Tesla Leases 51,000 Sq Ft in Gurugram for ₹40 Lakh/Month

August 6, 2025 Staff ReporterBusiness, India 0

Tesla has secured a new lease for nearly 51,000 square feet of space in Gurugram to accommodate a service center, warehouse, and retail outlet, continuing its expansion in India after opening its first location in Mumbai.

Elon Musk’s Tesla India Motor & Energy Pvt Ltd has signed a lease for nearly 51,000 square feet of super built-up area at Orchid Business Park on Sohna Road in Gurugram. This marks the company’s second commercial space in India following its Mumbai debut last month.

The leased area includes a 33,475 square foot chargeable section from Garwal Property Pvt Ltd. It will function as a service center, warehouse, and retail outlet. The lease is set to begin on July 15, 2025, and was registered on July 28, according to documents reviewed by CRE Matrix.

The lease has an initial monthly rent of ₹40.17 lakh, with an annual escalation of 4.75%. Over the nine-year term, the rent will increase incrementally each year: ₹42.07 lakh in the second year, ₹44.07 lakh in the third year, and so forth until reaching ₹58.22 lakh in the ninth year.

The landlord’s share of the property is divided among Suncity Real Estate LLP, with a 21% share, Orchid Infrastructure Developers Pvt Ltd, which holds 3.06%, and Garwal Property Pvt Ltd with the largest share of 75.94%. Rent payments are stipulated to be made before the seventh day of each month.

The facility also includes 51 parking spaces and required a security deposit of ₹2.41 crore for the nine-year term.

Alongside this expansion, Tesla plans to inaugurate a showroom in Delhi’s Worldmark Mall, Aerocity, on August 11. Efforts to reach Tesla and Garwal Property Pvt Ltd for comments were unsuccessful.

Previously, Tesla leased 24,565 square feet of warehouse space at Lodha Logistics Park in Mumbai’s Kurla area for ₹24.38 crore over a five-year term, highlighting the company’s strategic push into the Indian market.

Source: Original article

Airline Named Most Recommended Global Brand in 2025

August 5, 2025 Staff ReporterBusiness, Global 0

Emirates has been named the Most Recommended Global Brand for 2025 by YouGov, earning the highest recommend score among brands worldwide.

Emirates, based at Dubai International Airport, received the prestigious accolade with a Recommend score of 88.4%, positioning it as the leading brand over all international competitors. This achievement highlights the airline’s significant customer satisfaction and loyalty, as it was the only carrier to make it into the global top 10 list.

The 2025 YouGov Recommend Rankings, developed through insights from BrandIndex, assess brand advocacy by measuring the likelihood of current customers recommending a brand to others. Emirates’ performance notably surpassed the next closest brand, Toyota, which achieved a score of 84.7%.

The rankings were derived from over one million surveys conducted between June 1, 2024, and May 31, 2025, across 28 global markets. The scores were weighted according to market size and customer base, providing Emirates a data-supported lead over other prominent brands such as Levi’s, adidas, Nintendo, and Nike.

Sir Tim Clark, President of Emirates, attributed the airline’s success to its commitment to quality, innovation, and customer care, stating, “This recognition underscores the deep connection and loyalty we’ve built with passengers… to do so with care, reliability, and excellence.”

Throughout the first half of 2025, Emirates showcased a strong operational momentum with strategic expansions and investments focused on customer-centric improvements. The airline launched new routes, including three fresh destinations with Hangzhou set to follow, redesigned nine retail stores across Asia, Africa, and Europe, and introduced the Airbus A350 to ten cities. In addition, Emirates became the world’s first Autism Certified Airline™, demonstrating its commitment to inclusive travel.

Looking ahead, the airline plans to upgrade its aircraft, including the Boeing 777, Airbus A380, and A350, on nearly half its global network by December 2025, reaching over 70 cities. With 2 million Premium Economy seats expected to be offered, luxury travel will become more accessible to passengers.

This global recognition for Emirates follows multiple regional honors, including being named the Most Recommended Brand in the UAE with a score of 92.6% and having the most satisfied customers among US flyers according to YouGov’s 2024 US Airlines Report. Additionally, Emirates holds strong brand consideration among Millennials and Gen Z in the United States, reinforcing its reputation as a top-rated airline across diverse demographics and geographies.

In the 2025 YouGov Global Rankings, Toyota followed Emirates with a score of 84.7%, maintaining its brand strength despite global trade challenges. Levi’s, adidas, Nintendo, and Nike rounded out the top competitors, each with notable achievements in their industries.

According to YouGov, the rankings are based on daily survey responses from over 1 million customers across 28 markets, evaluating the likelihood of current customers to recommend a brand. Scores are tailored to account for the customer base size in each market.

Emirates’ top ranking in 2025 is a testament to its dedication to providing premium service offerings and consistent investment in enhancing the passenger experience across its global network.

Google CEO Sundar Pichai Addresses IT Layoffs with Employees

August 5, 2025August 5, 2025 Staff ReporterBusiness, Cover, Technology 0

Google CEO Sundar Pichai has urged employees to do more as the tech giant navigates challenges brought on by widespread layoffs in the IT industry, primarily due to artificial intelligence advancements and economic uncertainties.

Amid a bleak outlook for the global IT sector, Google CEO Sundar Pichai has issued a directive to his workforce with a simple but significant message: “I think we have to accomplish more.” This statement was made in an internal town hall meeting and reiterated through a company-wide memo directed at Google’s employees worldwide, emphasizing the need for increased productivity, innovation, and responsible corporate behavior.

Pichai’s communication emerges at a pivotal time for Google and its parent company, Alphabet, both of which are facing increasing competition in emerging fields such as artificial intelligence (AI) and cloud services. These challenges are compounded by broader economic pressures prompting major firms to reconsider and restructure their human capital.

In his message to employees, Pichai underscored the expectation that “The world is looking to Google for leadership and responsible innovation.” He urged employees to push their limits, work more smartly, and elevate the standards of success. Google aims to channel its resources strategically into areas considered key for future growth. These priorities include making substantial investments in AI, developing cutting-edge climate technology, and creating next-generation search experiences.

Pichai highlighted the importance of speeding up execution to rapidly convert ideas into tangible outcomes. He insisted on optimizing internal operations, eliminating redundancies, and enhancing collective team productivity by reviewing projects to ascertain their alignment with Google’s strategic targets.

Moreover, Brian Saluzzo, a leading figure at Google, stressed the importance of equipping software engineers with advanced tools to make “everybody at Google be more AI-savvy.” This involves integrating AI into coding processes to address leading needs and accelerate development timelines.

To support these initiatives, Saluzzo mentioned the creation of a robust suite of AI products designed for employees to facilitate faster progress. A focal point of this development is a platform called “AI Savvy Google,” which acts as a central resource hub. It offers diverse resources, including specialized courses, practical toolkits, and engaging learning sessions, to help employees better navigate the AI landscape.

According to Financial Express, these moves reflect Google’s proactive approach to maintaining its competitive edge while adapting to rapidly evolving technological and economic landscapes.

Tesla Grants Millions in Shares to CEO Musk Worth $29 Billion

August 5, 2025 Staff ReporterBusiness, Profile 0

Tesla has awarded Elon Musk a $29 billion stock grant in response to his transformative leadership, despite recent controversies affecting the company’s performance.

Tesla Inc. presented an extensive stock grant to its CEO and leader, Elon Musk, on Monday, valued at a striking $29 billion. This award acknowledges Musk’s impactful role in the substantial growth of the electric vehicle company, though recent political controversies have negatively influenced the company’s market performance.

The substantial grant comprises 96 million in restricted shares, marking the first payment Musk has received in years after his 2018 compensation package was invalidated by a Delaware court. This latest reward follows a court decision that once again nullified Musk’s previous compensation package just eight months ago. Tesla is contesting the ruling on appeal.

In its public statement, Tesla described the grant as a “first step, good faith” initiative to ensure Musk’s continued leadership. The company emphasized his significant contributions not only to Tesla but also through his roles with SpaceX, xAI, and other ventures. Recently, Musk has expressed a need for increased shares and control to shield himself from confrontations with shareholder activists.

Acknowledging Musk’s contributions, the company highlighted a $735 billion increase in Tesla’s market value since 2018. However, this year, Tesla’s stock has faced a 25% decline, primarily attributed to backlash over Musk’s affiliations with former President Donald Trump, in addition to rising competition from traditional and Chinese automakers.

In a challenging financial quarter, Tesla reported a significant drop in profits, from $1.39 billion to $409 million, coupled with reduced revenue that fell short of even lowered Wall Street expectations.

Investors have expressed increasing concern regarding Tesla’s current direction, especially as Musk has been heavily engaged in political activities in Washington, D.C., aligning with the Trump administration’s efforts to reduce the size of the U.S. government.

In the regulatory filing, Tesla specified that Musk is obliged first to pay the company $23.34 per share of the restricted stock when it vests, aligning with the exercise price per share set in his 2018 compensation package.

The compensation controversy stems from a lawsuit filed by a Tesla stockholder, who contested the legitimacy of Musk’s 2018 pay package, which could potentially reach a maximum value of $56 billion depending on the company’s stock performance. Delaware Chancellor Kathleen St. Jude McCormick reaffirmed her decision to revoke Musk’s previous compensation package, which she claimed was a result of misleading negotiations with non-independent directors.

Musk, one of the world’s wealthiest individuals, appealed the court’s decision in March. Subsequently, in April, Tesla announced plans to form a special committee to reassess his compensation as CEO.

Wedbush Securities analyst Dan Ives commented that the new stock grant might help to ease some of the anxiety among Tesla shareholders. “We believe this grant will now keep Musk as CEO of Tesla at least until 2030 and removes an overhang on the stock,” Ives stated in a client note. “Musk remains Tesla’s big asset and this compensation issue has been a constant concern of shareholders once the Delaware soap opera began.”

Recently, Tesla scheduled an annual shareholders meeting for November to comply with Texas state regulations, following pressure from over 20 Tesla shareholders. These shareholders have witnessed a dramatic decline in Tesla’s stock value and requested public notification of the upcoming annual meeting.

Despite the company’s operational challenges, Tesla experienced nearly a 2% rise in its stock during midday trading on Monday, according to Associated Press.

Fed Interest Rate Cut Likely After Labor Department Data Release

August 4, 2025 Staff ReporterBusiness, Economy, Money 0

Investor anticipation for a Federal Reserve interest rate cut has surged following weaker-than-expected U.S. labor data and significant leadership changes within the Federal Open Market Committee.

As the new week begins, confidence among investors for a cut in the base interest rate by the Federal Reserve has grown substantially. This comes after the latest U.S. labor data revealed a notable shortfall, with July’s payroll growth at just 73,000 compared to forecasts of around 100,000. Additionally, previous figures for May and June have been significantly revised down, suggesting deeper vulnerability in the job market. The probability of a rate cut in September now stands at 87%, influenced further by the resignation of FOMC member Adriana Kugler, potentially paving the way for a more dovish trajectory at the Fed.

Until the data revision, analysts were doubtful that the Federal Reserve would opt for an interest rate cut. However, the recent adjustments to the employment numbers have shifted many to speculate that a rate reduction might be on the table, particularly aligning with President Trump’s calls for cheaper money to stimulate economic activity amidst labor market concerns.

The Labor Department’s report last Friday not only highlighted July’s underwhelming payroll numbers but also included downward revisions totaling a reduction of 258,000 for May and June. This disclosure has ignited discussions on the frail state of the labor market, where the three-month average gain now rests at 35,000, a stark sign of potential economic fragility.

In response to these revisions, President Trump dismissed Erika McEntarfer, the Bureau of Labor Statistics commissioner, expressing dissatisfaction over the mishandling of employment statistics. As investors come to grips with these developments, attention also veers towards upcoming trade-related volatility, given Trump’s tariff deadline set for August 7.

Kugler’s resignation from the FOMC provides President Trump an opportunity to appoint a new member who might be sympathetic to his stance on lowering the base rate. This possibility increases optimism among analysts hoping for a path towards interest rate normalization.

Before the New York markets opened this week, the market atmosphere reflected investor sentiments: the S&P 500 had closed down 1.6%, and the Nasdaq was down 2.24% last Friday. Across the Atlantic, London’s FTSE 100 rose 0.3%, and Germany’s DAX rose 1.1%. However, S&P futures indicated a 0.65% rise, pointing to some investors buying the dip.

In Asia, where expectations for imminent trade deals with China or India remain dim, Japan’s Nikkei 225 decreased by 1.25%, while India’s Nifty 50 saw an increase of 0.65%. Anticipations build around September when many analysts expect Fed Chairman Jerome Powell to announce a rate cut, potentially hinting at such a shift during the forthcoming Jackson Hole Symposium.

The volume of trading in the CME’s 30-Day Federal Funds futures and options dramatically increased between July 31 and August 1, driven by the altered labor data, indicating a strong expectation for a base rate drop to around 3.75%, equivalent to two cuts by the Fed. Markets are pricing in more cuts by the end of the year.

The economic outlook’s unexpected downgrade was not the ideal scenario for rate cuts, as investors had hoped for stable inflation levels to encourage such moves. Nonetheless, some, like Deutsche Bank’s Jim Reid, point out the Fed’s potential to pivot given the recent changes in key personnel and economic data. He highlights the increased probability of a rate cut as Fed members may reassess their positions in light of the revised payroll data.

Reid further suggested that the current scenario offers President Trump a chance to appoint a dovish member to the Fed, possibly aligning with his economic agenda. Present member dissenters, who were Trump appointees, contribute to the conversation surrounding potential shifts within the Fed’s approach.

Alongside these developments, Macquarie analysts now anticipate a swifter timeline for interest rate cuts, tying their predictions directly to the labor market’s latest performance. David Doyle from Macquarie notes that while September’s cut chances have risen, the decision lies with future employment and inflation data developments.

Fed Chairman Jerome Powell had previously underscored the importance of maintaining a delicate balance between inflation and employment. He remarked on the need for attentiveness to potential risks in employment while promising that upcoming data would better inform the Fed’s future monetary policy.

In contrast, Bernard Yaros from Oxford Economics remains cautious in reevaluating the company’s forecast, suggesting that the recent labor report poses challenges, yet is not conclusive enough to forecast immediate rate cuts.

The market activity before the New York opening bell reflected a mixed but upward tilt: S&P 500 futures were up 0.7% premarket, Europe’s STOXX 600 alongside the FTSE 100 and China’s CSI 300 showed gains, while Japan’s Nikkei 225 faced declines. Bitcoin remained stable at approximately $114,551.

This information outlines the economic landscape as shaped by recent labor data and emerging monetary policy expectations.

Source: Original article

India Advancing With Digital Currency e₹ (e-rupee)

August 4, 2025August 4, 2025 Mathew Joys, Las VegasEconomy, Technology 0

Cryptocurrencies, especially Bitcoin, have gained considerable global attention, but a significant development is also taking place in India with the launch of the “e-rupee,” or digital currency, by the Reserve Bank of India (RBI). This initiative represents a crucial advancement in the evolution of money.

The e₹ (e-rupee) is set to function as legal tender in a digital format, with major banks in India gradually informing their customers about its applications. The objective is to integrate digital currency into everyday financial transactions, much like how ATMs and credit cards are used today.

The e-rupee introduces a new category of currency that is coded, sovereign, and programmable, which could redefine our understanding of currency value and financial interactions. This transition promises not only greater convenience but also empowers individuals to have increased control over their financial futures. Through this initiative, India is positioning itself as a leader in a transformative financial landscape.

The e-rupee functions similarly to paper money but offers programmable features that can dictate how, when, and where it is used. This capability introduces a new level of control in financial transactions.

An essential aspect of this system is the e-wallet, a digital wallet that allows users to manage and store digital rupees conveniently on their mobile devices. E-wallets are considered secure, often more so than traditional payment methods such as credit cards or cash, provided they are used correctly.

A notable example of the e-rupee’s application is the Subhadra Yojana, launched in Odisha in September 2024,

where Rs 10,000 in digital rupees was directly transferred to 12,000 women quickly, securely, and without intermediaries. This transaction demonstrated the potential for digital accountability, illustrating how CBDCs can enable targeted financial support for specific purposes, thereby transforming governance and welfare distribution.

Currently, over 130 countries are exploring central bank digital currencies. In India, tests for offline payments, interbank settlements, and regulated cross-border operations are already in progress, particularly with the UAE and ASEAN nations.

The shift towards sovereign digital money will have significant implications for investors and market participants. This transition is expected to enhance transparency, requiring companies to adapt their payment processes. It will enable clearer visibility into the performance of various fintech enterprises and may streamline operations in banking, microfinance, and regulatory compliance.

Digital currency represents a strategic evolution of India’s monetary structure, impacting policies, investment opportunities, and the mechanics of financial transactions. Financial professionals who overlook this shift risk missing new emerging pathways, while those who embrace it may find new avenues for investment as the future of money unfolds.

India to Persist with Russian Oil Imports, Sources Confirm

August 3, 2025 Staff ReporterEconomy, Diplomacy 0

India plans to continue its purchase of Russian oil, despite U.S. warnings of potential penalties, according to Indian government sources familiar with the matter.

India has decided to maintain its oil trade with Russia despite threats of penalties from U.S. President Donald Trump. Two unnamed sources from the Indian government revealed that the country will proceed with its long-term oil contracts with Russia, indicating the complexity of abruptly stopping oil imports.

Last month, President Trump, through a Truth Social post, suggested that India might face additional penalties for its continued purchases of Russian arms and oil. On August 1, Trump mentioned hearing that India would cease buying oil from Russia. However, The New York Times reported on August 2 that senior Indian officials confirmed there has been no change in India’s policy towards oil imports from Russia. One official clarified that no directives were given to oil companies to reduce imports from Russia.

According to Reuters, the nation’s state refiners momentarily halted buying Russian oil as the discounts diminished in July. Indian foreign ministry spokesperson Randhir Jaiswal addressed this during an August 1 briefing, stating that India evaluates its energy purchasing decisions based on availability, market offerings, and global circumstances. He emphasized India’s “steady and time-tested partnership” with Russia and noted that India’s international relations should not be viewed through the perspective of other countries.

The U.S. administration has not responded to requests for comments regarding the situation. Reports indicate that Indian state refiners, including Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp, and Mangalore Refinery Petrochemical Ltd, have not sought Russian crude oil in the past week due to shrinking discounts, a fact shared by sources aware of their procurement plans.

Amidst these tensions, it remains clear that Russia continues to serve as the top oil supplier to India, supplying about 35% of the country’s oil needs. President Trump recently threatened to impose 100% tariffs on countries purchasing Russian oil unless Russia reaches a peace agreement with Ukraine. From January to June this year, data shows India imported about 1.75 million barrels per day of Russian crude, marking a 1% increase from the previous year.

Nayara Energy, one of the major buyers of Russian oil, faced fresh challenges after being sanctioned by the European Union due to its majority ownership by Russian entities, including Rosneft. Following these sanctions, Nayara’s chief executive resigned and was replaced by Sergey Denisov, a seasoned veteran of the company. The sanctions have also hindered the discharge of oil carried by three vessels from Nayara Energy.

Despite the international pressure and sanctions, India’s ongoing reliance on Russian oil underlines the strategic and economic importance of maintaining its energy supply lines. The dynamics of global diplomacy and trade continue to influence India’s decision-making processes in the energy sector.

Indian-Origin Tycoon Surinder Arora Proposes Heathrow Airport Revamp

August 3, 2025 Staff ReporterBusiness, Economy 0

Surinder Arora, a prominent Indian-origin businessman in the UK, seeks to join the race to revamp Heathrow Airport with a cost-efficient expansion proposal.

Surinder Arora, a leading hotelier and businessman of Indian descent, has unveiled plans to submit a proposal for the redevelopment of Heathrow Airport. With this announcement, Arora joins a competitive field of industrialists aiming to oversee the transformation of the UK’s sole hub airport.

The Arora Group, led by Arora, has characterized their proposal as a “cost-efficient solution” for Heathrow’s expansion. They have partnered with Bechtel, a U.S.-based company with a global reputation in airport development, having been involved in nearly 200 airport projects worldwide. The proposed development includes a fully operational runway by 2035, enhancing the infrastructure significantly.

The plans also feature the construction of a new Terminal 6, which is slated to open in two phases: T6A by 2036 and T6B by 2040. According to a statement from the Arora Group, Terminal 6 will be a modernized facility situated west of the existing Terminal 5. In complement to the new terminal, a signature runway spanning 2,800 meters is designed to cater to airlines, passengers, and cargo, aligning with economic growth goals set by the UK government.

Surinder Arora, the Founder and Chairman of the Arora Group, spoke about this unique opportunity, highlighting the group’s track record of completing projects on time and within budget, including those near Heathrow Airport. Arora expressed satisfaction with the government’s decision to open the bid process to all interested parties rather than granting exclusivity to the current airport operator, despite its history.

The proposal from the Arora Group is built on the principles of cost-effectiveness, sustainability, and timeliness. Their vision is to enhance the airport’s capabilities, contributing to the UK’s connectivity and commerce.

Carlton Brown, the CEO of the newly formed Heathrow West Limited, emphasized the strategic importance of the project. He stated, “I want to see Heathrow help Britain become the best-connected nation in the world and facilitate the trade and inward investment our UK economy needs to compete globally.” He added that Heathrow should be able to outpace not just its European counterparts, but also major international competitors like Dubai and Singapore.

The redevelopment of Heathrow Airport could potentially redefine its role as a global hub. With Surinder Arora’s proposed changes, it aims to enhance the airport’s infrastructure, improve passenger and cargo services, and boost the UK economy’s connectivity with the world.

July Jobs Report Weakens, Treasury Yields Tumble, Fed Governor Resigns

August 2, 2025 Staff ReporterBusiness, Nation, USA 0

U.S. Treasury yields dropped significantly on Friday following a weaker-than-anticipated July jobs report and the announcement of new tariffs by President Donald Trump.

U.S. Treasury yields experienced a substantial decline on Friday after the release of a disappointing July nonfarm payroll report and the introduction of new tariffs by President Donald Trump. The yields saw further downward movement after Federal Reserve Governor Adriana Kugler announced her resignation, allowing Trump the opportunity to nominate a new member to the central bank committee responsible for setting interest rates.

The yield on the 2-year Treasury note fell over 25 basis points to 3.698% as traders adjusted their expectations for a potential interest rate cut by the Federal Reserve at their upcoming meeting in September. The 10-year Treasury note yield decreased by 13 basis points to 4.236%, while the 30-year bond yield pulled back by 4.8 basis points to 4.837%. In financial terms, one basis point is equivalent to 0.01%, with yields and bond prices moving inversely to each other.

“Bond prices exploded higher on the all-important jobs report, as the door to a Fed rate cut in September just got opened a crack wider,” noted Chris Rupkey, chief economist at FWDBONDS. “The labor market looks in much worse shape than we thought. Bet on it. The labor market is not rolling over, but it is badly wounded and may yet bring about a reversal in the U.S. economy’s fortunes.”

Yields initially decreased further when the nonfarm payrolls for July were reported as weaker than expected, with significant downward revisions for May and June. According to the Bureau of Labor Statistics, nonfarm payrolls grew by 73,000 last month. Economists surveyed by Dow Jones had predicted an increase of 100,000 jobs. Additionally, the unemployment rate rose to 4.2%, as anticipated.

The employment figures for June were revised to 14,000 new jobs from the previously reported 147,000, and May’s numbers were adjusted down to 19,000 from 144,000. Following this data release, President Trump announced the firing of Erika McEntarfer, commissioner at the U.S. Bureau of Labor Statistics, who was responsible for gathering this employment data.

Later in the day, the Federal Reserve confirmed Kugler’s resignation without specifying a reason. Her departure paves the way for Trump to appoint a new member who may support the lower interest rates that the president has advocated. Although the Fed opted to maintain current rates during their Wednesday meeting, two Trump-appointed members of the Federal Open Market Committee dissented, expressing a preference for rate cuts.

The Federal Reserve’s benchmark funds overnight lending rate has remained steady between 4.25% and 4.50% since December.

Investors were also attentive to trade developments as Trump adjusted tariff rates ahead of his self-imposed deadline on Friday, marking the end of a pause on “reciprocal” tariffs. Trump signed an executive order late Thursday, revising tariffs from 10% to as high as 41%, set to take effect on August 7.

In a phone interview with NBC News following the announcement, Trump expressed willingness for further trade negotiations, although he asserted it was “too late” for other nations to avoid the upcoming tariffs. “It doesn’t mean that somebody doesn’t come along in four weeks and say we can make some kind of a deal,” he added.

Source: Original article

US Tariffs Generate Significant Revenue

August 1, 2025 Staff ReporterEconomy, Politics 0

Donald Trump has significantly altered the global trading landscape since returning to the White House with his administration’s imposition of substantial tariffs on numerous countries.

Since his return to power, President Donald Trump has implemented far-reaching tariffs across the globe, fundamentally impacting international trade and the U.S. economy. On April 2, labeled as “Liberation Day,” Trump announced a series of steep “reciprocal” tariffs affecting numerous nations worldwide. While many of these tariffs are currently on hold, agreements have been reached with several countries, including the United Kingdom, Vietnam, Japan, and the European Union, to reduce certain tariff levels.

However, specific goods, notably automobiles and steel, have faced significant industry-focused tariffs, resulting in the highest overall U.S. tariff rates in nearly a century. These tariffs are ultimately borne by U.S. companies importing foreign goods, affecting both domestic and international economic dynamics.

The raised tariffs have led to increased revenue for the U.S. government. According to Yale University’s Budget Lab, as of July 28, 2025, the average effective U.S. tariff rate on imported goods rose to 18.2%, the highest since 1934. This rate increased from 2.4% in 2024, before Trump’s reelection. As a result, tariff revenues surged to $28 billion in June 2025, a threefold increase from 2024 monthly totals.

The Congressional Budget Office (CBO) projected that the increased tariff revenue would reduce U.S. governmental borrowing by $2.5 trillion over the next decade. Nevertheless, the CBO warned that the tariffs could also shrink the U.S. economy compared to its potential without them and might not offset revenue losses from the Trump administration’s tax cuts.

Despite intentions to reduce trade deficits, the U.S. trade deficit has widely expanded. This is partly due to U.S. companies stockpiling goods to avoid tariffs, boosting imports beyond the increase in exports. Consequently, the U.S. goods trade deficit, reaching a record $162 billion in March 2025, persisted at significant levels despite falling back to $86 billion in June.

Trump’s harsh tariffs on China initially peaked at 145% before easing to 30%, dramatically impacting Sino-American trade. Chinese exports to the U.S. in the first half of 2025 decreased by 11% compared to the same period in 2024. Concurrently, Chinese exports to other regions have increased, with notable growth to places like India, the EU, the UK, and ASEAN countries.

Concerns have emerged about “tariff jumping,” where Chinese firms potentially sidestep U.S. tariffs by relocating operations to neighboring Southeast Asian countries, a tactic previously observed with Trump’s tariffs on Chinese solar panels. This phenomenon may explain the rise in Chinese exports to ASEAN nations.

In response to Trump’s trade policies, some countries have forged new trade alliances. The UK and India recently concluded a long-negotiated trade agreement. Similarly, the European Free Trade Association, comprising Norway, Iceland, Switzerland, and Liechtenstein, announced a deal with Mercosur, a group of Latin American nations. The EU is advancing a trade agreement with Indonesia, and Canada is considering a free trade agreement with ASEAN.

The U.S.-China trade tension has also shifted dynamics in agricultural trade. China, historically a major importer of U.S. soybeans, has increasingly relied on Brazilian suppliers due to new Chinese tariffs on U.S. agricultural imports. In June 2025, China imported 10.6 million tons of soybeans from Brazil compared to just 1.6 million tons from the U.S. This trend recalls when the Trump administration had to compensate U.S. farmers for losses from earlier tariffs.

In the domestic market, U.S. consumer prices are experiencing a rise. Economists have cautioned that these tariffs would ultimately raise prices by increasing import costs. June’s official inflation rate was 2.7%, a slight upturn from May’s 2.4%, yet below January’s 3% rate. Although earlier stockpiling helped mitigate retail price increases, recent data suggests Trump’s tariffs are beginning to impact consumer prices. Harvard University’s Pricing Lab found that prices of imported goods and tariff-affected domestic products are rising more swiftly than unaffected domestic items.

Powell Suggests Potential Interest Rate Increase, Not a Cut

August 1, 2025 Staff ReporterEconomy, Finance 0

Federal Reserve Chair Jerome Powell held interest rates steady, emphasizing a cautious approach to rate cuts amid internal dissent and market expectations for a potential reduction in September.

In a widely expected move, U.S. Federal Reserve Chair Jerome Powell opted not to reduce the base interest rate, maintaining it at 4.25% to 4.5%. This decision comes despite mounting pressure from various quarters, including President Donald Trump, who has been vocal about his preference for a rate cut.

Powell’s remarks during a press conference highlighted a cautious stance on monetary policy. While acknowledging the impact of tariffs on inflation, he stressed the importance of further data before making any adjustments. “Higher tariffs have begun to show through more clearly to prices of some goods, but their overall effects on economic activity and inflation remain to be seen,” he stated. He added that the FOMC is balancing the risks, with the potential for tariff-driven inflationary effects being either short-lived or more persistent.

Some analysts had anticipated a rate cut possibly in September, during the next Federal Open Market Committee (FOMC) meeting. However, Powell’s reluctance to alter rates was seen as a pragmatic response to current economic signals, despite a growing split within the FOMC.

Two members dissented from the decision, marking the highest level of internal friction in over 30 years. Powell contended that the economy is not hindered by the existing policy stance, and any premature rate reduction could necessitate later increases.

According to a note by Bank of America’s macroeconomics team, Powell’s press conference exhibited a more hawkish tone than expected. The team noted that Powell emphasized data dependency for any potential rate cut in September, suggesting that maintaining the current rate helps balance risks to the Fed’s dual mandate.

The financial markets reacted to Powell’s cautious remarks, with equities falling and treasury yields rising post-announcement. UBS’s Paul Donovan pointed out that while Powell attempted to rationalize dissenting views within the FOMC, the market may perceive these disagreements as politically motivated, particularly given the administration’s stance.

Despite diminished confidence following Powell’s speech, some analysts remain hopeful for a rate cut by September. Powell did mention attentiveness to employment-related risks, which offers some grounds for optimism.

Goldman Sachs’ chief U.S. economist, David Mericle, noted the absence of direct hints regarding a September reduction from Powell’s briefing. Nonetheless, Goldman continues to project multiple cuts in 2025, foreseeing rates eventually lowering to 3% to 3.25% by the end of 2026.

UBS Global Wealth Management’s Chief Investment Officer, Mark Haefele, echoed these sentiments, particularly due to labor market indicators such as the Job Openings and Labor Turnover Survey (JOLTS), which showed declines in job openings, hires, and a decreasing quits rate. The Conference Board’s consumer confidence survey also indicated a rise in individuals perceiving jobs to be scarce, signaling potential labor market softening.

Haefele remains optimistic about a September rate cut, suggesting investors focus on medium-duration high-grade bonds for stable portfolio income. Despite Powell’s cautious stance, the possibility of a rate cut remains a subject of debate leading up to the FOMC’s September meeting.

Tariffs on the Rise as Trump’s Trade Deadline Passes

July 31, 2025July 31, 2025 Staff ReporterBusiness, Pharmaceuticals 0

A Thursday stock market rally faltered as President Donald Trump released letters demanding pharmaceutical companies address drug pricing.

A rally in U.S. stocks lost momentum Thursday afternoon following social media posts by President Donald Trump, who shared letters to executives at several U.S. and European pharmaceutical corporations, calling for immediate action on drug pricing issues.

The Dow Jones Industrial Average fell by 275 points, or 0.6%, marking its fourth consecutive day of losses. The S&P 500 dipped 0.4%, sliding into negative territory, while the Nasdaq Composite decreased by 0.15%, despite previously rising by as much as 1.5% earlier in the day.

In his communications to companies such as Pfizer, Trump outlined a timeline for addressing concerns related to drug prices. His letter demanded, “Moving forward, the only thing I will accept from drug manufacturers is a commitment that provides American families immediate relief from the vastly inflated drug prices and an end to the free ride of American innovation by European and other developed nations.”

Initially, the S&P and Nasdaq indexes found support from gains in tech giants Meta Platforms (META) and Microsoft (MSFT), which rose 12% and 4%, respectively. However, the broader market weakened as pharmaceutical stocks declined.

Shares in Merck (MRK) dropped by 4%, dragging down the Dow. Meanwhile, shares of Eli Lilly (LLY) and Pfizer (PFE) fell by 2% and 1.6%, respectively. U.S.-traded shares of Novo Nordisk (NVO) and AstraZeneca (AZN) also saw declines, falling 5% and 3.6%, respectively.

According to CNN, the stock market’s performance was influenced by the pharmaceutical sector, which faced pressure due to heightened scrutiny over drug pricing policies.

Source: Original article

Trump Imposes Tariffs on India; New Delhi Delays Deal

July 31, 2025 Staff ReporterBusiness, Economy, Politics 0

U.S. President Donald Trump announced 25% tariffs on imports from India amid ongoing negotiations for a bilateral trade deal, but India remains resolute against making concessions that could harm its domestic agricultural sector.

The United States has targeted India with 25% tariffs on its exports, along with an unspecified penalty, as a trade agreement remains elusive. Despite this pressure, India has not hastily moved towards a deal, unlike countries such as Japan, which recently reached agreements with the U.S. covering market access for American autos and agricultural products.

The reluctance from India stems from a desire to protect its agricultural sector from increased U.S. imports, to safeguard the interests of its local farmers who represent a significant portion of the electorate. Recently, in the trade deal with the United Kingdom signed last week, India successfully shielded its crucial agricultural sectors from tariff concessions, setting a precedent for its negotiations with the U.S.

Carlos Casanova, a senior economist at UBP, commented on the steadfast approach by India, explaining that exports to the U.S. form a relatively small portion of India’s economy. Thus, the country is cautious about opening its agricultural sector to U.S. companies. Official U.S. data from 2024 confirms that goods imports from India amounted to $87.4 billion.

India’s Commerce and Industry Minister, Piyush Goyal, emphasized India’s cautious stance regarding its agricultural sector in a recent interview. He indicated that protecting the interest of farmers and micro, small, and medium enterprises is a priority. Goyal reiterated that New Delhi is not bound by deadlines when negotiating trade agreements and would only pursue a deal that aligns with national interests. He expressed confidence in securing a beneficial agreement by October-November 2025.

In discussion with CNBC, Jayant Dasgupta, former ambassador of India to the World Trade Organization, stated that India’s red lines, particularly concerning agriculture, genetically modified foods, and dairy, are firmly drawn, suggesting limited room for concessions.

Meanwhile, Harsha Vardhan Agarwal, president of the Federation of Indian Chambers of Commerce & Industry, expressed hope that the recent U.S. tariffs would be a temporary measure, anticipating the finalization of a long-term trade agreement soon.

Analysts have noted strategic reasons for Washington to expedite an agreement with India, underscoring the importance of maintaining a strong bilateral partnership in shaping the Indo-Pacific region. Harsh V. Pant of the Observer Research Foundation highlighted the U.S.’s interest in not alienating India during these negotiations.

This ongoing negotiation showcases the delicate balancing act of international trade agreements, wherein countries must weigh domestic concerns against international diplomatic goals.

Source: Original article

India Leads China’s Smartphone Exports to US, Manufacturing Up 240%

July 31, 2025 Staff ReporterBusiness, Economy, USA 0

India has surpassed China as the leading exporter of smartphones to the United States, highlighting a significant shift in manufacturing supply chains away from Beijing amid ongoing tariff uncertainties.

India’s emergence as the top exporter of smartphones to the U.S. has been substantiated by a report from research firm Canalys. Smartphones manufactured in India accounted for 44% of American imports of such devices in the second quarter of this year, a substantial rise from 13% during the same timeframe last year. The total volume of Indian-made smartphones shipped to the U.S. soared by 240% compared to a year ago, illustrating India’s growing significance in the global smartphone supply chain.

Meanwhile, Chinese smartphones made up only 25% of the U.S. import market by the end of June, down from 61% the previous year. Vietnam also surpassed China, with a 30% share of smartphone exports to the U.S. These shifts underscore a reconfiguration of global supply chains, driven by geopolitical and economic tensions.

According to Sanyam Chaurasia, a principal analyst at Canalys, the primary driver of India’s increased exports has been Apple’s accelerated strategy to expand manufacturing in the country due to heightened trade tensions between the U.S. and China. For the first time, India has exported more smartphones to the U.S. than China, marking a pivotal moment in global trade dynamics.

There are reports that Apple has been hastening its plans to produce a significant portion of the iPhones sold in the U.S. within Indian facilities, aiming to manufacture approximately 25% of all iPhones in India over the coming years. This strategic shift reflects broader efforts to mitigate risks associated with tariffs and geopolitical tensions.

Despite these moves, challenges remain. Former President Trump threatened additional tariffs on Apple products unless they were manufactured domestically, though such a shift was viewed as impractical by experts due to the potential for soaring costs. Notably, many of Apple’s key products, including iPhones and Mac laptops, have been granted temporary tariff exemptions, though these measures are subject to change.

