%, wiping out more than ₹15 lakh crore. The markets will remain closed on Friday, October 2, on account of Gandhi Jayanti. This marks the eighth consecutive week of losses, the worst streak since 2001. It kicked off with a crash on Monday, losing ₹7.4 lakh crore, and concluded with another crash, losing ₹9.5 lakh crore. The current multi-week meltdown is the third-largest decline in the history of the Indian stock market. The longest streak was 10 weeks in 1993, the aftermath of the bubble burst in the Harshad Mehta scam; the BSE Sensex crashed by over 40% to 50%, a drop from the previous year's peak wiping out roughly ₹1lakh crore in market capitalisation. Also Read: SIR: BLOs pressured to sign Form-7 applications seeking Muslim voter deletions in Karnataka Why is the market losing persistently? Unlike the previous historic streaks, this is not a scam or an asset bubble. It is rather a case of external shock as well as a combination of poor macroeconomic fundamentals. The headline GDP growth number is failing to wow the outgoing foreign investors. Foreign Portfolio Investors pulled over ₹35,861 crore out of Indian equities in September 2026 alone, driving total net outflows to over ₹129,187 crore for the first half of the ongoing financial year. The Indian Rupee has fallen to 96.31/$ by 37 paise, or roughly 0.5%. It is more and more inching closer to its historic low of ₹96.79 per dollar earlier in May 2026. The persistent driver has been US bond yields; the 10-year Treasury yield breached a level last seen in April 2002, before easing more than 4 basis points to 5.251%, while the 30-year Treasury bond also hit its highest in 24 years before pulling back to 5.61%. US stocks are also at record highs, and bonds are at multi-decade highs, so FPIs are flowing out of emerging economies. The Foreign Portfolio Investor outflows and the Indian Rupee are compounding each other's pain. FPI outflows mean they convert their rupee sale proceeds into US dollars, which in turn puts pressure on the rupee, and it depreciates. Again, loss in rupee value creates capital loss and pushes import costs higher. So it's a classic reflexivity feedback loop. It is easier to point to the ongoing oil shock, which is pushing crude oil prices to $100/bl, though it would be quite a simplistic explanation and does not account for 2025, when there was no war or oil shock; India was purchasing cheap Russian crude, refining it and selling it to European and other Asian markets, but the Rupee still fell by 4.9%. Weak corporate earnings, expanding CADs, FPI reluctance and the lack of a strong investment story are domestic problems. The rupee fell from about 84 to about 96 in under two years, with the RBI selling dollars to slow it; that is a lot of pressure. Indian Finance Minister Nirmala Sitharaman has suggested that FPIs will come and go, but domestic retail investors act as a "counterfoil" or "shock absorber" to foreign capital flight. She is not entirely right or wrong. The mechanics are correct, but the scale is not; domestic institutions and retail investors can not replace the scale of the capital of FPIs to prevent a fall. However, most of the FPIs are flying towards US tech stocks and south asian chip stock, specifically the AI growth story. India can hope that the AI bubble pops and capital will rotate back to Indian markets.

Indian stocks suffered another sharp sell-off as Sensex and Nifty extended losses, with FPI outflows, rupee weakness and high US yields weighing on markets.

Indian stock market loses 8th straight week, ₹9.5 lakh crore wealth wiped out in an hour

US Senate Democrats on Wednesday blocked a bill that would have barred members of Congress from buying new stock in publicly traded companies, arguing the legislation did not go far enough and would have let lawmakers keep their portfolios. They said it was bundled with “poison pill” voter ID rules. The Stop Insider Trading Act failed in a 53–47 procedural vote, seven short of the 60 needed to open debate. The failure comes around five weeks before the midterm election on November 3.&nbsp;<h2>What was the Stop Insider Trading Act?</h2>The bill “generally prohibits Members of Congress and their spouses and dependent children from purchasing stocks and requires public notice before these individuals may sell stocks”. Specifically, members of Congress, their spouses, and dependent children must file 7 and 14 days before “public notice of the intent to sell with the Clerk of the House of Representatives or the Secretary of the Senate." Failure to do so will attract a fee of $2,000 or 10% of the transaction value, or the net gain during the specific period, which can't be paid using “campaign donations or Members’ official allowances”.Also Read: <a href="https://www.wionews.com/india-news/satish-acharya-instagram-account-restricted-india-election-commission-cartoon-1790791963028">‘Block! Block! Block!’: Cartoonist Satish Acharya’s Instagram account restricted in India</a><h2>Why did it fail?</h2>Senate Democratic leader Chuck Schumer called the bill “a permission slip for corruption” and claimed that Republicans had designed it to fail. He said that the Senate Committee advanced a bipartisan ban last year and accused Republicans of ignoring it. Dick Durbin, Deputy of Chuck Schumer, dismissed it as a “meaningless” bill, "an inadequate congressional stock trading ban”, and “Republican messaging”.&nbsp;The primary reason the bill failed to clear the Senate was an entirely unrelated provision requiring a physical photo ID, birth certificate, or passport to cast federal mail-in or in-person ballots being attached to the bill. The bill also exempted executives and White House personnel, including the president, which was a glaring oversight considering the volume of trade related to Trump and his family businesses. Bloomberg <a href="https://www.bloomberg.com/graphics/2026-trump-stock-trades-congress/">reported </a>that from January 2025 to June 2026, Trump made nearly 28,700 trades, compared with 22,200 by all lawmakers combinedThe effort is the latest in the line of failed attempts to restore trust in the US Congress by banning them from trading and holding stocks. The best-known was the “Pelosi Act”, introduced by Republican Senator Josh Hawley of Missouri. It was dropped later; Trump publicly attacked Hawley, calling him a ‘second-tier’ senator.&nbsp;

Democrats blocked the Stop Insider Trading Act, saying its stock trading restrictions were inadequate and objecting to bundled voter ID rules.