Apple’s peers, such as Samsung Electronics and Motorola, have also begun relocating assembly operations for U.S.-bound smartphones to India, but their progress is considerably more gradual and limited compared to Apple. Canalys reports that these companies are striving to diversify their manufacturing footprints to reduce dependency on China.

The trend of shifting last-mile assembly to India is gaining traction among global manufacturers, who are allocating more capacity in India to cater to the U.S. market. Renaud Anjoran, executive vice president of Agilian Technology, a Chinese electronics manufacturer, noted that the company is renovating a facility in India with plans to move a portion of its production there. The firm anticipates launching trial production runs soon before scaling up to full-scale manufacturing despite India’s lower yield rates compared with China due to quality and logistical issues.

Despite the increase in smartphone shipments, it’s important to note that these numbers do not necessarily translate to final sales but do serve as an indicator of market demand. In the U.S., iPhone shipments fell by 11% year-over-year to 13.3 million units in the second quarter, reversing a previous quarter’s growth rate of 25.7%, according to Canalys. Globally, iPhone shipments decreased by 2% from a year ago, totaling 44.8 million units from April to June.

The challenges are reflected in Apple’s stock performance, with shares declining by 14% this year amid concerns regarding tariff exposure and increasing competition in the smartphone and artificial intelligence sectors.

While Apple has commenced assembly of iPhone 16 Pro models in India, it continues to depend heavily on China’s established manufacturing infrastructure to meet U.S. demand for high-end models. The complexity of these supply chains illustrates the delicate balance companies must maintain in an evolving global trade landscape.

Amidst these uncertainties, former President Trump imposed a 26% tariff on imports from India in April, which pales in comparison to the significantly higher tariffs levied on Chinese goods then. These duties were deferred, providing a temporary hiatus in tariff pressures pending an August 1 deadline.

Source: Original article

Fed Holds Interest Rates Steady Despite Pressure from Trump

July 31, 2025 Staff ReporterBusiness, Economy 0

Policymakers at the Federal Reserve voted 9-2 to maintain current interest rates, despite significant pressure from President Trump to reduce borrowing costs.

The Federal Reserve decided on Wednesday to keep its benchmark interest rate between 4.25% and 4.5%, resisting calls from President Trump to lower it. This decision influences the borrowing costs for businesses and consumers, with many investors speculating that a rate cut could occur at the Fed’s next meeting in September.

Since reducing interest rates by a full percentage point last year, the Federal Reserve has held rates steady, waiting to assess the impact of President Trump’s new tariffs and other policies on the economy. Trump has frequently criticized Federal Reserve Chair Jerome Powell for not reducing rates faster, derisively assigning the nickname “Too Late” to Powell.

The White House also expressed concerns about cost overruns related to a $2.5 billion renovation of two Federal Reserve buildings in Washington. Tensions heightened last week when Trump and Powell had a verbal exchange during a building tour, with Trump allegedly inflating the project’s cost to over $3 billion. Powell corrected him, explaining that this higher figure included a third building completed earlier.

Despite these interactions, Powell maintains that the president’s personal attacks have not influenced his policy decisions. “I’m very focused on just doing my job,” he said at a central bankers’ meeting in Portugal. With over ten months left in his term, which expires next May, Powell expressed a desire to leave the economy in a stable condition for his successor.

The debate over interest rates continues as inflation remains above the Federal Reserve’s 2% target. Economists are concerned that Trump’s tariffs might further increase prices. For instance, consumer prices rose by 2.7% in June compared to the previous year, marking a more considerable annual increase than in the preceding month.

Yet, with unemployment still low, the Federal Reserve faces little immediate pressure to cut borrowing costs. The Labor Department’s upcoming report on July’s job gains, due on Friday, could further influence the central bank’s future policy decisions.

According to NPR, the Federal Reserve’s cautious approach reflects a broader strategy to balance economic growth with price stability amid ongoing political and economic challenges.

Source: Original article

Trump Imposes 25% Tariff on Indian Imports

July 30, 2025August 4, 2025 Staff ReporterEconomy, Cover, USA 0

President Donald Trump has announced a 25% tariff on imports from India, marking the latest development in his aggressive trade policy during his second term.

President Donald Trump declared on Wednesday that imports from India will be subjected to a new 25% tariff. This decision is the most recent action in his administration’s vigorous trade policies that have increasingly become a focal point of his presidency.

The announcement, made via Trump’s social media platform Truth Social, cited India’s existing tariffs as being “far too high” and criticized their trade restrictions as “strenuous and obnoxious.” Additionally, Trump mentioned penalties targeting India’s reliance on Russian energy and military hardware.

Trump’s declaration arrives just before a crucial trade negotiation deadline on Friday, which he asserted would remain firm without extensions. He has indicated that a plethora of other nations could also experience elevated baseline tariff levels, potentially reaching as high as 20%, which builds on the already heightened 10% tariffs introduced in April.

The potential tariff levels could approach the historic highs that Trump initially proposed on April 2, deemed “Liberation Day,” which had initially unsettled global markets and triggered stock market declines.

Having initially retreated from those threats, President Trump has gradually reinstated elevated tariff measures, reminiscent of levels seen during the 1930s when protectionist trade strategies were employed in a bid to reinvigorate the U.S. economy, albeit with counterproductive outcomes that exacerbated the Great Depression.

According to the Yale University Budget Lab, as of their recent Monday analysis, U.S. consumers face a de facto tariff rate of 18.2%, the highest since 1934. This could result in a household loss equivalent of up to $2,400 by 2025. Notably, these figures were calculated before Trump’s recent tariff announcement on India.

While the 25% tariff on Indian imports is lower than the previously suggested 26% on April 2, it marks a substantial rise from India’s customary average tariff rate of 2.4% on exports to the U.S. In recent years, India has been a critical partner for the U.S., exporting approximately $90 billion in annual goods.

India recently overtook other suppliers as the leading source of smartphones imported into the United States, aligning with Apple’s strategic move to relocate production away from China due to heightened tariffs and geopolitical tensions, as reported by Bloomberg. Apple notably exported $17 billion worth of iPhones from India last year.

Apple CEO Tim Cook noted during the company’s May 1 earnings call that, starting this quarter, the majority of iPhones sold in the U.S. would likely originate from India.

beyond smartphones, the U.S. imports a variety of products from India, including chemicals, plastics, leather goods, agricultural commodities, and metals.

In the previous year, India imposed an average tariff rate of 5.2% on U.S. goods, primarily purchasing oil, cement, stone, glass, and machinery from American markets.

President Trump’s focus on tariffs as a key trade strategy perpetuates a climate of unpredictability within the global economy. Over recent weeks, Trump has unveiled new agreements with several other countries aimed at refining trade conditions with the U.S. Despite the intentions, critics argue these deals are mired in ambiguous details and difficult promises to implement.

However, major stock indices have shown resilience and have continued to rise, partly because some companies observe that the tariffs’ impact may not be as severe as initially anticipated when Trump first introduced his sweeping country-specific tariffs in April.

Nonetheless, the recently negotiated bilateral trade agreements come with tariffs significantly higher than historical norms. These agreements stipulate 19% tariffs on goods from Indonesia and the Philippines, and 15% tariffs on imports from Japan and the European Union.

Furthermore, a new deal with Vietnam imposes tariffs of 20% on its exports, with potential increases to 40% for goods rerouted from China.

Trump’s Trade War Victory Faces New Challenges

July 30, 2025 Staff ReporterEconomy, Politics 0

President Donald Trump has defied expectations by navigating a complex trade war landscape, achieving a temporary trade victory that has raised America’s customs revenue without triggering significant fallout or global retaliation, although challenges remain on the horizon.

The economic downturn many anticipated from President Donald Trump’s aggressive trade policies has yet to materialize. Contrary to predictions, the United States has managed to increase customs revenue through higher import tariffs, while keeping inflation reasonably low. Meanwhile, trading partners have mostly absorbed the higher tariffs, avoiding significant retaliation, offering Trump what some see as a trade war victory, albeit potentially short-lived.

Recent agreements with various international partners have resulted in increased tariffs on foreign goods entering the United States while maintaining minimal or zero tariffs on American exports. Some nations have opened markets previously inaccessible to U.S. goods, pledged investments in the United States, and removed what the Trump administration views as barriers to trade, like digital services taxes.

However, there are signs that Trump’s early success may not endure. In Europe, dissatisfaction is brewing. Following a last-minute agreement to meet Trump’s trade deal deadline, several European leaders expressed discontent. French Prime Minister François Bayrou described the situation as a “dark day,” while Hungarian Prime Minister Viktor Orban criticized Trump’s approach. Bernd Lange, head of the European Parliament’s trade committee, said the resulting framework is “not satisfactory.” The European Union must resolve key issues to avoid unraveling the fragile trade ceasefire.

On the northern front, U.S.-Canada trade talks have stalled. Although Canada has backed down on the digital services tax criticized by Trump, the president continues to threaten increased tariffs on Canadian products like lumber. While the US-Mexico-Canada Agreement (USMCA) keeps many Canadian goods tariff-free, it doesn’t cover all imports. Potential tariff hikes on Canadian goods could impact American consumers. Notably, this dispute highlights uncertainties in the recent de-escalation of the trade war; despite having negotiated the current trade agreement during his first term, Trump retains the power to reintroduce tariffs.

Negotiations with China remain precarious as well. The anticipated next round of talks aims to continue suspending the historically high tariffs imposed by both countries. However, progress beyond this pause remains uncertain. The U.S. administration has voiced frustration over China’s perceived delays in fulfilling previous commitments and has sought decreased regulatory barriers on technology shipments. While China desires more access to critical semiconductors, the U.S. seeks increased availability of rare earth magnets. The administration has criticized China’s slow progress, arguing the failure to meet prior agreements hampers critical electronics production. Despite Trump’s softened rhetoric in recent months, U.S.-China trade relations teeter on a precarious edge.

A pivotal decision regarding the legality of Trump’s tariffs looms. On Thursday, a court hearing will determine whether most of Trump’s tariffs are lawful under the International Emergency Economic Powers Act. A federal court previously ruled that Trump exceeded his authority by levying tariffs on these grounds. The appeals court has temporarily halted the ruling, with a final decision pending. If the court rules against Trump, he may resort to alternative methods to impose tariffs, though this could limit his latitude without Congressional approval, potentially allowing for only brief, low-rate tariffs.

The U.S. economy shows mixed signals amidst these global trade tensions. Though robust, as indicated by strong retail sales, a healthy labor market, and rising consumer confidence, potential inflation effects warrant caution. The Bureau of Labor Statistics reported a slow increase in prices for some tariff-affected goods, a developing trend in categories such as clothing, appliances, and electronics. Major retailers like Walmart and consumer goods firms like Procter & Gamble have acknowledged upcoming price hikes due to tariffs. Automobile giants GM, Volkswagen, and Stellantis each reported at least $1 billion in tariff-related costs last quarter.

While economists expect inflation to rise in the coming months, reminiscent of recent inflationary nostalgia, projections fall short of anticipating a severe crisis. As these tariffs settle in, price shocks reminiscent of spiked inflation rates in recent years are not anticipated, although consumers remain cautious due to past economic pressures.

French PM Criticizes EU-US Trade Deal as Submission

July 29, 2025 Staff ReporterBusiness, Politics 0

France has criticized a recent trade agreement between the European Union and the United States, labeling it a “dark day” for Europe and suggesting it reflects a submission to U.S. interests.

PARIS — A new trade deal framework between the United States and the European Union has sparked controversy, with France branding the agreement as disadvantageous for Europe. French Prime Minister Francois Bayrou described the deal as a “dark day” for the continent, arguing that it indicated a capitulation to U.S. President Donald Trump. The accord introduces a 15% tariff on EU goods while not immediately affecting U.S. imports with reciprocal European tariffs.

Bayrou’s strong reaction underscores ongoing discontent in France, which had consistently urged tougher EU negotiations with the Trump administration. France’s stance markedly differed from the more measured approaches of Germany and Italy, which preferred a conciliatory strategy.

“It is a dark day when an alliance of free peoples, brought together to affirm their common values and to defend their common interests, resigns itself to submission,” Bayrou wrote on the social media platform X, referring to the “von der Leyen-Trump deal.”

Despite receiving criticism from the French government, the deal has been met with a more subdued response from Berlin and Rome. The varied reactions highlight the differing economic priorities within the EU. Whereas France has been vocal in its opposition, President Emmanuel Macron has remained silent since the agreement was signed by Trump and European Commission President Ursula von der Leyen.

While French ministers acknowledged some positive aspects of the deal — such as exemptions in the spirits and aerospace sectors — they maintain that it is fundamentally imbalanced. European Affairs Minister Benjamin Haddad voiced dissatisfaction and called for the EU to utilize its anti-coercion instrument, a mechanism designed for non-tariff retaliation.

Trade Minister Laurent Saint-Martin further criticized the EU’s negotiation tactics, suggesting that the bloc should have been more assertive in addressing what he saw as an aggressive maneuver by Trump. “Donald Trump only understands force,” Saint-Martin said on France Inter radio. “It would have been better to respond by showing our capacity to retaliate earlier. And the deal could have probably looked different,” he added.

Macron had previously advocated for a tit-for-tat response to any U.S. tariffs, favoring equivalent measures on American imports, particularly in the services sector where the U.S. runs a surplus with the EU.

The discord within Europe was further evident as the softer stance promoted by German Chancellor Friedrich Merz and Italian Prime Minister Giorgia Meloni prevailed. Their countries’ greater dependence on U.S. exports likely influenced their preference for a diplomatic approach.

The trade deal remains a contentious subject, reflecting broader complexities in transatlantic relations. As the EU navigates its collective economic interests, the agreement’s implications will likely continue to stir debate among member states.

Source: Original article

Google CEO Becomes Billionaire; Advises Gen Z on Success Secrets

July 29, 2025 Staff ReporterBusiness, Technology 0

Google CEO Sundar Pichai, now a billionaire, advocates for embracing discomfort as a means to personal and professional development, a lesson he shares with Generation Z to guide them toward success.

Sundar Pichai, the CEO of Google and newly inducted billionaire, emphasizes the importance of stepping outside comfort zones as a pathway to progress. This mindset, he suggests, has been instrumental in his journey from an unknown product manager to leading a $2.3 trillion global tech company. Speaking to Generation Z, Pichai advises that while traditional career advancements might seem logical, following one’s heart can often lead to discovering one’s true passion.

Pichai acknowledges that the road to success isn’t devoid of challenges, even for prominent leaders. He admits to moments of self-doubt, sensing others in his surroundings excelled beyond his capabilities. However, he reassures young individuals that such discomfort is an integral part of growth.

“At various points in my life, I’ve worked with people who I felt were better than me,” Pichai shared on Lex Fridman’s podcast. “You want that feeling a few times, trying to get yourself in a position where you’re working with people who you feel are kind of like stretching your abilities, is what helps you grow.

“Putting yourself in uncomfortable situations, and I think often you’ll surprise yourself,” he added.

Having started as a product manager in 2004, Pichai climbed the ranks at Google on the strength of this philosophy and caught the attention of cofounders Larry Page and Sergey Brin, eventually being named CEO in 2015. Although he concedes that an element of luck plays a role in success, he stresses the importance of pursuing what one loves—even if it initially seems irrational.

“You’re thinking about what you want to do, your brain is telling you something. But when you do things, I think it’s important to listen to your heart, and see whether you actually enjoy doing it,” Pichai said.

Success, according to Pichai, also involves surrounding oneself with the right people. He highlights the significance of working with driven individuals on collaborative journeys, which has been crucial in transforming Google into a multitrillion-dollar corporation.

“You find mission-oriented people who are in the shared journey, who have this inner drive to excellence, to do the best, and motivate people, and you can achieve a lot that way,” he said.

The culture of excellence at Google might also entail extended working hours beyond the conventional nine-to-five, as revealed in an internal memo by Sergey Brin. This memo, seen by the New York Times, urged AI-focused employees to be present in the office throughout the week, suggesting 60-hour workweeks as the optimal benchmark for productivity. Although Pichai has expressed support for more flexible work environments, the competitive landscape in AI demands tech giants strive for supremacy.

Despite high-pressure scenarios, Pichai maintains a calm manager demeanor. He believes self-motivated employees usually recognize their errors quickly, and a managerial overreaction could exacerbate the situation.

“At times, you’re working with people who are so committed to achieving, if they’ve done something wrong, they feel it more than you do, so you treat them differently,” Pichai explained. “Occasionally, there are people who you need to clearly let them know, like, ‘That wasn’t okay,’ or whatever it is, but I’ve often found that not to be the case.”

While Pichai has recently joined the billionaires’ circle, his wealth contrasts sharply with that of Google’s cofounders. Larry Page and Sergey Brin rank among the world’s top 10 richest individuals, holding net worths of approximately $174 billion and $163 billion, respectively, compared to Pichai’s $1.1 billion.

In 2009, Larry Page advised college graduates to focus on solving problems that would eventually enable greater efficiency.

“Technology, and especially the internet, can really help you be lazy,” Page told University of Michigan students. “Find the leverage in the world, so you can be more lazy.”

Contemporary challenges, including AI’s impact on the job market, present unique obstacles to today’s youth, much like what graduates faced during the Great Recession. Nevertheless, Page encourages perseverance.

“Overall, I know it seems like the world is crumbling out there, but it is actually a great time in your life to get a little crazy, follow your curiosity, and be ambitious about it,” he said. “Don’t give up on your dreams. The world needs you all.”

According to Fortune, Pichai’s insights offer valuable guidance for Gen Z’s burgeoning workforce.

Source: Original article

Mumbai Begins Construction on Third Airport Project

July 29, 2025 Staff ReporterBusiness, India 0

A pre-feasibility study for a greenfield airport near the Vadhavan Port project has commenced, aiming to transform the area into a key logistics and maritime hub in India.

The Maharashtra Airport Development Company Ltd (MADC), supported by the Government of Maharashtra, has initiated a pre-feasibility study for a new greenfield airport near the forthcoming Vadhavan Port project. Officials familiar with the development expect a final report within six to nine months, with the study being conducted by a joint venture between Grant Thornton and Nippon Koei India.

This proposed Vadhavan Airport, strategically located to serve the upcoming Vadhavan Port in Palghar, is expected to become a pivotal part of India’s logistics and maritime infrastructure. Together with the port, the airport aims to form an essential component of the India-Middle East-Europe Economic Corridor (IMEC), which is intended to enhance India’s container handling capacity by 23.2 million TEUs, aspiring to elevate the country as a dominant player in global maritime trade.

The Vadhavan Airport will provide crucial air connectivity for cargo and passengers, particularly facilitating transport to and from nearby industrial and warehousing clusters, including Bhiwandi. By integrating rail, road, and air transport infrastructures, the port and airport will create a comprehensive multimodal logistics ecosystem.

Preparatory work for the pre-feasibility study, including site visits, has already been completed. The study, managed by Grant Thornton and Nippon Koei India, will assess the technical, financial, and environmental aspects of developing the proposed airport. The results will guide MADC and the government on future development steps, ensuring alignment with Maharashtra’s broader infrastructure strategy.

The establishment of the Vadhavan Airport is poised to alleviate congestion at Mumbai’s existing Chhatrapati Shivaji Maharaj International Airport and the under-construction Navi Mumbai Airport. It is also expected to spur economic growth in Palghar by facilitating better connectivity and development opportunities.

This initiative is part of Maharashtra’s ambitious vision to transform the state into a hub of logistics, transport, and international commerce. With planned rail and road linkages connecting the Vadhavan Port and surrounding areas, the airport will play a critical role in a synchronized logistics framework that enhances the efficiency of moving goods and passengers. It supports India’s national logistics policy, which is focused on creating a more robust, integrated, and globally competitive supply chain.

The greenfield airport initiative embodies India’s commitment to sustainable and future-ready infrastructure development. As it aligns closely with the IMEC and regional warehousing hubs, the project becomes a vital part of the country’s long-term trade goals. Additionally, by expanding development beyond congested urban centers, the Vadhavan Airport is set to foster jobs, connectivity, and inclusive growth in Palghar and neighboring areas.

This report was based on details from an article by Aviation A2Z.

Source: Original article

Airbus A380: Comparing Emirates, Etihad, and Qatar Airways

July 28, 2025 Staff ReporterTravel, Business 0

Middle Eastern airlines Emirates, Etihad Airways, and Qatar Airways are renowned operators of the massive Airbus A380, a symbol of luxury and efficiency in long-haul air travel.

The Airbus A380, recognized as the world’s largest passenger airliner and the sole full-length double-deck jet, has left a significant mark in aviation history. Initiated in the late 1980s to compete with Boeing’s 747 in the long-haul market, Airbus officially launched the A380 program in December 2000, investing nearly $11 billion. The prototype’s maiden flight occurred in April 2005, and by December 2006, the aircraft received its type certificate from the European Union Aviation Safety Agency (EASA) and the Federal Aviation Administration (FAA). Singapore Airlines introduced it into commercial service in October 2007, and production continued until 2021, resulting in over 250 A380s built.

Emirates, Etihad Airways, and Qatar Airways are among the most notable operators of the A380 in the Middle East. Emirates leads with the largest A380 fleet globally. According to aviation database ch-aviation, Emirates has 118 A380s, with 93 currently active and 25 inactive. The fleet’s average age is 10.6 years, offering a total capacity of 60,616 seats. The oldest aircraft, registered as A6-EDF, is 19.4 years old, while the newest, A6-EVQ, is just over four years old.

Emirates has built a reputation for luxury with its A380s, featuring private first-class suites, onboard showers, and a lounge. The airline has also committed $2 billion to retrofit its A380s, adding premium economy cabins and refreshing interiors. Emirates deploys its A380s globally, covering six continents and over 50 destinations. Europe’s 21 destinations mark its most frequent A380 destination, with significant routes to North America and a notable connection to São Paulo, Brazil, in South America. Other popular routes include flights to Bangkok, Manchester, Paris, Jeddah, and Cairo, with London Heathrow being the most frequented destination with over 40 weekly flights.

Etihad Airways, meanwhile, operates a smaller fleet of ten A380s, seven of which are currently active. These aircraft have an average age of 10 years and a total seating capacity of 4,860. Etihad’s A380s are known for their luxurious cabins, including the “First Apartment” and the exclusivity of “The Residence,” a three-room suite with a living room, bedroom, and en-suite shower.

The airline maintains a modest network for its A380s, with four active routes. Recently, Etihad ceased its Abu Dhabi to New York JFK service, redirecting its focus to routes like Abu Dhabi to Toronto, Singapore, Paris, and London.

Qatar Airways also utilizes a fleet of ten A380s, with eight currently in service. The fleet, averaging ten years in age, features aircraft like the younger A7-APJ, at just 7.6 years old. Each A380 accommodates various classes, including private suites in business class and a dedicated economy class offering.

Qatar Airways’ A380s serve destinations such as London, Paris, Bangkok, and Sydney, after ceasing operations to Perth. London Heathrow, in particular, stands out for its frequent, year-round service. The airline’s robust schedule sees it maximize routes with consistent high demand, ensuring efficient use of its A380 fleet.

These airlines demonstrate how the A380, even as production ends, remains a pivotal aircraft in their operations, showcasing luxury and capacity unmatched by other models.

AI Bot Gains Traction on Wall Street with Growing User Base

July 27, 2025 Staff ReporterBusiness, Economy 0

In an unprecedented display of artificial intelligence, the trading bot Galileo FX reportedly earned a return of $14,158 from a $3,200 investment in one week, as verified by MyFxBook.

The new AI trading bot, Galileo FX, has captured the attention of the investment world with its remarkable performance. This bot reportedly generated a return of $14,158 from a modest $3,200 investment within just a week. The trading records have been independently verified by MyFxBook, a well-respected third-party verification service, which has prompted interest and curiosity from both novice and experienced traders alike.

Galileo FX is designed to be user-friendly, with an intuitive interface that simplifies trading for beginners. Its ease of use allows even those without previous trading experience to engage effortlessly in the market, thereby expanding its appeal to a wider audience.

Since its launch, Galileo FX has shown impressive results. Starting with an initial investment of $200 in January 2025, it reportedly amassed a profit of $61,500 by June 2025—yielding an extraordinary return of 30,750% over five months. These achievements have further fueled interest among traders across the globe.

The bot employs cutting-edge AI technology to forecast market trends and execute trades autonomously. It offers various trading speeds, from conservative to aggressive, which accommodate different risk preferences and strategies. This adaptability, coupled with its high degree of accuracy, has helped establish Galileo FX as a preferred choice among traders.

While initial skepticism was understandable due to the remarkable returns, full disclosure and independent verification by MyFxBook have alleviated many doubts. The bot has reportedly generated $9,100 in profits over eight months trading a single GBP/USD forex pair, boasting a 100% success rate with no losses. Over 300 similar verified performances are featured on their website, underscoring its consistent profitability.

According to a survey, 98.7% of Galileo FX users reported making over $1,500 in their first week of trading. This success has led to an increase in downloads, with more than 8,000 users reportedly benefiting from substantial daily profits.

Galileo FX is available in three versions—Personal, Plus, and Pro—each offering unique features and benefits. Despite its growing popularity, the long-term availability of the bot is uncertain amid reports of a potential acquisition by a major US hedge fund. For now, it remains accessible for purchase via its official website.

The combination of simplicity and sophistication sets Galileo FX apart. Users can quickly install the software and begin generating profits, emphasizing its efficient design and performance.

This development follows significant advancements in AI technologies, such as ChatGPT, marking an expected progression in AI applications. As Galileo FX continues to impact the financial sector, it is closely watched by industry observers.

Source: Original article

India’s Pharma Exports Up 92% in Six Years

July 26, 2025 Staff ReporterBusiness, Health 0

India’s pharmaceutical exports have climbed by 92% over the past six years, spurred by strategic government initiatives and the Aatmanirbhar Bharat vision.

India’s pharmaceutical industry has experienced a significant boost, with exports expanding from Rs 1,28,028 crore in the fiscal year 2018–19 to Rs 2,45,962 crore by 2024–25. This impressive growth was confirmed by Minister of State for Chemicals and Fertilisers Anupriya Patel during a session in the Lok Sabha, with the minister emphasizing the impact of targeted schemes in fostering such expansion.

The growth trajectory can be attributed to several government initiatives, including the Promotion of Research and Innovation in Pharma MedTech Sector (PRIP), the Production Linked Incentive (PLI) Scheme for Pharmaceuticals, and the Scheme for Promotion of Bulk Drug Parks.

The PRIP scheme, endowed with a budget of Rs 5,000 crore, aims to catalyze a shift in the pharmaceutical and MedTech sectors from traditional cost-based models to innovation-driven growth. This initiative particularly focuses on strengthening research and development, enhancing collaboration between industry and academia, and promoting drug discovery as well as development. Remarkably, under this scheme, seven Centres of Excellence have been established.

The PLI schemes have also played a crucial role. Since the launch of the PLI Scheme for Pharmaceuticals, India has seen a substantial enhancement in domestic manufacturing capabilities, allowing for diversification into high-value products. By March 2025, investments in this scheme totaled Rs 37,306 crore, surpassing the initially committed Rs 17,275 crore over six years. Sales of approved products from the PLI Scheme for Pharmaceuticals reached a cumulative Rs 2,66,528 crore, with exports accounting for Rs 1,70,807 crore of that total.

Likewise, the PLI Scheme for Bulk Drugs was instituted with a Rs 6,940 crore allocation to mitigate India’s reliance on critical imports by stabilizing the domestic supply of active pharmaceutical ingredients (APIs). Against a committed investment of Rs 3,938.5 crore, the scheme attracted actual investments of Rs 4,570 crore by its third year, indicating a positive trend towards self-reliance.

Additional initiatives include the Pradhan Mantri Bhartiya Janaushadhi Pariyojana, which aims to provide affordable, high-quality generic medicines through the extensive network of Jan Aushadhi Kendras (JAKs). By June 6, 2025, approximately 16,912 JAKs were operational nationwide, serving an estimated 10–12 lakh individuals daily. The scheme covers 2,110 different medicines and 315 medical products and devices across key therapeutic categories, offering them at prices that are 50–80% lower than branded alternatives. This has accrued estimated savings of Rs 38,000 crore for Indian citizens over 11 years, while also creating self-employment opportunities for over 16,000 individuals, including 6,800 women entrepreneurs.

These ambitious initiatives reflect India’s concerted effort to advance its pharmaceutical sector through a combination of innovation, strategic investment, and broader access to affordable healthcare, according to India New England.

Google CEO Downplays Silicon Valley AI Talent Competition

July 26, 2025 Staff ReporterBusiness, Science & Technology 0

Google CEO Sundar Pichai downplayed concerns over its capacity to retain top AI talent, asserting that the company’s retention metrics remain “healthy” amidst fierce competition in Silicon Valley.

In Google’s recent second-quarter earnings call, CEO Sundar Pichai addressed the escalating competition for artificial intelligence talent, a battle intensified by Meta’s creation of a ‘superintelligence’ division and its recruitment of researchers with lucrative offers.

Analysts have voiced concerns about the potential increase in costs to maintain leadership in AI due to the fierce talent wars. Specifically, Bernstein analyst Mark Shmulik questioned Pichai about the impact these talent battles might have on Google’s AI-related expenses and its ability to retain top researchers.

Pichai reassured investors and analysts, indicating that Google has navigated similar challenges in the past. He emphasized that the company’s key retention metrics remain robust.

“We continue to look at both our retention metrics, as well as the new talent coming in, and both are healthy,” Pichai stated during the call. “I do know individual cases can make headlines, but when we look at numbers deeply, I think we are doing well through this moment.”

Despite Business Insider’s request, Google did not immediately provide specific retention metrics. Meanwhile, the competition has seen Meta entice several former Google employees, such as Pei Sun, who contributed to Google’s Gemini AI assistant and Waymo, its self-driving car project.

The race for AI talent is not exclusive to industry giants like Meta. Emerging AI-focused companies, such as OpenAI and Anthropic, have also enticed talent away from Google’s DeepMind, as highlighted by a report from the venture capital firm, SignalFire. The report revealed that Google researchers are 11 times more likely to move to Anthropic than vice versa.

On the earnings call, Pichai elaborated on Google’s strategies for retaining top AI researchers, emphasizing factors beyond financial compensation. He underscored Google’s investments in advanced computational resources, including access to the latest computer chips, to keep researchers at the forefront of AI innovation.

Pichai further explained that leading AI researchers are driven by the opportunity to “be at the frontier driving progress, and so the mission, and how state-of-the-art the work is, matters. So that’s super important to them,” he added.

According to Business Insider, these dynamic shifts in talent echo the broader challenges and opportunities Silicon Valley faces as it endeavors to maintain its edge in the ever-evolving field of artificial intelligence.

Warren Buffett Prefers Modest Living and Simple Meals Over Luxury

July 26, 2025 Staff ReporterBusiness, Lifestyle 0

Warren Buffett, revered for his investment acumen and vast wealth, has resided in the same relatively modest Omaha home since 1958, paying just $31,500 at the time and demonstrating a preference for value over ostentation.

Warren Buffett, the legendary investor and chairman of Berkshire Hathaway, is not only known for steering one of the world’s most financially powerful companies, but also for his humble lifestyle choices. Despite amassing a personal fortune that has hovered around $100 billion, he continues to live in the same Omaha, Nebraska, residence he purchased in 1958 for a modest $31,500. This decision underscores his philosophy of valuing practicality over extravagance.

Buffett’s residence, while not small by ordinary standards, appears relatively modest for a billionaire. The 6,500-square-foot home is located on a quiet corner lot and was originally constructed in 1921. Its proximity to Berkshire Hathaway’s headquarters allows Buffett to forego a luxury limousine and comfortably commute to work, all within a five-minute drive.

In a 2010 letter to Berkshire Hathaway shareholders, Buffett highlighted the purchase of his home as the third-best investment of his life. His steadfast decision not to upgrade to a more extravagant dwelling stands in contrast to typical billionaire tendencies to own multiple properties across various locales.

Buffett has consistently articulated his belief that additional possessions do not necessarily equate to increased happiness. In a 2017 interview with People magazine, he expressed skepticism about the joy of owning multiple homes, echoing the sentiment that accumulating possessions can, in fact, lead to burdens.

This philosophy extends beyond real estate and into his consumption habits as well. Buffett has made clear that he doesn’t find more pleasure in expensive meals over a simple hamburger from McDonald’s, underscoring his belief that personal enjoyment isn’t tied to the amount of money spent.

Buffett’s commitment to value-driven investments echoes throughout his financial decisions. Early in his marriage, he and his wife opted to delay purchasing a house to ensure they could do so without depleting their savings, choosing instead to invest their funds wisely. This disciplined approach isn’t about frugality but is rather a testament to Buffett’s strategic financial thinking.

Today, Buffett’s home is valued between $1.34 million and $1.5 million, which represents a staggering increase of more than 4,700% from the original purchase price. Yet, for Buffett, the appreciation in value is secondary to the happiness and contentment derived from his home, which remains invaluable. This principle of prioritizing value over superficial allure permeates his public and private life alike.

According to Yahoo Finance, Buffett’s lifestyle choices offer a compelling narrative about the relationship between wealth and happiness, reinforcing the notion that true success isn’t measured solely by material possessions.

India’s Economy to Reach Third Largest Globally by 2028: Report

July 25, 2025 Staff ReporterCover, Economy, Nation 0

India is projected to become the world’s third-largest economy by 2028, with its GDP expected to exceed $10 trillion by 2035, driven by key states reaching significant economic milestones, according to a report by Morgan Stanley.

India is on the path to becoming the third-largest economy in the world by 2028, with its gross domestic product (GDP) anticipated to more than double to $10.6 trillion by 2035. This forecast comes from a recent report by Morgan Stanley released on July 23.

The financial services firm’s analysis suggests that India’s growth will be significantly influenced by its states, with Maharashtra, Tamil Nadu, Gujarat, Uttar Pradesh, and Karnataka expected to reach the $1 trillion economic milestone in the coming years.

Currently, the leading states include Maharashtra, Gujarat, and Telangana, according to Morgan Stanley. Additionally, Chhattisgarh, Uttar Pradesh, and Madhya Pradesh have shown substantial improvements in their economic rankings over the past five years.

The report highlights that India is poised to contribute approximately 20 percent to global growth in the near future, thereby elevating the earnings potential for major multinational corporations operating in the region.

In its latest bi-monthly monetary policy review, the Reserve Bank of India (RBI) maintained its GDP growth forecast for the fiscal year 2026 at 6.5 percent. This outlook comes after increased central government expenditure on infrastructure, which has risen to 3.2 percent of the GDP for fiscal year 2025, compared to 1.6 percent in fiscal year 2015.

According to Moneycontrol, these infrastructural investments and the economic dynamism at the state level are pivotal to India’s projected economic ascent.

Source: Original article

India Association of Long Island Holds 47th Annual Gala

July 25, 2025 Staff ReporterBusiness, India, Nation 0

The India Association of Long Island (IALI) hosted its 47th Annual Gala on July 18, celebrating Indian-American entrepreneurs and their significant contributions to the community.

Held at the Long Island Marriott in Uniondale, New York, the black-tie event brought together prominent community leaders and guests to honor three distinguished business figures: Chintu Patel, Co-Founder of Amneal Pharmaceuticals; Harry Singh, Founder of Bolla Oil Corp.; and Naveen Shah, Founder of Navika Capital.

The gala began with a welcome address by Amita Karwal, IALI’s Cultural Chair, followed by introductions from Shashi Malik, Gala Chair, who invited the audience to celebrate Jasbir Jay Singh, President of IALI. President Singh expressed gratitude to the officers, executive and ad hoc committees, past presidents, sponsors, elected officials, and honorees for their support and participation. He highlighted the humility of the honorees and shared updates on IALI’s initiatives, including the proposed IALI Community Center building project.

A key highlight of the evening was a panel discussion with the honorees, who shared insights on their journeys of success, resilience, and philanthropy. Their stories of perseverance and dedication drew enthusiastic applause from the audience.

The gala also acknowledged the contributions of various sponsors and community leaders, including Kanak Golia, Ravi Chopra, Anil Jain, and Sunil Jain. Attendees enjoyed a dinner and cocktail reception catered by Mint Restaurant, famed for its exquisite Indian cuisine.

With over 3,000 members and a legacy of 46 years, IALI remains a cornerstone of the Indian-American community on Long Island, promoting cultural heritage, service, and unity. This year’s officers include Ravindra Kumar as Vice President, Hargovind Gupta as Secretary, and Sujata Seth as Treasurer. The executive team consists of dedicated members like Dr. Abha Bhatnagar, Amita Karwal, Ashwani K. Sharma, and others. The Gala Committee included Shashi Malik and Bhavna Sharma.

The Indian Panorama Editor, Prof. Indrajit Saluja, conducted interviews with each honoree to delve deeper into their entrepreneurial paths and future aspirations.

Chintu Patel, recognized for his leadership in the pharmaceutical industry, shared that the greatest reward is inspiring young entrepreneurs to pursue their dreams. He recounted starting Amneal Pharmaceuticals with limited resources but with a vision to make affordable medicines accessible. Despite challenges, Patel’s company has grown to a significant presence with $3 billion in revenue, focusing on essential and affordable pharmaceuticals. On potential U.S.-India tariff issues, he emphasized the importance of ensuring a stable drug supply chain for crucial medicines.