US Senate Democrats on Wednesday blocked a bill that would have barred members of Congress from buying new stock in publicly traded companies, arguing the legislation did not go far enough and would have let lawmakers keep their portfolios. They said it was bundled with “poison pill” voter ID rules. The Stop Insider Trading Act failed in a 53–47 procedural vote, seven short of the 60 needed to open debate. The failure comes around five weeks before the midterm election on November 3. What was the Stop Insider Trading Act? The bill “generally prohibits Members of Congress and their spouses and dependent children from purchasing stocks and requires public notice before these individuals may sell stocks”. Specifically, members of Congress, their spouses, and dependent children must file 7 and 14 days before “public notice of the intent to sell with the Clerk of the House of Representatives or the Secretary of the Senate." Failure to do so will attract a fee of $2,000 or 10% of the transaction value, or the net gain during the specific period, which can't be paid using “campaign donations or Members’ official allowances”. Also Read: ‘Block! Block! Block!’: Cartoonist Satish Acharya’s Instagram account restricted in India Why did it fail? Senate Democratic leader Chuck Schumer called the bill “a permission slip for corruption” and claimed that Republicans had designed it to fail. He said that the Senate Committee advanced a bipartisan ban last year and accused Republicans of ignoring it. Dick Durbin, Deputy of Chuck Schumer, dismissed it as a “meaningless” bill, "an inadequate congressional stock trading ban”, and “Republican messaging”. The primary reason the bill failed to clear the Senate was an entirely unrelated provision requiring a physical photo ID, birth certificate, or passport to cast federal mail-in or in-person ballots being attached to the bill. The bill also exempted executives and White House personnel, including the president, which was a glaring oversight considering the volume of trade related to Trump and his family businesses. Bloomberg reported that from January 2025 to June 2026, Trump made nearly 28,700 trades, compared with 22,200 by all lawmakers combined The effort is the latest in the line of failed attempts to restore trust in the US Congress by banning them from trading and holding stocks. The best-known was the “Pelosi Act”, introduced by Republican Senator Josh Hawley of Missouri. It was dropped later; Trump publicly attacked Hawley, calling him a ‘second-tier’ senator.

Democrats blocked the Stop Insider Trading Act, saying its stock trading restrictions were inadequate and objecting to bundled voter ID rules.

US Senate Democrats block insider stock trading ban bill over voter ID rules

The Indian rupee has been depreciating against the US dollar almost steadily since the Covid pandemic. While this is consistent with the longer-term historical pattern of roughly 2 to 3 per cent average annual weakening, a key question being raised is that the Indian currency is the worst performer in Asia vis-à-vis the dollar. What could be the reasons? India’s higher inflation relative to the US, persistent current-account deficits and capital-flow volatility are among the obvious ones. India’s central bank, the Reserve Bank of India (RBI), has been managing the depreciation, mainly by selling dollars through open market operations. Here are the facts and figures.<h2>How Indian rupee depreciated against the US dollar since Covid pandemic</h2>The peak stress was felt in the pre-Covid period itself, when the Indian rupee was around 72 against the dollar. By the end of 2021, it was at around 75 to a dollar. A sharp drop happened at the end of 2022, to around 83 per dollar. Between 2023 and 2025, it hovered in the 82–85 range, which was considered a relatively stable phase. But by the end of 2025, the slide worsened to more than 90, breaching what could be termed a psychological barrier at the time. Currently, the rupee is at around 95, after testing record lows of around 96 to a dollar earlier this year.For the period from early 2020 to late 2026, this amounts to an overall substantial decline of around 30 per cent in nominal terms. If one takes the January 2022 average of 74.4 against late-2026 levels of 95, the depreciation is about 28 per cent.Also read: <a href="https://www.wionews.com/india-news/indian-stock-market-crash-sensex-nifty-six-month-low-oil-fpi-rupee-1790610541704">Indian stock market crashes, 7.4 lakh crore wiped out: What is driving the fall?</a><h2>Indian rupee’s performance against Asian peer currencies</h2>During the Covid period, the depreciation was considered mild to moderate, as the Indian rupee was relatively resilient compared with some Asian peers, thanks to strong domestic recovery, capital inflows and RBI management. It was not the worst-hit currency in Asia at the time.But in 2022, it became one of the weakest Asian performers, down 10 to 11 per cent. This was also a period of several global economic and geopolitical events that affected fuel prices, one of the largest components of India’s import bill. These include aggressive rate hikes by the US Federal Reserve, which the RBI's monetary policy broadly mirrored, a resurgence of the US dollar, and oil price spikes driven by the Russia–Ukraine war.&nbsp;India imports close to 90 per cent of its crude oil requirement, leaving the rupee particularly exposed to energy-price shocks.This was also a period that saw foreign portfolio investors (FPIs) pulling out of India. Indian equities, with a relatively low number of companies involved in emerging technologies such as artificial intelligence (AI), were regional underperformers. &nbsp;Foreign investors reduced capital inflows that could otherwise have supported the rupee.As a result of these factors, India’s current account deficit widened significantly during this period.Also read: <a href="https://www.wionews.com/world/how-global-tensions-are-draining-strength-from-indian-rupee-1778835835916">How global tensions are draining strength from Indian rupee</a>&nbsp;The 2023–2024 period was relatively stable or modest. The rupee, in fact, often outperformed or matched peers in volatility terms, benefiting from higher Indian real yields, bond-index inclusion prospects and RBI interventions. It was at times among the more stable emerging-market or Asian currencies.But the weakness accelerated in late 2024–2025, with the rupee becoming Asia’s worst or near-worst performer, going down 4.9 per cent in 2025. A different but related set of events happened in this period. US tariffs on Indian exports, including secondary penalties linked to buying Russian oil, were one major factor. FPI equity outflows increased amid concerns about India’s growth and corporate earnings. Uncertainties about the US–India trade deal and persistent current-account pressure were also reasons.During this period, some other Asian currencies, such as the Malaysian ringgit, Thai baht, Taiwan dollar, Korean won and Singapore dollar, strengthened or held up better amid a softer dollar phase. Some of them were helped by trade surpluses or positive net international investment positions (NIIP), while India has a negative NIIP.In 2026, the situation worsened partly due to the start and continuation of the Iran–US–Israel war, the closure of the Strait of Hormuz, and the resulting pressure on oil prices, bringing in a higher import bill. Benchmark Brent crude has been swinging between $70 and nearly $110 per barrel during the first and second quarters of this financial year.Global bond-yield spikes, ongoing FPI caution and external deficits are adding to the pressure. But a steeper fall has been prevented through RBI interventions, as well as balance-of-payments measures such as attracting large deposits and borrowing inflows.Also read: <a href="https://www.wionews.com/world/fed-rate-hike-4-percent-india-rupee-fpi-stock-market-inflation-1789659953082">Fed hikes rates to 4%: Why India’s rupee, FPI and stock market face pressure</a><h2>Structural and recurring reasons for the rupee underperformance</h2>The Indian rupee is being boxed in by these key factors: high oil-import dependence, current-account and trade deficits, capital-flow volatility, interest-rate differentials and global US dollar strength, and a negative NIIP.The RBI’s focus is to prevent a speculative attack on the rupee by curbing volatility, rather than defending the Indian currency at a specific level against the dollar. It intervenes through spot and forward sales in the foreign-exchange market and has built large reserves.In short, what the rupee is witnessing currently is an orderly, or crawling, depreciation rather than an outright crisis.<a href="https://www.wionews.com/videos/rupee-hits-96-for-first-time-ever-1778996756301/embed">https://www.wionews.com/videos/rupee-hits-96-for-first-time-ever-1778996756301/embed</a><h2>Rupee’s nominal path reflects external vulnerabilities more than domestic factors</h2>India is on a positive trajectory when it comes to GDP growth. When one looks at rupee depreciation from a longer-term perspective, the average depreciation remains in the 2–3 per cent range. But the currency is witnessing uneven bursts around global shocks.When compared with other emerging-market currencies, India has shown greater resilience, buttressed by higher forex reserves, including inflows from remittances. It has, however, lagged behind surplus-running or less oil-dependent Asian currencies during periods of dollar softness or commodity stress.