Naveen Shah discussed his journey from an accounting career to establishing the Navika Group of Companies, a venture into commercial real estate. With leadership and teamwork at its core, Navika has expanded to own and manage multiple properties. Shah spoke about the importance of legacy—creating enduring value for future generations, emphasizing corporate responsibility.

Harry Singh Bolla shared candid thoughts on receiving awards, stating his belief that recognition should be reserved for those offering selfless community service. Bolla highlighted the achievements of Indian-Americans and the responsibilities that come with success. Discussing his values, he expressed deep pride in his Sikh heritage and American opportunities, urging others to commit to community well-being as a measure of true success.

The gala underscored the IALI’s dedication to fostering unity and cultural appreciation within the Indian-American community while celebrating outstanding achievements in entrepreneurship.

Source: Original article

India’s Economy Steady Despite Global Uncertainties, Central Bank Reports

July 24, 2025July 24, 2025 Staff ReporterEconomy, Cover, India 0

India’s economy remains resilient despite global geopolitical tensions and trade uncertainties, according to the Reserve Bank of India.

India’s economy is showing signs of resilience against the backdrop of global fluctuations, as the Reserve Bank of India (RBI) elaborated in its monthly bulletin released on Wednesday. The central bank highlighted India’s ability to withstand international challenges, such as geopolitical tensions and trade uncertainties.

Last month, the RBI made a significant move by reducing its key policy rate by an unexpected 50 basis points and lowering the cash reserve ratio for banks. These changes were possible due to low inflation, which offered the bank the flexibility to prioritize growth amid unpredictable global conditions. India’s economic activity has remained steady, the bulletin noted, supported by favorable prospects for summer-sown crops, robust momentum in the services sector, and moderate growth in industrial activity.

The report also pointed out that “high-frequency indicators suggest stability in aggregate demand,” signaling a positive outlook for India’s economic prospects. Retail inflation in the country dropped to 2.10% in June, marking a six-year low and further contributing to positive economic sentiment.

Additional factors propelling economic stability included “de-escalating geopolitical tensions in the Middle East and optimism on trade deals,” as well as a relaxation in regulatory norms for infrastructure financing, which collectively improved financial market sentiment in the latter part of June.

Despite these optimistic indicators, the bulletin also highlighted that domestic investor sentiment was cautious in the first half of July. This caution was attributed to ongoing uncertainty over a potential trade agreement between India and the United States and mixed corporate earnings for the quarter ending in June.

The RBI’s insights into India’s economic resilience underscore the country’s ability to navigate complex international challenges while maintaining domestic stability and growth.

World Bank: Indian Cities Require $2.4 Trillion for Climate Infrastructure

July 23, 2025 Staff ReporterClimate, Economy 0

India needs to invest over $2.4 trillion by 2050 to develop climate-resilient urban infrastructure, as extreme weather linked to climate change poses increasing challenges for its rapidly expanding cities, the World Bank stated on Tuesday.

India faces a monumental task as it endeavors to equip its burgeoning urban areas against the impacts of climate change, necessitating an investment of more than $2.4 trillion by 2050. The World Bank report underscores that the nation’s cities, home to a population expected to nearly double to 951 million by 2050, are increasingly at risk due to erratic weather patterns and rising sea levels.

The report, titled “Towards Resilient and Prosperous Cities in India,” emphasizes the urgency of large-scale investments in critical urban infrastructure such as housing, transportation, water systems, and waste management. Absent these investments, the nation could incur escalating costs arising from weather-related damages. Auguste Tano Kouame, the World Bank’s country director for India, highlighted the need for cities to bolster their resilience to ensure the safety of their residents, during the report’s launch, which was developed in partnership with India’s urban development ministry.

Urban flooding already results in significant financial losses, costing India approximately $4 billion annually. This figure is expected to rise to $5 billion by 2030 and could soar to $30 billion by 2070 if no corrective measures are implemented.

The World Bank’s projections, based on conservative urban population growth models, estimate that infrastructure investment needs could reach $10.9 trillion by 2070. These projections increase to $2.8 trillion and $13.4 trillion, respectively, under a scenario of moderate urbanization.

The World Bank’s report advocates for timely interventions which could prevent billions in annual losses due to flooding and extreme temperatures. Investing in resilient and efficient municipal infrastructure and services is paramount, according to the findings.

Currently, India allocates approximately 0.7% of its gross domestic product to urban infrastructure— a figure below global standards. The report urges a substantial increase in public and private financial flows to meet this shortfall. To achieve the necessary improvements in urban infrastructure, the report calls for greater coordination among federal, state, and municipal governments, including enhancing project financing and instituting climate-linked fiscal transfers.

In addition, the World Bank underscores the need for India to expand partnerships with the private sector, particularly in fields such as energy-efficient water supply, sanitation, waste management, and the construction of green buildings. Presently, private investment constitutes a mere 5% of total urban infrastructure investment.

According to News India Times, addressing these challenges is critical not only for mitigating future economic losses but also for ensuring the safety and sustainability of urban centers nationwide.

Source: Original article

US Food Insecurity Doubles Since 2021 Amid Economic Disparity Concerns

July 22, 2025 Staff ReporterCover, Money, U.S. 0

Amid economic prosperity, an increasing number of Americans are battling food insecurity, with recent data revealing that 15.6% of U.S. adults lacked sufficient food sometime in May, almost double from 2021.

The United States, despite being an economic powerhouse, faces a growing challenge as more citizens struggle to afford basic necessities like food. This alarming trend has been brought to light by new findings from Morning Consult, reported by Axios, which show a significant rise in the number of U.S. adults experiencing food scarcity.

In May, 15.6% of adults in the U.S. reported they sometimes or often did not have enough to eat, marking a nearly 100% increase from two years ago. Back in 2021, expanded benefits such as the Supplemental Nutrition Assistance Program (SNAP) and an enhanced Child Tax Credit contributed to improving food access. However, the rollback of these supports has coincided with worsening food security for many.

John Leer, Chief Economist at Morning Consult, highlighted the widening gap between flourishing financial markets and the reality many Americans face daily. “There’s such a disconnect now between record highs on Wall Street and elevated levels of food insecurity,” Leer remarked in the report.

Philadelphia’s Share Food Program, a significant food bank network in the area, has observed a 120% surge in demand for food over the past three years. Program Director George Matysik noted that the need began rising as federal aid started decreasing in 2022. He expressed concern that the recent SNAP cuts approved by Congress could further exacerbate the situation. The Urban Institute’s research suggests that the reconciliation package could cause 22.3 million families to lose all or part of their SNAP benefits.

The spike in food insecurity accompanies a broader increase in living costs. Food prices, according to the Consumer Price Index, have climbed 26% over the last five years, with the USDA anticipating a further 2.9% rise in 2025. Inflation isn’t limited to groceries, affecting everything from rent to utilities and transportation, thereby eroding purchasing power for many households.

To combat rising costs, consumers are urged to be vigilant with their budgets. Reducing major expenses, such as car insurance, by comparing various options can help ease financial strains. Forbes reports the average cost of full-coverage auto insurance as $2,149 per year, though significant savings can be found by comparing quotes from different insurers.

Technological solutions like the Upside cash-back app provide additional avenues for savings, enabling users to earn cash-back on essential purchases like gas, groceries, and dining. Such strategies assist in managing the impact of inflation on household finances.

Investors concerned with protecting their assets from inflation often turn to traditional safeguards such as gold. Unlike fiat currency, gold cannot be produced in unlimited quantities and is viewed as a stable investment during economic uncertainties. Over the past year, gold prices have surged over 35%, emphasizing its value as an investment.

Financial expert Ray Dalio, founder of Bridgewater Associates, the world’s largest hedge fund, acknowledged gold’s role in a well-rounded investment portfolio, calling it an “effective diversifier” during economic downturns. Investors looking for tax advantages can consider opening a gold IRA through services like Priority Gold, which facilitate holding physical gold within retirement accounts.

Real estate also remains a popular hedge against inflation. As property values and rental incomes often rise with inflation, real estate investments can provide a reliable income stream. The S&P CoreLogic Case-Shiller U.S. National Home Price Index reports a more than 50% increase over the last five years, reflecting the sector’s resilience.

Crowdfunding platforms, such as Arrived, now offer easy access to the real estate market, allowing investors to purchase shares in rental properties with relatively small investments. Supported by high-profile investors like Jeff Bezos, Arrived simplifies the process by letting users select pre-vetted properties to invest in, offering an opportunity for income generation without the traditional burdens of property ownership.

This multifaceted approach to managing personal finances amid economic challenges provides a roadmap for maintaining stability and growth, even as larger structural inequities persist.

According to Axios, these revelations underline a critical disconnect between financial indices and the lived realities of millions of Americans grappling with basic needs.

Source: Original article

Gold and Silver Prices Significantly Increase Over Six Years

July 22, 2025 Staff ReporterEconomy, India 0

Gold prices in India have soared by 200 percent over the past six years, driven by economic uncertainty and geopolitical tensions, while silver prices have also experienced significant increases.

Gold prices in India have surged dramatically, increasing by an impressive 200 percent over the past six years. Between May 2019 and June 2025, prices soared from ₹30,000 to over ₹1,00,000 per 10 grams, reflecting the precious metal’s rising value amidst global economic and geopolitical uncertainties.

Motilal Oswal Financial Services Limited (MOFSL) has continued to maintain a bullish outlook on gold. In a recent research note, the firm highlighted ongoing geopolitical tensions and economic uncertainty as the central factors fueling gold’s upward trajectory.

“Periods of heightened market volatility driven by inflation, global economic shifts, and geopolitical instability have all contributed to gold’s continued upward momentum,” stated MOFSL in their analysis.

Manav Modi, an Analyst for Precious Metals Research at MOFSL, commented, “We’ve been fortunate to ride the gold rally since 2019. While we maintain our overall positive outlook, we’re exercising caution as of July 2025—not exiting our position, but awaiting clearer signals.” He further mentioned that for gold prices to exceed current record levels, significant new catalysts would be necessary. Until that transpires, a phase of consolidation is anticipated.

In the meantime, both gold and silver witnessed strong gains at the start of the trading week. Silver prices once again surpassed ₹1.13 lakh per kilogram, alongside a notable increase in the price of 24-carat gold, which rose by more than ₹650.

On July 14, silver reached an all-time high of ₹1,13,867 per kilogram. According to figures from the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold increased by ₹653 to ₹98,896 per 10 grams, up from ₹98,243 the previous Friday. Additionally, 22-carat gold rose from ₹89,991 to ₹90,589 per 10 grams, and 18-carat gold went up from ₹73,682 to ₹74,172 per 10 grams.

Silver prices climbed by ₹765 to ₹1,13,465 per kilogram, compared to ₹1,12,700 in the prior session.

Futures contracts have mirrored this bullish sentiment. On the Multi Commodity Exchange (MCX), the August 5, 2025, gold contract rose by 0.67% to reach ₹98,685 per 10 grams. Similarly, the September 5, 2025, silver contract increased by 0.93%, climbing to ₹1,14,001 per kilogram.

The rally extends globally, with Comex silver rising 1.16% to $38.91 per ounce, and gold gaining 0.71% to hit $3,382.10 per ounce, according to reports by IANS.

Berkshire Hathaway Anticipates Housing Market Shift

July 21, 2025 Staff ReporterBusiness, Finance/Economy, Housing 0

Berkshire Hathaway HomeServices has predicted that the anticipated selling of homes by retiring Baby Boomers could exacerbate the housing affordability crisis for younger generations.

First-time homebuyers have faced significant hurdles in the housing market over recent years, as affordability issues have mounted and the supply of available homes has decreased. This situation has predominantly affected younger buyers, with many in Generation Z and Millennials being unable to reach the key financial milestone of homeownership.

In contrast, Baby Boomers have experienced a more stable and buyer-friendly market throughout their lives, with the exception of the 2008 subprime mortgage crisis. As many Boomers now approach retirement and consider selling their homes to relocate, industry experts suggest this shift could upend the housing market.

While high mortgage rates and stagnant housing activity have impacted older generations, it is the younger generations who have borne the brunt of the increasingly expensive housing market. According to Berkshire Hathaway HomeServices, retiree homeowners looking to downsize may soon find themselves competing with first-time homebuyers for smaller, more affordable properties.

Affordability has long been the primary obstacle preventing younger buyers from purchasing homes. Many young buyers believe that if the mortgage rates were to drop below 6%, it would improve conditions enough for them to enter the housing market. Although housing inventory levels are beginning to improve, many people remain hesitant to list their homes for sale until rates decrease further, which has kept the market in a state of limbo.

A Berkshire Hathaway HomeServices blog points out that “they [Baby Boomers] accumulated significant equity from staying in their homes and paying down their mortgages and benefiting from escalating home prices over the course of 13 to 16 years.” It notes that nationwide home prices have increased by 47% over just the past five years, but many Boomers who remain in their homes have little financial motivation to sell amid high interest rates.

Experts anticipate that when Baby Boomers do choose to relocate for retirement and sell their homes in large numbers, it could exacerbate the housing affordability crisis for younger generations. As Boomers sell their homes and purchase smaller homes with cash, they inadvertently make it more difficult for first-time and lower-income homebuyers to compete.

Younger generations, particularly Millennials and Gen Z, will need to compete with senior Boomers, Gen Xers approaching retirement, and institutional investors. Companies like Blackstone, which has a portfolio of approximately 60,000 residential single-family homes, as well as institutional and foreign investors who intend to buy and rent or hold homes, contribute to higher home prices by reducing the inventory of smaller, newer, and more affordable homes.

Berkshire Hathaway HomeServices expects a significant number of unoccupied homes to be left behind by aging Baby Boomers. As demand among older and younger buyers shifts towards smaller, affordable homes, these vacated properties could significantly impact the already fragile housing market.

As the Baby Boomers enter their later years, they are unlikely to sustain upkeep on large and expensive homes. “What boomers will leave behind as they vacate their homes, whether for alternative lifestyles such as assisted living, long-term care homes, and multigenerational living, or through loss of life, is a growing inventory of unoccupied homes and homes for sale,” continues the Berkshire Hathaway HomeServices blog. If expensive homes remain unsold, housing experts worry the resulting widespread surplus could lead to market pricing collapses.

Between 2026 and 2036, it is predicted that between 13.1 and 14.6 million Boomers will transition away from homeownership, which raises concerns among housing industry experts about a potential price collapse due to the influx of available homes.

According to The Street, these shifts suggest significant disruptions in the housing market as Baby Boomers exit the scene, bringing both challenges and opportunities to younger prospective homeowners.

Beef Prices Surge, Following Trend Seen with Eggs

July 21, 2025 Staff ReporterBusiness, Economy 0

Beef prices in the United States have reached record highs, with an almost 9% increase since January, complicating the ability to decrease them compared to other food items like eggs.

The United States is facing unprecedented beef prices, mirroring a previous spike that affected the egg market. While egg prices have since declined after avian flu outbreaks and recovery in supply, beef prices have climbed to record levels. As of now, beef is retailing at $9.26 per pound, with data from the Department of Agriculture indicating a nearly 9% increase since the beginning of the year.

Recent data from June’s consumer price index reveals that steak prices have surged by 12.4% and ground beef by 10.3% over the past year. This presents a challenging scenario for consumers and the market, with solutions not easily found.

Experts suggest that reducing beef prices is complex. Michael Swanson, the chief agriculture economist at Wells Fargo, describes the cattle industry as akin to the ‘Wild West,’ unlike the more structured egg market, which is often managed more like ‘Corporate America.’

The surge in beef prices has been brewing for a decade, driven by shrinking cattle herds, ongoing drought conditions, and increased imports, all while demand remains robust. Tyson Foods CEO Donnie King recently highlighted these unprecedented market conditions during an earnings call, stating that these are the toughest the beef industry has faced.

According to the American Farm Bureau Federation (AFBF), cattle herd sizes are at their lowest in 74 years, with many ranchers opting out due to dwindling profitability. Despite record prices, cattle farmers face slim margins thanks to high supply costs. Sustained droughts have impacted pasture lands, resulting in costly feed arrangements instead of free grazing, further adding to their challenges.

Imported beef now plays a significant role, accounting for approximately 8% of U.S. beef consumption, with countries like Argentina, Australia, and Brazil contributing to the supply. Meanwhile, U.S. beef exports have decreased by 22% in May compared to last year, as highlighted by AFBF data. Michael Swanson notes that this shift toward international beef supply has come as a surprise, deviating from the previously balanced import-export landscape.

Despite these record-breaking prices, beef consumption in the U.S. remains strong. To combat high prices, some retailers like Walmart are adapting by creating direct supplier partnerships. Walmart recently inaugurated a self-owned beef facility in Olathe, Kansas, aiming to streamline operations and reduce costs by removing intermediaries. John Laney, executive vice president of food at Walmart, emphasized the benefits of this new setup, stating it would provide more consistency, transparency, and value to customers.

The potential for price decreases in the beef market is largely dependent on consumer habits, according to Bernt Nelson of the AFBF. Historic trends show that consumer demand for meat climbs with improved financial situations and recedes with economic downturns. As household financial uncertainties grow, beef demand could decline, which might eventually impact producers and ranchers negatively.

Michael Swanson warns of the risks tied to the cyclical nature of the market. “We are nearing the peak of the current cycle, and there is concern within the industry of being trapped with overpriced cattle as prices inevitably start to fall,” he notes, underscoring the delicate balance the industry must maintain to avoid significant losses.

According to CNN, there is cautious optimism that consumer behavior, market developments, and strategic retailer adaptations may eventually stabilize this volatile market.

Source: Original article

Natasha Sarin and Yale Budget Lab Analyze Important Budget Bill

July 20, 2025 Staff ReporterEconomy, Cover, Health 0

The One Big Beautiful Bill Act (OBBBA) is projected to significantly increase the U.S. federal deficit by more than $4 trillion over the next decade, while disproportionately affecting lower-income households by reducing their after-tax income.

The Yale Budget Lab estimates that the federal deficit will grow by over $4 trillion in the coming decade as a result of the One Big Beautiful Bill Act (OBBBA), according to Natasha Sarin, co-founder and president of The Budget Lab at Yale. Speaking at the American Community Media briefing, Sarin discussed the long-term economic impacts of this legislation on the national deficit and the broader economy.

The fiscal implications of the OBBBA are significant. Sarin, a professor at Yale Law School and the Yale School of Management, remarked that the bill functions as “Robinhood in reverse.” She explained that the federal deficit is expected to increase, leading to a debt-to-GDP ratio rising from its current level close to 100% to about 135% by the end of the decade. This would mean that the nation’s debts will substantially surpass its economic output.

Sarin noted that higher deficits will escalate the government’s borrowing costs, which will, in turn, affect households and businesses by increasing mortgage rates and the cost of various loans. This could result in higher expenses for car loans, student loans, and small business loans, contributing to a decreasing economic output over time.

Analyzing the winners and losers from the OBBBA, Sarin, along with her colleague Richard Prisinzano, Director of Policy Analysis at the Yale Budget Lab, questioned the distribution of trillions of dollars set to be spent under this legislation. Their findings indicate that households in the lowest 10% income bracket could lose approximately $700 annually in after-tax and transfer income over the decade spanning 2026 to 2034.

For the country’s wealthiest, the scenario is quite the opposite. The top 1% of earners could see an increase of about $30,000 per year in after-tax income. Those in the top 0.1% income bracket, earning more than $5.18 million, as per estimates from CBS MoneyWatch, could benefit by as much as $286,440 annually.

Sarin underscored that the bottom 40% of income earners would be worse off post-OBBBA, bearing the burden of cuts in programs like Medicaid and SNAP, which outweigh the benefits from any tax changes included in the bill.

The OBBBA entails significant changes in tariff policies, with effective tariff rates rising to about 18.7%, compared to approximately 2% at the beginning of the current administration. Sarin pointed out that lower-income households, which spend a larger portion of their income on essential goods, including food, energy, housing, and transportation, are particularly susceptible to the effects of higher tariffs.

The OBBBA incorporates a historic $900 billion cut to Medicaid, marking the largest reduction in the program’s history. Though framed primarily as a tax cut bill, the legislation represents the most profound change to the healthcare system since the Affordable Care Act (ACA), said Larry Levitt, Executive Vice President for Health Policy at the Kaiser Family Foundation.

Levitt stated that the Congressional Budget Office estimates this legislation will decrease federal health spending by more than a trillion dollars over the next decade and potentially increase the uninsured population by 11.8 million. These figures might decrease slightly due to last-minute bill changes. However, the magnitude of these healthcare system changes is considerable, with 4.8 million individuals expected to lose coverage primarily due to bureaucratic complexities and increased Medicaid renewal requirements.

The healthcare marketplace will also undergo significant transformation. New income verification procedures will complicate the process of obtaining coverage, and the discontinuation of automatic coverage renewal may result in many losing their insurance. Furthermore, many low-income, lawfully present immigrants will become ineligible for premium assistance under the ACA, as well as Medicaid and Medicare.

Levitt highlighted potential administrative efforts to penalize states like California for using state funds to provide healthcare to undocumented immigrants. Congress has waived notable amounts of Medicare and Medicaid funding, totaling about half a trillion dollars, but there is no certainty that such waivers will continue in the future.

The enhanced premium tax credits available under the ACA are set to expire at the year’s end. If not extended, these developments could cause out-of-pocket premiums for more than 20 million enrollees to surge by an average of more than 75%, potentially leaving millions uninsured by the beginning of 2026. Notably, many of the significant changes introduced by the OBBBA will unfold gradually, with notable effects emerging after the upcoming midterm elections and beyond.

Billionaires Pledge $1 Billion for AI-Driven Economic Mobility

July 19, 2025 Staff ReporterBusiness, Cover, Money 0

Five of America’s leading philanthropists have pledged more than $1 billion to a new initiative aimed at improving economic mobility for low-income Americans, with the support of artificial intelligence company Anthropic.

In the United States, the dream of climbing the economic ladder is becoming increasingly elusive. In response, five influential billionaires—Bill Gates, Charles Koch, Steve Ballmer, Scott Cook, and John Overdeck—are joining forces in a bid to reverse this trend and reinvigorate the notion of equal opportunity. These philanthropists have collectively committed over $1 billion to establish NextLadder Ventures, a philanthropic venture focused on enhancing economic mobility. This new initiative also involves a partnership with artificial intelligence giant Anthropic to leverage technology for this cause.

Charles Koch, known for his book “Believe in People: Bottom-Up Solutions For A Top-Down World,” writes about the societal challenges contributing to a declining sense of upward mobility. He cites rising suicide rates and drug overdoses as indicative of a society moving towards a stark divide between those who progress and those who fall behind. Through NextLadder Ventures, Koch and his fellow billionaires aim to steer change toward a more equitable environment.

Ryan Rippel, CEO of NextLadder Ventures, brings valuable insight and experience from his tenure at the Gates Foundation, focusing on economic mobility. He explains that the coalition of these billionaires is driven by a shared question: how to effect meaningful change for individuals facing significant economic barriers daily.

Rippel, who faced his own financial challenges growing up in Missouri after losing both parents, sees this mission as vital. Currently, more than one in ten Americans live below the poverty line, according to the U.S. Census Bureau. On top of that, data from the Urban Institute indicates that over half of U.S. citizens are unable to save beyond their monthly expenses. Rippel believes advancing AI and similar technologies could play a significant role in addressing these economic challenges.

Kevin Bromer, executive director of the Ballmer Group, reflects on the collective effort: “We had a common recognition that we’re at an inflection point in the social impact and technology spaces and viewed this as the perfect time to come together and have an opportunity to go further as a group than we could individually.”

The $1 billion from NextLadder Ventures will be allocated over the next seven years across nonprofit and for-profit ventures. This funding will be dispersed via grants, equity investments, and revenue-based financing methods. Proceeds from such investments will be reinvested to maintain their philanthropic mission.

Though no funding commitments have been formalized yet, entities like CarePortal and Rasa-Legal are examples of initiatives aligned with NextLadder’s mission. CarePortal connects children and families in need with community resources, while Rasa-Legal assists clients in expunging criminal records at a fraction of the usual cost.

Anthropic’s contribution to the initiative includes providing free AI processing power and technical support to NextLadder Ventures’ beneficiaries, facilitating innovative solutions to reach the market more swiftly.

Over the coming 15 years, NextLadder Ventures plans to incorporate more philanthropic partners and secure additional funding. The goal is to foster a robust market of scalable technologies capable of aiding low-income individuals, social workers, legal aid providers, and others in overcoming economic hurdles such as job loss and housing instability.

Beyond NextLadder Ventures, these billionaire philanthropists intend to continue their support for economic mobility through their respective foundations. Gates, Ballmer, and Koch are notable figures on Forbes’ list of top American philanthropists, each having made significant contributions to various social causes. Gates, for instance, has distributed nearly $47.7 billion through the Gates Foundation, primarily targeting health and poverty alleviation.

Meanwhile, Steve Ballmer, alongside his wife Connie, has focused on education and economic mobility, including pledges to Communities In Schools and StriveTogether. Charles Koch has contributed approximately $1.9 billion, mainly through the Stand Together network, focusing on education and criminal justice reform. Though not in the top 25 philanthropists, Scott Cook and John Overdeck have each donated nearly $500 million through their foundations.

Brian Hooks, CEO of Koch’s Stand Together, highlights the uniqueness of this collaborative effort, stating, “I don’t think there’s ever been a collaboration among philanthropies quite like this. The potential for all of us to do much more than we could in another situation is just enormous.”

Source: Original article

India’s Cooling Inflation Spurs Rate Cut Calls, Demand Concerns

July 19, 2025 Staff ReporterBusiness, Cover, Economy 0

A significant drop in India’s retail inflation to record lows is fueling calls for interest rate cuts, highlighting concerns over weakening demand.

India has witnessed a substantial decrease in retail inflation, reaching a six-year low, prompting discussions about potential interest rate cuts within the year. Analysts suggest that this decline underscores a weakening demand in the economy, necessitating further financial stimulus.

The drop in June’s headline inflation is paired with low core inflation, which remains below 4% when excluding gold, silver, and fuel prices. This indicates softer underlying consumption, which analysts believe could require additional support from monetary policy.

The Reserve Bank of India (RBI) executed a greater-than-expected interest rate cut of 50 basis points in June, changing its stance to ‘neutral,’ which signaled limited scope for additional cuts. However, the unexpected inflation figures from Monday have led to increased speculation about further easing. Swap rates have declined, reflecting market bets on at least one more rate cut.

Economist Radhika Rao from DBS Bank anticipates another 50 basis point cut in the current easing cycle. She said the softer-than-expected data, such as production, credit growth, and auto sales, alongside inflation figures below projections for the first half of fiscal 2026, will likely motivate the RBI’s monetary policy committee to further reduce rates, without specifying a timeframe.

The next RBI policy review is in early August, but analysts predict the bank will wait for more data and clarity regarding global trade tensions before acting, potentially in September or October.

Signs of weak demand are emerging in sectors like automotive and real estate. Car sales to dealers in June hit an 18-month low, and home sales in India’s top seven cities fell by 20% during the April-June quarter, according to a report from real estate consultancy Anarock.

Gaura Sen Gupta, chief economist at IDFC First Bank, expects the central bank to cut rates once more in either October or December, citing high-frequency indicators that continue to show moderation in urban consumption and private capital expenditures.

India’s central bank projects inflation for the year to remain below 3.7%, as Governor Sanjay Malhotra told CNBC TV-18. He emphasized that the monetary policy committee will consider both the current and future inflation outlook when deciding on further rate adjustments.

In an earlier interview following the June policy decision, Governor Malhotra noted that lower-than-expected inflation could provide additional room for policy maneuvering. Economist Samiran Chakraborty from Citi mentioned that despite the RBI’s ‘neutral’ stance, the softer Consumer Price Index (CPI) figures present an opportunity for some monetary easing.

The average inflation rate in the April-June quarter was 2.7%, below the RBI’s forecast of 2.9%. Citi projects July’s inflation could hit a record low of 1.1% and estimates an annual average of 3.2% for the financial year 2025-26, the lowest since 1990.

The deceleration in urban consumption in India, attributed to weak wage growth and depleted household savings, began last year. Despite a rural demand recovery following a strong monsoon, progress has been inconsistent.

Sales of two-wheel vehicles, a rural demand proxy, increased by merely 4.7% in June but dropped 12.5% month-on-month. Private investment also remains sluggish, with capacity utilization stuck at around 75–76% for over a year—below the threshold typically needed to spur new capital expenditures.

Madhavi Arora, an economist at Emkay Global, suggested that investment is unlikely to see immediate growth due to global trade uncertainties and a skeptical domestic demand outlook. She pointed out that India’s growth seems stagnant at a range of 6.0%–6.5%, largely due to absent private sector participation.

Although government capital expenditures rose in the first quarter of fiscal 2026, the previously announced tax cuts in the budget limit further fiscal stimulus options. According to IDFC’s Sen Gupta, with constraints on fiscal policy to stimulate growth, monetary policy will need to play a critical role.

Source: Original article

Tax Bill Provides Americans With Notable Benefits to Consider

July 19, 2025 Staff ReporterBusiness, Finance/Economy, USA 0

Recent changes in the tax and spending legislation, known as the One Big Beautiful Bill (OBBB), have introduced significant tax benefits that taxpayers should start planning for now, even before the tax season opens.

The latest tax guidelines offer several enticing opportunities beyond the well-known provisions like the elimination of taxes on tips and overtime and the $6,000 bonus deduction for seniors. Notable additions include deductions for charitable contributions and auto loan interest, as well as enhanced deductions and credits for families.

Brian Gray, a certified public accountant and tax partner at Gursey Schneider, notes the increase in planning opportunities for taxpayers who normally take the standard deduction, compared to past regulations such as the 2017 Tax Cuts and Jobs Act (TCJA). This change aims to make tax planning more accessible to everyday Americans.

Charitable Contributions for All

Under OBBB, taxpayers who take the standard deduction can benefit from a reinstated charitable contributions deduction starting in 2026. During the pandemic, the CARES Act allowed a temporary deduction for cash donations, but this provision expired. Now, individuals can deduct $1,000, or $2,000 per couple, as above-the-line charitable contributions without needing to itemize. This deduction not only reduces adjusted gross income but may also qualify taxpayers for additional deductions or tax credits.

Deducting Interest on Auto Loans

The new law also allows taxpayers to deduct interest on new personal auto loans without itemizing, marking a significant shift from previous requirements that were repealed in 1986. Starting in 2025 and through 2028, individuals can claim up to $10,000 in such deductions, provided they meet specific conditions. Brian Schultz from Plante Moran Wealth Management highlights that qualifying vehicles must be newly bought, assembled in the U.S., and intended for personal use, with certain income limitations.

Such deductions could change the decision-making process for potential car buyers, enabling them to weigh the benefits of purchasing versus leasing a vehicle.

Enhanced Benefits for Families

The OBBB also increases benefits for families who do not itemize deductions. For those with a Dependent Care Flexible Spending Account (DCFSA) through their employer, the annual contribution limit will permanently rise to $7,500, up from $5,000. Despite the increase taking effect next year, plans for this hike will begin in 2025, offers Schultz.

Previously, the highest contribution occurred briefly in 2021 during COVID circumstances, reaching $10,500, up from the long-standing $5,000, as noted by Newfront, an insurance brokerage firm.

The Child and Dependent Care Credit (CDCC) will also experience a double increment starting in 2026. For families with the lowest incomes, the credit percentage will increase to 50% from 35% of qualifying expenses, capping at $3,000 for one child and $6,000 for two or more children. The percentage gradually lessens as household income rises.

Schultz warns that new income phase-outs need attention, prompting taxpayers to be vigilant about their income levels to maximize the benefits of these new provisions.

While the tax season may seem far off, these developments underline the importance of early planning to harness the full potential of the new tax law changes, according to USA Today.

Source: Original article

Bitcoin Creator Satoshi Nakamoto Surpasses Gates in Wealth, Nears Buffett

July 19, 2025 Staff ReporterBusiness, Economy 0

Satoshi Nakamoto, the mysterious creator of Bitcoin, now stands as the 11th richest individual globally, surpassing tech moguls Bill Gates and Michael Dell, as his holdings exceed $130 billion.

Pseudonymous Bitcoin creator Satoshi Nakamoto has climbed to the 11th spot on the list of the world’s wealthiest individuals, propelled by the astonishing rise of Bitcoin’s value. With the cryptocurrency reaching new all-time highs, Nakamoto’s Bitcoin portfolio—estimated at $130 billion by Arkham Intelligence—has surpassed the net worth of Microsoft co-founder Bill Gates and Dell Technologies founder Michael Dell.

Nakamoto’s wealth now outshines Gates, who holds a net worth of $117 billion, and Dell, with $126.5 billion, according to Forbes. The recent surge in Bitcoin’s value, a 14% increase over the past month, was pivotal in this wealth ranking shift.

Close in Nakamoto’s sights is Warren Buffett, the CEO of Berkshire Hathaway and a well-known critic of Bitcoin. With a net worth of $141 billion, Buffett stands just ahead of Nakamoto. Should Bitcoin’s price increase slightly from $118,912 to $128,650, Nakamoto’s wealth would surpass Buffett’s.

Buffett once likened Bitcoin to “rat poison” and declared in 2022 that even buying all Bitcoin for $25 wouldn’t tempt him, despite its 204% increase since then. Currently, Nakamoto’s fortune trails Buffett’s by only $12 billion.

Forbes calculates the net worth of billionaires by monitoring public holdings and estimating private holdings based on relevant market indices. Nakamoto’s Bitcoin fortune is frequently estimated through an analysis known as the “Patoshi Pattern.” This pattern reflects early mining operations where a single entity mined the first 22,000 Bitcoin blocks—a feat many attribute to Nakamoto. The pattern suggests Nakamoto mined 1.1 million BTC, aligning with Arkham Intelligence’s approximation of 1.096 million BTC.

Despite the widespread belief regarding Nakamoto’s holdings, the precise amount of Bitcoin owned by Nakamoto remains uncertain, with the potential for slightly more or less than the estimates suggest.

The true identity of Satoshi Nakamoto remains shrouded in mystery, despite numerous attempts to reveal it. Theories range from Bitcoin Core developer Peter Todd, who has denied the claim, to notable figures like Adam Back and the late Hal Finney. Others speculate on possibilities such as Tesla CEO Elon Musk’s involvement, a group effort, or even a clandestine governmental initiative. Yet, no conclusive evidence has confirmed these theories.

As Econoalchemist, a pseudonymous Bitcoin miner, told Decrypt, “I think Satoshi was one person in terms of the number of entities that controlled his accounts, like the Bitcoin Talk Forum. But I do believe Satoshi was well-connected among cryptographers, researchers, and cypherpunks, and he leveraged those relationships to build Bitcoin.”

To date, Bitcoin wallets thought to be Nakamoto’s have never recorded any activity, according to Arkham Intelligence. This silence has led to speculation that Nakamoto might no longer be alive. The question looms: why not sell at least a fraction amidst Bitcoin’s significant appreciation?

Even if Nakamoto is alive, there might be reasons against selling. As Econoalchemist speculated, “I do think Satoshi could still be alive, but I don’t think he would ever sell his coins. He built an alternative cash system, and I don’t believe he did that for the gains in the failed system Bitcoin was designed to replace.”

Recently, a proposal was submitted to enhance Bitcoin’s blockchain software, targeting the hypothetical threat posed by quantum computing. Although this proposal will affect only 25% of all Bitcoin, including Nakamoto’s alleged holdings, its advocates argue that the potential risk necessitates preventive measures.

Experts, increasingly concerned, warn that quantum computing could eventually crack the cryptographic keys protecting lucrative wallets. Should this occur, not only Nakamoto’s BTC but an entire 25% of the total Bitcoin supply, as estimated by Deloitte, could be compromised, leading to a catastrophic “liquidation event.”

According to Decrypt

Source: Original article

AI Engineer Shares Tips for Entering Big Tech Industry

July 19, 2025 Staff ReporterBusiness, Technology 0

Despite the changing landscape of tech education, both traditional higher education and strategic career moves remain vital for securing a role in AI engineering, according to Kriti Goyal, a successful machine learning engineer based in the United States.

Kriti Goyal’s journey into the realm of artificial intelligence and machine learning began in the unlikely setting of Bikaner, a small town in Rajasthan, India. Initially inclined towards medicine, her trajectory changed after watching a pivotal video presented by tech leaders like Mark Zuckerberg and Bill Gates. This video illuminated the power of coding as a tool to transform ideas into tangible products, setting Goyal on a path that would lead her to a prominent role in a major U.S. tech firm.

Currently a member of the Foundation Model framework team, Goyal plays a critical role in constructing the foundations of machine learning models. Her work involves developing code that enables software to identify and generate patterns from unrecognized data, a task integral to the advancement of machine learning applications.

Goyal’s professional journey began with an internship in India at the same company where she is now employed in the U.S. Although she enjoyed her time working in India, she realized that core strategic decisions were predominantly made at the company headquarters in the United States. This realization fueled her decision to move to the U.S. in pursuit of professional growth.