The Indian rupee is one of Asia’s weakest currencies against the US dollar, but one needs to look deeper. India's oil dependence, capital outflows and deficits are among the reasons

The Indian rupee has been depreciating against the US dollar almost steadily since the Covid pandemic. While this is consistent with the longer-term historical pattern of roughly 2 to 3 per cent average annual weakening, a key question being raised is that the Indian currency is the worst performer in Asia vis-à-vis the dollar. What could be the reasons? India’s higher inflation relative to the US, persistent current-account deficits and capital-flow volatility are among the obvious ones. India’s central bank, the Reserve Bank of India (RBI), has been managing the depreciation, mainly by selling dollars through open market operations. Here are the facts and figures. How Indian rupee depreciated against the US dollar since Covid pandemic The peak stress was felt in the pre-Covid period itself, when the Indian rupee was around 72 against the dollar. By the end of 2021, it was at around 75 to a dollar. A sharp drop happened at the end of 2022, to around 83 per dollar. Between 2023 and 2025, it hovered in the 82–85 range, which was considered a relatively stable phase. But by the end of 2025, the slide worsened to more than 90, breaching what could be termed a psychological barrier at the time. Currently, the rupee is at around 95, after testing record lows of around 96 to a dollar earlier this year. For the period from early 2020 to late 2026, this amounts to an overall substantial decline of around 30 per cent in nominal terms. If one takes the January 2022 average of 74.4 against late-2026 levels of 95, the depreciation is about 28 per cent. Also read: Indian stock market crashes, 7.4 lakh crore wiped out: What is driving the fall? Indian rupee’s performance against Asian peer currencies During the Covid period, the depreciation was considered mild to moderate, as the Indian rupee was relatively resilient compared with some Asian peers, thanks to strong domestic recovery, capital inflows and RBI management. It was not the worst-hit currency in Asia at the time. But in 2022, it became one of the weakest Asian performers, down 10 to 11 per cent. This was also a period of several global economic and geopolitical events that affected fuel prices, one of the largest components of India’s import bill. These include aggressive rate hikes by the US Federal Reserve, which the RBI's monetary policy broadly mirrored, a resurgence of the US dollar, and oil price spikes driven by the Russia–Ukraine war. India imports close to 90 per cent of its crude oil requirement, leaving the rupee particularly exposed to energy-price shocks. This was also a period that saw foreign portfolio investors (FPIs) pulling out of India. Indian equities, with a relatively low number of companies involved in emerging technologies such as artificial intelligence (AI), were regional underperformers. Foreign investors reduced capital inflows that could otherwise have supported the rupee. As a result of these factors, India’s current account deficit widened significantly during this period. Also read: How global tensions are draining strength from Indian rupee The 2023–2024 period was relatively stable or modest. The rupee, in fact, often outperformed or matched peers in volatility terms, benefiting from higher Indian real yields, bond-index inclusion prospects and RBI interventions. It was at times among the more stable emerging-market or Asian currencies. But the weakness accelerated in late 2024–2025, with the rupee becoming Asia’s worst or near-worst performer, going down 4.9 per cent in 2025. A different but related set of events happened in this period. US tariffs on Indian exports, including secondary penalties linked to buying Russian oil, were one major factor. FPI equity outflows increased amid concerns about India’s growth and corporate earnings. Uncertainties about the US–India trade deal and persistent current-account pressure were also reasons. During this period, some other Asian currencies, such as the Malaysian ringgit, Thai baht, Taiwan dollar, Korean won and Singapore dollar, strengthened or held up better amid a softer dollar phase. Some of them were helped by trade surpluses or positive net international investment positions (NIIP), while India has a negative NIIP. In 2026, the situation worsened partly due to the start and continuation of the Iran–US–Israel war, the closure of the Strait of Hormuz, and the resulting pressure on oil prices, bringing in a higher import bill. Benchmark Brent crude has been swinging between $70 and nearly $110 per barrel during the first and second quarters of this financial year. Global bond-yield spikes, ongoing FPI caution and external deficits are adding to the pressure. But a steeper fall has been prevented through RBI interventions, as well as balance-of-payments measures such as attracting large deposits and borrowing inflows. Also read: Fed hikes rates to 4%: Why India’s rupee, FPI and stock market face pressure Structural and recurring reasons for the rupee underperformance The Indian rupee is being boxed in by these key factors: high oil-import dependence, current-account and trade deficits, capital-flow volatility, interest-rate differentials and global US dollar strength, and a negative NIIP. The RBI’s focus is to prevent a speculative attack on the rupee by curbing volatility, rather than defending the Indian currency at a specific level against the dollar. It intervenes through spot and forward sales in the foreign-exchange market and has built large reserves. In short, what the rupee is witnessing currently is an orderly, or crawling, depreciation rather than an outright crisis. https://www.wionews.com/videos/rupee-hits-96-for-first-time-ever-1778996756301/embed Rupee’s nominal path reflects external vulnerabilities more than domestic factors India is on a positive trajectory when it comes to GDP growth. When one looks at rupee depreciation from a longer-term perspective, the average depreciation remains in the 2–3 per cent range. But the currency is witnessing uneven bursts around global shocks. When compared with other emerging-market currencies, India has shown greater resilience, buttressed by higher forex reserves, including inflows from remittances. It has, however, lagged behind surplus-running or less oil-dependent Asian currencies during periods of dollar softness or commodity stress.

The Indian rupee is one of Asia’s weakest currencies against the US dollar, but one needs to look deeper. India's oil dependence, capital outflows and deficits are among the reasons

Why is Indian rupee the lowest-performing Asian currency against the US dollar? Reasons are not that simple

Five weeks ahead of the midterm election, the US economy is sending mixed signals. Growth and hiring are holding up; inflation is cooling slightly, with a change in calculation methodology, but remains elevated; and borrowing costs are at levels not seen in nearly two decades. US consumer confidence in the economy fell by 6.7 points to 81.9, down from 88.6 in August.&nbsp;“It’s bluster, it’s gaslighting for him to say the economy is the greatest ever,” said Darrick Hamilton, chief economist for the AFL-CIO, the nation’s main union federation.<h2>GDP growth was higher than expected for the quarter</h2>US GDP grew at a solid 2.2% pace from April, up from 1.5% in the second estimate, with consumer spending, investment, and exports as the main contributors. Gross domestic income, a separate measure of output, rose 2.6%.Consumer spending accounts for 70% of U.S. economic activity. Business investment, excluding housing, rose 9% in the second quarter, reflecting the AI investment boom. According to the late-September S&amp;P Global France Manufacturing PMI report, the manufacturing index fell slightly to 50.3 in September from 51.1 in August. Since 50 is the line for separation from contraction, manufacturing remains flat, despite a wartime production boost.&nbsp;“The economy is increasingly reliant on AI gains and the corresponding wealth effects boosting higher-income households’ spending power to fuel recent growth,” said Michael Pearce, chief U.S. economist at Oxford Economics, as quoted by the Associated Press. “The economy remains sensitive to a sudden reversal of optimism on AI.’'Also Read: <a href="https://www.wionews.com/world/france-student-protests-400-minors-detained-teacher-shortage-schools-1790781303026">400 students detained in France: Why are students protesting?</a><h2>Jobs and inflation</h2>Private employers added 90,000 jobs in September, according to ADP, beating expectations of about 68,000. However, ADP data is not official Bureau of Labour Statistics data. Friday's BLS jobs report would provide further details on the job market, where forecasts range from 38,000 to 98,000.&nbsp;The Wall Street consensus is for a gain of 84,000 jobs, down from a 162,000 increase the prior month, and the unemployment rate to hold steady at 4.1%, partly driven by shrinking labour supply and discouraged workers withdrawing from the labour pool.&nbsp; August PCE inflation, the Fed's preferred gauge, came in cooler than forecast: 3.4% headline and 3.0% core, both well above the Fed's 2% target. CPI held at 3.4%. The PCE calculation had undergone a bureaucratic methodology change rather than a sudden cooling of actual economic price pressures. The BEA altered how it calculates inflation for three specific categories back to 2021: computer software, legal fees, and investment advice and artificially shed an estimated 0.3 percentage points directly off the core inflation rate.<h2>What does it mean for the midterm?</h2>Supporters of Trump can point to the GDP upgrade and cooler-than-expected inflation. Democrats will point to prices still rising at over 3%, mortgage and loan costs at multi-year highs, and an oil shock tied to the Iran war. Voters usually judge the economy by their own budgets. According to the BLS, over the last 12 months, fuel oil prices have soared 52%, while ground beef is up 7.2%, fish and seafood up 6.5%, coffee 6.1%, sugar and sweets 6.1% and electricity up 3.8%. So high price levels and borrowing costs may outweigh better headline numbers.&nbsp;

US growth is stronger than expected, but inflation, borrowing costs and weaker consumer confidence point to a mixed economic picture before the midterms.

Five weeks ahead of the midterm election, the US economy is sending mixed signals. Growth and hiring are holding up; inflation is cooling slightly, with a change in calculation methodology, but remains elevated; and borrowing costs are at levels not seen in nearly two decades. US consumer confidence in the economy fell by 6.7 points to 81.9, down from 88.6 in August. “It’s bluster, it’s gaslighting for him to say the economy is the greatest ever,” said Darrick Hamilton, chief economist for the AFL-CIO, the nation’s main union federation. GDP growth was higher than expected for the quarter US GDP grew at a solid 2.2% pace from April, up from 1.5% in the second estimate, with consumer spending, investment, and exports as the main contributors. Gross domestic income, a separate measure of output, rose 2.6%. Consumer spending accounts for 70% of U.S. economic activity. Business investment, excluding housing, rose 9% in the second quarter, reflecting the AI investment boom. According to the late-September S&P Global France Manufacturing PMI report, the manufacturing index fell slightly to 50.3 in September from 51.1 in August. Since 50 is the line for separation from contraction, manufacturing remains flat, despite a wartime production boost. “The economy is increasingly reliant on AI gains and the corresponding wealth effects boosting higher-income households’ spending power to fuel recent growth,” said Michael Pearce, chief U.S. economist at Oxford Economics, as quoted by the Associated Press. “The economy remains sensitive to a sudden reversal of optimism on AI.’' Also Read: 400 students detained in France: Why are students protesting? Jobs and inflation Private employers added 90,000 jobs in September, according to ADP, beating expectations of about 68,000. However, ADP data is not official Bureau of Labour Statistics data. Friday's BLS jobs report would provide further details on the job market, where forecasts range from 38,000 to 98,000. The Wall Street consensus is for a gain of 84,000 jobs, down from a 162,000 increase the prior month, and the unemployment rate to hold steady at 4.1%, partly driven by shrinking labour supply and discouraged workers withdrawing from the labour pool. August PCE inflation, the Fed's preferred gauge, came in cooler than forecast: 3.4% headline and 3.0% core, both well above the Fed's 2% target. CPI held at 3.4%. The PCE calculation had undergone a bureaucratic methodology change rather than a sudden cooling of actual economic price pressures. The BEA altered how it calculates inflation for three specific categories back to 2021: computer software, legal fees, and investment advice and artificially shed an estimated 0.3 percentage points directly off the core inflation rate. What does it mean for the midterm? Supporters of Trump can point to the GDP upgrade and cooler-than-expected inflation. Democrats will point to prices still rising at over 3%, mortgage and loan costs at multi-year highs, and an oil shock tied to the Iran war. Voters usually judge the economy by their own budgets. According to the BLS, over the last 12 months, fuel oil prices have soared 52%, while ground beef is up 7.2%, fish and seafood up 6.5%, coffee 6.1%, sugar and sweets 6.1% and electricity up 3.8%. So high price levels and borrowing costs may outweigh better headline numbers.