The pivotal decision to pursue a master’s degree was instrumental in facilitating her transition to the United States. Goyal valued the advanced knowledge acquired through her master’s program at the University of Wisconsin-Madison, but she also emphasized the importance of networking. The connections made during her studies proved advantageous when she reached out to former colleagues and managers, ultimately easing her path to securing a machine learning internship.

Her proactive approach during her internship included pitching internal projects to various teams, a strategy that played a significant role in her securing a full-time role in AI engineering. Her current role as a machine learning engineer involves a daily routine of research, team collaborations, and coding—a balance she finds rewarding.

Goyal acknowledges the evolving nature of tech education, noting that while higher education remains beneficial, it’s not the only pathway to success. She highlights a noticeable bias in hiring practices that favor candidates with advanced degrees, but also recognizes the potential to bypass traditional pathways through networking and proving one’s skills. Goyal suggests that environments like San Francisco and New York offer opportunities to replicate the networking and structured systems traditionally provided by universities.

This multifaceted approach reflects Goyal’s perspective that while academia can offer advantages, particularly in teaching, tech professionals can also succeed by demonstrating their abilities and adapting to the dynamic demands of the industry.

Source: Original article

Indri: India’s Emerging Premium Single Malt Whisky Brand

July 19, 2025 Staff ReporterBusiness, Economy 0

Indri Whisky from India is revolutionizing the industry by combining traditional methods with innovative flair, making its premium single malts stand out on the global stage.

Indri, one of India’s burgeoning premium whisky brands, epitomizes a shift from mass-market blends to acclaimed single malts, demonstrating the country’s evolving strength in the global whisky market. Rooted in Haryana’s rich agricultural plains near the Himalayan foothills, Indri blends ancient Indian traditions with contemporary distilling techniques.

Named after the village of its distillery in Karnal district, Haryana, Indri thrives in a distinct microclimate characterized by hot summers and tempered winters, courtesy of the brisk Himalayan winds. This climate aids in creating a maturation profile that balances rich fruit and layered oak with spice, offering a surprising structural finesse to whisky connoisseurs accustomed to rapid maturation in tropical climates.

Part of Piccadily Distilleries, itself a division of Piccadily Agro Industries Group founded in 1967, the Indri distillery was established in 2012. Prior to its launch, the company had already gained local prominence through brands like Whistler and Kamet. Inspired by the global accolades received by Indian single malt pioneers such as Amrut and Paul John, the distillery ventured into crafting authentic single malts. Sourcing high-quality six-row Indian barley from Rajasthan and employing copper pot stills manufactured in India, the distillery ensures an authentic local touch.

The maturation process at Indri involves a mix of cask types, including ex-bourbon barrels, premium French red wine casks, and Pedro Ximénez (PX) sherry casks. With the first domestic single malt release in 2020 and international spread in 2021, they practice small-batch craftsmanship with careful cask management, which is vital due to India’s accelerated maturation rates owing to its warm climate.

Indri’s signature bottling, Trini – The Three Wood, matures in three different cask types: ex-bourbon, French wine, and PX sherry. This variety infuses a smooth, fruit-forward character with layered spice notes, presenting an appealing option for whisky novices and aficionados alike. Moreover, for those seeking bolder flavors, the DRU (Distiller’s Reserve Unfiltered) at cask strength and other Single-Cask releases, such as the 7-Year-Old Red Wine Cask, provide deeper tasting experiences. Each expression showcases the brand’s innovation and dedication to authentic craftsmanship, reflecting Indri’s ability to challenge conventional whisky-making narratives.

Indri’s whiskies consistently meld orchard and tropical fruit notes, sweet malt aromas, and seasoned oak spices, evident of careful maturation practices. Since its global debut, Indri has rapidly been recognized in international spirit competitions, with critics lauding its balanced complexity and market value, solidifying its status among the top Indian single malts and emerging global brands.

The DRU (Distiller’s Reserve Unfiltered) Single Malt stands out with its bold, unfiltered character. Bottled at natural cask strength, it offers an intense array of caramel, toasted oak, tropical fruit, and nuanced baking spices. The robust mouthfeel and high proof amplify these flavors, contributing to a long, warming finish.

Meanwhile, Indri’s 7-Year-Old Single Malt matured in a red wine cask enriches its robust malt with vinous depth, providing an aromatic collage of dark berries, spiced plum, and creamy butterscotch. This single-cask release offers a smooth palate with jam-like notes, caramelized sugar, and subtleties of tannins, culminating in a lingering, fruit-forward finish.

The Trini – The Three Wood, as the distillery’s flagship, exemplifies its balanced craftsmanship. Matured in three cask types, it delivers a rich profile with honeyed malt, dried fruits, and seasoned oak, ensuring an approachable yet complex tasting adventure.

In essence, Indri represents India’s bold stride into the world of premium single malt whiskies, paralleled with the finest Scotch and Japanese offerings. Its terroir-driven production attracts both local and international enthusiasts eager to explore India’s single malt sensation, making Indri a compelling choice for whisky enthusiasts worldwide.

Source: Original article

Trump Uses Office to Boost Family Business Profits

July 18, 2025 Staff ReporterPolitics, Business 0

President Donald Trump’s second term has been marked by leveraging the power of his office for unprecedented personal gain, drawing scrutiny over perceived conflicts of interest.

In a stark departure from the promises of his first term, President Donald Trump has increasingly entwined his political role with his business interests during his second term, resulting in significant financial gains for the Trump family businesses. From investments in cryptocurrency to international development deals, the Trump Organization has seen an unprecedented influx of wealth since Trump’s election, amassed from varied sources, including foreign governments and billionaires.

James Thurber, an emeritus professor at American University specializing in political corruption, noted the abnormal nature of these developments, emphasizing that Trump appears to prioritize personal wealth over public interest. The scale of the Trump Organization’s income during his second term surpasses that of the first, with sprawling ambitions stretching from virtual currencies to global development projects.

A notable shift in the Trump family’s business operations involves cryptocurrencies, where they have reportedly garnered substantial returns. A conservative estimate pegs one of Trump’s crypto ventures at generating at least $320 million since January, while another secured a $2 billion investment from a foreign sovereign wealth fund.

Trump’s family members have been active internationally as well, pursuing new development opportunities in the Middle East and working on a Mediterranean island resort in partnership with Albania’s government. First lady Melania Trump, too, has cashed in, securing a $40 million documentary deal with Amazon, a company whose founder was a frequent target of Trump’s criticisms.

The Trump administration’s intertwining of presidential duties with business interests has drawn criticism for apparent conflicts of interest. However, little consequence is expected, as a Republican-controlled Congress and a Supreme Court with a conservative majority have created an environment where Trump is unlikely to face serious repercussions. Notably, Congress has relaxed oversight mechanisms that previously held presidents accountable for such conflicts.

In some cases, Trump’s own allies have cautioned against certain actions, but these warnings have largely gone unheeded. For instance, Trump accepted a $400 million airplane from the Qatari government, announcing it would be added to his presidential library after leaving office. Such moves have led critics, like Oregon Senator Jeff Merkley, to label the situation as highly corrupt.

Since the scandal surrounding President Richard Nixon, most presidents have taken measures to distance themselves from financial conflicts. However, Trump deviates from this precedent, having handed control of his business empire to his children rather than placing it in a blind trust. This arrangement leaves his financial dealings closely tied to his presidency.

Trump’s foray into cryptocurrencies highlights a significant conflict of interest, as he once criticized them but has since promoted crypto ventures he and his family stand to benefit from. His administration’s efforts to relax industry oversight raise questions about whether his policies are influenced by personal profit rather than national interest.

The Trump Organization has not provided comments regarding its cryptocurrency activities, and White House statements claim that Trump’s legislative actions in the crypto sector aim to position the U.S. as a global leader in digital finance, rather than self-driven financial motives.

Trump’s burgeoning crypto ventures—managed by his sons and associates—underscore the potential for financial gain. For instance, his meme coin, $Trump, earned substantial fees after initial elections. Transparent conflict issues remain as industry insiders reportedly promised financial backing for Trump’s campaign.

The administration’s recent crypto policies, such as the prohibition of certain cryptocurrencies by Congress members, were sought by the industry and have benefited Trump’s business connections. High-profile foreign investors linked to questionable dealings have also surfaced, including Justin Sun, whose investments in Trump’s crypto projects correlate with potential legal indulgences.

Amid these controversies, Trump continues to host events that enhance the allure of his brand, such as a dinner for top crypto investors. Such strategies amplify concerns among experts who equate Trump’s monetization of the presidency with sidestepping traditional political finance laws.

While other political figures have adhered to stringent regulations on campaign contributions, Trump’s incorporation of cryptocurrency appears to bypass these legal frameworks, raising alarms among legal professionals.

According to The Associated Press, Trump’s ventures represent a significant departure from previous presidential norms, suggesting an evolving landscape where digital assets redefine political finance dynamics.

Top 10 Cities for Millionaires to Live and Invest by 2025

July 18, 2025 Staff ReporterEconomy, Global 0

The list of the world’s richest cities in 2025 reveals a dynamic shift, with emerging metropolises like Singapore and Sydney gaining prominence among the ultra-wealthy alongside established financial hubs.

The financial landscape of the world is undergoing a significant transformation as we approach 2025, with new trends emerging in the distribution of wealth. While cities such as New York and the Bay Area remain at the forefront as major financial hubs, other cities like Singapore and Sydney are seeing a rise in prominence as top destinations for the affluent. This shift is encapsulated in a recent report from Henley & Partners in collaboration with New World Wealth, which outlines the world’s wealthiest cities based on millionaire and billionaire populations.

New York City continues to lead as the richest city globally, boasting approximately 384,500 millionaires, 818 centimillionaires (individuals with assets exceeding $100 million), and 66 billionaires. The city’s financial industry, coupled with its high-end real estate market and cultural attractions, makes it an enduring draw for the ultra-wealthy despite challenges such as high living costs and concerns about safety.

In the United States, the Bay Area, encompassing Silicon Valley and San Francisco, holds its place as a burgeoning center of wealth. With a staggering 98% increase in prosperity over the past decade, the area is now home to around 305,700 millionaires. Its renowned tech sector and culture of innovation are key factors driving this economic surge.

Tokyo establishes itself as the wealthiest city in Asia, with 298,300 millionaires. The steady accumulation of wealth in the city is attributed to technological advancements, a strong corporate presence, and a stable economy.

Singapore is emerging as a favored enclave for affluent individuals, with 244,800 millionaires and 30 billionaires residing in the city-state. Its appeal is rooted in factors such as safety, a lack of capital gains tax, and pro-business regulations, which together foster an environment conducive to wealth accumulation.

Los Angeles finds its niche by blending entertainment with business, hosting 43 billionaires, 516 centimillionaires, and 212,100 millionaires. Though Hollywood remains its claim to fame, the city is also a major hub for industries such as real estate and technology.

Although London has experienced a 15% decline in its wealthy population over the past decade, with 227,000 millionaires, it remains an appealing destination due to its historical and cultural significance. Challenges like Brexit, increased taxes, and changes to domicile laws have impacted its affluent demographics, but the city’s allure persists.

Paris, with 165,000 millionaires, is the richest city in mainland Europe. Its unique combination of business, fashion, and culture ensures its ongoing attraction for wealthy individuals.

Hong Kong continues to be a vital financial hub, home to 154,900 millionaires. Despite a slight dip in its affluent population, the city’s financial services industry and strategic location maintain its draw for the wealthy.

Sydney, with its growing community of 152,900 high-net-worth individuals, is increasingly popular among the world’s wealthy elite. Economic growth and a high standard of living are key drivers of its rising status among affluent citizens.

Chicago rounds out the top ten wealthiest cities with 127,100 millionaires. Its diverse economy and strategic location make it a significant center of wealth within the United States.

The global distribution of wealth is notably shifting, as cities that were not traditionally seen as financial epicenters begin to attract and cultivate significant concentrations of wealth. This trend signifies a change in where the ultra-rich choose to live and invest their fortunes, pointing to broader economic and social transformations on the global stage.

Cheers to New Beginnings: Foreign Exchange Brewing Co. Celebrates Grand Opening in Aurora

July 18, 2025 Ajay GhoshBusiness, Community 0

Asian Media USA ©

Aurora, IL: On July 2, 2025, downtown Aurora buzzed with excitement as Foreign Exchange Brewing Co. officially opened at 110 Cross St, Aurora, IL 60506. The grand opening, marked by a vibrant ribbon-cutting ceremony at noon, drew local dignitaries, community members, and beer enthusiasts to celebrate a milestone for Aurora’s growing business scene. With clinking glasses, heartfelt speeches, and a palpable sense of pride, Foreign Exchange emerged as a symbol of innovation, flavor, and community in the city.

The event was a lively blend of music, cheers, and camaraderie, reflecting Aurora’s growth and the entrepreneurial spirit of Foreign Exchange’s founder, Ricky. The brewery, a homegrown venture, has been crafting and distributing beers for five years, but this opening marked its first permanent home in Ricky’s hometown. The crowd’s energy was electric, with chants of “Heat! Heat! Heat!” echoing through the streets, a playful nod to the passion fueling the day.

Samir, a broadcaster from Asian Media USA, emceed the event with infectious enthusiasm. “We’re here at the grand opening of Foreign Exchange Brewing Co.,” he announced. “This is a big moment with a ribbon-cutting, the mayor’s office, aldermen, and tons of people. It’s a celebration of business growth in Aurora—and beer! Woohoo!” His words set the tone for a day filled with community spirit.

The ribbon-cutting was a highlight, symbolizing not just a new brewery but the realization of a dream rooted in Aurora. Attendees included representatives from the Aurora Convention and Visitors Bureau, Deputy Mayor Casey Quas, and aldermen Carl Franco (Ward 5), Will White (Alderman at Large), and Jonathan Nunees (Ward 4). Their presence underscored the city’s commitment to fostering local businesses and economic growth.

Alderman Jonathan Nunees spoke with pride about Aurora’s transformation. “It’s amazing to see what downtown Aurora versus what it is today was,” he said. “The most important thing is seeing a fellow Auroran reinvest in this community with Foreign Exchange.” Having visited during the soft opening, Nunees praised the brewery’s beers and welcoming vibe. “If you haven’t tried their products, you’re in for a treat,” he said, sparking cheers.

Deputy Mayor Casey Quas delivered a warm welcome on behalf of the mayor’s office. “Thank you for choosing Aurora as your home,” Quas said. “We’re excited and here to support you.” The sentiment reflected the city’s embrace of Foreign Exchange as a cornerstone of downtown’s revival.

Ricky, the visionary behind Foreign Exchange, was the event’s heart. His journey from homebrewing in Leland Tower to opening a brewery showcased perseverance and community spirit. “I started home brewing right over there,” he said, pointing to the nearby building. “It’s crazy to see it grow into this. We’ve been brewing for five years, and now we have a home in my hometown.” Ricky emphasized the brewery’s mission to build community through exceptional beer and a space for connection. “We hope to be a beacon for Aurora, where people enjoy their time and discover local businesses,” he said, crediting his “killer” kitchen staff and top-tier cocktail program.

The ribbon-cutting was a moment of pure joy. As the crowd counted down, “One, two, three!” the ribbon fell, and applause erupted, accompanied by more “Heat! Heat! Heat!” chants. Photographers captured every moment, from VIP smiles to the excitement of first-time visitors eager to sample Foreign Exchange’s offerings.

Foreign Exchange Brewing Co. is more than a brewery; it’s a love letter to Aurora. The space at 110 Cross St. is a gathering place for craft beer enthusiasts, foodies, and locals. The menu features diverse beers—crisp lagers to bold IPAs—crafted with precision. The kitchen offers dishes that pair perfectly with the drinks, while the cocktail program elevates the experience with creative flair.

The opening highlighted Aurora’s evolution into a hub of innovation and culture. As Nunees noted, downtown Aurora has transformed, with businesses like Foreign Exchange leading the charge. The brewery’s commitment to quality and community aligns with the city’s vision of a vibrant, inclusive downtown.

For many, the event was personal. “My family has been waiting for this place to open,” Samir shared, echoing the crowd’s sentiments. The brewery’s opening is a win for beer lovers and anyone who believes in the power of local businesses to transform communities. Guests mingled, sampled beers, and explored the inviting space as music played, and optimism filled the air.

Foreign Exchange isn’t just a business; it’s a symbol of Aurora’s resilience and creativity. By choosing Aurora, the brewery invests in the city’s growth, inviting others to do the same. Whether you’re a craft beer aficionado or seeking a place to connect, Foreign Exchange is a destination worth visiting.

As the sun set on July 2, 2025, the grand opening left a lasting mark on Aurora. Foreign Exchange’s story is just beginning, but its impact is clear: it’s a place where community, creativity, and great beer unite. Here’s to Foreign Exchange—a new home, a new beginning, and a reason to raise a glass in Aurora.

Covered by Asian Media USA, under the leadership of Chairman Suresh Bodiwala, this event highlights the organization’s dedication to showcasing community stories. Asian Media USA remains committed to celebrating Aurora’s entrepreneurial spirit and cultural richness.

Photographs and Press release by: Asian Media USA

Suresh Bodiwala
Chairman

Asian Media USA

Cell: 847-420-4789
E-Mail: bodiwalasuresh@gmail.com

https://asianmediausa.com/

https://www.facebook.com/asianmediausa

https://www.facebook.com/suresh.bodiwala.1

https://www.youtube.com/user/AsianMediaVideo/videos

https://www.instagram.com/asian_media_usa_official/

Copyrights ©: Asian Media USA

No one shall download or otherwise duplicate the graphics, images, press release and written content from the PDF without our express written permission. Likewise, no one shall reuse the aforesaid things, as the same is the intellectual property of the Company, we hereby reserve all rights

Disclaimer: Asian Media USA

Asian Media USA press releases are event oriented and published after careful review and examination of the contents without bias or without being influenced by race, color, nationality or religious persuasion. In other words, we are completely neutral according to generally accepted journalistic principles and long-established conventions governing Newspaper reporting. Any use or disclosure of the contents of either is unauthorized or may be unlawful. All liability for viruses is excluded to the fullest extent permitted by law. Any views expressed in this message are those of the individual sender, except where the sender states them, with requisite authority, to be those of the Asian Media USA. If for any reason including but not limited to prior written authorization, Newspaper or similar entity do not give the credit for the content and photographs, Asian Media USA reserve right to take legal action to prosecute for violating copy right law to the fullest extent of the law.

Rupee Declines as US Inflation Concerns Elevate Dollar

July 18, 2025 Staff ReporterEconomy, Finance/Economy 0

The Indian rupee weakened slightly as U.S. inflation reports signaled rising costs due to tariffs, diminishing expectations for Federal Reserve rate cuts and boosting the dollar.

The Indian rupee closed at 85.94 per U.S. dollar on Wednesday, marking a decline of 0.1% from its previous close of 85.81. This move was influenced by the latest U.S. inflation data, which indicated that tariffs were starting to drive up prices, consequently weakening the likelihood of rate cuts by the Federal Reserve. This pushed U.S. Treasury yields higher and gave a lift to the dollar.

The dollar index stood at 98.5, close to the three-week high reached on Tuesday, while most Asian currencies traded flat to slightly lower. U.S. consumer prices showed the largest jump in five months in June, highlighting the impact of tariffs on certain goods.

According to the CME’s FedWatch tool, the probability of the Federal Reserve maintaining its current rate levels in September has increased to almost 50%, a significant rise from about 30% the previous week. This shift comes amid ongoing pressure from U.S. President Donald Trump, who has consistently criticized Federal Reserve Chair Jerome Powell for not reducing benchmark interest rates.

MUFG noted, “Building evidence of the pick-up in inflation from tariffs supports the Fed’s caution over resuming rate cuts in the near-term despite the barrage of criticism from the Trump administration.”

The stronger dollar pushed the rupee below the 86 mark during early trading on Wednesday. However, the rupee recovered as a surge of dollar selling interest emerged at this level, noted traders from a state-run bank. They also highlighted dollar sales by large custodian banks, typically indicating foreign portfolio inflows, as another factor bolstering the rupee.

In India’s stock markets, the BSE Sensex and the Nifty 50 indices closed slightly higher, despite declines seen in most regional markets.

Market participants are now focusing on upcoming U.S. wholesale inflation data and remarks from Federal Reserve policymakers for further indications on the future path of U.S. interest rates. Additionally, updates on U.S. trade negotiations remain in view, although market reactions to these have become more muted compared to earlier in the year.

Fed Reports Businesses Passing Tariff Costs to Consumers

July 18, 2025 Staff ReporterCover, Economy 0

Businesses are transferring increased input costs due to tariffs onto consumers, resulting in higher prices, according to the Federal Reserve’s latest report.

The Federal Reserve’s recently released “Beige Book,” an anecdotal survey of domestic economic conditions, has highlighted a widespread trend wherein businesses across various sectors are raising prices to counter the additional costs imposed by tariffs. This trend was reported across all 12 of the Fed’s regional districts, reflecting a national impact.

“Many firms passed on at least a portion of cost increases to consumers through price hikes or surcharges,” noted the Beige Book. Companies that opted not to pass these costs on to consumers encountered narrowed profit margins, as consumer price sensitivity continues to grow.

The Labor Department reported an increase in the Consumer Price Index (CPI) in June, partially attributed to these tariffs, with the annual rise reaching 2.7% up from 2.4% in May and 2.3% in April. This increase aligns with economists’ predictions, who anticipated that the inflationary pressures from tariffs would become visible as summer progressed and as prior inventories cleared.

Fitch Ratings has cited the aggregate U.S. tariff rate at 14.1%, marking the highest rate in decades. This figure encompasses President Trump’s 10% general tariff, along with specific tariffs targeting China and certain individual goods. However, the country-specific “reciprocal” tariffs are currently on hold amid ongoing trade negotiations, and will remain paused until August 1.

Import prices recorded a modest increase of 0.1% in June, according to the Labor Department, yet they are down 0.2% compared to the previous year due to lower energy prices. This outcome fell short of economists’ expectations. Fuel import prices decreased by 0.7% in June, following a significant 5% drop in May, as tensions in the Middle East influenced global energy markets. West Texas Intermediate crude oil witnessed a decline of over 10% this month.

Excluding fuel and food imports, core import prices saw a moderate rise of 0.2% in June, following a smaller 0.1% increase in May.

Adding to the economic dynamics, the U.S. dollar has depreciated by approximately 9% since the start of the year, a trend exacerbated by the ongoing trade war initiated by President Trump. Economists suggest that this decline in the dollar’s value could further exacerbate inflation.

Michael Pearce, deputy chief U.S. economist at Oxford Economics, commented to Reuters, “Since the Trump administration began imposing tariffs, the dollar has depreciated, which could lead to a larger pass-through from tariffs to consumer prices.” He underscored the potential for a weaker dollar to amplify the likelihood of firms transferring a more significant share of tariff costs to consumers.

Coca-Cola Disputes Trump’s Sugar Claim, Supports Corn Syrup Safety

July 18, 2025 Staff ReporterBusiness, Health 0

The Coca-Cola Company has disputed former President Donald Trump’s assertion that it would replace high-fructose corn syrup with cane sugar in its U.S. beverages.

The Coca-Cola Company has publicly refuted a claim made by Donald Trump regarding a potential switch from high-fructose corn syrup to cane sugar in their U.S. beverages. Trump, in a post on Truth Social, stated that he had discussions with Coca-Cola executives and that the company had agreed to use “REAL Cane Sugar” in their products. He expressed his gratitude toward Coca-Cola’s decision-makers, suggesting that the change would be beneficial.

Initially, the beverage giant responded with a polite statement acknowledging the former president’s enthusiasm. Coca-Cola expressed interest in exploring new offerings within their product line but did not confirm any shift to cane sugar. By Thursday, however, the company released a more comprehensive statement defending the use of high-fructose corn syrup, which has been a subject of debate and concern over its links to obesity.

In its statement, Coca-Cola clarified that high-fructose corn syrup, despite its long name, is merely a corn-derived sweetener. The company emphasized its safety, noting that HFCS contains calories similar to table sugar and is metabolized similarly in the body. Furthermore, Coca-Cola referenced the American Medical Association (AMA), which has indicated that HFCS is no more culpable for obesity than table sugar or other full-calorie sweeteners. Coca-Cola assured consumers that its products do not contain harmful substances.

The American Medical Association in 2023 declared that there is insufficient evidence to specifically limit high-fructose corn syrup use in the food supply or necessitate warning labels on products containing HFCS. According to a report by The Guardian, Trump has been known for his preference for Diet Coke, including the installation of a button in the Oval Office to summon a butler with a can. Interestingly, Diet Coke is sweetened with aspartame, an artificial low-calorie sweetener, rather than corn syrup or cane sugar.

This development follows repeated discussions and controversies surrounding sugar alternatives in food and beverage products in the United States, with varying opinions among experts and consumers about their health implications.

According to The Guardian, Coca-Cola’s continued defense of high-fructose corn syrup highlights the company’s commitment to maintaining its current formulation at least for now with a focus on addressing public health concerns through accurate information.

Larry Ellison Becomes Second Richest After Oracle AI Investments

July 18, 2025 Staff ReporterBusiness, Technology 0

Oracle founder Larry Ellison, at 80, has surpassed Mark Zuckerberg to become the world’s second-richest person, with a net worth climbing to $251 billion following Oracle’s strong earnings and strategic investments in AI infrastructure.

At the age of 80, Larry Ellison has surpassed Mark Zuckerberg, becoming the world’s second-richest person. Ellison’s net worth now sits at $251 billion, bolstered by a dramatic increase of nearly $60 billion in 2025 alone, as reported by the Bloomberg Billionaires Index.

Ellison’s financial ascent is largely attributed to his substantial 40% stake in Oracle, the database company he founded in 1977. Oracle’s value has surged by 41% so far this year, with substantial gains seen in recent weeks.

The soaring stock value comes amid a favorable market landscape for artificial intelligence investments, a sector in which Ellison has been heavily involved. The tech industry has benefited from policies under Trump’s second presidency that favor AI stocks. For instance, Nvidia’s CEO Jensen Huang, similar to Ellison, has seen significant growth in wealth, partially due to the government’s approval for his company to ship advanced microchips to China.

Ellison prominently aligned himself with President Trump during the unveiling of Stargate, a major initiative aimed at strengthening the U.S. position in AI development. This ambitious project plans to invest $500 billion into AI infrastructure over the coming four years, with Oracle, SoftBank, OpenAI, and MGX serving as initial equity founders. Oracle and OpenAI are also pivotal technology collaborators alongside companies like Arm, Microsoft, and Nvidia.

Recent increases in Oracle’s value are linked to the company’s robust performance and heightened commitment to AI investments. Oracle recently announced impressive year-end results, reporting Q4 revenues of $15.9 billion, marking an 11% increase, while remaining performance obligations rose by 41% to $138 billion.

Continuing its AI focus, Oracle has committed an additional $3 billion to expand cloud services and AI infrastructure in Germany and the Netherlands. Despite the positive investor response to Oracle’s moves, some analysts urge caution regarding future projections for the company.

A report from Goldman Sachs following Oracle’s fiscal results adopted a ‘neutral’ stance, with analysts noting Oracle’s strong Oracle Cloud Infrastructure demand momentum. Nonetheless, they warned of potential risks, suggesting that the company might overcommit to low-margin, capital-intensive training cycles that could impact its future free cash flow generation.

Trust in US Dollar’s Global Supremacy Diminishing

July 17, 2025 Staff ReporterCover, Economy, Politics 0

Global de-dollarization is not a threat to stability but rather a rebalancing of global monetary dynamics as countries reject an economic system historically tilted in Washington’s favor.

For over eighty years, the U.S. dollar has held the position of the world’s leading reserve currency, established at the 1944 Bretton Woods Conference and reinforced by the United States’ postwar industrial prowess and military influence.

Today, this dominance is increasingly being challenged from various fronts worldwide—from African revolutionary initiatives to economic recalibrations within Europe, and from the collective counteractions of BRICS nations to the geopolitical complexities involving Ukraine and Israel.

The erosion of global trust in Washington’s leadership of the international financial order has hastened a long-anticipated shift toward a multi-polar monetary structure.

The BRICS economic alliance, consisting of Brazil, Russia, India, China, and South Africa, and recently expanded to include Egypt, Saudi Arabia, Argentina, Ethiopia, Iran, and the United Arab Emirates, is spearheading this de-dollarization trend. Now surpassing the G7 in purchasing power parity (PPP), BRICS is increasingly pushing for a reformed global financial system.

Nations within this bloc have begun trading in their own currencies, reducing reliance on the U.S. dollar. For example, India and Russia conduct oil transactions in rupees and rubles, while China and Brazil have developed processes for settling trade in yuan and Brazilian reals. Russia’s exclusion from the SWIFT financial system following its invasion of Ukraine has expedited this transition.

Economist Jeffrey Sachs has criticized the United States for using the dollar as a geopolitical tool through financial sanctions and trade restrictions. In response, countries in the global south are vigorously pursuing economic autonomy.

A quiet yet significant movement is unfolding in Africa, especially across the Sahel region. Influential leaders, such as Ibrahim Traoré of Burkina Faso, have declared intentions to abandon the CFA franc, a currency historically linked to French control and the euro. Traoré has emerged as a prominent voice in the call for economic self-governance, proposing the establishment of a pan-African currency to serve as a symbol of decolonization.

The proposed unified African currency, supported by countries like Mali, Niger, and Guinea, represents more than monetary policy; it signals a decades-long economic revolution. The West African bloc ECOWAS is actively discussing the long-overdue “Eco” currency as a challenge to U.S. and European monetary dominance.

African intellectuals and economists, including Kenyan professor PLO Lumumba, argue that political independence must coincide with economic sovereignty. This transformation is as much about identity and dignity as it is about financial transactions.

Recent calls in Italy and Germany to retrieve parts of their gold reserves from the United States highlight the underlying global uncertainty. Previously, the Bundesbank demonstrated its skepticism by recalling gold during the Obama administration. The potential for a second Trump presidency and his aggressive policies have further catalyzed these precautionary measures.

As the U.S. faces mounting national debt exceeding $36 trillion and annual interest payments surpassing $1 trillion, its reliance on the dollar’s reserve status to finance deficits is increasingly questioned. Unlike other nations, the U.S.’s monetary policy allows it to print dollars freely, maintaining an economic equilibrium others do not share.

Nobel laureate Joseph Stiglitz has repeatedly cautioned against the continuous exploitation of this “exorbitant privilege,” which seems unsustainable. Emerging economies bear the brunt of inflationary pressures resulting from U.S. monetary practices, enduring economic volatility not of their own making.

Ongoing military expenditures in Ukraine and Israel undermine confidence in American fiscal responsibility and the dollar’s stability. These conflicts, supported through deficit financing, amplify doubts about the sustainability of U.S. financial practices.

Despite this, over 58% of global reserves remain dollar-denominated, and nearly 90% of currency exchanges involve the dollar, underscoring its entrenched global presence. However, the strength of any currency fundamentally relies on trust, which appears to be waning. A shift toward a multi-currency global economy with regional financial systems is increasingly plausible.

The critical issue is not if but when the dollar will relinquish its supremacy. As former President Donald Trump proposes steep tariffs on BRICS nations, the path forward for the U.S. depends on whether it will embrace financial modernization or hold onto privileges that the world may soon leave behind.

Initially, the dollar’s dominance was built on U.S. moral authority and industrial strength, but the contemporary landscape has evolved post-COVID and post-colonization. Nations worldwide are redefining economic sovereignty, critiquing a financial system long perceived as biased toward Washington.

In 2025, the persistent conflict involving the Palestinian people has exacerbated global discontent, further tarnishing the U.S.’s moral standing. The de-dollarization movement represents a recalibration of global economic power, not a threat. The global south is no longer petitioning for change; it is materializing it. Continued U.S. intransigence risks forfeiting both its currency leadership and international influence.

As Sachs noted, reliance on force is unsustainable for global leadership. The global community is realigning, each nation asserting its place in the evolving financial landscape.

Source: Original article

India, China Wealth Increased Through Rice Cultivation

July 17, 2025 Staff ReporterCover, Economy, India 0

Rice has long been central to economic growth in both India and China, fostering social structures that allowed entrepreneurial independence and later contributing significantly to the colonial economies through its adaptable cultivation.

Professor Emerita Francesca Bray of the University of Edinburgh, specializing in social anthropology, has explored the significant role of rice in historical agricultural societies. Her research reveals how rice cultivation shaped both the economic and social landscapes of regions, particularly in pre-colonial and colonial eras.

Initially delving into the history of agriculture in China, Bray’s interest broadened to agrarian networks and social systems, with a particular focus on rice due to its unique characteristics. Unlike global commodities like wheat and corn, which are traded and consumed internationally, rice is primarily consumed locally within the countries that produce it. This local consumption has kept rice fields smaller in scale and maintained a diversity of crops and occupations, unlike the standardized industrial monocultures prevalent with other grains.

This smaller scale of rice farming allowed for a deviation from feudal agricultural models. Many rice farms were managed by small-scale farmers rather than landlords, allowing them entrepreneurial freedom. As long as these farmers met rent obligations, they had autonomy and often evolved from tenants to landowners, a testament to the economic upward mobility facilitated by rice cultivation. In southern China and Malaysia, this system encouraged the accumulation of wealth within generations, as farmers frequently contributed taxes or reinvested into their own communities without the constraints of feudal labor systems.

Historian Roy Bin Wong’s work, “China Transformed,” challenges common characterizations of rice-based economies as less advanced than their Western counterparts. Bray highlights that the rice-centered economy of southern China evolved into a global economic powerhouse over centuries, developing sophisticated financial systems essential in global capitalism, even if it did not experience an industrial revolution akin to Europe’s.

With the onset of colonialism, rice became integral to the burgeoning global industrial economy. During the 18th century, it was a staple in the slave trade between West Africa and the Americas and became a primary food source for colonial workforces across the tropics. Rice cultivation expanded significantly under European colonial powers, who established export-driven rice zones in regions like Indochina and Indonesia. This expansion often displaced local markets and made rice a key commodity in supporting the global colonial labor force.

Colonial administrators imposed policies that formalized intensive labor practices, as noted by historian Peter Boomgaard. The expansion of rice fields often involved harsh conditions and tied workers to their labor through debt and cash taxes, a situation that later provided a foundation for the Green Revolution of the 1960s and 1970s.

Gender also played a significant role in rice production, differing from region to region. In China, traditional notions dictated that men worked the fields while women engaged in textile production at home, though the commercialization of the textile industry eventually saw more male participation. Despite many women working in rice fields, their contributions were underrepresented in historical records, highlighting a gendered perception of labor roles.

Rice’s historic and ongoing socio-economic impact in regions like India and China underscores its vital role in agricultural economies and its influence on broader global economic systems, according to Francesca Bray.

Source: Original article

International Students Overlook India’s Growing Business Schools

July 17, 2025 Staff ReporterBusiness, Education, India 0

Despite India’s booming economy and the increasing stature of its business schools, international student enrollment remains low due to a lack of brand awareness and understanding of the benefits of studying in the country.

India’s economy is booming, and its top business schools are climbing the global rankings, making the country a rising star in higher education. Despite this growth, international students remain scarce in India’s educational landscape, particularly within its business schools.

A new report from the education consultancy CarringtonCrisp provides insights into this phenomenon. Titled the International India study, the report is based on responses from 4,160 prospective business students across 22 countries. It found that while a substantial 79% of respondents are interested in studying abroad, a mere 8% consider India a likely destination for their studies. This low level of interest persists even amidst positive perceptions of India’s economy, visa accessibility, and welcoming environment.

“Despite the rapid growth of the Indian economy and the increasing prominence of its business schools, international students are rare, especially compared to the traditional education powerhouses of Europe, Australia, and North America,” says Andrew Crisp, the study’s author and co-founder of CarringtonCrisp. He attributes the low numbers to a significant lack of brand awareness and understanding of the advantages offered by studying in India.

The study highlights just how far behind India is in attracting international talent compared to its global peers. According to the All India Survey on Higher Education (AISHE), only 46,000 international students were enrolled in nearly 2,400 Indian institutions in the 2021-22 academic year, with more than a quarter coming from neighboring Nepal.

In stark contrast, the United Kingdom hosted over 750,000 international students in 2022-23, Australia reported more than 450,000 in 2023, and the United States saw its international student population rise to a record high of more than 1.1 million in 2024.

Recognizing this gap, the Indian government has sought to increase international enrollments by allowing institutions to admit up to 25% more students beyond their domestic capacity, specifically reserving these additional seats for international students. However, achieving growth in this area requires a deeper understanding of how India is viewed by prospective students globally—a focus of CarringtonCrisp’s report.

Despite India’s strengths, the report identified significant barriers to international enrollment, with awareness at the forefront. A full third of respondents admitted they could not name a single reputable Indian business school. Other cited barriers included a preference for studying in other countries (21%), lack of available scholarships (19%), and unease about living in India (17%).

However, there are notable advantages that Indian schools can leverage. India was rated second only to the United States for having a strong and dynamic economy (50% versus 52%), and as the most welcoming destination for international students (57%). It was also viewed as the easiest country to secure a student visa (56%).