US growth is stronger than expected, but inflation, borrowing costs and weaker consumer confidence point to a mixed economic picture before the midterms.

US economy sends mixed signals weeks before midterms

The US bond market is in a severe sell-off; the 10-year US Treasury yield has surpassed 5.2%, the highest in 19 years. The 30-year yield jumped to over 5.5%. The Fed raised interest rates by 25 bps in September, while more than 70% in the market are predicting another rate hike by October. Investors, economists and fund managers are suggesting a structural macroeconomic shift; the era of cheap money is effectively over.&nbsp;Dr David Kelly, Chief Strategist at JP Morgan Asset Management, wrote earlier this month that the post-GFC (Global Financial Crisis) "New Normal" of low growth and ultra-cheap money has been shattered. He states the global economy has decisively pivoted into a structurally higher real-rate regime characterised by tougher long-term debt affordability.“The bond market is simply normalising after two decades of abnormally low interest rates,” Daniel Harenberg, lead global economist at Oxford Economics, wrote this month.<h2>Are higher interest rates unusual?</h2>Higher interest rates were characteristic of the great inflation era, when the US dollar shifted from the gold standard following the Vietnam War. 10-year yields ranged from 8% to over 15%. The period saw out-of-control inflation as high as over 14% in the US in 1980. This followed the great Paul Volcker Shock, which controlled the money supply and pushed rates over 20% in 1981; it resulted in a recession, but inflation was back to normal. Then followed by an era of moderation: the 1987 stock market crash, the fall of the Berlin Wall in 1989, the dotcom bubble, 9/11, wars in Iraq and Afghanistan and three recessions, where yields were controlled between roughly 4.5-6.5% and maintained moderate growth until the global financial crisis of 2008.&nbsp;For a long-term investor who had been investing before the subprime crisis of 2008, high interest rates were actually quite usual. 10-year US Treasury yield over 5% was quite ordinary; if anything, the post-crisis period was quite bizarre: a zero interest rate, which fuelled the practice of carry trade, when fund managers in Japan and Europe would borrow cheaply and exchange it for US Treasuries and earn interest that was basically "free money". &nbsp;Then the "Negative Interest Rate Policy" &nbsp;era, where investors actually paid interest when borrowing from the European Central Bank and the Bank of Japan. This carry trade and cheap money ballooned global debt to over $365 trillion. Developed economies from the OECD, including the US, UK, Japan, and France, are running huge deficits; they spent more than $3.3 trillion in bond interest collectively in 2025, more than their combined defence spending and their AI buildout.Also Read: <a href="https://www.wionews.com/world/israeli-settlers-attack-jalud-west-bank-palestinian-homes-1790682568830">Over 100 Israeli settlers attack West Bank village, burn Palestinian homes</a><h2>Why are high interest rates the new normal?</h2>The case for high interest rates rests on big deficits, sticky inflation, and restricted supply, keeping long-term yields structurally higher than after the GFC. Some strategists at JP Morgan and Goldman Sachs are already discussing 10-year yields reaching 6%. We are seeing the same oil shock which was seen after the US dollar shifted from the gold standard. The Iran war is not coming to any conclusion, nor is the global oil trade being reset to the previous phase.&nbsp;The US suffers from a “total lack of fiscal discipline,” with deficits growing during both booms and busts, warned Howard Marks, co-founder of Oaktree Capital Management. US consumers are still spending money which they can't afford, with collective household debt rising over $18 trillion. Companies are issuing large amounts of debt to finance the data centres. Stock markets are slowing down, but the tech stocks are fighting the feds; the NASDAQ 100 and the Magnificent Seven are keeping the fight alive. Specifically, semiconductor stocks shrugged off rate hike and yield concerns as they rose by roughly 3%, with Anthropic's newly revealed IPO prospectus looming.&nbsp;Higher yields are making bonds a real competitor for equity money and raising the discount rate on future profits, which hits richly valued growth stocks hardest. Now the Feds, who will be expecting equity pain, are unlikely to stop until the AI capex spending softens. There is weakness in the AI buildout, which is its profit model; if the spending softens, there is a real risk of a bubble pop. The reverse can also be the case that US miraculously opens the Hormuz and oil flow is restored, and the Feds slash rates, the AI growth story continues.&nbsp;&nbsp;

US Treasury yields are at multi-year highs as inflation, oil prices, deficits and heavy debt challenge the post-2008 era of ultra-cheap money.

The US bond market is in a severe sell-off; the 10-year US Treasury yield has surpassed 5.2%, the highest in 19 years. The 30-year yield jumped to over 5.5%. The Fed raised interest rates by 25 bps in September, while more than 70% in the market are predicting another rate hike by October. Investors, economists and fund managers are suggesting a structural macroeconomic shift; the era of cheap money is effectively over. Dr David Kelly, Chief Strategist at JP Morgan Asset Management, wrote earlier this month that the post-GFC (Global Financial Crisis) "New Normal" of low growth and ultra-cheap money has been shattered. He states the global economy has decisively pivoted into a structurally higher real-rate regime characterised by tougher long-term debt affordability. “The bond market is simply normalising after two decades of abnormally low interest rates,” Daniel Harenberg, lead global economist at Oxford Economics, wrote this month. Are higher interest rates unusual? Higher interest rates were characteristic of the great inflation era, when the US dollar shifted from the gold standard following the Vietnam War. 10-year yields ranged from 8% to over 15%. The period saw out-of-control inflation as high as over 14% in the US in 1980. This followed the great Paul Volcker Shock, which controlled the money supply and pushed rates over 20% in 1981; it resulted in a recession, but inflation was back to normal. Then followed by an era of moderation: the 1987 stock market crash, the fall of the Berlin Wall in 1989, the dotcom bubble, 9/11, wars in Iraq and Afghanistan and three recessions, where yields were controlled between roughly 4.5-6.5% and maintained moderate growth until the global financial crisis of 2008. For a long-term investor who had been investing before the subprime crisis of 2008, high interest rates were actually quite usual. 10-year US Treasury yield over 5% was quite ordinary; if anything, the post-crisis period was quite bizarre: a zero interest rate, which fuelled the practice of carry trade, when fund managers in Japan and Europe would borrow cheaply and exchange it for US Treasuries and earn interest that was basically "free money". Then the "Negative Interest Rate Policy" era, where investors actually paid interest when borrowing from the European Central Bank and the Bank of Japan. This carry trade and cheap money ballooned global debt to over $365 trillion. Developed economies from the OECD, including the US, UK, Japan, and France, are running huge deficits; they spent more than $3.3 trillion in bond interest collectively in 2025, more than their combined defence spending and their AI buildout. Also Read: Over 100 Israeli settlers attack West Bank village, burn Palestinian homes Why are high interest rates the new normal? The case for high interest rates rests on big deficits, sticky inflation, and restricted supply, keeping long-term yields structurally higher than after the GFC. Some strategists at JP Morgan and Goldman Sachs are already discussing 10-year yields reaching 6%. We are seeing the same oil shock which was seen after the US dollar shifted from the gold standard. The Iran war is not coming to any conclusion, nor is the global oil trade being reset to the previous phase. The US suffers from a “total lack of fiscal discipline,” with deficits growing during both booms and busts, warned Howard Marks, co-founder of Oaktree Capital Management. US consumers are still spending money which they can't afford, with collective household debt rising over $18 trillion. Companies are issuing large amounts of debt to finance the data centres. Stock markets are slowing down, but the tech stocks are fighting the feds; the NASDAQ 100 and the Magnificent Seven are keeping the fight alive. Specifically, semiconductor stocks shrugged off rate hike and yield concerns as they rose by roughly 3%, with Anthropic's newly revealed IPO prospectus looming. Higher yields are making bonds a real competitor for equity money and raising the discount rate on future profits, which hits richly valued growth stocks hardest. Now the Feds, who will be expecting equity pain, are unlikely to stop until the AI capex spending softens. There is weakness in the AI buildout, which is its profit model; if the spending softens, there is a real risk of a bubble pop. The reverse can also be the case that US miraculously opens the Hormuz and oil flow is restored, and the Feds slash rates, the AI growth story continues.

US Treasury yields are at multi-year highs as inflation, oil prices, deficits and heavy debt challenge the post-2008 era of ultra-cheap money.

US bond yields surge above 5.2%: Is the era of cheap money finally over?

China recently expanded the scope of overseas travel restrictions on some of its most important private-sector artificial intelligence and semiconductor executives to include their spouses and children, reports claimed. The aim is to limit the flight of sensitive technology and expertise from the country, according to reports in Bloomberg, Reuters and other outlets. Chinese government agencies notified relevant people that direct relatives of certain AI and chip executives must obtain official approval before travelling abroad. This includes even short trips, according to the reports. The measures would cover Chinese startup founders, senior researchers and executives at tech firms considered strategically important.<h2>The restrictions have been in place since earlier this year</h2>In May, China imposed overseas travel restrictions on some key and influential tech workers. They include AI professionals at Alibaba and DeepSeek. The additional move has now extended the restrictions to their spouses and children. Citing people familiar with the matter, Bloomberg reported that several executives have been informed that family travel requires government clearance. It is not clear if these curbs apply to every relative of every person, or only to immediate family members.<a href="https://www.wionews.com/videos/china-reviews-meta-s-2-billion-manus-ai-deal-1775207661367/embed">https://www.wionews.com/videos/china-reviews-meta-s-2-billion-manus-ai-deal-1775207661367/embed</a><h2>China is strengthening its legal framework on the movement of talent</h2>China has been tightening controls on the movement of people linked to sensitive technologies, the latest of which is the new exit-and-entry rules that took effect on September 15. As per these restrictions, authorities can prevent citizens from leaving China in cases involving potential threats to industrial or technological security.A Reuters report said the rules can apply to people accused of violating technology import or export regulations when their conduct is seen as a threat to technology security. China’s State Council framed the regulations as safeguarding “national sovereignty, security, and development interests”.Also read: <a href="https://www.wionews.com/world/the-us-and-china-set-up-an-ai-red-telephone-but-skipped-the-rulebook-1790523313514">The US and China set up an AI 'red telephone', but skipped the rulebook</a><h2>China worries about the transfer of Chinese technology and talent</h2>In March this year, the co-founders of Chinese AI startup Manus were blocked from leaving the country, as recorded by Human Rights Watch. At the time, US tech giant Meta was in talks to acquire Manus, a deal that was later blocked by the Chinese government.Chinese companies are accelerating investment in AI and advanced chips as Beijing treats elite AI and semiconductor expertise as a strategic asset amid its technology rivalry with the US. In this direction, Alibaba unveiled its Zhenwu V900 AI chip, which the Chinese company called a major step towards building domestic computing capacity and reducing reliance on foreign semiconductor technology.Beijing is now carefully monitoring and controlling the movement of people considered central to those capabilities. The measures do not amount to an outright ban on foreign travel, but they add a new layer of state approval for private-sector technology professionals and their immediate families.

China expanded the already-existing overseas travel curbs on top AI and semiconductor talent to their spouses and children. Prioritising tech security, China is tightening controls amid the US-China AI rivalry.