Furthermore, India’s relative affordability is appealing. Nearly half (45%) of potential students saw India as offering excellent value for a business degree, and 41% found travel to the country affordable and convenient given its geographical proximity. Interest is particularly high among students in Nigeria (18%), the UAE (15%), and South Africa (15%).

Though long-term full-degree enrollment may be limited at present, there is strong enthusiasm among international students for shorter-term or hybrid programs with Indian institutions. Over 80% of survey respondents expressed a very or extreme interest in joint degrees between an Indian business school and one in their home country. There was also considerable interest in studying a single module for up to three months in India or engaging in multiple short, intensive courses offered by Indian schools.

“Building partnerships with institutions in other countries is a big opportunity for Indian business schools,” Crisp points out. “These programs can help schools build brand awareness, communicate the benefits of studying in India, and showcase the quality of their academic offerings.”

India’s top business schools are already expanding their global reach. IIM Ahmedabad recently launched its first international campus in Dubai, while the Indian School of Business (ISB) has expanded collaborations with leading universities in the U.S. and Europe. Additionally, more Indian schools are pursuing international accreditations and climbing global rankings published by organizations like The Financial Times and Poets&Quants.

These efforts, while promising, remain in their early stages compared with more established international education destinations. As the International India report emphasizes, building global appeal will require time, consistency, and creative partnerships.

Nevertheless, the report suggests a growing interest, particularly in education models that allow students to “sample” Indian education before committing to a full degree program. The challenge lies in converting this curiosity into actual enrollment.

“India has a strong story to tell,” Crisp concludes. “Now it needs to be heard.”

Source: Original article

“`

World’s Wealthiest Family Worth $1.4 Trillion Outpaces Musk, Bezos

July 17, 2025 Staff ReporterBusiness, Cover, Finance/Economy 0

The House of Saud, the ruling family of Saudi Arabia, boasts a staggering net worth of $1.4 trillion, surpassing the combined fortunes of prominent billionaires Elon Musk and Jeff Bezos.

The world often turns its gaze toward the immense wealth of individuals like Elon Musk, Jeff Bezos, Mukesh Ambani, Mark Zuckerberg, and Warren Buffett. However, a royal dynasty quietly eclipses them all in terms of combined fortune—the House of Saud, the ruling family of Saudi Arabia. Originating not from the corporate or financial hubs of Silicon Valley or Wall Street, their wealth instead hails from the heart of the Middle East, where they govern one of the most resource-rich nations on the planet.

The House of Saud’s financial empire is vast, with a net worth estimated at a staggering $1.4 trillion (£1.1 trillion). This outsized fortune towers over other notable figures, with Musk’s net worth around $396 billion (£313 billion), and Bezos at $240 billion (£190 billion). Saudi Arabia’s royal family far surpasses each, maintaining wealth on an unmatched scale.

The source of this wealth is deeply rooted in oil. As the ruling family of the world’s largest oil-exporting country, they control one of Earth’s most valuable natural resources. Central to this is Saudi Aramco, the national oil company considered among the most profitable worldwide, significantly contributing to the family’s financial dominion. Yet, their wealth doesn’t reside solely in oil. The House of Saud has wisely diversified, investing in real estate, art, technology, and private business ventures, extending its reach far beyond its oil-rich borders.

There’s little secrecy about the opulent lifestyle maintained by the Saudi royals. Their assets are breathtaking, including private jets, mega-yachts, palatial residences, priceless art collections, and an array of exotic cars. Notably, the family owns the world’s largest private jet, a customized Boeing 747-400, renowned for its lavish interior. Royals ride in style, with some vehicles in their garage, like gold-plated Lamborghini Aventadors and Rolls-Royce Phantoms, tallying a worth of over $22 million. Al Yamamah Palace, the king’s residence, is an epitome of grandeur—reportedly containing over 1,000 rooms.

An expansive family, the House of Saud includes approximately 15,000 members, yet true power remains concentrated among about 2,000 close relatives. Spearheading this dynasty is King Salman bin Abdulaziz Al Saud, who ascended the throne in 2015. The king is one of the renowned “Sudairi Seven,” sons born to the favored wife of Ibn Saud, the kingdom’s founding leader. He is succeeded by Crown Prince Mohammed bin Salman, known as MBS since 2017. MBS stands as a pivotal and sometimes polarizing figure, credited with Vision 2030—a sweeping reform initiative aimed at modernizing Saudi Arabia and reducing its economic dependence on oil. His tenure, however, has faced criticism regarding human rights concerns, involvement in the Yemen conflict, and the suppression of dissent. Despite these contentious issues, MBS’s wealth and opulent lifestyle are extraordinary, with assets such as the $400 million superyacht Serene featuring helipads, underwater observation areas, and lavish suites.

The Al Saud dynasty has governed Saudi Arabia for over 80 years, tracing its roots as far back as the 18th century. As one of the world’s oldest and most influential monarchies, the family seamlessly blends conservative Islamic governance with immense modern wealth. Unlike other royal families that often serve a symbolic role, the House of Saud remains actively engaged in governance, wielding influence over politics, religion, economics, and global affairs. This stands in stark contrast to the British royal family, whose financial worth and global influence, notably under the leadership of the late Queen Elizabeth II and now King Charles III, remain modest in comparison to the towering trillions managed by the Saudis.

Source: Original article

Gold and Silver Prices Drop Due to Global Tariff Uncertainty

July 16, 2025 Staff ReporterEconomy, Money 0

Gold and silver prices experienced a downturn on Tuesday due to growing uncertainty over U.S. tariff policy.

After enjoying a two-day rise, gold and silver prices took a hit as global markets reacted to increasing uncertainties surrounding U.S. tariffs. The India Bullion and Jewellers Association (IBJA) reported a significant decline in the price of 24-carat gold, which saw a reduction of over ₹300. The cost for ten grams of 24-carat gold fell by ₹387, decreasing from ₹98,303 to ₹97,916.

Similarly, 22-carat gold prices also registered a decline. Ten grams of this gold category dropped ₹354, from ₹90,045 to ₹89,691. In parallel, 18-carat gold experienced a reduction of ₹290, settling at ₹73,437 from its prior price of ₹73,727.

Jateen Trivedi, an analyst at LKP Securities, commented on the situation, saying, “Continued tariff escalations by the U.S. on its global trade partners have kept uncertainty high, which typically supports safe-haven buying in gold.”

Silver markets mirrored this downward trend as prices dropped by ₹1,870 per kilogram, moving from ₹1,13,867 to ₹1,11,997.

Despite these declines in the spot market, futures trading showed mixed results. Gold futures, set to expire on August 5, 2025, rose slightly by 0.04% to ₹97,815 on the Multi Commodity Exchange (MCX). Conversely, silver futures expiring on September 5 decreased by 0.29% to ₹1,12,611.

This pattern was echoed on international markets. On the Comex, silver prices fell 0.38% to $38.59 per ounce, while gold saw a minor increase of 0.21%, reaching $3,366.20 per ounce. Trivedi further explained, “Gold traded within a narrow band of ₹97,750 to ₹98,050, tracking positive momentum on Comex near $3,365 with a $20 gain.”

Upcoming U.S. Consumer Price Index (CPI) data expected later this week has also kept traders vigilant, with many anticipating ongoing volatility in gold prices. Analysts predict the price to fluctuate between ₹97,500 and ₹98,500.

However, the drop in prices on Tuesday did present a brief opportunity for buyers to acquire gold and silver at reduced prices before further market fluctuations occur.

According to IANS, these developments reflect a complex global economic landscape where investors continue to grapple with uncertainty.

India Misses Tariff Deal, Signals Potential Future Agreement

July 16, 2025 Staff ReporterEconomy, Diplomacy 0

President Donald Trump sent out new tariff rate letters last week to over two dozen countries, but notably omitted India, Taiwan, and Switzerland, signaling potential trade agreements may soon be formalized with these nations.

President Donald Trump recently dispatched letters to over 24 countries, detailing their new tariff rates and categorizing them as “trade deals.” However, India, Taiwan, and Switzerland, which did not receive any letters, are believed to be nearing potential agreements, with announcements possibly coming in the next few weeks.

Trump has previously hinted that an agreement with India is on the horizon, although specifics are still being finalized. Former officials familiar with U.S.-India trade relations interpret the absence of a letter as positive, suggesting that receiving one could have offended the Indian government, potentially disrupting a nearly concluded agreement between the two nations.

According to Mark Linscott, a former negotiator for the U.S. Trade Representative’s Office, “The letters are pretty aggressive and direct.” He explained that India might perceive such a letter as disrespectful unless it recognized the progress made in negotiations, thus derailing talks.

On Tuesday, Trump reiterated the possibility of a deal with India, assuring reporters that “we’re going to have access into India.” Despite this, the Indian embassy in Washington chose not to comment.

India’s trade delegation, led by Rajesh Agrawal, chief negotiator and special secretary in the Department of Commerce, arrived in Washington on Monday, rekindling hopes of an imminent trade deal. India stands as the largest U.S. trading partner among the nations subjected to Trump’s reciprocal tariffs but not served a letter. The European Union, South Korea, Japan, Canada, and Mexico, among others, have received threats of tariffs between 25 and 35 percent effective August 1.

This intense round of trade negotiations occurs amid sensitive economic conditions in the U.S. The Bureau of Labor Statistics reported Tuesday that the Consumer Price Index rose by 2.7% in June over the previous year, up from 2.4% in May, raising concerns that Trump’s higher tariffs might be inflating prices. This scenario has fueled worry among economists and the business community that trade uncertainties are adversely impacting the broader economy.

Alongside the impending August 1 deadline for instituting substantial tariffs on a multitude of countries, Trump is also contemplating additional tariffs unrelated to prior discussions, potentially complicating ongoing trade talks.

Trump has expressed dissatisfaction with the group of emerging market nations known as BRICS, which includes India. The president is considering a 50 percent tariff on Brazil due to the bloc’s recent initiatives to distance from the dollar as the global standard. He has also threatened a 10 percent tariff on all BRICS countries and even a 100 percent tariff on nations purchasing oil and gas from Russia amid the ongoing war in Ukraine. Notably, India is the second-largest importer of fossil fuels from Russia.

The initial agreement expected between India and the United States is seen as the first stage of a more all-encompassing trade deal anticipated by fall. In Trump’s administration, no deal is deemed complete until the president officially confirms it, as indicated by his last-minute intervention in a recent agreement made with Vietnam.

Lisa Curtis, former deputy assistant to the president and senior director for South and Central Asia on the National Security Council, remarked, “This is Trump. Until everything is signed, sealed, and delivered, there’s going to be a certain amount of nervousness.”

An unnamed White House official disclosed that currently, no additional tariff letters are being prepared, although they noted the situation remains “fluid.”

India began trade talks with the U.S. in February when Trump unveiled his ambitious global trade restructuring agenda. Despite the president’s ongoing discussions about mediating peace between India and Pakistan earlier this year complicating relations, the hope is still alive for a deal that Prime Minister Narendra Modi can present domestically.

In a previous administration, Trump nearly finalized a bilateral trade agreement with India akin to those negotiated with Japan and South Korea. However, the deal fell apart over disagreements on agricultural disputes and other contentious issues. Linscott noted, “India has put a heck of a lot on the table, particularly with respect to tariffs.”

Similar to India, Taiwan and Switzerland, which also conduct significant trade with the U.S. and didn’t receive letters, are in negotiations aimed at evading high “reciprocal” tariffs and those affecting vital sectors like Taiwan’s semiconductor and Switzerland’s pharmaceutical industries. Both countries have made substantial foreign investments in the U.S., including Taiwan Semiconductor Manufacturing Company’s $165 billion investment in semiconductor production in Arizona.

Notably, a list of 36 nations not receiving letters includes smaller countries with limited U.S. trade but still facing enormous tariff hikes. Trump previously lowered the steepest tariff rates for countries like Cambodia and Laos, but it’s uncertain if he will extend similar reductions to nations like Madagascar (47 percent), Mauritius (40 percent), or Lesotho, which currently faces a 50 percent tariff, the same punitive rate expected for Brazil.

An official from Paraguay expressed “relief” that the country hadn’t received a letter, though they couldn’t ascertain why their nation was spared while others were not. “There is no pattern still,” remarked the official. “All those countries have been involved in trade talks and controversies with the USA.”

The official lamented, “It is bad for everyone. We worked hard for so many years to have a trading system predictable and rules based,” emphasizing that the current situation reflects the opposite.

For countries like India not receiving letters, reaching substantive agreements seems more plausible.

Rakesh Gangwal Named on Forbes’ 2025 Richest Immigrants List

July 16, 2025 Staff ReporterBusiness, Immigration 0

Rakesh Gangwal, co-founder of IndiGo Airlines and Chairman of Southwest Airlines’ board, has secured the 29th position on Forbes’ 2025 list of America’s richest immigrants, with a net worth of $6.6 billion.

Forbes recently published its 2025 rankings of the richest Americans, highlighting a notable presence of immigrant billionaires among the country’s elite. While Elon Musk from South Africa, Sergey Brin from Russia, and Jensen Huang from Taiwan topped the list with net worths of $393.1 billion, $139.7 billion, and $137.9 billion respectively, the list also features Rakesh Gangwal at the 29th spot.

Gangwal, a prominent figure in the aviation industry, co-founded IndiGo Airlines, India’s largest airline by market share. He also serves as the Chairman of the board of directors for Southwest Airlines. His financial holdings are primarily tied to his 14 percent stake in InterGlobe Aviation, the parent company of IndiGo, based in Gurgaon, India. According to the Bloomberg Billionaire Index, his estimated net worth is around $7.83 billion, attributed largely to his interests in the aviation sector.

Born in 1953 in Kolkata, India, Gangwal obtained a bachelor’s degree in engineering from the India Institute of Technology Kanpur in 1975 and later pursued an MBA from the Wharton School at the University of Pennsylvania. His career began at Ford Motor Co. as a financial analyst, followed by a role as a production and planning engineer with Philips India.

Gangwal’s journey in the airline industry began in 1980 when he joined United Airlines. By 1984, he advanced to the position of manager for strategic planning. He furthered his career as an executive vice president for Air France in 1994 and later served as CEO of US Airways from 1998 until his resignation in 2001. In 2006, he co-founded IndiGo, which was publicly listed in 2015.

The Forbes list underscores the contributions and success of immigrant billionaires in the United States. India’s prominence is significant, topping the list with 12 immigrant billionaires, an increase from seven in 2022. It is followed by Israel and Taiwan, which each boast 11 immigrant billionaires. Canada and China have also shown increased numbers, contributing nine and eight billionaires, respectively, this year.

Germany and Iran each account for six US-based billionaire immigrants, while France, Hungary, and Ukraine follow with five and four, respectively. This year, a record 125 foreign-born individuals were named as billionaires in the United States, up from 92 in 2022.

The collective wealth of these immigrant billionaires stands at an impressive $1.3 trillion, which represents 18 percent of America’s total billionaire wealth of $7.2 trillion. A notable 93 percent of these individuals are self-made, with nearly 70 percent earning their fortunes in the technology and finance industries.

According to Source Name, this year’s list exemplifies the remarkable achievements and significant economic contributions of immigrants in the United States.

Rupee Hits Two-Week Low Amid Corporate Dollar Bids

July 16, 2025 Staff ReporterEconomy 0

The Indian rupee fell to a two-week low against the U.S. dollar, driven by corporate dollar demand and equity outflows amid uncertainties over U.S. trade policies.

The Indian rupee weakened past the 86 per U.S. dollar mark on Monday, reaching its lowest level in over two weeks. This decline is attributed to significant corporate dollar demand and equity-related outflows, traders reported, coinciding with uncertainties surrounding U.S. trade policies.

The rupee closed at 85.9850 against the U.S. dollar, marking a 0.2% decrease from its previous close at 85.80 on Friday. Earlier in the session, the currency dipped to 86.0475, its weakest point since June 25. Traders pointed to dollar demand from a major Indian conglomerate and other companies, alongside anticipated outflows from Indian equities, as key factors exerting pressure on the rupee.

India’s benchmark equity indices, the BSE Sensex and Nifty 50, both experienced a 0.3% decline, contrasting with the positive movements seen across most regional equities.

Meanwhile, European stocks also suffered losses, and the euro showed slight weakness against the dollar following U.S. President Donald Trump’s weekend threat to impose a 30% tariff on imports from the region, exacerbating the ongoing trade conflict.

In the U.S., equity futures were similarly affected, with the S&P 500 futures dropping by 0.3%. Analysts from ING suggested that these moves have not been more substantial because investors view these threats as a negotiation tactic by Washington to coax a deal from the other side.

India remains among the few major U.S. trading partners yet to receive a tariff notice. Further negotiations between Indian and U.S. officials are anticipated, focusing on areas of contention such as auto components, steel, and agricultural products.

Amit Pabari, managing director at FX advisory firm CR Forex, commented on the situation, noting that prospects for the rupee to strengthen are limited. He expects resistance for the rupee around the 85.40-85.50 levels.

Attention is now directed toward India’s consumer inflation data, expected later in the day. A Reuters poll of 50 economists suggests that inflation figures, buoyed by moderate food prices and a high base effect, have likely eased to a six-year low of 2.50% in June.

India Poised to Become World’s Third-Largest Economy

July 16, 2025 Staff ReporterEconomy 0

India is on course to become the world’s third-largest economy by 2028, driven by its robust macroeconomic indicators, urbanization, a rising middle class, and burgeoning industries.

India is well on its way to cementing its place among the world’s largest economies, having recently surpassed Japan to become the fourth-largest economy. Projections indicate that by 2028, India will surpass Germany to secure the third spot, driven by a Compound Annual Growth Rate (CAGR) of 9% in nominal GDP from 2025 to 2047. This growth trajectory is supported by strong macroeconomic fundamentals, a growing capital market, and ongoing structural reforms.

The resilience of India’s economy is evident despite external pressures, with nominal terms suggesting that India could become a USD 30 trillion economy by 2047. The country’s gross savings to GDP ratio is expected to improve, reaching a projected 48% by 2036-37, which will support investment-led growth. While concerns over the current account balance and currency depreciation persist, the services and manufacturing sectors remain crucial growth drivers.

Urbanization and infrastructure development are poised to be central to India’s economic ascent, with urban areas expected to contribute nearly 70% of India’s GDP by 2036. The country’s urbanization rate is projected to cross 50% in the coming decade, supported by the rise of megacities and megacorridors. Such urban transformation will be backed by significant investments, including more than USD 290 billion annually on infrastructure through 2030.

The growth of India’s middle class is another key factor, with an anticipated increase of more than 597 million people between 2015 and 2040. This demographic change is expected to drive over 75% of expenditure growth, opening up new market opportunities and reducing the percentage of destitute households significantly. States like Maharashtra, Gujarat, and Tamil Nadu are projected to reach a GDP of USD 1 trillion each by 2035, highlighting their role as economic powerhouses.

India’s thriving capital market, characterized by supportive policies and an expanding retail investor base, presents attractive investment opportunities. India has seen a growing interest in equities, with demat account ownership expected to rise significantly by 2035.

The manufacturing sector, supported by initiatives like ‘Make in India’ and ‘Production-Linked Incentive’, aims to exceed USD 2 trillion in exports by 2030. India is diversifying its trade to new markets and negotiating free trade agreements with major economies to bolster its manufacturing and export sectors.

Several industries promise exceptional growth and are central to India’s economic transformation. The automotive industry is expected to significantly expand its production capacity by 2030, while the chemicals sector focuses on specialty chemicals and sustainable production. The oil and gas industry, healthcare, space, and tech sectors also present significant growth opportunities, and combined, these industries shape the core of India’s economic future.

India’s space sector aims to capture a larger share of the global market, while its tech industry is projected to contribute significantly to GDP by 2030. The semiconductor and electronics industry has plans to develop domestic manufacturing capabilities and reduce reliance on imports.

The food and beverages sector is also on track to reach a trillion-dollar milestone by 2030, driven by food processing innovations and modern retail strategies. The synergy between these industries fuels India’s economic transformation, fostering growth and innovation.

As India stands on the brink of becoming an economic powerhouse, its growth trajectory signals a transformative journey. The potential to generate substantial manufacturing value, create new jobs, and lift millions out of poverty marks India’s significant economic transformation as it contributes to reshaping the global economic landscape.

According to Forbes, India’s economic juggernaut is set to accelerate further, creating a promising future for the nation and its people.

Tesla Unveils Mumbai Showroom After Years of Delay in India

July 15, 2025 Staff ReporterBusiness, India 0

Elon Musk’s Tesla has officially ventured into India, inaugurating its first showroom in Mumbai amid ongoing challenges in global markets and import duty concerns.

In a significant move for Tesla, the electric vehicle (EV) giant opened its inaugural showroom in India, providing the country with a tangible presence in the form of a new store in Mumbai’s Bandra Kurla Complex—the city’s prime commercial district. The opening event took place on Tuesday, amid increasing anticipation.

This showroom represents a culmination of Tesla’s efforts since 2016 when CEO Elon Musk announced pre-bookings for the Model 3 in countries beyond North America, including India. The new Mumbai location is complemented by a service center and warehouse, situated approximately six kilometers from the showroom, emphasizing Tesla’s commitment to establishing a firm foothold in India’s burgeoning EV market.

Recent months have seen Tesla import over $1 million worth of vehicles, chargers, and accessories from China and the United States, according to a Reuters report. The shipments reportedly included six Model Y vehicles, which are expected to be featured in the Mumbai showroom.

Staffing at the new Mumbai showroom involves over three dozen hired personnel, fulfilling roles such as store managers, sales, and service executives. The company has also advertised positions for supply chain engineers and vehicle operators, who will be responsible for data collection particularly relevant to Tesla’s autopilot features.

Tuesday’s inauguration comes at a crucial time for Tesla, marking its entry into the world’s third-largest car market while the company navigates declining sales in key global markets like China and faces issues related to surplus manufacturing capacity.

Despite the excitement surrounding Tesla’s entry into India, the company faces significant financial hurdles. The nation’s stringent import duties mean Tesla will have to pay around 70% import duty and other levies on the vehicles it brings into the country. Musk has previously voiced concerns over India’s high import tariffs, which could pose challenges to Tesla’s price competitiveness in the market.

Clearance from the authorities for the showroom has been achieved, with a senior regional official from the Regional Transport Office confirming that a trade certificate has been issued to Tesla India after a thorough inspection of its facilities, including the showroom, vehicle parking area, and warehouse.

Amid the anticipation and readiness to operate, a newly created Tesla India social media handle shared a message on X (formerly Twitter), stating, “Coming soon.”

The journey from announcement to the first showroom has been a process filled with ups and downs, particularly given Tesla’s initial announcement in 2016 that allowed Indian customers to place a refundable deposit for a Model 3 vehicle. Fast-forward to this year, Tesla refunded those reservation fees as the Model 3 has been discontinued. The company communicated to early bookers its plans to finalize offerings for India at a later stage.

The timing of Tesla’s entry into India aligns with strategic moves to reinvigorate company sales amid rising competition from Chinese EV competitors like BYD, which has been advancing in auto technology and pricing leadership. As a result, Tesla must navigate both competitive markets abroad and new markets at home.

While there have been governmental efforts to encourage local manufacturing through reduced duty incentives in exchange for significant investments, Tesla has shown little interest in such moves, preferring to focus on retail expansion for now. Union Heavy Industries Minister H D Kumaraswamy mentioned that while other global carmakers have shown interest in local manufacturing, Tesla appears more focused on opening its retail stores, with discussions of a second location potentially in Delhi.

As Tesla continues its foray into India, the company’s ability to navigate these complexities while leveraging its brand and technological prowess will be critical to its success, as it seeks to secure a place in one of the world’s fastest-growing auto markets.

According to Indian Express

Source: Original article

AI’s Impact on Job Market: Which Roles Are Threatened First?

July 15, 2025 Staff ReporterBusiness, Technology 0

As artificial intelligence rapidly automates repetitive tasks across various sectors, workers face a crossroads: embrace higher-value, human-driven roles or risk obsolescence.

Artificial intelligence (AI) continues to accelerate its reach into various fields, automating repetitive tasks and challenging the status quo of numerous professions. This technological evolution leaves workers at a critical juncture—adapting to higher-value roles that leverage human creativity and judgment or risking the potential obsolescence of their occupations.

A common reaction among professionals is skepticism regarding AI’s impact. Many have dabbled with AI tools once, found them lacking, and subsequently dismissed them as inconsequential. However, this underestimation belies the reality: AI is quietly reshaping industries through enhanced efficiency and cost-effectiveness, a progression often met with surprise by industry insiders who initially believed they had ample time to adapt.

Psychologists refer to this phenomenon as the “anchoring effect,” where individuals cling to familiar routines and downplay the visible changes around them. This mindset is illustrated by the case of Guy, a recruitment manager at a Herzliya-based tech firm. In a recent notification from his CEO, he learned that the efficiency of OpenAI’s Recruiter-GPT had outpaced human efforts—compressing a week’s work into hours, thus leading to a reduction of his team from five members to two.

The recruitment sector is not alone in facing such transformations. Legal professionals also notice AI’s prowess: A major firm drastically reduced the time needed to review complex real estate contracts, from 12 hours to a mere nine minutes, freeing lawyers to focus more on strategy and client consultation rather than mundane clause checks.

Such advancements are not merely theoretical; they are the operational realities of today. As AI systems such as GPT-4o and recruitment platforms like HeroHunt.ai’s Uwi efficiently handle candidate screenings, similar automation is poised to affect roles in administration, customer service, and more. Hence, the repetitive and rule-based tasks commonly found in many occupations are at considerable risk of being automated first.

Despite fears of job displacement, the landscape isn’t solely grim. New roles are emerging alongside technological advances. Professions that emphasize AI oversight—like AI ethics consulting, data verification, and professional prompt engineering—are gaining relevance. These roles underscore the continued necessity of human creativity and decision-making in an AI-enhanced economy.

Reflecting on historical precedents, it is essential to recognize how past innovations once faced skepticism. The candle maker, dismissive of the light bulb, and the horse trader, who underestimated the automobile, are reminders of the folly in clinging too tightly to the old ways.

In one notable example, a 2023 study by Harvard Business School and Boston Consulting Group studied GPT-4’s impact on strategic consulting. While initial concerns centered on AI undermining expertise, top consultants who embraced the technology found it augmented their work quality by 40%. They employed AI as a creative aid but ensured their professional judgment informed final decisions, turning a potential threat into an asset.

Ultimately, AI challenges society to hone its inherently human skills—creativity, empathy, and critical thinking. Optimists predict that AI’s ultimate benefit will be its role in compelling humanity to focus on these irreplaceable qualities, nurturing interpersonal connections and fostering deeper cultural and spiritual growth.

The road ahead may appear daunting, marked by both opportunities and challenges. Still, as AI’s footprint expands, it’s crucial to recognize that it doesn’t merely present a technological shift but a transformative moment, redefining the very essence of work and human potential.

For those maintaining that technology’s clang remains distant, it’s time to reassess and prepare for this inevitable change—not as a disruption but as an opportunity for reinvention and progress.

Source: Original article

Experts Predict AI to Generate New Jobs Despite Forecasts

July 13, 2025 Staff ReporterTechnology, Economy 0

The swift rise of artificial intelligence is reshaping labor markets, triggering both job displacement and the potential for new employment opportunities, analysts told ABC News.

The rapid integration of artificial intelligence (AI) in various industries has led to fears about the future of jobs, with some predicting a significant workforce upheaval. However, experts suggest that while AI may displace certain positions, it could also create new job opportunities, enabling workers to oversee and integrate AI tools or focus on creative and complex tasks that computers cannot manage alone.

Harry Holzer, a professor of public policy at Georgetown University and a former chief economist at the U.S. Department of Labor, argued that AI is not entirely beyond human control. “There are places where we do have control,” Holzer said regarding the potential changes incoming in the workforce due to AI.

Forecasts on the extent of job disruption caused by AI vary widely. Dario Amodei, CEO of Anthropic, warned in May that AI could potentially reduce U.S. entry-level jobs by half over the next five years. Conversely, the World Economic Forum conducted a survey of 1,000 large global companies, identifying AI as the primary driver of job creation by 2030. The survey estimated that AI could create 170 million jobs worldwide over five years, a number that significantly surpasses the 92 million jobs projected to be lost.

Historically, advances in technology have typically resulted in net job gains, a point observed by Ethan Mollick, a business professor at the University of Pennsylvania. Nonetheless, he noted that AI stands out as a unique technological challenge. “Every time that happens, we worry, ‘It will be different this time around.’ It may be different this time around – AI is a very different technology,” Mollick said, emphasizing the uncertainty surrounding AI’s impact on job markets.

In anticipation of AI’s growing influence, new AI-centered roles are already emerging across various sectors. According to Chris Martin, lead researcher at Glassdoor, the share of job listings focused on AI roles more than doubled between 2023 and 2024, with a subsequent 56% increase in 2025 compared to the previous year. These AI roles are divided into two broad categories: existing positions that have evolved to include AI tools and entirely new roles specifically created for AI-related tasks.

A large number of current AI roles involve adapting existing positions, like software engineers or attorneys, to focus on AI specialization. However, AI-centered jobs, such as those involved in AI training, are growing rapidly and predominantly operate on a freelance basis. Glassdoor data shows that AI training roles quadrupled in 2024 and continue to expand this year.

Some AI-specific positions have seen a decline. For example, the demand for “prompt engineers”—individuals who craft queries to produce effective AI responses—has diminished, as noted by Martin.

Looking ahead, there is little clarity about what new roles AI might bring about in the coming years. Some analysts suggest that AI could generate jobs focused on assessing AI outputs’ quality and authenticity. Others believe that AI could render such roles obsolete if it reaches a level of proficiency that eliminates the need for human oversight.

Experts like Mollick caution that the ultimate impact of AI on the labor market depends significantly on the technological evolution of AI systems. “The question in some ways is: What happens next with these systems,” Mollick noted.

Dave Autor, a professor at the Massachusetts Institute of Technology specializing in technological change and the labor force, highlighted the challenges in predicting newly created jobs in an AI-transformed economy. “We’re not good at predicting what the new work will be; we’re good at predicting how current work will change,” Autor stated.

The ongoing evolution of AI calls for caution among workers as they consider adapting to the future labor landscape, Mollick advised, warning against making significant career decisions based solely on current AI developments. “The worst thing you could do right now is make a complex career decision based on what AI is doing today, because we just don’t know,” he said.

The prospects of AI-driven career opportunities remain filled with uncertainty, leaving analysts and workers alike contemplating how best to position themselves for what lies ahead in the AI-revolutionized labor market.

Nvidia CEO Urges US to Onshore Technology Manufacturing

July 13, 2025 Staff ReporterTechnology, Economy 0

Jensen Huang, CEO of Nvidia, advocates for re-industrializing technology manufacturing in the U.S., emphasizing its economic and societal benefits.

During a recent interview with CNN’s Fareed Zakaria, Jensen Huang, the CEO of Nvidia, expressed strong support for re-industrializing the United States’ technology manufacturing sector. Based out of Santa Clara, California, Nvidia is a dominant player in the artificial intelligence (AI) chip market. According to Huang, the country should focus on revitalizing its manufacturing sector, which he believes is currently underdeveloped.

Huang highlighted the value of manufacturing skills in contributing to both economic growth and societal stability. “That passion, the skill, the craft of making things; the ability to make things is valuable for economic growth — it’s value for a stable society with people who can create a wonderful life and a wonderful career without having to get a PhD in physics,” Huang explained.

In recent years, the U.S. government has implemented various measures to rejuvenate domestic manufacturing. These have included significant tariffs aimed at invigorating the nation’s declining manufacturing industries, particularly in the automotive and energy sectors, and enhancing technology investments. In April, White House press secretary Karoline Leavitt stated, “President Trump has made it clear America cannot rely on China to manufacture critical technologies such as semiconductors, chips, smartphones, and laptops” following a temporary tariff pause on certain electronics.

Huang emphasized the strategic significance of onshoring manufacturing, suggesting that it would alleviate pressure on Taiwan, home to the world’s largest semiconductor manufacturer, Taiwan Semiconductor Manufacturing Company (TSMC). In March, former President Trump announced that TSMC would invest a minimum of $100 billion in U.S.-based manufacturing.

Huang remarked, “Having a rich ecosystem of industries and manufacturing so that we could, on the one hand, make the United States better but also reduce our dependency — sole dependency — on other countries, is a smart move.”

The growing investment in AI, which has spurred a notable technology boom, has raised discussions about its impact on the labor market. A report from the World Economic Forum in January indicated that 41% of employers plan to downsize their workforce by 2030 due to AI-driven automation.

Nvidia, which briefly achieved a market value of $4 trillion, has developed technologies that support data centers essential for the AI models and cloud services of companies like Microsoft, Amazon, and Google. “Everybody’s jobs will be affected. Some jobs will be lost. Many jobs will be created and what I hope is that the productivity gains that we see in all the industries will lift society,” Huang noted.

Huang also discussed the company’s internal use of AI, emphasizing its importance: “Every software engineer and chip designer at Nvidia uses AI, and I encourage it to the point of mandating it.”

The discussion extended to the ethical concerns surrounding AI, particularly with generative response platforms such as Elon Musk’s Grok and OpenAI’s ChatGPT, which have encountered various controversies. Grok faced criticism after Musk’s xAI altered the chatbot, allowing it to produce more “politically incorrect” responses, including content deemed antisemitic.

xAI released a statement on Saturday attributing Grok’s behavior to outdated code susceptible to user input on X, including extremist content. The code has since been rectified. Huang commented on the incident, describing Grok as “younger” but praised Musk’s advancements within 18 months. “Of course there’s the fine tuning, there’s the guardrailing, and that just takes time to polish,” he stated.

Concerns also arise around AI’s potential for “hallucinations,” where the technology generates incorrect information. Despite these risks, Huang maintains that these fears stem from a lack of understanding of AI’s interconnected systems designed for safety. He asserted that global standards and practices are crucial for maintaining security.

“It will be overwhelmingly positive. Some harm will be done. The world has to jump on top of it when it happens, but it will be overwhelmingly, incredibly powerful,” he remarked.

Huang further explored the role of AI in healthcare, suggesting that AI models could revolutionize drug discovery by learning about proteins and chemicals. This process, more complex than language modeling due to the extensive data involved, could lead to breakthroughs in disease understanding and treatment.

“Not only will we accelerate the discovery of drugs, we’ll improve our understanding of disease. But over time, we’re going to have virtual assistant researchers and scientists to help us essentially cure all disease,” Huang predicted. “I think that day is coming.”

Moreover, real-world applications of AI are expanding. Current generative models, like Google’s Veo 3, can create videos and Huang anticipates the development of robots capable of physical tasks, a process involving vision-language-action models distinct from large-language models.

“The technology exists today. It works today,” Huang asserted, anticipating widespread technological adoption in “three to five years.”

This profound transition underscores Huang’s perspective on enhancing U.S. manufacturing and the transformative potential of AI across various industries, both of which are poised to redefine economic and societal frameworks.

Hands-On Review: Samsung Galaxy Z Fold and Z Flip 7

July 13, 2025 Staff ReporterBusiness, Science & Technology 0

Samsung unveils its latest suite of foldable smartphones, including the Galaxy Z Fold 7, Z Flip 7, and a new, budget-friendly Z Flip 7 Fan Edition, bringing advanced functionalities and design refinements to its foldable lineup.

The tech giant Samsung has expanded its lineup of folding smartphones from two to three models, introducing a more affordable Fan Edition of the Galaxy Z Flip 7 alongside the Z Fold 7 and Z Flip 7. All three phones come with Android 16, One UI 8, and the latest Galaxy AI functionalities, with prices starting at $900 and reaching beyond $2,000. Each model showcases the company’s continued evolution towards a more refined and user-friendly foldable phone experience.

The seventh generation of the Z Fold series marks significant strides in design. The Galaxy Z Fold 7 is substantially thinner and lighter than its predecessors, measuring 0.35 inches when folded and 0.16 inches opened, with a weight of just 7.58 ounces. This design includes a new Advanced Armor Aluminum frame to reduce weight while enhancing strength. Samsung has also redesigned the Armor FlexHinge to improve movement fluidity and display protection. The slimmer, lighter form factor allows the device to be more comfortably portable, matching the ease of carrying a standard slab phone.

The same enhancements are applied to the Z Flip 7, which is slightly thinner at 0.26 inches and lighter, weighing 6.63 ounces. Changes include a broader and shorter construction, optimizing the aspect ratio for easier typing on both the outer and inner screens. The Flip 7 Fan Edition (FE) retains more of the Z Flip 6’s design attributes but remains a viable option for those seeking a functional foldable device without the full premium features.

Hinge durability has been a notable evolution across all models, with a more solid and smooth-feeling hinge that significantly differentiates them from the initial iterations’ creaky designs. Both the Z Fold 7 and Z Flip 7 are crafted using the durable Gorilla Glass Ceramic 2 in the front and Gorilla Glass Victus 2 at the rear, while the inner screen of the Fold has a new Grade 4 titanium layer for added protection. Details on the Flip 7 FE’s durability specifications were not disclosed.

Color choices are simpler this year. The Z Fold 7 is available in black, blue, or silver, while the Flip 7 comes in black, blue, or coral red. The FE’s minimalist options are black or white. Exclusive mint green versions of the Fold 7 and Flip 7 are available for online orders, offering vibrant alternatives that stand out.

Screen designs have seen favorable updates with a focus on usability. The Z Fold 7’s outer screen now measures 6.5 inches with a 21:9 aspect ratio, whilst the inner display has expanded to 8.0 inches, akin to a small tablet. Both screens maintain a 120Hz adaptive refresh rate and utilize Dynamic AMOLED 2x technology for exceptional sharpness and brightness. However, S Pen compatibility has been sacrificed in the Fold 7 to achieve its reduced thickness.

The Z Flip 7 enjoys a notable display upgrade, with its exterior screen growing to 4.1 inches, featuring narrow bezels that create a near-full glass facade. The inner screen has increased to 6.9 inches, with improved typing space due to a wider aspect ratio. Samsung has integrated Vision Booster technology to enhance outdoor visibility, ensuring the screen remains bright even in direct sunlight.

The Z Flip 7 FE maintains similarities with the previous Flip 6, with its smaller 3.6-inch Flex Window appearing more compact compared to the enhanced Flip 7.

Camera technology in the Z Fold 7 features the 200MP sensor from Samsung’s flagship S25 Ultra and an advanced ProVisual Engine for superior photo and video processing. The sensor captures images at varying resolutions, with improved capabilities for macro shots. The photography suite includes multiple camera options tailored for different shooting needs, such as telephoto and ultra-wide lenses.

Meanwhile, the Z Flip 7 possesses a 50MP main camera, supported by the same ProVisual Engine for enhanced image quality. Samsung has improved its selfie capabilities—a new Auto Zoom for effortless hands-free photos and a handy one-handed Zoom Slider allow precise control over zoom levels. The Flip 7 FE shares similar camera specifications but utilizes a different processing engine.

Under the hood, Samsung’s upgrades incorporate powerful components to maximize performance. The Z Fold 7 operates on Qualcomm’s Snapdragon 8 Gen Elite for Galaxy processor, carrying forward storage options of up to 1TB. The Z Flip 7 is equipped with a home-grown Exynos 2500 chip, coming with up to 512GB of storage and 12GB RAM. The specifics for the FE’s processor were not detailed, although storage options include 128GB and 256GB configurations.

Despite these advancements, the battery capacities remain unchanged from last year, with both the Z Fold 7 and Z Flip 7 continuing to offer equivalent battery life and charging speeds. The Z Fold 7 promises up to 26 hours of video playback, while the Z Flip 7 can reportedly reach 31 hours under optimal conditions. Samsung’s conservative approach to charging speed leaves both models at 25W wired charging, a step behind competitors boasting faster capabilities.

Connectivity includes the latest Bluetooth 5.4, Wi-Fi 7 support, and 5G compatibility, though details regarding which 5G frequencies are supported by each model were not fully provided. It is expected that the Fold and Flip 7 include comprehensive 5G support, while the FE model might have some limitations.

This year’s lineup signifies Samsung’s focused effort to consolidate design refinement, advanced hardware, and broader accessibility in the foldable smartphone market.

US-India Trade Talks Aim to Reduce Tariffs Below 20%

July 12, 2025July 16, 2025 Staff ReporterBusiness, Economy 0

The United States is pursuing an interim trade agreement with India that could lower proposed tariffs to below 20%, which may position India favorably compared to other nations in the region.

The United States is in the process of negotiating an interim trade deal with India, which may significantly reduce proposed tariffs to less than 20%, according to individuals familiar with the ongoing discussions. This development stands to elevate India’s status against its regional counterparts.

Unlike many other nations that have recently received tariff demand letters, India does not anticipate such a demand and expects that the trade arrangement will be formally announced through a statement. The interim deal would provide a framework for continued negotiations, offering New Delhi the opportunity to address unresolved issues before a broader agreement is potentially reached in the fall.

The anticipated statement is expected to set a baseline tariff under 20%, a reduction from the initially proposed 26%. However, the language within the statement is likely to allow for further negotiation of the rate as part of the final agreement. The precise timing of this interim deal remains uncertain.

If finalized, India would join a select group of trading partners that have secured agreements with the Trump administration. In contrast, numerous trading partners have been unsettled by recent announcements of tariffs as high as 50%, ahead of an August 1 deadline.

The Indian Ministry of Commerce and Industry, along with the White House and the Commerce Department, did not immediately respond to requests for comment regarding this potential agreement.

New Delhi aims to secure terms more favorable than those in the recent agreement reached between the United States and Vietnam, which saw import duties set at 20%. Vietnam, surprised by this rate, is still attempting to renegotiate. Besides Vietnam, the UK is the only nation with which President Trump has announced a trade deal.

In an interview with NBC News, President Trump mentioned contemplating blanket tariffs of 15% to 20% for most trading partners. Currently, the global baseline minimum levy affecting nearly all US trading partners stands at 10%.

Thus far, announced tariff rates for Asian nations range from 20% for both Vietnam and the Philippines to as high as 40% for Laos and Myanmar.

India was among the first countries to engage the White House in trade talks this year; however, tensions have surfaced in recent weeks. Although President Trump stated that an agreement with India is nearing completion, he simultaneously threatened additional tariffs due to India’s involvement in the BRICS group. A delegation of Indian negotiators is expected to travel to Washington soon to advance these talks.

India has already presented its best offer to the Trump administration and outlined the limits it is unwilling to cross during negotiations. However, the two countries remain entrenched in disputes over several key issues, including Washington’s request for India to open its market to genetically modified crops, which New Delhi has opposed on behalf of its farmers.

Some contentious topics, such as non-tariff barriers in the agricultural sector and regulatory processes within the pharmaceutical industry, continue to prevent the two nations from reaching a consensus, according to those familiar with the matter.

Source: Original article

JPMorgan Predicts $500 Billion Influx to Boost Stock Market

July 12, 2025 Staff ReporterBusiness, Economy, Finance/Economy 0

Retail investors are expected to drive a significant influx of capital into the U.S. stock market in the latter half of the year, potentially leading to gains of up to 10%, according to JPMorgan.

A major shift in the U.S. stock market is anticipated as JPMorgan strategists predict that retail investors will lead a $500 billion surge into equities during the second half of the year. This influx could result in stock market gains of 5% to 10%, despite recent market fluctuations.

The team, led by Nikolaos Panigirtzoglou, estimates that $360 billion in retail equity fund purchases remain after an initial spurt of buying earlier in the year. This prediction suggests that retail investors will resume significant equity purchases starting in July, having paused to take profits from gains made during a recovery in March and April.

According to the strategists, this pause in retail activity was not a fundamental change in behavior but a strategic move to capitalize on earlier stock market rebounds. They believe retail investors will soon ramp up their contributions to market activity.

In addition to retail interest, the analysis notes that hedge funds have already increased their market exposure following earlier reductions in risk, with limited potential for further buying. Funds employing computerized or quantitative models to select stocks have also decreased some exposure recently but may increase their activity later this year.

Pension funds and insurance companies, traditionally steady sellers of stocks favoring fixed income, are expected to continue this trend into 2025, with a projected net stock sell-off of around $360 billion this year.

Foreign investors represent another critical component, albeit one facing challenges. Panigirtzoglou and his team observe a so-called buyers’ strike among this group, attributed in part to concerns over the U.S. dollar’s weakness. However, they believe this situation is temporary, as the S&P 500 remains a vital growth segment of global equity markets that foreign investors cannot indefinitely shun. A stabilizing dollar could encourage these investors to re-enter U.S. equities, potentially contributing an additional $50 billion to $100 billion.

The ICE Dollar Index, which reflects the dollar’s value against other major currencies, hints at a possible stabilization trend. Should this occur, more favorable exchange conditions might usher foreign capital back into U.S. markets.

In market movements, the Dow Jones Industrial Average, S&P 500, and NASDAQ indices are experiencing flat to declining trends in early trading, while U.S. Treasury yields show slight increases. Bitcoin, despite trading below its all-time high, remains a key focus for investors.

Economic indicators also provide mixed signals; weekly jobless claims have dropped to nearly two-month lows at 227,000, with no evidence of layoffs tied to tariffs. Both St. Louis Federal Reserve President Alberto Musalem and San Francisco Federal Reserve President Mary Daly are scheduled for speaking engagements, potentially informing future economic expectations.

Corporate developments highlight significant transactions and earnings reports, such as WK Kellogg’s stock rally following a $3.1 billion acquisition deal with Ferrero Rocher. Meanwhile, Delta Air Lines shares surged by 10% after the airline boosted its profit outlook.

NVIDIA collaborator Taiwan Semiconductor has reported higher than expected second-quarter sales, further evidence of robust demand in the technology sector.

In contrast, media discussions remain focused on Elon Musk, who avoided commenting on the departure of X’s chief executive, Linda Yaccarino, instead emphasizing advancements in AI through Grok 4.

As these dynamics unfold, JPMorgan’s projections suggest that the potential for a significant retail investor-driven uplift in the stock market remains, adding intrigue to the remainder of the trading year.

Source: Original article

Ackman Offers One-Word Advice on Stock Market Trends

July 12, 2025 Staff ReporterBusiness, Economy, Finance/Economy 0

Recent developments in the stock market have sparked significant discussions regarding its resilience amid economic uncertainties, punctuated by a succinct one-word advisory from veteran hedge fund manager Bill Ackman.

The stock market has experienced a robust rally since April 9, when President Donald Trump temporarily halted the majority of the reciprocal tariffs he announced earlier in the month. This decision came after markets had responded negatively to the initial tariff impositions on April 2, known as Liberation Day. The suspension of tariffs provided relief to an oversold market, driving a remarkable recovery that saw the S&P 500 gain approximately 25% within three months.

The rally in stocks is especially noteworthy given the backdrop of a potentially faltering U.S. economy. Concerns over rising unemployment and persistent inflation have fueled worries about stagflation or a possible recession. With the unemployment rate climbing from 3.4% to 4.1% over the past year and inflation pressures still being felt, the economic outlook remains challenging.

This environment typically poses a tough scenario for stocks, which generally thrive during periods of economic growth, supported by increased consumer and business spending. Despite these conditions, stocks have nearly recovered the losses incurred during a near-bear market earlier this year.

Opinions diverge on the market’s trajectory from here. Optimists, or bulls, argue that the earlier market declines sufficiently accounted for the economic risks, paving the way for sustained gains. In contrast, pessimists, or bears, caution that the current valuations are high, and the economy’s struggles could hinder further progress.

Bill Ackman, a prominent figure on Wall Street, added a brief yet impactful perspective to the conversation this week. With a personal net worth of $8.2 billion, Ackman ranks 413th on Bloomberg’s Billionaires Index and manages Pershing Square, a hedge fund with $18 billion under its management. His succinct message to investors is noteworthy, given his extensive experience in the financial sector.

Divergent views on the economic impact of tariffs persist. Some believe that tariffs could significantly burden consumers already dealing with financial constraints, leading to reduced economic activity. Others assert that the risks associated with tariffs are overstated and temporary.

Despite the unemployment rate being relatively low, there has been a significant increase in layoffs. According to data from Challenger, Gray, & Christmas, over 696,000 layoffs have been announced this year through May, marking an 80% rise from the previous year.

The increase in unemployment has occurred alongside the most aggressive pace of interest rate hikes by the Federal Reserve in its history. The Federal Reserve raised interest rates by a total of 5% over 2022 and 2023 to combat inflation, which successfully reduced the CPI inflation rate from 8% to below 3%.

However, as inflationary pressures stabilized, the Federal Reserve pivoted to rate cuts late last year, reducing the Fed Funds Rate by 1%. Despite this, concerns over inflation, exacerbated by tariffs, have prompted the Federal Reserve to maintain a cautious stance, leaving rates unchanged and adopting a wait-and-see approach.

This cautious approach has faced criticism from the White House. President Trump has expressed dissatisfaction with Federal Reserve Chairman Jerome Powell for not cutting rates, which could mitigate some economic strains caused by tariffs. Despite this, Powell has maintained that patience is necessary for monetary policy decisions.

The Federal Reserve’s hesitancy coincides with projections of a slowing U.S. economy. The Fed and the World Bank anticipate that the GDP growth rate will slow from 2.8% last year to 1.4% this year. This slowdown exacerbates concerns about economic growth and limits potential government fiscal policy responses, given the substantial national deficit and debt levels.

The U.S. deficit exceeds $1.8 trillion, accounting for 6.4% of GDP, while total public debt is approximately 122% of GDP, a significant increase from 75% in 2008 during the Great Recession.

Despite these concerning indicators, the stock market seems to be focusing on potential positive outcomes, such as successful trade negotiations, retreating inflation expectations, and the belief that tariff-related risks are exaggerated, which might support corporate earnings growth.

Bill Ackman’s extensive experience, which dates back to the early 1990s, includes navigating major market events such as the Internet boom and bust, the Great Recession, and the COVID-19 pandemic. His insights are hence seen as valuable within the investment community.

According to TheStreet, his one-word message to investors on the current state of the stock market carries weight due to his substantial industry experience.

Source: Original article

U.S. Treasury Reports June Surplus Amid Rising Tariff Revenues

July 12, 2025 Staff ReporterBusiness, Finance/Economy 0

The U.S. Treasury Department reported an unexpected surplus of $27 billion in June, driven primarily by a significant increase in tariff receipts.

The U.S. government posted a surplus in June, driven by a rise in tariff collections, as reported by the Treasury Department on Friday.

Amid an overall increase in government spending throughout the year, the Treasury reported a $27 billion surplus for the month, contrasting sharply with a $316 billion deficit recorded in May.

Year-to-date, the fiscal deficit stands at $1.34 trillion, marking a 5% rise from the same period last year. However, after adjusting for the calendar, the deficit has slightly decreased by 1%. The fiscal year concludes on September 30, providing three more months for adjustments.

In June, the government’s receipts rose by 13% compared to the previous year, while expenditures decreased by 7%. Annually, receipts have experienced a 7% increase, with spending rising by 6%.

This occasion marks the first instance of a June surplus since 2017, during the initial term of President Donald Trump. The boost from tariffs has been a major factor in this development.

Customs duties reached approximately $27 billion in June, increasing from $23 billion in May and reflecting a 301% rise compared to June 2024. Annually, these collections have amounted to $113 billion, marking an 86% increase from the previous year.

In April, President Trump imposed a 10% tariff on imports, in addition to other select duties, and announced a series of reciprocal tariffs on various U.S. trading partners, which are still under negotiation.

The report highlights that the month’s results benefited from calendar adjustments, without which the deficit would have been $70 billion.

High Treasury yields continue to challenge federal finances, as net interest payments on the $36 trillion national debt totaled $84 billion in June, a slight decrease from May. However, these interest payments remain second only to Social Security in terms of government expenditure. So far this fiscal year, net interest has reached $749 billion, with total interest payments expected to hit $1.2 trillion by fiscal year-end.

President Trump has been urging the Federal Reserve to reduce short-term interest rates to alleviate the financial burdens of federal debt servicing. Nevertheless, market expectations indicate the central bank may not implement any rate cuts until September. Fed Chair Jerome Powell has expressed concerns over the possible inflationary effects of tariffs.

The Congressional Budget Office projects that Trump’s recently passed spending bill could increase the national debt by an additional $3.4 trillion over the next decade.

Source: Original article

Trump’s Bill Impact on Social Security Taxes Explained

July 11, 2025 Staff ReporterEconomy, Nation 0

The newly passed legislation includes a provision that offers a significant tax deduction for seniors, altering the landscape for tax obligations on Social Security benefits.

In the aftermath of Congress passing President Trump’s legislative package, many Americans received an intriguing email from the Social Security Administration. The email hailed the enactment of the new law and highlighted a provision that reportedly “eliminates federal income taxes on Social Security benefits for most beneficiaries.” However, according to experts, the email misrepresented the complexities of the legislation.

Although the legislation aligns with Trump’s campaign promise of “no tax on Social Security benefits,” it doesn’t provide a full tax exemption for Social Security benefits. Instead, the law introduces a new tax deduction specifically for individuals aged 65 and over. This is expected to reduce or eliminate the tax liabilities on Social Security benefits for a larger number of seniors.

Marc Goldwein, senior vice president at the Committee for a Responsible Federal Budget, explained, “The legislation that passed does make it so some people won’t pay taxes on their benefits because it increases their standard deduction.”

The newly introduced senior deduction is set at $6,000 annually for those aged 65 or older.

The controversial email, which carried the subject line “Social Security Applauds Passage of Legislation Providing Historic Tax Relief for Seniors,” marked a rare political outreach by the agency, as noted by experts.

Howard Gleckman, a senior fellow at the Urban-Brookings Tax Policy Center, criticized the email for being misleading. He stated, “The email included a number of assertions that simply are either not true or overstated, confusing recipients.”

One of the misleading points, according to Gleckman, was the implication that the bill had fundamentally altered the taxation of Social Security benefits. In reality, these benefits are still taxed similarly to other income, and the legislation does not change this.

The email further claimed that the bill “ensures that nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits.” While this aligns with estimates from the White House Council of Economic Advisers—indicating that 88% of older Social Security recipients may avoid taxation on their benefits—Gleckman pointed out that nearly two-thirds of these beneficiaries already avoid such taxes due to their lower income levels.

The Social Security Administration did not respond to NPR’s request for comments on these critiques. However, the agency eventually issued a correction online, clarifying the details about the new $6,000 deduction for seniors.

Howard Gleckman highlighted that the added deduction will be most beneficial to middle- and upper-middle-class seniors. Those with incomes ranging between $80,000 and $130,000 stand to gain the most, with an average tax cut of about $1,100.

Lower-income seniors are not expected to experience much of a change, as they generally earn too little to be liable for taxes. On the other hand, those with higher income—individuals earning over $175,000 or couples with incomes exceeding $250,000—would not be eligible for this new deduction.

Despite the apparent benefits, Gleckman expressed concerns regarding the financial health of Social Security. “Taxes paid on Social Security benefits contribute directly to the trust funds for Social Security and Medicare Part A. Cutting these taxes risks accelerating the insolvency of these trust funds,” he explained.

The Committee for a Responsible Federal Budget projects that this move could advance the timeline for trust fund insolvency to late 2032. Unless Congress enacts further changes, this could necessitate a 24% cut in Social Security benefits.

The email quoted Social Security Administration Commissioner Frank Bisignano, stating that the legislation “reaffirms President Trump’s promise to protect Social Security and helps ensure that seniors can better enjoy the retirement they’ve earned.” Nonetheless, easing the tax burden now may undermine the long-term sustainability of the Social Security system.

Nvidia Hits $4 Trillion Market Cap, Surpassing Apple and Microsoft

July 10, 2025 Staff ReporterBusiness, Economy, Technology 0

Nvidia has made history as the first company to achieve a $4 trillion market capitalization, highlighting its substantial influence in the global financial arena.

Nvidia has reached a historic milestone, becoming the first company to reach a market valuation of $4 trillion. This achievement underscores its dominant role in the global financial sector.

The chipmaker’s shares experienced a 2.8 percent rise to $164.42 on Wednesday, driven by the unwavering demand for artificial intelligence technologies and Nvidia’s strategic leadership in the AI hardware market. This surge has solidified Nvidia’s position on Wall Street as the most valuable company, surpassing long-standing industry giants Apple and Microsoft. Currently, Apple and Microsoft are the only other U.S. companies with valuations exceeding $3 trillion.

Nvidia first attained a $1 trillion market valuation in June 2023, and since then, the company’s growth trajectory has surpassed that of every other mega-cap stock. In a little over a year, its market value has more than tripled, achieving this milestone at a faster pace than Apple and Microsoft, which are currently valued at $3.01 trillion and $3.75 trillion respectively.

The company’s rebound has been remarkable, with its shares increasing by approximately 74 percent from their lowest point in April. This recovery follows a period of market instability triggered by U.S. President Donald Trump’s renewed tariff conflicts. During this time, investors were concerned about a potential slowdown in AI investments, particularly due to emerging competition from China’s DeepSeek. However, recent optimism surrounding new trade agreements has improved market sentiment, driving the S&P 500 to an unprecedented high.

Currently, Nvidia holds a 7.3 percent weighting on the S&P 500, the highest of any company, surpassing both Apple and Microsoft, which account for around 7 percent and 6 percent, respectively, according to Indian Express.

Source: Original article

Dr. Rajiv Shah Advocates Major Investments in US Economy

July 9, 2025 Staff ReporterBusiness, Science & Technology, U.S. 0

Dr. Rajiv J. Shah, president of The Rockefeller Foundation, has called on leaders to make significant investments to restore the accessibility of the American Dream.

During his keynote speech at the Cleveland Federal Reserve’s 2025 Policy Summit on June 26, Dr. Rajiv J. Shah emphasized the importance of bold, long-term investments to revitalize the American Dream, which he argues has become out of reach and unaffordable for many families across the United States.

Shah stressed, “Everyone deserves a chance to reach their American dream,” highlighting the growing challenges faced by numerous families striving for economic stability and prosperity in the current environment.

The summit provided a platform for stakeholders, including policymakers, researchers, and community leaders, to discuss potential strategies and solutions aimed at fostering economic opportunities and narrowing socio-economic disparities. Shah’s address sought to underscore the need for a collective and sustained effort to ensure that the American Dream remains attainable for future generations.

Source: Original article

ITServe Synergy 2025 in Puerto Rico To Connect – Lead – Inspire IT Leaders From Across the Nation

July 9, 2025 Staff ReporterBusiness, Technology 0

“I urge you all to register, come and be part of our Synergy 2025, ITServe Alliance’s annual conference, planned to be held at the Puerto Rico Convention Center, San Juan, PR from December 4th – 5th, 2025,” said Anju Vallabhaneni, President of ITServe Alliance. “Being held for the first time outside of the United States, at the popular Puerto Rico Convention Center, Synergy 2025 promises to Connect – Lead – Inspire IT Leaders From Across the Nation.”

According to Manish Mehra, Synergy Director, “ITServe Synergy is the premier annual conference where technology, entrepreneurship, and leadership converge. Being meticulously planned and organized by a highly energetic Team of ITServe leaders, Synergy 2025 will bring together the brightest minds from across the Technology world, businesses, and policy landscapes, driving innovation, fostering collaboration, and empowering the next generation of leaders. At Synergy, you will experience the energy, innovation, and connections that define Synergy!”

Organized by a team of dedicated Synergy leaders led by Manish Mehra, showcasing their unwavering dedication and support, who are committed to ensuring the seamless execution of this one-of-a-kind event, Synergy offers great benefits to Platinum, Elite, and Diamond members.

Networking, knowledge, and innovation unite over 3,000 CXOs from numerous multinational companies at Synergy 2025. They will hear from industry leaders, engage with lawmakers, and join interactive sessions to discuss trends, challenges, and opportunities in IT staffing and technology.

Suresh Kandala, Associate Director of Synergy, “Since its inception, Synergy has grown into a dynamic platform for knowledge sharing, networking, and advocacy. Our attendees include C-level executives, entrepreneurs, policymakers, industry experts, and thought leaders — all united by a shared vision of advancing the IT services industry in the United States.”

Known for outstanding world-renowned thought leaders in the technology and business world, ITServe Synergy has brought together a powerhouse lineup of global leaders, visionaries, and changemakers. From business icons and technology pioneers to policy influencers and leadership mentors, each speaker shared invaluable insights that shaped conversations and inspired innovation.

Raghu Chittimalla, Governing Board Chair of ITServe, while reminding “members of the comprehensive benefits offered to ITServe member companies to help your business thrive, I urge you to join in the incredible event that Synergy 2025 promises to be. Join us at Synergy 2025 to access the best support and resources tailored to your needs,” he said. “Mentoring, Networking, Education, Investing, Giving Back to the Community are only some of the numerous benefits ITServe offers to its 2,500 member companies.”

Siva Moopanar, President-Elect of ITServe said, “Come to be recognized as the voice of prestigious IT companies across the United States. Synergy 2025 will help you connect with like-minded professionals; help grow your business and navigate the fast-paced IT landscape with confidence.”

With an esteemed panel of keynote speakers, industry experts, and thought leaders, who will share their insights and best practices on a diverse range of topics, Synergy 2025 will focus on developing strategic relationships with our partner organizations, sponsors and supporters, to work for a better technology environment by building greater understanding.

Vallabhaneni expressed his gratitude for the generous support from the Grand Sponsors, Platinum Sponsors, and Event Sponsors, which is crucial in making Synergy a success. “Join us at ITServe Synergy where networking opportunities abound! Engage with industry leaders, innovators, and professionals,” he said.

As the largest association of IT services, staffing, and consulting organizations in the U.S., ITServe Alliance is your gateway to growth and collaboration. Our robust platform supports networking, knowledge sharing, and advancing business interests, helping you thrive in a competitive market. Join and experience the benefits of being part of a powerful community committed to your success. For more details please visit: www.itserve.org

Trump Announces Tariffs on Copper and Pharmaceutical Imports

July 9, 2025July 9, 2025 Staff ReporterPolitics, Business, USA 0

President Donald Trump has announced a new 50% tariff on all copper imports into the United States, though the timeline for its implementation remains uncertain.

President Donald Trump declared on Tuesday that a 50% tariff will be imposed on all copper imported into the U.S., continuing his administration’s pattern of leveraging tariffs as a strategic tool. However, details regarding when this new tariff will take effect are not yet clear.

“Today we’re doing copper,” Trump stated during a Cabinet meeting, indicating his administration’s decision to set the tariff at 50%.

This initiative marks the fourth broad-based tariff imposition by Trump in his second term. Previously, the administration set tariffs of 25% on imported cars and car parts, alongside 50% tariffs on imported steel and aluminum.

The White House has not yet provided CNN with any information about the timeline for enacting the copper tariffs.

The decision to impose a copper tariff follows a Section 232 investigation initiated in February, leveraging a legal framework that authorizes the president to impose tariffs for national security reasons.

Copper is integral to the manufacturing of numerous goods, including electronics, machinery, and automobiles. Imposing tariffs on copper could potentially elevate the cost of these goods for American consumers. Last year, the United States imported $17 billion worth of copper, according to data from the U.S. Commerce Department. Chile emerged as the largest supplier, exporting $6 billion worth of copper to the U.S. in 2024.

Following Trump’s announcement, copper prices soared to unprecedented levels. Copper futures in New York spiked by as much as 15%, reaching a record high of $5.68 per pound.

“I’ve been surprised it’s taken this long to get the copper tariff,” Ed Mills, a Washington policy analyst at Raymond James, remarked to CNN.

This year, copper prices have surged by 38%, reflecting a tendency to stockpile the metal in anticipation of tariff hikes.

“A 50% increase will be a massive tax on consumers of copper,” commented Ole Hansen, head of commodity strategy at Saxo Bank. “Watch what Trump does, not what he says,” Hansen advised, suggesting that a staggered tariff approach might be adopted to mitigate its impact on consumers.

In addition, Trump announced impending 200% tariffs on pharmaceuticals, noting that these could be delayed to incentivize pharmaceutical companies to relocate their operations to the U.S.

Although the president had exempted pharmaceutical imports from tariffs during his first term, he has been vocal about implementing such measures, citing national security concerns. An investigation into pharmaceutical imports commenced in mid-April, potentially paving the way for these tariffs.

Trump argues that increasing domestic pharmaceutical production is crucial for reducing reliance on foreign medicine supplies. Several pharmaceutical companies have announced plans to expand their manufacturing capacities within the U.S., some of which were initiated prior to Trump’s second term beginning in January.

The announcement of possible pharmaceutical tariffs prompted a reaction from Australia’s Treasurer, Jim Chalmers, who stated that the country is “urgently seeking” more details about this development given its potential impact on billions of dollars in exports to the U.S.

Additionally, on Monday, Trump extended a pause on “reciprocal” tariffs until August 1. These tariffs, originally set to resume in April, were scheduled to restart at 12:01 a.m. ET on Wednesday. In the interim, Trump has been actively communicating with foreign leaders about potential new tariff rates, pending further negotiations.

This article has been updated to include additional context and recent developments, according to CNN.

Dow Jones Drops as China Issues Tariff Warning to US

July 9, 2025 Staff ReporterBusiness, Finance/Economy, Global 0

The Dow Jones is expected to open lower on Tuesday after China issued a warning regarding U.S. tariffs, amid ongoing international trade tensions.

The Dow Jones Industrial Average (DJIA) is poised to start the trading session on a downward trend following a stern message from China to the Trump administration. On the previous day, President Trump dispatched letters detailing new tariff rates to representatives from 14 countries.

The People’s Daily, an official newspaper of the Central Committee of the Chinese Communist Party (CCP), emphasized that “dialogue and cooperation are the only correct path” in response to the tariff announcements. The newspaper criticized President Trump’s tariff policies, describing them as “bullying.”

In its statement, the People’s Daily warned that China would take retaliatory measures against any countries that exclude China from their supply chains while negotiating deals with the United States. “China firmly opposes any side striking a deal that sacrifices Chinese interests in exchange for tariff concessions,” the newspaper asserted.

President Trump has vowed to impose higher tariffs on countries that engage in transshipment—a method of circumventing tariffs on Chinese goods by passing them through intermediary countries. This strategic move aims to address tariff evasion concerns and tighten trade controls.

The Dow Jones ETF, indicated by the ticker DIA, reflected the market sentiment, showing a decline of 0.10% at the time of writing after experiencing a 0.91% drop on Monday.

This development underscores the ongoing complexities of global trade relations, with significant implications for international markets and supply chain dynamics.

According to TipRanks, these events continue to shape the economic discourse and market movements on a global scale.

Goldman Appoints Ex-UK Prime Minister Sunak as Adviser

July 9, 2025 Staff ReporterBusiness, Profile 0

Former UK Prime Minister Rishi Sunak has rejoined Goldman Sachs Group Inc. as a senior adviser, bringing his extensive experience back to the Wall Street bank nearly two decades after leaving his analyst role and a year after stepping down as Prime Minister.

Rishi Sunak, who led the United Kingdom as Prime Minister from October 2022 until July 2024, has signed on as a senior adviser with Goldman Sachs. In this new capacity, he will collaborate with leaders across the New York-based financial institution to provide clients worldwide with counsel on a diverse range of subjects, including macroeconomic issues and geopolitical dynamics, according to a statement from Goldman Sachs Chief Executive Officer David Solomon.

Sunak’s political career faced challenges, including guiding the Conservative Party to a significant defeat in the last general election. Despite this setback, Sunak continues to represent the Richmond and Northallerton constituency in northern England as a Member of Parliament. He previously committed to serving as an MP for the full term of the next Parliament, irrespective of the election results. Sunak’s successor as Prime Minister, Labour’s Keir Starmer, has the prerogative to call the next general election as late as mid-2029.

Sunak’s association with Goldman Sachs traces back to his early career, when he first joined as a summer intern in investment banking in 2000. Following his internship, he worked as an analyst from 2001 to 2004. His career trajectory took a new path afterward as he co-founded an investment firm that focused on working with companies on an international scale.

Beyond his professional achievements, Sunak and his wife, Akshata Murty, are noted for their wealth, with Murty being one of the wealthiest former residents of 10 Downing Street. Murty’s significant financial stake in Infosys Ltd., a software company established by her father, has contributed to this financial standing, with her wealth estimated to be over $700 million by the Bloomberg Billionaires Index.

Goldman Sachs, often colloquially referred to as “Government Sachs” due to its many connections with prominent government officials, has a history of hiring influential figures such as Canadian Prime Minister Mark Carney, Italy’s Mario Draghi, and former US Treasury Secretaries Henry Paulson and Steve Mnuchin.

Sunak’s transition to Goldman aligns with a broader trend seen among major Wall Street firms, which are increasingly bringing on board former politicians to enhance their clients’ geopolitical advisement. In similar moves, Citigroup has enlisted Donald Trump’s former trade representative Robert Lighthizer, and investment bank Centerview Partners brought in Trump’s former chief of staff Reince Priebus.

Prior to his premiership, Sunak served as Chancellor of the Exchequer from February 2020 to July 2022. His political career began as a Member of Parliament in 2015, after holding roles such as Chief Secretary to the Treasury and Parliamentary Under-Secretary of State at the Ministry of Housing, Communities, and Local Government.

According to News India Times, Sunak’s return to Goldman Sachs as an adviser underscores his enduring influence in both financial and political spheres.

US Tariffs Delayed to August 1 Amid Trade Negotiations

July 8, 2025 Staff ReporterDiplomacy, Economy 0

U.S. President Donald Trump has postponed the implementation of country-specific tariffs to August 1 to allow time for continued trade negotiations with several countries, including India.

Originally set for July 9, the tariffs have been delayed, as announced by Commerce Secretary Howard Lutnick. He stated that President Trump is currently establishing the rates and securing agreements regarding the tariffs, aimed at various nations.

President Trump expressed optimism about the negotiations, suggesting that he expects deals with most countries to be concluded by July 9. The process involves sending notification letters to trading partners about potential tariff hikes, slated to begin on Monday and continue into Tuesday. Trump emphasized the straightforwardness of the current approach, likening it to an ultimatum of sorts: to conduct business with the United States, countries must comply with specific tariff demands.

President Trump initially proposed a base tariff of 10 percent in April, with some tariffs potentially increasing to 50 percent, affecting multiple U.S. trading partners. To date, finalized trade agreements have been reached with the United Kingdom and Vietnam, with additional negotiations reported as ongoing.

U.S. Treasury Secretary Scott Bessent highlighted the urgency, indicating President Trump’s strategy to prompt swift resolutions. Bessent mentioned that letters would be sent to some trading partners, warning that failure to advance negotiations would result in tariffs reverting to April 2 levels by August 1. He anticipates this tactic will expedite the finalization of several trade agreements.

An Indian delegation, led by chief negotiator Rajesh Agrawal, has recently returned from talks in Washington. Despite extensive discussions, the U.S. and India have yet to finalize a comprehensive agreement. One of the major sticking points remains the U.S. demands concerning agricultural and dairy products.

In a broader context, President Trump announced an additional 10 percent tariff on countries that align themselves with BRICS anti-American policies, a move likely to impact several nations’ trade strategies with the United States.

According to IANS, these developments add pressure on U.S. trade partners to reach agreements that align with the new American trade policies.

Trump Bill Implementation Timeline: Key Aspects and Effects

July 8, 2025 Staff ReporterEconomy, Medicine, Politics 0

President Trump signed a tax cut and spending package, dubbed the “big, beautiful bill,” which enacts several sweeping fiscal changes, including permanent tax cuts, Medicaid reforms, and funding modifications for key federal programs.

In a celebratory move marking the Fourth of July, President Trump officially enacted a significant tax cut and spending bill into law. Promoted as the “big, beautiful bill,” the legislation aims to solidify previous tax cuts while making extensive modifications to federal funding, including Medicaid and food assistance programs, as well as education loans and energy incentives.

The newly signed law allocates increased funds for defense and the border wall, while making Trump’s earlier 2017 tax reductions permanent. However, these adjustments come with notable compensations: substantial cuts to Medicaid, food assistance programs like the Supplemental Nutrition Assistance Program (SNAP), student loan structures, and initiatives promoting clean energy.

Healthcare coverage under Medicaid is particularly affected, with the Congressional Budget Office estimating that about 16 million Americans could lose their health insurance by 2034. This would result from cuts to Medicaid funding, as well as changes affecting the Affordable Care Act marketplace.

Among the controversial changes are new work requirements for Medicaid recipients. Adults aged 19 to 64 must work a minimum of 80 hours monthly to maintain Medicaid coverage, with exemptions granted for those with dependent children or specific medical conditions. While funding changes are postponed until 2028, these work requirements are slated to be implemented by December 31, 2026.

The SNAP program will also experience transformations in both funding and eligibility criteria. Starting in 2028, states with a payment error rate of 6 percent or more will need to partially fund SNAP, although those with the highest error rates can delay these contributions by two more years. Furthermore, the age threshold for work requirements is extended from 54 to 64, affecting most adults unless they have children under 14.

In terms of tax modifications, the legislation assures permanence for the 2017 tax cuts and introduces several significant updates. Residents of high-tax states like New York and California will benefit from increased deductions related to state and local taxes, lasting through 2028. Working-class individuals will encounter new provisions, such as tax-deductible tips under $25,000 and tax-deductible overtime pay up to $12,500, both aimed to conclude in 2028.

Additional tax adjustments include reforms to the child tax credit, now set at $2,200 per child with inflation adjustments beginning next year, and an increased deduction for Americans over 65, amounting to an extra $6,000 through 2028.

The bill also scales back initiatives from the 2022 Inflation Reduction Act targeting clean energy. Notable eliminations include electric vehicle tax credits commencing September 30 of this year and other energy-related tax incentives phased out starting next year. Further, the Greenhouse Gas Reduction Fund, supporting local emissions projects, will be concluded, albeit existing contracts are expected to remain intact.

Educational finance sees restructuring with the replacement of Grad PLUS loans and repayment options like the SAVE Plan. The introduction of Repayment Assistance Plan options and standard repayment plans will limit borrowing to $100,000 for many graduate students and $200,000 for professional students. These changes, including adjustments to endowments-based tax rates on colleges, are to be enforced by July 2026.