China recently expanded the scope of overseas travel restrictions on some of its most important private-sector artificial intelligence and semiconductor executives to include their spouses and children, reports claimed. The aim is to limit the flight of sensitive technology and expertise from the country, according to reports in Bloomberg, Reuters and other outlets. Chinese government agencies notified relevant people that direct relatives of certain AI and chip executives must obtain official approval before travelling abroad. This includes even short trips, according to the reports. The measures would cover Chinese startup founders, senior researchers and executives at tech firms considered strategically important. The restrictions have been in place since earlier this year In May, China imposed overseas travel restrictions on some key and influential tech workers. They include AI professionals at Alibaba and DeepSeek. The additional move has now extended the restrictions to their spouses and children. Citing people familiar with the matter, Bloomberg reported that several executives have been informed that family travel requires government clearance. It is not clear if these curbs apply to every relative of every person, or only to immediate family members. https://www.wionews.com/videos/china-reviews-meta-s-2-billion-manus-ai-deal-1775207661367/embed China is strengthening its legal framework on the movement of talent China has been tightening controls on the movement of people linked to sensitive technologies, the latest of which is the new exit-and-entry rules that took effect on September 15. As per these restrictions, authorities can prevent citizens from leaving China in cases involving potential threats to industrial or technological security. A Reuters report said the rules can apply to people accused of violating technology import or export regulations when their conduct is seen as a threat to technology security. China’s State Council framed the regulations as safeguarding “national sovereignty, security, and development interests”. Also read: The US and China set up an AI 'red telephone', but skipped the rulebook China worries about the transfer of Chinese technology and talent In March this year, the co-founders of Chinese AI startup Manus were blocked from leaving the country, as recorded by Human Rights Watch. At the time, US tech giant Meta was in talks to acquire Manus, a deal that was later blocked by the Chinese government. Chinese companies are accelerating investment in AI and advanced chips as Beijing treats elite AI and semiconductor expertise as a strategic asset amid its technology rivalry with the US. In this direction, Alibaba unveiled its Zhenwu V900 AI chip, which the Chinese company called a major step towards building domestic computing capacity and reducing reliance on foreign semiconductor technology. Beijing is now carefully monitoring and controlling the movement of people considered central to those capabilities. The measures do not amount to an outright ban on foreign travel, but they add a new layer of state approval for private-sector technology professionals and their immediate families.

China expanded the already-existing overseas travel curbs on top AI and semiconductor talent to their spouses and children. Prioritising tech security, China is tightening controls amid the US-China AI rivalry.

The Great AI talent Firewall: China curbs foreign travel of top engineers, executives and their families

Argentina's President Javier Milei on Monday (Sep 28) threatened to take the United Kingdom to an international tribunal over an offshore oil development near the Falkland Islands, escalating a long-running sovereignty dispute between Buenos Aires and London.Taking to X, Milei said that he had instructed Argentina's Foreign Ministry and government legal teams to begin arbitration proceedings over the Sea Lion project in the North Falkland Basin, which Buenos Aires considers an unlawful exploitation of resources in territory it claims as its own. Argentina's presidency confirmed that the proceedings would be initiated under Annex VII of the UN Convention on the Law of the Sea.“If within two weeks the United Kingdom does not stop the illegitimate exploitation, we will go to the International Tribunal for the Law of the Sea,” Milei wrote on X.Also read | <a href="https://www.wionews.com/world/arrogant-parasites-milei-blasts-un-over-falklands-dispute-warns-argentina-will-take-matters-into-our-own-hands-1790216586682">'Arrogant parasites': Milei blasts UN over Falklands dispute, warns Argentina will ‘take matters into our own hands’</a>

<blockquote class="twitter-tweet">DEFENDIENDO CON HECHOS Instruí a la Cancillería y a nuestros equipos jurídicos a iniciar el arbitraje internacional contra el Reino Unido por el saqueo ilegal de nuestros recursos a través del Proyecto Sea Lion en la Cuenca Malvinas Norte. Si en 2 semanas el Reino Unido no… <a href="https://t.co/JTaBcQ7RGT">https://t.co/JTaBcQ7RGT</a>&mdash; Javier Milei (@JMilei) <a href="https://x.com/JMilei/status/2104663036107641145?ref_src=twsrc%5Etfw">September 28, 2026</a></blockquote> <script async src="https://platform.x.com/widgets.js" charset="utf-8"></script>

<h2>What is the Sea Lion oil project?</h2>Sea Lion is an offshore oil field located about 220 kilometres north of the Falkland Islands, known as the Malvinas in Argentina.The project is operated by Israel's Navitas Petroleum, which holds a 65 per cent interest, while Britain's Rockhopper Exploration owns the remaining 35 per cent. The companies say they operate under petroleum licences granted by the Falkland Islands government.Navitas says the project has received final investment approval and that first oil is planned for March 2028. The first phase involves 11 subsea wells connected to a floating production, storage and offloading vessel.The companies have rejected Argentina's position and said their licences were lawfully issued by the Falkland Islands government with UK backing.Also read | <a href="https://www.wionews.com/world/uss-dwight-d-eisenhower-mishap-4-sailors-injured-2-aviators-eject-during-aircraft-recovery-1790662951742">USS Dwight D. Eisenhower mishap: 4 sailors injured, 2 aviators eject during aircraft recovery</a><h2>Why Argentina is challenging the project</h2>Buenos Aires argues that unilateral development of natural resources in the disputed territory violates UN resolutions calling on Argentina and Britain to avoid actions that could complicate efforts to resolve their sovereignty dispute.Milei's government has already taken measures against companies and individuals linked to hydrocarbon activities around the Falklands. The latest move would take the dispute into international arbitration under the Law of the Sea Convention.<h2>UK backs Falkland Islanders' right to develop resources</h2>Britain maintains that the Falkland Islands are a British Overseas Territory and supports the islanders' right to develop their natural resources.The UK government earlier said that the Falkland Islands have the right to develop hydrocarbons for their own economic benefit and that it fully supports companies conducting lawful business there.&nbsp;

Argentina has escalated its long-running Falklands dispute with the UK, giving London two weeks to halt the Sea Lion oil project or face international arbitration. Javier Milei says the offshore development amounts to unauthorised exploitation of resources claimed by Argentina.

Argentina's President Javier Milei on Monday (Sep 28) threatened to take the United Kingdom to an international tribunal over an offshore oil development near the Falkland Islands, escalating a long-running sovereignty dispute between Buenos Aires and London. Taking to X, Milei said that he had instructed Argentina's Foreign Ministry and government legal teams to begin arbitration proceedings over the Sea Lion project in the North Falkland Basin, which Buenos Aires considers an unlawful exploitation of resources in territory it claims as its own. Argentina's presidency confirmed that the proceedings would be initiated under Annex VII of the UN Convention on the Law of the Sea. “If within two weeks the United Kingdom does not stop the illegitimate exploitation, we will go to the International Tribunal for the Law of the Sea,” Milei wrote on X. Also read | 'Arrogant parasites': Milei blasts UN over Falklands dispute, warns Argentina will ‘take matters into our own hands’

Argentina has escalated its long-running Falklands dispute with the UK, giving London two weeks to halt the Sea Lion oil project or face international arbitration. Javier Milei says the offshore development amounts to unauthorised exploitation of resources claimed by Argentina.

Falklands oil row: Argentina threatens legal action against UK over Sea Lion project, says ‘if within two weeks…’

Nvidia has announced a record $150 billion share buyback, taking its total repurchase authorisation to $235 billion as the chipmaker continues to benefit from strong demand for artificial intelligence infrastructure. The latest authorisation represents the largest increase in a US corporate share-buyback program, surpassing Apple's $110 billion buyback authorisation announced in 2024.<h2>Nvidia expands share buyback program</h2>A share buyback is when a company uses its own cash to purchase shares from the market. By reducing the number of shares in circulation, buybacks can increase earnings per share while returning capital to existing shareholders. NVIDIA plans to deploy the newly authorized funds through fiscal 2028. CEO Jensen Huang said the company's strong cash generation will allow it to invest in new technologies while also returning capital to shareholders. The announcement comes as NVIDIA continues to generate substantial cash from its expanding AI business. The company has also been using its financial resources to invest in AI companies and provide financing to some of its major customers.<h2>Nvidia's valuation and AI growth</h2>The buyback comes as NVIDIA's valuation has declined despite strong earnings growth. Its forward price-to-earnings multiple has fallen significantly from earlier levels, while NVIDIA's shares have gained more than 20 per cent this year. The company also forecasts around 70 per cent revenue growth for fiscal 2028, reinforcing its outlook amid questions over how long the current AI investment boom can continue.&nbsp;Also Read: <a href="https://www.wionews.com/world/uss-dwight-d-eisenhower-mishap-4-sailors-injured-2-aviators-eject-during-aircraft-recovery-1790662951742">USS Dwight D. Eisenhower mishap: 4 sailors injured, 2 aviators eject during aircraft recovery</a><h2>Nvidia launches AI security platform</h2>Alongside the buyback announcement, NVIDIA has unveiled an open-source AI security platform designed to prevent autonomous AI agents from carrying out unauthorised actions. The platform, called Open Agent Safety, includes Open Shell, which limits the access and authority of AI agents, and Sentry, a security layer designed to monitor their activities. The launch comes amid growing attention to the security risks associated with autonomous AI systems, particularly as AI agents become capable of interacting with external networks, applications and other digital systems.<h2>AI spending faces growing scrutiny</h2>NVIDIA's latest capital-allocation strategy comes as investors continue to assess the sustainability of heavy spending on AI infrastructure. The company is using its strong cash flows to fund investments, support its customers and return capital to shareholders through buybacks. At the same time, questions remain around the pace and durability of AI demand as technology companies continue committing billions of dollars to data centres, advanced chips and other AI infrastructure.

Nvidia announces a record $150 billion share buyback, taking its total repurchase authorization to $235 billion, while expanding AI investments

Nvidia has announced a record $150 billion share buyback, taking its total repurchase authorisation to $235 billion as the chipmaker continues to benefit from strong demand for artificial intelligence infrastructure. The latest authorisation represents the largest increase in a US corporate share-buyback program, surpassing Apple's $110 billion buyback authorisation announced in 2024. Nvidia expands share buyback program A share buyback is when a company uses its own cash to purchase shares from the market. By reducing the number of shares in circulation, buybacks can increase earnings per share while returning capital to existing shareholders. NVIDIA plans to deploy the newly authorized funds through fiscal 2028. CEO Jensen Huang said the company's strong cash generation will allow it to invest in new technologies while also returning capital to shareholders. The announcement comes as NVIDIA continues to generate substantial cash from its expanding AI business. The company has also been using its financial resources to invest in AI companies and provide financing to some of its major customers. Nvidia's valuation and AI growth The buyback comes as NVIDIA's valuation has declined despite strong earnings growth. Its forward price-to-earnings multiple has fallen significantly from earlier levels, while NVIDIA's shares have gained more than 20 per cent this year. The company also forecasts around 70 per cent revenue growth for fiscal 2028, reinforcing its outlook amid questions over how long the current AI investment boom can continue. Also Read: USS Dwight D. Eisenhower mishap: 4 sailors injured, 2 aviators eject during aircraft recovery Nvidia launches AI security platform Alongside the buyback announcement, NVIDIA has unveiled an open-source AI security platform designed to prevent autonomous AI agents from carrying out unauthorised actions. The platform, called Open Agent Safety, includes Open Shell, which limits the access and authority of AI agents, and Sentry, a security layer designed to monitor their activities. The launch comes amid growing attention to the security risks associated with autonomous AI systems, particularly as AI agents become capable of interacting with external networks, applications and other digital systems. AI spending faces growing scrutiny NVIDIA's latest capital-allocation strategy comes as investors continue to assess the sustainability of heavy spending on AI infrastructure. The company is using its strong cash flows to fund investments, support its customers and return capital to shareholders through buybacks. At the same time, questions remain around the pace and durability of AI demand as technology companies continue committing billions of dollars to data centres, advanced chips and other AI infrastructure.

Nvidia announces a record $150 billion share buyback, taking its total authorisation to $235 billion amid strong AI growth and rising scrutiny

AI giant Nvidia announces $150billion share buyback. Here's what it means for shareholders