In a statement on the sweeping implications of the new law, Republicans advocate the permanence of the tax cuts ahead of upcoming elections, viewing them as an appealing factor for voters. Meanwhile, Democrats and various advocacy groups voice concerns about the anticipated impacts on healthcare access and financial support for vulnerable populations.

The complexities of implementation timescales across different sectors, coupled with political and public reception, will likely shape the ensuing economic landscape in the lead-up to the 2026 midterm elections, according to The Hill.

Source: Original article

Bill Gates Falls from Top 10 Richest, Ex-Microsoft CEO Enters

July 7, 2025 Staff ReporterBusiness, World 0

Microsoft founder Bill Gates has fallen out of the top ten list of America’s wealthiest individuals, a significant shift linked primarily to his 2021 divorce from Melinda French Gates.

Bill Gates, the iconic founder of Microsoft, has experienced a notable decline in his status among the wealthiest individuals in America. His ranking has plummeted to No. 9 on the 2023 list of America’s wealthiest, a drop from his previous rank of No. 6. For almost two decades, beginning in 1990, Gates consistently appeared as either the richest or the second-richest person on these prestigious lists.

The primary reason for this shift in Gates’ wealth standing is his highly publicized divorce from Melinda French Gates in 2021. The divorce settlement, which turned out to be nearly triple what was initially projected, served as a significant blow to his net worth. Melinda French Gates has now emerged as one of the richest women in the United States following the division of their assets.

The divorce settlement has notably increased Melinda French Gates’ financial standing, with her current net worth soaring to around $29 billion from $10.3 billion just a year ago. This ascent makes her the ninth-richest woman in the country.

As Bill Gates’ net worth has taken a hit, he remains devoted to his philanthropic missions. The Bill & Melinda Gates Foundation continues to target global health and development, although questions persist about the foundation’s future trajectory in the absence of Melinda’s leadership.

Gates has openly stated in media interviews that a decline in his wealth ranking was inevitable. He also mentioned there’s a possibility that he and Melinda may not continue working together on philanthropic initiatives, yet he reaffirmed that the Gates Foundation plans to operate for another 25 years.

Meanwhile, Melinda French Gates has launched her own philanthropic venture, Pivotal Ventures, focusing on empowering women and families.

According to The Times of India, Gates’ wealth and philanthropic strategies continue to capture global attention, highlighting ongoing discussions about wealth, partnerships, and the future of their foundation.

Source: Original article

India’s Engineering Advances Global Innovation, Says Piyush Goyal

July 7, 2025 Staff ReporterBusiness, Economy 0

India is rapidly enhancing its position in global supply chains, driven by significant advancements in engineering and innovation, said Commerce and Industry Minister Piyush Goyal.

India’s engineering prowess is positioning the country as a central player in some of the world’s most sophisticated sectors, Commerce and Industry Minister Piyush Goyal remarked recently. Emphasizing India’s ambitious plans within global supply chains, Goyal described how the country aims to evolve into a globally trusted partner by focusing on design, patenting, and production.

During his visit to the KIADB Aerospace Special Economic Zone (SEZ) in Devanahalli, Karnataka, Goyal applauded the collaborative efforts of Safran Aircraft Engines and Hindustan Aeronautics Limited (HAL). These partnerships, he noted, are central to India’s growing footprint in the aerospace sector. Goyal also used the visit as an opportunity to engage with industry leaders to gather insights that will inform future policy decisions.

The visit takes place against the backdrop of significant developments in Indo-French aerospace relations. At the 2023 Paris Air Show, HAL and Safran solidified their collaboration by signing an agreement focused on the industrialization and production of rotating parts for LEAP engines. These components are crucial for next-generation aircraft, and the agreement builds on a Memorandum of Understanding signed in October 2023 and a contract for the production of forged parts slated for February 2024.

Safran’s investment in India extends across multiple locations, including Hyderabad, Bengaluru, and Goa, where it operates five manufacturing facilities. The partnership with HAL marks a pivotal moment as the collaboration now extends to forging Inconel parts, further enhancing India’s aerospace manufacturing capabilities.

Dr. D.K. Sunil, Chairman and Managing Director of HAL, expressed pride in deepening the partnership with Safran, which he said would advance India’s expertise in high-performance alloys. This sentiment underscores the strategic importance of the collaborative ventures, which are seen as key drivers of innovation and industrial growth within the aerospace sector.

The continuous expansion of global capability centers in India reflects a broader trend of international companies harnessing India’s engineering talent to drive innovation. As these centers grow, the potential for India to innovate, patent, and produce at a global standard becomes increasingly feasible, further embedding the nation within the global supply chain.

According to IANS, these developments collectively signify a robust commitment to strengthening India’s role in global industries through cutting-edge technology and strategic collaborations.

Tesla CFO Taneja Appointed Treasurer of Musk’s Political Party

July 7, 2025July 16, 2025 Staff ReporterPolitics, Business 0

Tesla CFO Vaibhav Taneja has been appointed as treasurer of the newly established America Party, founded by Elon Musk in response to recent political developments.

Tesla’s Chief Financial Officer Vaibhav Taneja, originally from India, has been named treasurer of Elon Musk’s America Party, according to documents filed with the Federal Election Commission (FEC). This appointment comes as a part of Musk’s political initiative launched in early July following his disagreement with President Donald Trump over the ‘Big, Beautiful Bill’.

The FEC filing reveals that the headquarters of the America Party is located at 1 Rocker Road in Hawthorne, California. Taneja’s responsibilities within the party encompass the roles of both treasurer and custodian of records, with his Tesla-affiliated address appearing in the official paperwork, which has since been circulating on social media.

The inception of the America Party was officially announced by Musk shortly after Trump enacted the controversial bill. Reflecting Musk’s proactive approach to political engagement, he posted on the platform X, formerly known as Twitter, stating, “By a factor of 2 to 1, you want a new political party and you shall have it! Today, the America Party is formed to give you back your freedom.” As of now, Musk remains the party’s sole declared candidate.

In his new role as treasurer, Taneja will be in charge of the party’s financial oversight. His duties involve managing contributions, monitoring expenditures, and ensuring adherence to federal campaign finance regulations. This critical role requires him to maintain meticulous records of all financial transactions and prevent any illicit financial activities.

Vaibhav Taneja assumed the role of CFO at Tesla in August 2023, succeeding Zach Kirkhorn. Taneja possesses extensive expertise in corporate financial management, having joined Tesla in 2017 through its acquisition of SolarCity. Prior to becoming CFO, he served as Tesla’s Chief Accounting Officer and Corporate Controller.

Before his association with Tesla, Taneja had a noteworthy career at PricewaterhouseCoopers spanning nearly 17 years, where he provided consultancy services to major corporations regarding financial strategy and regulatory compliance.

His appointment as treasurer of the America Party highlights his significant experience and trusted position within Musk’s ventures, as he takes on a pivotal role in navigating the financial dimensions of this newly formed political entity.

India’s Economic Equality: Examining the Real Data

July 7, 2025 Staff ReporterBusiness, Economy 0

Contrary to recent media reports claiming India is one of the most equal countries, a misinterpretation of a World Bank report reveals India’s persistent and worsening inequality.

Recent media narratives suggesting that India ranks as the fourth most equal country globally have been challenged following a deeper analysis of a World Bank report. These claims mistakenly stem from a Press Information Bureau (PIB) release that inaccurately interpreted statistical data, resulting in significant misreporting. Far from being among the most equal, India ranks 176 out of 216 countries in terms of income inequality as of 2019.

The erroneous claim was originally propagated by several major Indian newspapers, including The Hindu, Business Standard, The Times of India, and The Indian Express, which referenced the purported findings of the World Bank. A closer examination reveals the figures that led to this misleading depiction of India’s position.

The Press Information Bureau utilized a figure from the World Bank brief that showed India’s consumption-based Gini index improving from 28.8 in 2011-12 to 25.5 in 2022-23. However, this statistic, reflecting consumption inequality, was improperly compared to countries whose equality is gauged through income inequality measures. This basic statistical error is critical as consumption Gini indices typically appear lower than income ones because wealthier individuals tend to save more, leading to skewed comparisons.

Further compounding the confusion, the World Bank did not make or endorse any such comparative analysis. It highlighted the challenges in obtaining accurate depictions of consumption inequality due to limitations in data, emphasizing that the figures could be underestimated. The methodology of India’s 2022-23 Household Consumption Expenditure Survey differed significantly from the previous survey in 2011-12, raising concerns about data comparability over time.

India’s income Gini index, a more suitable metric for international comparisons, stands at 61 for both 2019 and 2023. According to the World Inequality Database, this figure indicates deepening inequality over decades, marking an increase from an earlier ranking of 115 in 2009. Furthermore, the country’s wealth inequality index soars at 75 in 2023, indicating pronounced disparities.

In alternative measures like per capita calorie intake, an indicator of food consumption inequality, India ranked 102nd out of 185 countries in 2019, down from 82nd in 2009. This decline further underscores India’s increasing inequality across various metrics.

The misrepresentation of India’s inequality status is not just an oversight but a severe distortion of reality, potentially leading to complacency and undermining efforts to address pressing socio-economic issues. The dissemination of inaccurate statistics by trusted media outlets could impede the necessary policy interventions required to tackle inequality effectively.

Ultimately, scrutinizing and accurately interpreting data is essential, especially when discussing social inequality, as it reflects the lived realities of millions. Addressing these disparities is imperative for equitable development, necessitating informed policy decisions based on accurate data analyses.

According to The Wire, the importance of discerning accurate data remains crucial, highlighting the urgent need for vigilant fact-checking to avoid misleading narratives.

Source: Original article

Trump’s Bill Reduces Remittance Tax for Indians to 1%

July 7, 2025July 16, 2025 Staff ReporterNation, Economy, USA 0

President Donald Trump’s One Big Beautiful Bill Act has advanced in the Senate, featuring a reduced 1% tax on remittances, offering relief to Indian professionals and non-resident Indians (NRIs) in the U.S.

In a significant development for Indian professionals and non-resident Indians (NRIs) in the United States, President Donald Trump’s One Big Beautiful Bill Act has managed to surmount a major hurdle in the Senate, now offering a considerably lowered remittance tax of 1%. This development is seen as a substantial relief from the originally proposed 5% tax rate, which had initially drawn widespread concern.

The updated draft of the bill now implements a mere 1% tax on remittances sent via cash, money orders, or cashier’s checks. This marks a substantial reduction from the 5% rate proposed in May, which was later downscaled to 3.5% in the House version of the bill. The reduced tax rate applies to remittance transfers not made through financial institutions or using a debit or credit card issued in the United States.

The initial draft of the bill passed by the House of Representatives in May caused alarm among many Indian professionals due to its high proposed tax, affecting non-U.S. citizens, including those on Green Cards and temporary visas like H-1B and H-2A. Remittances comprise a significant component of India’s foreign income, making the tax rate particularly relevant for Indian nationals residing abroad.

Data from the Migration Policy Institute, as cited by The Times of India, indicated that approximately 2.9 million Indians were living in the U.S. as of 2023, making them the second-largest foreign-born demographic in the country. Additionally, the World Bank reported in 2024 that India was the largest recipient of international remittances, accumulating $129 billion, with 28% of these remittances originating from the U.S.

In light of these statistics, the remittance policy is pivotal for states like Kerala, Uttar Pradesh, and Bihar, where remittances are a crucial financial lifeline for millions of households.

Despite the remittance tax relief, the One Big Beautiful Bill Act includes contentious elements such as a $150 billion increase in military spending, mass deportation measures, and funding for a border wall. To offset these expenses, the bill proposes substantial cuts to federal programs, including Medicaid and incentives for clean energy, inciting opposition from various political factions, including divisions within the Republican Party itself.

This policy proposal has led to public disagreements, notably between President Trump and Tesla CEO Elon Musk, who lashed out at the bill as “utterly insane,” cautioning that it would jeopardize millions of American jobs.

The flag-bearing piece of legislation narrowly passed a Senate vote by 51-49, pushing it forward for further Senate discussions. According to Al Jazeera, President Trump aims to see the bill enacted by Congress before the Fourth of July.

Source: Original article

Banks and Telecom Surpass Tech in H-1B Visa Hiring

July 6, 2025July 8, 2025 Staff ReporterImmigration, Business 0

Major banks and telecommunications companies have surpassed technology giants as the leading recruiters of H-1B visa workers in recent years, reshaping the landscape of foreign talent employment in the United States.

From May 2020 to May 2024, significant players such as Citigroup, AT&T, and Capital One have emerged as top recruiters of foreign labor through staffing and outsourcing agencies, according to data analyzed by Bloomberg. This trend marks a notable shift from previous years, where technology firms in Silicon Valley dominated H-1B visa hiring.

The H-1B visa is crucial for U.S. companies requiring individuals for specialty occupations demanding theoretical or technical expertise. Fields actively engaging H-1B workers include information technology, engineering, finance, and healthcare.

Applicants must possess a job offer from a U.S. employer and hold at least a bachelor’s degree or its equivalent in their field to qualify for the visa. The initial grant is for up to three years and can be extended to a maximum of six. Each fiscal year, the U.S. government issues 65,000 H-1B visas with an additional 20,000 allotted to applicants with a U.S. master’s degree or higher.

The perpetual high demand for these visas has necessitated a lottery system. Employers are required to submit a Labor Condition Application to ensure fair wages and working conditions for their H-1B employees. This program remains critical for enabling U.S. businesses to leverage global talent and address skill shortages.

India has consistently emerged as a leading source of H-1B applicants. The country accounts for roughly 70–75% of all petitions due to its robust tech industry and close ties with U.S. technology firms. China follows as the second-largest contributor, contributing about 11–13% of applications. Other countries like Canada, South Korea, and the Philippines each represent under 1% of the total.

The global workforce distribution, particularly in IT, engineering, and healthcare, highlights how U.S. companies rely heavily on skilled professionals from these countries to meet their labor demands.

Bloomberg’s report reveals that Citigroup Inc. added over 3,000 new H-1B workers during this four-year span—surpassing prominent tech companies like Nvidia, Oracle, and Qualcomm. However, most of these hires are not direct employees but rather contractors through third-party firms. A significant portion came via outsourcing companies like Tata Consultancy Services Ltd. (TCS), which is currently under investigation by the U.S. Equal Employment Opportunity Commission for possible discrimination against non-Indian workers.

In response to these allegations, a spokesperson for TCS stated, “Allegations that TCS engages in unlawful discrimination are meritless and misleading. TCS has a strong track record of being an equal opportunity employer in the US, embracing the highest levels of integrity and values in our operations.”

Citigroup also addressed questions about their hiring approach, saying, “We supplement our 71,000 US workers with highly skilled H-1B visa holders to address specific, timely needs. When we do so, we follow relevant laws and regulations, including anti-discrimination laws.”

Bloomberg’s analysis suggests that H-1B contractors receive significantly lower compensation than their direct counterparts. While software developers through staffing agencies reported median earnings of $94,000, those directly employed earned $142,000, even while factoring in job title, education, and experience.

The disparity in wages has drawn criticism concerning the program’s aim to recruit the highest caliber of professionals. “If the whole purpose of this program is to hire the best of the best, then why aren’t we seeing higher wages?” remarked Susan Houseman of the W.E. Upjohn Institute, after examining the findings.

Despite this critique, proponents of the H-1B program argue it addresses critical skill shortages in the U.S. workforce by bringing in unique expertise that complements the existing labor pool and maintains company competitiveness globally. They further assert that there are built-in protections to guard against wage abuse, though acknowledging that enforcement poses challenges.

The redirection of H-1B workers from tech to telecom and banking indicates that skilled foreign professionals are increasingly finding career opportunities outside of traditional technology firms.

According to Bloomberg.

Source: Original article

SIM Cards Replaced by New Mobile Technology System

July 6, 2025July 9, 2025 Staff ReporterBusiness, Technology 0

The telecommunications industry in Spain is on the cusp of a significant shift as it moves towards adopting eSIM technology, marking the beginning of the end for traditional SIM cards.

The telecommunications landscape is undergoing rapid evolution, and Spain is poised to bid farewell to the SIM cards that have powered mobile devices since their inception. The future of mobile connectivity lies in the technological innovation that eSIM brings. Historically, mobile phones have relied on a physical card as an essential component of the GSM network. Nonetheless, telecom companies in Spain are now facilitating the transition from conventional SIM cards to the new eSIM technology.

The SIM card, standing for Subscriber Identity Module, is a physical card that contains identification data utilized in mobile phones. Introduced in July 1991, it became a necessary element of the GSM network, ensuring that a phone could connect to a teleoperator network, and helping to identify the user’s phone line and contractual details. While phone numbers still function as the main identification linked to contracts, the once mandatory method of network operation is nearing obsolescence.

The advent of eSIM technology represents a paradigm shift from traditional physical SIM cards to digital versions. Without the need for a physical card, eSIM can be activated remotely via a QR code or operator application, offering several advantages:

Firstly, eSIMs can store multiple profiles from different operators on a single device, allowing users to effortlessly switch between lines or data plans. This is particularly advantageous for travelers, as it enables them to activate local data plans without swapping out cards. Additionally, eSIMs enhance security by eliminating the risk of theft or loss associated with physical SIMs. They are also compatible with nearly all devices currently available in the market.

Activating an eSIM is often straightforward and cost-free for consumers. Customers typically initiate the process through their operator’s app, by phone, or at physical stores. Despite this, some services, such as MultiSIM, which allows a main line to be used across multiple devices simultaneously, incur an additional charge. In Spain, companies like Movistar offer eSIM activation for free, while others, such as Orange or Vodafone, charge between €5 and €10.

eSIM technology offers significant benefits not only to consumers but also to businesses. The ability to connect multiple devices with a single line could streamline operations substantially for telecommunications firms. Moreover, the capability to maintain different numbers across countries presents a competitive edge, particularly for frequent travelers. The physical removal of the SIM card translates to cost reductions as well.

Currently, eSIM activation is available to any customer across carriers, with the caveat that the device in use must support it. While physical SIM cards remain in use, their popularity is waning as digital alternatives garner favor. In the greater context of technological advancement and connectivity, eSIMs are paving the way for more accessible, efficient, and global communication.

Source: Original article

Google CEO Sundar Pichai’s Daily Routine and Productivity Tips

July 6, 2025 Staff ReporterTechnology, Business 0

Google CEO Sundar Pichai maintains a balanced daily routine that emphasizes simplicity, family time, and productive leadership to steer one of the world’s leading technology companies.

Sundar Pichai, the 53-year-old CEO of Google and Alphabet, manages his demanding role by adhering to a surprisingly straightforward daily routine. Pichai, born on June 10, 1972, is an Indian-American executive leading one of the world’s largest tech conglomerates. Despite the pressures associated with his position, he fosters an environment focused on efficiency and calm leadership.

Pichai tackles the day with a slow start, prioritizing a balanced and mindful morning. He wakes up between 6:30 a.m. and 7:00 a.m., enjoying a good night’s sleep before engaging with the world. Rather than diving into emails or meetings immediately, Pichai begins his day with a simple breakfast of tea, toast, and eggs while catching up on headlines from The Wall Street Journal and The New York Times, opting for the tactile nature of physical newspapers.

Even as he helms both Google and Alphabet, Pichai’s work schedule remains structured yet intense. His workday typically runs from 8:00 a.m. until 6:00 p.m. or later, often extending to 10–12 hours filled with critical meetings, decision-making processes, and strategic planning for major projects involving AI, search, and cloud innovations. Yet, he emphasizes productivity over lengthy hours, often citing the importance of work-life balance in leadership.

A hallmark of Pichai’s leadership is his composed and thoughtful style. He strategically avoids engaging with his phone first thing in the morning, thus setting a tranquil tone that resonates throughout his day. Pichai makes decisions carefully, delegates duties effectively, and avoids micromanaging, cultivating an innovative and low-pressure working atmosphere at Google where open discussions and teamwork are encouraged.

Balancing his intensive professional life, Pichai remains dedicated to his family and personal interests. Living in California with his wife, Anjali, and their two children, he allocates evenings to family dinners and catching up on their daily activities. He is an avid sports enthusiast, with particular interests in cricket and tennis, following the games passionately. Not just a tech leader, Pichai often experiments with new gadgets and stays attuned to technological advances.

Pichai, an advocate for lifelong learning, frequently indulges in books covering biographies, business, and technology. His approach to diet is similarly understated; meals are healthy and simple, featuring a blend of vegetables, grains, and proteins. He favors home-cooked Indian dishes for dinner and maintains hydration throughout the day to fend off fatigue.

As his day winds down, Pichai enjoys unwinding with sports or TV shows and typically goes to bed between 10:30 p.m. and 11:00 p.m., ensuring ample rest for the coming day.

Pichai’s philosophy is captured in his belief that success derives from a deliberate, composed approach rather than the high stress synonymous with executive roles. His routine underscores a dedication to personal health, family time, and clear, visionary leadership. Such practices highlight that effective leadership and sustained success often stem from balanced, thoughtful living.

“The right moral compass is trying hard to think about what customers want,” Pichai has said, encapsulating his customer-centric philosophy, which guides his leadership strategy.

According to CEO Today Magazine, despite his noteworthy achievements, Pichai’s estimated net worth is around $700 million as of 2025, substantially accumulated through stock options and compensation from Alphabet. His annual salary is $2 million, but inclusive earnings from stock grants and bonuses can soar past $200 million in high-performing years. His wife, Anjali, an Indian from Kota, Rajasthan, also shares their educational background at the Indian Institute of Technology (IIT) Kharagpur, where they met.

Sundar Pichai possesses impressive academic credentials, holding a Bachelor’s degree in Metallurgical Engineering from IIT Kharagpur, a Master’s in Material Sciences and Engineering from Stanford University, and an MBA from the Wharton School at the University of Pennsylvania.

US Dollar’s Poor Start: Impact on Consumers and Economy

July 6, 2025 Staff ReporterEconomy, Finance/Economy 0

The U.S. dollar is experiencing its worst start to the year in over 50 years, raising concerns about inflation, increasing prices for consumers, and impacting international travel.

The U.S. dollar is facing its most challenging start in more than five decades, with substantial ramifications for the economy and consumers. This year, the dollar has lost over 10% of its value against a basket of foreign currencies that are integral to U.S. trade relationships.

This decline is largely attributed to growing investor anxiety over the potential for inflation to devalue the currency. Contributory factors include a major spending bill passed by Congress, which could exacerbate the longstanding issue of U.S. debt, as well as President Donald Trump’s unpredictable trade policies and criticism of the Federal Reserve. These elements have collectively cast doubt on the stability of the U.S. economy and diminished the dollar’s reputation as a “safe haven” asset, analysts told ABC News.

The fundamentals of currency value, such as supply and demand, have turned against the U.S. dollar. Historically, the dollar has been resilient due to consistent demand rooted in the perceived strength and stability of the U.S. economy. During times of global economic or political instability, investors typically view the U.S. dollar as a secure asset, leading to increased demand. However, recent concerns about inflation and economic policy are driving this downward trend.

The inflation concerns, partly fueled by Trump’s tariff policies, suggest that importers might pass on increased costs to consumers, resulting in higher prices. Additionally, as U.S. debt continues to grow, the Treasury might issue bonds, which could contribute to inflation. If inflation erodes the value of U.S. Treasuries, central banks and investors may shift their assets away from U.S. holdings towards alternatives like gold or foreign currencies, noted Paolo Pasquariello, a finance professor at the University of Michigan.

As the dollar weakens, consumers are likely to face higher prices for imported goods. Importers would need to raise their prices because each dollar holds less purchasing power, explained Richard Michelfelder, a professor at Rutgers University. This situation could drive up the cost of everyday items, especially those purchased online from overseas.

Similarly, the depreciation of the dollar makes U.S. travel abroad more expensive. With decreased exchange rates, travelers will find their expenses increase as their dollars convert into fewer foreign currency units.

Despite the challenges, a weaker dollar does present some advantages. Lower relative costs for U.S. goods on international markets could boost exports as American products become more competitively priced for foreign buyers. This boost could positively impact employment in sectors such as automotive manufacturing and advanced technology.

Furthermore, the stronger foreign currencies relative to the dollar could attract more international tourists to the U.S., benefiting the hospitality sector and related industries.

While the U.S. dollar’s decline raises complex economic challenges, it also offers potential benefits across various sectors of the economy, according to ABC News.

Middle Eastern Airlines Compete for U.S. Routes

July 5, 2025 Staff ReporterBusiness, Travel 0

Emirates, Etihad, and Qatar Airways continue to compete fiercely for dominance in the United States market, each bringing unique strengths as they vie for passenger attention.

When it comes to full-service carriers in the Middle East, three names lead the pack: Emirates, Etihad, and Qatar Airways. Operating out of Dubai, Abu Dhabi, and Doha respectively, these airlines have leveraged their strategic geographic locations to build vast global networks. This positioning enables them to serve as pivotal connectors between Europe, Africa, Asia, and Oceania.

The challenge, however, lies in serving the Americas, particularly the United States, which is geographically distant from these airlines’ home bases. Nonetheless, the U.S. remains a highly sought-after market, and each carrier is doing its utmost to gain a significant share of it. But which one currently leads the pack?

Based on July 2025 data from Cirium, an aviation data analytics company, Emirates leads in terms of destinations, flights, seat availability, and Available Seat Miles (ASMs) in the U.S. market. Emirates operates out of 12 U.S. airports and plans to run 455 flights in July, offering 184,909 seats and more than 1.2 billion ASMs. This extensive coverage is supported by an impressive fleet of Boeing 777s and Airbus A380s.

Onboard, the Emirates experience is noted for its superior inflight entertainment systems and ample legroom. The flagship Airbus A380, featuring an onboard bar and showers in first class, will serve five U.S. airports, while the Boeing 777, though lacking these luxury amenities, will cover the rest.

Qatar Airways, a member of the oneworld alliance, might not have as vast a network in the U.S. as Emirates, but it maintains a strong presence. It serves 11 airports—just one less than Emirates—and has a slightly higher flight count of 465 for July. The airline utilizes a mix of aircraft, including the 777-300ER and both the A350-900 and A350-1000, which contributes to a lower seat count of 153,512 and just over 1.1 billion ASMs.

Qatar’s strength lies in its QSuite business class, often ranked as the world’s best, although last-minute aircraft swaps can occasionally lead to disappointment if the expected aircraft is replaced by one without these premium features.

Etihad Airways presents a different story. The airline has downsized to become more of a large boutique airline, opting for profitability over expansive reach. In the U.S., Etihad currently offers limited services to key destinations, including Atlanta, Boston, Chicago, and New York-JFK. Future routes are already in the pipeline, such as a promised four-times-a-week service to Charlotte.

Etihad predominantly employs the Boeing 787-9 Dreamliner for its U.S. routes, supplemented by the Airbus A350-1000. While its market presence is smaller, the airline focuses on offering an exclusive experience with direct aisle access across its business class cabins.

Premium economy options are exclusively available through Emirates, which is gradually rolling out this service across its fleet. In the economy class, all three carriers maintain high standards with spacious seating and superior inflight entertainment.

Notably, Turkish Airlines is also setting foot in the race, often grouped with these giants despite a more Europe-centric network. With connections to 14 U.S. airports, Turkish Airlines positions Istanbul as a central hub for transcontinental travel leveraging the Boeing 777-300ER, Airbus A350-900, and Boeing 787-9.

In the final analysis, determining which airline truly “wins” depends on the metrics one considers most important. Emirates emerges as the leader in terms of scale and network reach, while Qatar excels in quality with its premium QSuite product. Etihad finds success in financial recovery through a more focused strategy. Ultimately, for travelers in North America, the competition among these airlines results in improved services and competitive fares, making the real winner the consumer, according to Simple Flying.

Trump Signs Significant Bill into Law

July 5, 2025July 5, 2025 Staff ReporterEconomy, USA 0

President Trump signed a comprehensive reconciliation package into law, incorporating tax cuts and Medicaid reductions, marking a major political achievement for his administration following extensive negotiations with Congressional Republicans.

President Trump finalized a significant legislative accomplishment on Friday by signing into law an expansive reconciliation package that includes extended tax cuts and phased-in reductions to Medicaid, culminating after months of challenging negotiations with Republicans on Capitol Hill.

The signing took place during a Fourth of July military family picnic at the White House. Trump had aimed to have the legislation ready by Independence Day, a goal that seemed uncertain just days before. “We made promises, and it’s really promises made, promises kept, and we’ve kept them,” Trump declared from the balcony overlooking the South Lawn. He added, “This is a triumph of democracy on the birthday of democracy. And I have to say, the people are happy.”

First Lady Melania Trump, various Cabinet officials, and numerous Republican lawmakers, including Speaker Mike Johnson (R-La.), House Majority Leader Steve Scalise (R-La.), House Majority Whip Tom Emmer (R-Minn.), and Rep. Jason Smith (R-Mo.), attended the ceremony. The event featured added spectacles such as a flyover by two B-2 bombers. These aircraft recently carried out strikes on Iranian nuclear facilities last month.

The Senate passed its version of the bill early Tuesday morning, with Vice President Vance casting the tie-breaking vote after three Republicans opposed it. The House approved the legislation without amendments on Thursday afternoon, following extended efforts to secure support from hesitant members during a procedural vote. The final House vote was close at 218-214, with two Republicans voting against it.

Friday’s bill signing capped off a series of favorable developments for Trump, including achievements in foreign policy, a strong jobs report, and historic low apprehension numbers at the southern border. “We’ve I think had probably the most successful almost six months as a president and the presidency,” Trump stated. “I think they’re saying it was the best six months, and I know for a fact they’re saying the last two weeks, there has never been anything like it as far as winning, winning, winning.”

The legislation incorporates key elements from Trump’s 2024 campaign platform. It extends the tax cuts originally enacted in 2017, which were due to expire later this year. It also eliminates certain taxes on tipped wages and raises the cap on state and local tax (SALT) deductions, a contentious issue during negotiations.

The bill allocates $150 billion for border wall funding, immigration enforcement, and deportations, alongside $150 billion in new defense spending for projects like shipbuilding and the “Golden Dome” missile defense initiative. It cuts green energy incentives while boosting domestic fossil fuel production. The legislation also increases the debt ceiling by $5 trillion, alleviating concerns about a potential federal default.

Democrats have criticized the bill for its cuts to low-income health and nutrition programs, arguing that these reductions offset tax cut revenue losses but also threaten health coverage for millions. House Minority Leader Hakeem Jeffries (D-Calif.) delivered an extensive speech opposing the bill, claiming it would harm working families. Trump dismissed Jeffries’ remarks and Democratic criticism as a “con job.”

Despite negative polling, White House officials have downplayed criticism, contending that public opinion will improve once Republicans adequately inform constituents about the bill’s benefits, according to The Hill.

U.S. Economy: 147K Jobs Added in June, Exceeding Expectations

July 4, 2025 Staff ReporterEconomy, USA 0

The U.S. economy added 147,000 jobs in June while the unemployment rate held steady at 4.1 percent, surpassing economists’ expectations, according to the Labor Department.

The labor market continued its steady progress last month, outpacing economists’ predictions that called for 100,000 new jobs and a slight uptick in the unemployment rate to 4.3 percent. These numbers reflect the resilience of the U.S. economy, which has withstood challenges from President Trump’s extensive tariffs that have significantly raised import tax rates and fueled uncertainty about future trade relations.

Tensions over trade seemed to ease slightly as President Trump delayed or reduced some proposed tariffs initially set out in April. However, a deadline looms as the White House approaches a self-imposed cutoff on July 9 to negotiate agreements with nations affected by these tariffs. President Trump has maintained that he is prepared to re-impose significant tariffs, which could revive economic apprehension.

The June jobs report detailed sector-specific growth: the health sector saw an addition of 39,000 jobs, while social assistance jobs increased by 19,000. However, sectors such as oil and gas, construction, manufacturing, and mining saw little change, with manufacturing employment decreasing by 7,000 jobs for the month.

A notable rise in government employment contributed to the overall job growth, with 73,000 jobs added primarily at the state and local levels, while federal employment declined by 7,000 positions. Concurrently, the labor force experienced a decline of 130,000 individuals, with the workforce participation rate slightly decreasing to 62.3 percent from May’s 62.4 percent.

Amid these economic developments, the Federal Reserve has refrained from altering interest rates, holding off on cuts to evaluate the influence of tariffs and other macroeconomic factors on pricing. Inflation indicators show an upward trend with the consumer price index and the personal consumption expenditures price index recording annual increases of 2.4 percent and 2.3 percent, respectively.

There is anticipation among forecasters that the impact of tariffs on consumer prices will become more pronounced over the summer. However, uncertainties remain regarding how these import taxes will affect different points in the value chain, or if they will diminish product demand or be transferred to consumers.

President Trump has been vocal about his frustration towards the Federal Reserve’s reluctance to reduce rates, having sent a message to Fed Chair Jerome Powell urging significant rate cuts, citing substantial financial losses. Currently, U.S. inflation surpasses other regions, with the European Union achieving a 2 percent inflation rate in June, meeting the Fed’s target rate. Christine Lagarde, President of the European Central Bank, noted this accomplishment at an international conference, while Jerome Powell attributed the Fed’s static rate policy to the ongoing tariffs imposed by the White House.

According to The Hill, these economic dynamics continue to play a vital role in shaping both domestic and international financial landscapes.

Source: Original article

Senate Passes Latest Version of Trump’s Bill

July 3, 2025 Staff ReporterEconomy, Politics, Women 0

Republicans are nearing the passage of a dramatic tax and spending cut bill, loaded with tax breaks, defense spending, and provisions aimed at President Trump’s border security agenda, while facing staunch Democratic opposition.

The Republican-led initiative, encompassing roughly 887 pages, is a comprehensive measure that includes significant elements of tax cuts, fiscal adjustments, and conservative policy objectives. This extensive legislation aims to solidify President Donald Trump’s vision for comprehensive fiscal reform by the Fourth of July, compelling vacationing lawmakers to expedite the process.

If unified, the Republicans, who control both the House and Senate, could push the bill past one final hurdle in the House. Notably, Vice President JD Vance broke a tie in the Senate to propel the measure forward, while prior House approval was narrowly secured.

The substance of the bill is as varied as it is vast, containing provisions from tax amendments to immigration policy enhancements, and defense allocations. Central to the Republicans’ stance is the prevention of a looming tax hike, which they argue will take effect when existing tax breaks expire at year’s end.

The proposed tax legislation promises approximately $4.5 trillion in deductions, seeking to enshrine current tax rates and introduce new tax advantages championed during Trump’s campaign. These incentives include tax exemptions on tips and overtime pay, deductible auto loan interest, and a $6,000 tax deduction for older adults with earning restrictions.

Additionally, the bill seeks to raise the child tax credit, albeit modestly, from $2,000 to $2,200, leaving some low-income families unable to reap full benefits. The cap on state and local deductions—integral to high-tax states—would see a temporary fourfold increase but is limited to five years, conflicting with the House’s ten-year preference.

The legislation’s expansive provisions extend beyond individual and business realms, allocating funds for an aggressive border security plan, military enhancements, and infrastructure projects. Approximately $350 billion is earmarked for border enforcement and national security, with Trump’s ambitious border wall and large-scale deportation efforts at its core.

Immigration policy changes propose new fees, increased personnel, and incentivized state cooperation, with funding streams partially derived from these new fees. In tandem, the defense sector would witness investments in shipbuilding, missile defense, and servicemember welfare.

Offsetting these tax reductions and expenditures demands fiscal cuts, predominantly targeting Medicaid and nutritional assistance programs. Proposed reforms include heightened work requirements for Medicaid recipients and a contentious co-payment model for services. Based on a Congressional Budget Office (CBO) forecast, these adjustments could deny coverage and benefits to millions, further intensifying political discourse.

The contentious proposal also disrupts green energy tax credits pivotal to renewable energy growth, prompting Democratic objections regarding potential economic repercussions and environmental impacts. These reversals mark significant departures from former President Biden’s environmental and healthcare legislative milestones.

Amid controversial frontal tax policy changes, the bill augments deductions for metallurgical coal, introduces a national children’s savings initiative, and outlines funds for a proposed National Garden of American Heroes. Higher-education financial structures and gun licensing protocols will also see adjustments, alongside increases in federal borrowing limits.

Late-stage negotiations brought modest revisions, including increased rural healthcare funding and revised tax impositions on renewable energy projects. The CBO projects that cumulative deficit levels would escalate by roughly $3.3 trillion over a decade. However, Senate Republicans dispute these estimates, employing an accounting method that excludes existing tax benefits from the tally, an approach heavily scrutinized by both Democrats and watchdog entities.

This legislative saga demonstrates deep-seated partisan divides and polarizing fiscal ideologies, encapsulating President Trump’s hallmark economic agendas amid long-standing debates on fiscal responsibility and social justice.

Source: Original article

GOP Leaders Work to Unite Party on Trump Megabill

July 3, 2025July 8, 2025 Staff ReporterUSA, Economy 0

Republican leaders in the House are urgently working to unite their party behind a substantial Senate bill aimed at enacting former President Donald Trump’s domestic agenda before the upcoming holiday weekend.

The effort is proving challenging, as both moderate and conservative Republicans have expressed concerns. Moderates are troubled by the expanded cuts to Medicaid — a change made in the Senate — while conservatives are alarmed by the increased deficit spending also introduced by the Senate. These divisions threaten the bill’s passage, as the GOP holds only a slim majority in the House, necessitating nearly unanimous support from the party.

Rep. Chip Roy of Texas, a member of the conservative House Freedom Caucus, expressed skepticism about the bill: “If you look at the totality of this, I don’t believe this delivers what the president, what the administration, were working to deliver on,” he said, indicating ongoing efforts to manage deficit spending.

Speaker of the House Mike Johnson of Louisiana and other GOP leaders are racing against time to consolidate support for the bill. The legislation is critical to Trump’s second-term agenda, comprising sweeping tax cuts, a hardline stance on immigration, a shift away from green energy policies, and substantial reductions in federal health and nutrition programs.

House GOP members, from moderates to hard-liners, originally cautioned against a bill changed by the Senate that could be perceived as “worse.” They now face a difficult choice: abandon their initial stance to deliver a victory for Trump, or maintain their position and risk defeating the bill.

Echoing the internal struggle, a moderate House Republican remarked to The Hill, “Maybe I’ll get lucky and have a rough enough landing or something that I’m unable to make [it] to D.C. for a few weeks,” underscoring the challenge of their predicament.

Adding to the pressure, former President Trump is strongly advocating for the bill, warning House Republicans of potential primary challenges if they oppose the legislation he terms the “big, beautiful bill.” This is not an idle threat; Rep. Thomas Massie of Kentucky, who opposed the House version, has been targeted by a MAGA-super PAC, and Sen. Thom Tillis of North Carolina faced backlash from Trump, leading to his announcement of retirement after the current term.

While Democrats cannot block the bill, they are underscoring its most controversial elements, like significant cuts to low-income health and nutrition programs — proposals aimed at funding the Republican tax cuts. House Minority Leader Hakeem Jeffries criticized the bill, saying, “This bill won’t make life more affordable for the American people. It will make life more expensive.”

The timeline for passing the legislation adds another layer of complexity. Johnson and GOP leaders aim to meet a self-imposed deadline of July 4, requiring swift action from lawmakers.

Despite the tight timeline, there is skepticism about meeting this goal. Conservatives and moderates alike have voiced concerns about increased national debt and deficits, complicating efforts to consolidate support. Rep. Marlin Stutzman of Indiana stressed the need to ensure the bill is more fiscally responsible for future generations.

On Tuesday, the House Rules Committee held a meeting as the first step in the legislative process. Subsequent actions include convening the House to debate and vote on procedural rules before deciding on the legislation. However, progress is already facing hurdles; Rep. Andy Harris of Maryland, head of the Freedom Caucus, intends to vote against the procedural rule, jeopardizing the bill’s advancement.

Trump continues to push the bill, praising the Senate’s approval and urging the House to follow suit, highlighting its significance. A senior White House official stressed the urgency of passing the bill in its current form before July 4, dismissing any notion of conferencing the House and Senate versions.

As the deadline looms, the White House is intensifying efforts to rally support, with top officials engaged in outreach to ensure the bill’s passage.

Source: Original article

GOPIO Announces Inaugural Webinar Series

July 2, 2025 Ajay GhoshBusiness 0

Monthly virtual events to galvanize the global Indian community with best-in-class experts

GOPIO – The Global Organization of People of Indian Origin announced today that they will be embarking on a series of virtual events starting July 2025 to inform, equip and energize the largest diaspora spread around the world. This series of events will address a wide variety of topics that are relevant and pressing to the larger Indian community that is living around the world. These events are fixed for Second Saturday each month in the USA and are expected to draw hundreds of Indians living across different geographies and time zones.

These webinars are scheduled to starting July 12^th the 2^nd Saturday at 9 am ET /6 am PT, 2pm UK, 3-5 pm across Europe, Africa & Middle East, 6:30 pm in India and 11 pm in Australia and Sunday July 13^th 1 am in New Zealand. Subsequently every Second Saturday of each Month, the community is expected to rally around for deliberating and learning on a specific theme relevant to a sub-section of the members of the GOPIO family. A case in point being the World Yoga Day celebration during June drew hundreds of attendees across multiple cities from around the world.
Here’s a bird’s eye view of the events for the rest of the year:
On July 12^th, 2025, several prominent voices from multi-national legal firms will shine the light on “Immigration Issues: Migration Issues Worldwide with Focus on North America and Europe” – a thorny and complex topic that has suddenly become relevant against a complex geopolitical backdrop. Chief guest for this webinar will be Lord Bhikhu Parekh, a member of the House of Lords who was former professor at University of Hull and University of Westminster.

In the webinar scheduled for August 9^th, 2025, some of the most reputed tech gurus and futurists will be coming together to demystify and explain AI to a broader audience on the topic “What can AI do for me (Smart Living: Everyday Uses of AI made simple)?”

The next month’s webinar on September 13^th, 2025, will delve on the theme “What can Ancient Wisdom do to help me: Diabetes, Heart Disease and Today’s Health Issues?”

In the 4^th quarter this year, the following three events are scheduled:

October 11^th, 2025 – Involvement in India’s growth story – Role of diaspora

November 8^th, 2025 – Diaspora’s Role in the Technology of the Future.

December 13^th, 2025 – Coping with Technological Challenges and Changes.

Articulating the rationale for these events, Mr. Thomas Abraham, Founder President and Chairman of GOPIO said “Since the Indian diaspora is so widely scattered to the ends of the earth, we needed a platform to connect and communicate with our community and this idea of a monthly webinar series emerged. These events will certainly energize and harness the power of the Indians who have now become powerhouses of influence everywhere”

Mr. Prakash Shah – Current President and a seasoned GOPIO leader explained the pressing priorities of unifying the Indian that has now become a ubiquitous force for impact and change on a large scale. “We believe now that the age of robotics will usher in cataclysmic changes that need to be addressed in an unprecedented manner. With the technology mastery and leadership, Indians are better poised to offer compelling solutions to the issues that are unfolding around the world. With rapid adoption of technology, solving problems at scale in collaboration with our homeland communities is only possible when we unleash the cumulative intellectual capital that the Non-Resident Indians possess.”

These events are expected to be attended on a massive scale and are moderated by the different committees that are powering the GOPIO’s vision of becoming the leader and preferred diaspora partner of engagement to governments and different stakeholders around the world.

DATE	TOPIC OF WEBINAR	HOSTED BY
July 12^th 2025	Immigration Issues: Migration Issues Worldwide with Focus on North America.	Human Rights & Legal Affairs Council
August 9^th 2025	“What can AI do for me (Smart Living: Everyday Uses of AI made simple)?”	Science & Technology Council
September 13^th 2025	Ancient Wisdom – Modern Maladies. India’s alternative approaches to health problems	Health & Wellness Council
October 11^th 2025	Involvement in India’s growth story – Role of diaspora	Youth & Women’s Council
November 8^th 2025	Shaping the Technologies for the future – Role of diaspora	Science &Tech Council
December 13^th 2025	Coping with Technological challenges and changes	Hosted by Science & Tech Council

About GOPIO

Founded in 1989, GOPIO is a non-partisan, not-for-profit, secular organization with Individual Life Members and chapter delegates from over 100 chapters in 36 countries. GOPIO’s volunteers are committed to enhancing cooperation and communication between NRIs/PIOs and the local communities, building networks, bonds, friendships, alliances, and the camaraderie of citizens and colleagues alike. GOPIO volunteers believe that when they help network the global Indian community, they facilitate making tomorrow a better world for the Indian Diaspora, the countries they live in and India.

GOPIO logo is a trademark registered under the US Patent and Trademark Office.

For more info on GOPIO International Monthly Programs, contact Sunil Vuppula +1 (732) 331-3084, e-mail: sunil.robert@gmail.com or Rohit Vyas GOPIO Global Media Chair at 732-319-0972

Powell: Fed Rates Unchanged This Year Due to Tariffs

July 1, 2025 Staff ReporterBusiness, Cover, Economy, Finance/Economy 0

The Federal Reserve would likely have lowered interest rates this year if not for significant policy changes by President Donald Trump, Chair Jerome Powell stated Tuesday.

In a central banking forum in Sintra, Portugal, Jerome Powell, Chair of the Federal Reserve, indicated that the Fed might have reduced interest rates this year had it not been for the substantial policy shifts implemented by President Donald Trump. When questioned about the possibility of rate cuts, Powell remarked, “I do think that’s right.”

So far this year, the Federal Reserve has refrained from lowering interest rates. Central bankers anticipate that Trump’s tariffs will impact the U.S. economy, prompting them to take a cautious approach, opting to monitor how these changes affect the economic landscape before making any decisions on rate adjustments.

This cautious stance, however, has drawn criticism from President Trump, who has persistently criticized Powell’s decision not to reduce rates. Trump has called Powell derogatory names such as a “numbskull” and a “moron” for maintaining higher interest rates compared to other countries.

In a handwritten note shared on his social media platform on Monday, Trump lambasted Powell, alleging that the Fed’s policies have financially harmed the United States. White House press secretary Karoline Leavitt confirmed that this note was delivered to the Fed on the same day.

The sentiment to cut rates is shared, albeit to a lesser extent, by others within the Fed. Two officials — Michelle Bowman, Fed Vice Chair for Supervision, and Fed Governor Christopher Waller — have opined that a rate cut could be considered as early as July. However, unlike Trump, they have refrained from advocating dramatic cuts, emphasizing that any decision should be contingent on economic conditions, specifically the severity of tariff-induced inflation.

Despite some internal support for rate adjustment, the likelihood of a rate cut in July remains slim, as indicated by futures data which estimate an 81% probability of rates holding steady at the Fed’s July 29-30 meeting, compared to a 19% chance of a quarter-point rate cut.

Powell, during his panel in Sintra, acknowledged that a majority of Fed officials foresee the necessity of reducing rates later this year, depending on inflation trends and labor market developments. He stated, “A solid majority of (Fed officials) do expect that it will become appropriate later this year to begin to reduce rates again.”

When asked about the possibility of a July rate cut, Powell refrained from giving a definitive answer, noting that he “can’t say” but would not dismiss any meeting from consideration.

European Central Bank President Christine Lagarde, who was also on the Sintra panel, expressed support for Powell’s data-driven approach to policymaking and commended him for his apolitical stance. She affirmed that Powell “epitomizes the standard of a courageous central banker.”

Powell has refrained from responding to President Trump’s public barbs and reiterated his commitment to his responsibilities, stating, “I’m very focused on just doing my job.” Lagarde, when asked how she would respond to criticisms akin to those from Trump, supported Powell’s stance, suggesting, “I think we would (all) do exactly the same thing as our colleague, Jay Powell, does.”

Following Lagarde’s comment, attendees at the conference offered applause in support. Powell reiterated the Fed’s mission to maintain macroeconomic stability, emphasizing the need for a non-partisan approach, stating, “We don’t take sides. We don’t play one side against the other. We stay out of issues that are really not our bailiwick.”

Source: Original article

Gas Vehicle Surpasses EV Leader as Best-Selling Car Worldwide

July 1, 2025July 8, 2025 Staff ReporterBusiness, Technology 0

The Toyota RAV4 reclaimed its position as the world’s best-selling car in 2024, narrowly surpassing the Tesla Model Y.

In a continually evolving global car market, Toyota has managed to reassert its dominance. The Toyota RAV4 has reclaimed its position as the world’s best-selling vehicle, edging ahead of the Tesla Model Y. With this achievement, Toyota has demonstrated its resilient market strategy and extensive appeal, especially notable in a market increasingly shifting toward electric vehicles.

Toyota’s triumph is not limited to just the RAV4. The company placed five models in the global top ten, reflecting its broad appeal across multiple vehicle categories. Joining the RAV4 are the Corolla Cross, Corolla sedan, Hilux, and Camry, highlighting Toyota’s comprehensive market reach.

This 2024 ranking originates from industry analyst Felipe Munoz, who utilized a wide array of sources for his analysis. His robust methodology combines data from national statistics offices, dealership associations, customs records, specialized websites, industry blogs, and other analysts’ informed estimates. Munoz’s study encompasses 153 markets, accounting for approximately 99% of global car sales, providing an in-depth look into the automotive industry’s current landscape.

The numbers illustrate Toyota’s narrow victory with combined sales of the RAV4 and its China-market variant, the Wildlander, reaching 1,187,000 units. This slightly surpassed the Tesla Model Y’s sales figure of 1,185,000 units, marking a narrow yet significant win.

It’s notable that both models received updates shortly after the reporting period. Toyota’s RAV4 underwent a complete redesign, yet to hit the market, while Tesla has already released its refreshed Model Y, known as Juniper. Despite these updates, the Model Y retains its status as the best-selling electric vehicle, although 2025 figures suggest a potential slowdown.

The compact crossover segment continues to drive significant sales, as evidenced by the Toyota Corolla Cross, which secured third place in the rankings with 859,000 units sold. Its widespread availability across various markets contributes largely to its success. Trailing closely is the Honda CR-V/Breeze SUV, which achieved sales of 854,000 units.

Toyota’s stronghold is further solidified by the Corolla sedan with 697,000 units sold, landing it in fifth place, and the Hilux pickup with 617,000 units, in sixth place globally. Despite its aging model, the Hilux stands out as the world’s best-selling pickup, even as it is absent from North American and Chinese markets, two of the largest for trucks. In contrast, the Ford F-150 sold 595,000 units, securing the seventh position overall and placing second in U.S. vehicle sales, shadowed only by the RAV4.

Closing the top ten are sedans maintaining their relevance amidst the rising tide of crossovers and SUVs. The Toyota Camry achieved eighth place with 593,000 sales, followed by the Tesla Model 3 at 560,000, and the BYD Qin, the sole Chinese brand to make this year’s list, at 502,000. The inclusion of BYD underscores its growing influence as a competitor in both the EV and traditional combustion markets.

These figures depict a global automotive landscape where traditional manufacturers like Toyota retain significant influence while newer players like Tesla and BYD carve out substantial market niches. As the industry continues to evolve, particularly toward electrification, these dynamics will likely shift, presenting both challenges and opportunities for manufacturers worldwide.

According to Carscoops, these developments reflect the ongoing transformations within the car industry as manufacturers strive to meet changing consumer expectations and regulatory landscapes.

Source: Original article

Shifting Social Security Rules Push Retirement Age Higher: How Americans Can Strategize Early Retirement Plans

July 1, 2025 Staff ReporterEconomy, Cover, USA 0

For many years, the age of 65 has represented a symbolic point at which Americans envisioned hanging up their work boots and enjoying retirement. However, due to a series of gradual legislative changes, the Social Security system is moving the goalposts. Starting in 2025, individuals born in 1959 will reach full retirement age (FRA) at 66 years and 10 months. For everyone born in 1960 or later, the FRA will be a full 67 years. While this shift might appear minor, its financial effects are far from negligible, particularly for those considering retiring early.

These changes reflect long-term policy decisions intended to keep the Social Security system financially sustainable. Understanding how the adjustments impact benefits and creating a financial plan tailored to these evolving realities is crucial for ensuring a comfortable retirement.

Understanding the Adjustment to Full Retirement Age

The phased increase in the full retirement age can be traced back to the 1983 Social Security Amendments, which were designed to improve the program’s long-term viability. These amendments incrementally raised the FRA from the longstanding age of 65 to 67. The implementation has been gradual, increasing by two months for each birth year.

For example:

Those born in 1958 face an FRA of 66 years and 8 months
Individuals born in 1959 will reach FRA at 66 years and 10 months
Anyone born in 1960 or after will face an FRA of 67

Though people can start claiming Social Security as early as age 62, doing so comes with a permanent reduction in benefits. For those born in 1959, claiming benefits at 62 results in about a 29% decrease in monthly payments. The cut increases to 30% for those born in 1960 or later.

On the other hand, delaying benefits past FRA can result in an 8% annual boost, continuing until age 70. If you wait until then, you can receive up to 32% more each month. These numbers can significantly impact your long-term financial picture.

How to Handle the Income Gap Before Full Benefits

While many workers aim to retire before hitting FRA, doing so without careful planning can harm long-term financial health. Several strategies can help bridge the income gap from early retirement until full Social Security benefits become available.

One practical method is phased retirement. Instead of leaving the workforce entirely, you might negotiate a lighter schedule—working three or four days per week. Even working 15 to 20 hours weekly can help cover essential expenses and slow the depletion of your savings.

Another recommended approach is building a financial buffer. Experts advise saving enough to cover 18 to 24 months of living expenses in a high-yield savings or money market account. This safety net allows you to avoid dipping into long-term investments during volatile market periods.

Unused personal assets can also generate income. For instance, homeowners might consider renting out a spare room, potentially bringing in $700 to $1,000 per month. If you live in an urban area, leasing your driveway for parking could yield $150 to $300 per month.

There’s also the option of taking on a bridge job that offers both pay and benefits. Employers like Costco, Home Depot, and Trader Joe’s often hire part-time workers and provide health coverage for those working 20 to 28 hours weekly. These roles are especially attractive for early retirees looking for flexibility and medical benefits.

Making Withdrawals Work for You

If you retire before age 65 or delay claiming Social Security, your finances will depend heavily on personal savings. Using tax-efficient withdrawal strategies can minimize your tax burden and help your money go further.

One approach is to withdraw from taxable brokerage accounts first. This avoids early withdrawal penalties and allows retirement accounts to continue growing in a tax-advantaged environment.

You can also tap into Roth IRA contributions at any time without penalties or taxes, as long as you only withdraw the contributions and not the earnings. This provides an additional source of tax-free income.

Keeping your Modified Adjusted Gross Income (MAGI) low is another valuable tactic. A lower MAGI can help you qualify for subsidies under the Affordable Care Act, which can dramatically reduce health insurance costs before you’re eligible for Medicare at age 65.

Generating Side Income Can Help Too

If you’re looking for extra income without the responsibilities of a full-time job, side gigs can offer flexibility and supplemental cash flow. Tutoring, for example, pays between $30 and $50 per hour and can be done on your schedule. Other options include pet sitting, dog walking, or selling crafts through platforms like Etsy.

Prepare for the Possibility of Future Policy Changes

Though the FRA currently caps at 67, ongoing discussions in Washington suggest it could rise further. Some proposals have floated the idea of increasing it to 68 or even 69, citing long-term funding concerns for the Social Security system. While these are not yet law, staying prepared for further changes is wise.

To stay ahead, build a plan that allows for delayed benefits if necessary. Emergency savings and alternative income sources offer greater financial flexibility. Regularly reviewing your retirement income plan will also help you adapt to any policy shifts.

Conclusion: Retirement on Your Own Terms

The gradual rise in Social Security’s full retirement age might seem like a bureaucratic detail, but for millions of Americans, it redefines when and how retirement can happen. Without planning, it can mean smaller monthly checks and more years of work. However, by strategically saving, leveraging assets, working part-time, and utilizing smart withdrawal tactics, you can take control of your financial future.

Retirement shouldn’t be defined by a government schedule. With a solid plan in place, you can retire when you’re ready—on your own terms.

By recognizing the impact of changing policies and preparing accordingly, you give yourself the freedom to shape your own retirement journey.

Waning Investor Optimism Dampens India’s Market Rally Amid Global Shifts

July 1, 2025 Staff ReporterEconomy, Global 0

India’s stock market, which had emerged as a safe harbor when U.S. President Donald Trump’s sweeping tariff hikes rattled global markets in April, is now witnessing a cooling of investor enthusiasm. The country’s relatively insulated $5.4 trillion equity market initially benefited from trade uncertainties elsewhere. However, with trade tensions easing and other Asian markets gaining traction, the motivation to hold India’s highly valued shares is diminishing.

Concerns about slowing earnings growth are taking the sheen off India’s market rally, especially as Chinese stocks listed in Hong Kong gain momentum and attract global capital. These developments come at a time when India’s markets offer limited exposure to the rapidly advancing artificial intelligence sector, making them less appealing to investors seeking growth in tech-related areas.

Together, these factors suggest Indian equities may be poised for a prolonged period of underperformance compared to their Asian counterparts. This comes after a robust four-year bull run that saw Indian shares reach record highs.

“This is not the year for India,” remarked Amol Gogate, an emerging markets fund manager at Carmignac in London. “Overall, 2025 is going to be tough as India doesn’t have a lot going for it compared with other markets such as China,” he added.

India had initially shown strong resilience to global disruptions triggered by Trump’s tariffs and was the first major economy to fully recover from the losses those policies inflicted. But in the rebound that followed the market dip in April, the MSCI India Index has lagged behind the broader Asian rally.

As the first half of 2025 comes to a close, India’s MSCI index has risen by 6.3 percent. That gain, however, falls short of the MSCI Asia Pacific Index, which has outpaced it by nearly six percentage points. Meanwhile, Chinese shares traded in Hong Kong have surged by 20 percent this year. Their ascent is largely attributed to progress in artificial intelligence and an influx of exciting new listings.

One of the major sticking points for investors looking at India is its steep valuations. The MSCI India Index currently trades at close to 23 times projected earnings, which makes it among the costliest stock markets globally. This figure is well above the five-year average of 21.5. Compounding the concern is India’s relatively modest earnings growth outlook, especially when compared to regional competitors like South Korea and Taiwan, according to Bloomberg data.

“We don’t have an overweight allocation to India and that’s mainly because of valuations,” said Jian Shi Cortesi, a fund manager at GAM Investment Management in Zurich. “We like the country for its longer-term potential but right now valuation is even more stretched than in the past,” she noted.

Despite the headwinds, some investors who focus on medium- to long-term horizons still find compelling reasons to stay optimistic about India’s prospects. The country remains the fastest-growing major economy and benefits from a robust domestic market, both of which continue to make its equity space attractive for certain players.

“We still believe in the long-term growth potential of India and usually take dips as buying opportunities for Indian stocks,” said Joohee An, chief investment officer at Mirae Asset Global Investments in Hong Kong.

Yet, recent foreign capital flows suggest that confidence is wavering. The sharp rally that took Indian markets to new highs in late September has raised alarms about stretched valuations. In response, global investors have reduced their stakes by almost $9 billion in 2025 alone. According to data compiled by Bloomberg, India is now on track to record its first consecutive year of foreign outflows since 1999.

Investor sentiment appears subdued across other financial instruments as well. The Indian rupee, for instance, has seen a minor decline against the U.S. dollar this quarter. This places it among only two Asian currencies to have weakened during the same period. In the bond market, foreign investors have pulled back significantly, reducing their holdings in Indian index-eligible debt securities by $3.4 billion since April.

“Earnings are performing in line with expectations but you need faster growth and positive profit revisions to justify continued expansion of valuation multiples,” said Alan Richardson, a senior portfolio manager at Samsung Asset Management Co. He added, “I am surprised the market even managed to recover so fast from the April lows on narratives with little change in fundamental growth.”

In essence, while India’s long-term economic narrative remains appealing, the immediate outlook has become less convincing for global investors. High valuations, tempered earnings expectations, and a lack of exposure to emerging themes like AI are diminishing its appeal relative to faster-growing or more attractively priced markets in Asia. The landscape for Indian equities in the second half of 2025 could well hinge on whether the economy can surprise investors with stronger growth or compelling sectoral developments.

Understanding the Final Shift in Social Security Retirement Age: What It Means for Future Retirees

June 30, 2025 Staff ReporterUSA, Economy, Finance 0

Changes to the Social Security retirement system have not come unexpectedly. Instead, they are part of a carefully phased plan initiated in 1983 to ensure the long-term stability of the Social Security trust fund. This final phase marks the completion of a broader reform strategy intended to reflect the realities of longer life spans and shifting demographic and economic circumstances in the United States. As a result, those who are approaching retirement need to be fully aware of what these adjustments mean, particularly when it comes to the Full Retirement Age (FRA).

The Full Retirement Age is the point at which individuals are eligible to receive 100 percent of their Social Security benefits. Under the current system, individuals born in 1959 will reach their FRA at the age of 66 years and 10 months. For people born in 1960 or after, the FRA is set at age 67. This shift directly affects not only the size of monthly benefit payments but also the timing of when one should ideally start collecting them. The change in FRA is a crucial element that current and future retirees must factor into their planning.

This increase in FRA is not arbitrary but is rooted in the structural challenges facing the Social Security system. Americans are living longer than previous generations, which means they spend more years collecting retirement benefits. Without reforms like this one, the Social Security system would be under significant financial strain, potentially jeopardizing its ability to make payments to future retirees.

The importance of understanding these changes is heightened for those nearing retirement age. As reiterated, those born in 1960 or later will need to wait until they are 67 years old to receive full Social Security benefits. Opting to claim benefits before reaching that age comes at a cost. Monthly payments are permanently reduced for those who decide to start collecting benefits earlier. For example, if benefits are claimed at age 62—the earliest possible age—individuals can expect a reduction in their monthly payments by about 30 percent for the rest of their lives.

The timing of when to begin collecting Social Security benefits should be based on a mix of personal and financial considerations. For people in good health with a secure financial foundation, delaying benefits might be the more sensible option. Postponing benefits allows retirees to receive larger monthly payments for the rest of their lives. On the other hand, individuals who are dealing with medical issues or who have a shorter life expectancy may find it more beneficial to begin collecting earlier. This flexibility allows retirees to tailor their decisions based on their specific circumstances.

One of the most effective ways for individuals to navigate these changes is by staying informed and regularly reviewing their Social Security statements. These documents provide a detailed record of earnings and an estimate of future benefits, which can help in making more informed decisions. Tools like the SSA Retirement Estimator also allow users to simulate different retirement scenarios by entering different retirement ages. This helps in visualizing the financial impact of various decisions and planning accordingly.

“The increase in the FRA responds to structural needs of the system, as Americans are living longer, so retirees are collecting benefits for more years than before, and without these adjustments, the Social Security system would face severe financial pressure that would compromise future payments,” the article noted, summarizing the key rationale behind the gradual increase in the retirement age.

There’s no one-size-fits-all answer when it comes to deciding the optimal time to claim benefits. It requires a careful balance of health, finances, and life expectancy. Deciding when to claim Social Security benefits depends on personal and financial factors. If you are in good health and have a stable financial situation, it is best not to anticipate claiming benefits. While in a case with a shorter life expectancy, it may be advisable to anticipate the collection of monthly payments.

This guidance underscores the need for personalized retirement planning rather than relying on broad assumptions. The consequences of claiming too early or too late can be substantial, and every year of delay past age 62 results in increased monthly benefits—until the age of 70. Beyond that, there is no additional advantage to waiting.

Another crucial point made is about the value of the SSA tools: “It is also advisable to regularly review the Social Security statement to track income and estimated benefits. Tools such as the SSA Retirement Estimator can be used to help get an idea of how much would be received at different ages.” These resources empower individuals to take control of their retirement planning and make educated decisions that align with their long-term goals.

Ultimately, the final phase of the Social Security retirement age reform is not merely a bureaucratic update but a necessary adjustment to meet today’s economic and demographic realities. For those approaching retirement, understanding the impact of this change and using available tools to plan accordingly is critical. Retirees who take the time to educate themselves and make informed choices will be in a much better position to ensure financial stability in their later years.

The overarching lesson from these reforms is the importance of proactive planning. Whether it’s delaying retirement to maximize monthly benefits or making early claims due to personal health conditions, the decisions individuals make today will shape their financial well-being for years to come. The shift in FRA from 66 to 67 may seem small, but its impact is far-reaching. Being aware of it and understanding its consequences is the first step toward a more secure retirement.

As the Social Security system adapts to the evolving needs of the population, staying informed and making strategic decisions will be essential. The final phase of the 1983 reform serves as a reminder that financial sustainability requires forward-thinking policies—and individuals who are prepared to make the most of them.

How Immigration Powers the U.S. Economy and Secures Future Prosperity

June 29, 2025 Staff ReporterEconomy, Immigration 0

Immigration remains a powerful driver of the American economy, fueling growth, innovation, and economic resilience across sectors. Immigrants not only create jobs and raise wages but also reduce inflation, increase productivity, and contribute significantly to government revenues. Their presence enhances nearly every segment of the U.S. economy, particularly in critical areas such as healthcare, agriculture, construction, and rapidly developing fields like artificial intelligence and semiconductors.

This article highlights findings from various studies, including original research by FWD.us, showing how immigration delivers substantial benefits to the United States. As the brief notes, “Immigration will contribute to a $7 trillion increase in GDP and $1 trillion in additional government revenue over the next decade.”

Immigration is one of the most effective means of expanding and strengthening the U.S. economy. As the number of people purchasing goods and services rises, so too does the country’s gross domestic product (GDP), a primary measure of economic vitality. With this rise in demand, new businesses emerge, leading to job creation. One study found that immigrants are responsible for 17% of the U.S. GDP, which equals a staggering $3.3 trillion.

Because many immigrants are of working age and often possess strong entrepreneurial qualities, increased immigration leads to a rise in per capita GDP—essentially improving the average income per person. This translates to a higher standard of living and broader prosperity for the country.

Immigrants also play a critical role in funding public services through taxes. Every year, they contribute nearly $525 billion in taxes across federal, state, and local levels. These figures include contributions from refugees, asylum seekers, and undocumented individuals, who collectively pay close to $50 billion annually in taxes, despite having limited access to public benefits. These tax contributions help sustain key programs such as Social Security and ensure continued investment in schools, infrastructure, and other essential services.

The Congressional Budget Office (CBO) further supports these findings. In a report released in February, the CBO director stated that recent immigration trends have reduced the federal deficit. Over the next ten years, immigration is expected to generate a $7 trillion boost in GDP and contribute an additional $1 trillion in government revenue.

By contrast, limiting immigration would lead to a smaller economy, fewer jobs, and a reduction in the availability of goods and services. It could also undermine the country’s global economic leadership. The article warns that restricting immigration would leave the U.S. “smaller, poorer, and weaker.”

Immigrants are crucial to addressing workforce shortages and curbing inflation. As of 2022, immigrants accounted for 18.1% of the American labor force—a figure that continues to rise. Given that immigrants are more likely to be of working age, they help fill key gaps in industries facing chronic labor shortages.

In healthcare alone, immigrants make up over 18% of the workforce. This includes 26% of all physicians, 16% of registered nurses, and a striking 40% of home healthcare aides. These workers help alleviate the severe staffing crises in healthcare, many of which worsened during the COVID-19 pandemic.

Moreover, newly arrived immigrants have been instrumental in resolving post-pandemic labor shortages and restoring disrupted supply chains. Many of these workers entered the U.S. through humanitarian parole and have played a pivotal role in stabilizing the economy.

Immigrants also have a strong presence in science, technology, engineering, and mathematics (STEM) occupations. Nearly 20% of all STEM workers are foreign-born. Additionally, international students make up about 40% of advanced STEM degree recipients in American universities. In areas like artificial intelligence and semiconductor manufacturing, their expertise is essential to keeping the U.S. at the forefront of innovation.

Research by FWD.us shows that immigration can ease inflation by closing labor market gaps that would otherwise drive consumer prices upward. In recent years, the increase in immigration has played a significant role in slowing inflationary trends and maintaining steady economic growth.

Immigrants are not only workers but also job creators. They establish new businesses at twice the rate of native-born Americans. In fact, 45% of Fortune 500 companies in 2023 were founded by immigrants or their children. Immigrants also founded 55% of U.S. startups that have achieved valuations of $1 billion or more.

There’s no evidence that immigrant workers displace native-born workers. On the contrary, immigration is linked to higher employment levels among Americans born in the U.S. While fears that immigration depresses wages are common, data shows minimal impact—and in many fields, especially those requiring high skills, immigrants actually help increase productivity and wage growth. Attempts to limit immigration often lead to outsourcing and job relocation to other countries, rather than improving employment prospects domestically.

Immigrants also significantly enhance American innovation. Despite making up only 16% of inventors in the U.S., they account for nearly a quarter of the country’s innovation output. Their contributions drive technological progress not only in the U.S. but globally.

Many of these innovators began their American journey as international students. During the 2022–2023 academic year alone, international students added $40.1 billion to the U.S. economy and supported more than 368,000 jobs.

Beyond the economy, immigration is also a demographic necessity. The U.S. population grew at its slowest rate between 2010 and 2020 since the 1930s, and the birth rate has continued to decline. Immigration helps counteract these trends by expanding the working-age population and encouraging family growth within the U.S. Immigrants also play vital roles in sectors that serve an aging population, particularly healthcare.

To maintain population stability and economic growth, the U.S. must raise immigration levels. FWD.us research indicates that increasing immigration by 50% annually would raise the working-age population by about 13% by 2040, providing a solid foundation to meet labor demands and support economic expansion.

This is especially crucial in rural America. Between 2000 and today, 77% of rural U.S. counties have seen a decline in working-age residents, which threatens local economies and reduces access to essential services. The study suggests that welcoming just 200 immigrants annually in these counties could reverse population decline in 71% of them by 2040.

Looking ahead, it is clear that immigration is not just beneficial but essential to America’s economic future. The data overwhelmingly supports the argument that immigrants help make the U.S. stronger and more prosperous. As the report concludes, “It is vital that U.S. policymakers should work to preserve and enhance the benefits of immigration by building new legal avenues and increasing opportunities for newcomers to support themselves, participate in their local communities, and contribute to the United States’ success and prosperity.”

India Turns Crisis into Opportunity by Boosting Defense Amid Middle East Conflict

June 28, 2025July 1, 2025 Staff ReporterEconomy, Nation 0

India’s economy faced a precarious situation over the past week as geopolitical tensions between Israel and Iran threatened to escalate further. The nation stood at the edge of a potential economic crisis, but rather than being dragged into turmoil, India found a strategic opportunity in the unfolding events to enhance its domestic defense sector.

The conflict, which had global ramifications, culminated in a ceasefire agreement on Wednesday. This truce followed a U.S.-led bombing campaign that, according to President Donald Trump, eliminated Iran’s nuclear capabilities. The ceasefire brought some relief to global markets, leading to a drop in oil prices that had surged amid the conflict. With this development, India narrowly avoided a potential economic disaster, but the situation underscored the country’s dependence on foreign oil and its vulnerability to external shocks.

Although India stopped purchasing Iranian oil some time ago, it still relies heavily on oil transported through the Strait of Hormuz. Approximately 40% of its crude oil imports pass through this narrow and strategically crucial maritime route. Any disruption here would have resulted in significant economic consequences.

According to a report from SBI Research, every $10 increase in global crude oil prices could push up consumer price inflation in India by as much as 35 basis points and reduce GDP growth by 30 basis points. Madan Sabnavis, the chief economist at Bank of Baroda, emphasized the implications of such a price surge. While he noted that a 10% rise in oil prices might be manageable, he warned, “A sustained price above $100 per barrel can have a major impact.”

India also faces a complex diplomatic situation. On one hand, it has strategic investments in Iran, including the Chabahar port project which is managed by Indian companies. On the other, it shares a close defense relationship with Israel. This dual engagement presents a challenge as India seeks to maintain strong ties with both nations amid ongoing tensions.

The scale of India’s defense ties with Israel is significant. According to a March 2024 report by the Stockholm International Peace Research Institute, India is Israel’s largest arms buyer, accounting for 34% of its total defense exports. In return, Israel contributes 13% of India’s arms imports.

This dependency on foreign arms was starkly visible during India’s recent military action dubbed “Operation Sindoor,” launched in retaliation to an April militant attack in Jammu and Kashmir. The operation combined older Russian equipment with modern Israeli systems like the Heron drones and Spyder and Barak-8 missile systems. Analysts at investment bank Jefferies highlighted this operation as evidence of India’s ongoing reliance on imported military technology.

India’s traditional defense partner, Russia, has become an increasingly unreliable supplier. Following the invasion of Ukraine, Russian military production has shifted toward meeting its own wartime needs, resulting in delays for countries like India. Furthermore, there are questions about the effectiveness of Russian military hardware. For example, equipment such as the T-90S tanks—widely used by the Indian Army—has reportedly not performed well in Ukraine, according to defense analysts.

In light of these developments, India recognizes the urgent need to pivot toward a more self-reliant defense strategy. However, making this transition won’t be easy or quick. Bernstein Research notes that as of 2023, about 90% of India’s armored vehicles and 70% of its combat aircraft were of Russian origin. Diversifying and localizing such a significant portion of defense infrastructure will take considerable time and resources.

Still, global developments are pushing India and other nations in the same direction. Anna Mulholland, head of emerging market equities research at Pictet Asset Management, observed, “I think undoubtedly the situation will have increased the desire and conviction that all the countries have to increase their defence spending, which was initiated because of the Russian invasion of Ukraine.” She added, “The Middle East turmoil, while not new, will surely have increased people’s resolve and commitment to those increased defence budgets that have been spoken about.”

India is attempting to transform this crisis into a strategic opening for its domestic defense industry. JPMorgan analysts described the current geopolitical climate as a “pivotal moment for widespread recognition of BEL’s capabilities.” BEL, or Bharat Electronics Limited, is a state-owned company that has seen its stock price rise roughly 38% this year.

Atul Tiwari, an executive director at JPMorgan, commented in a June 23 client note, “A steady stream of orders, elevated geopolitical risks both in India and globally, and strong medium-term growth prospects … with healthy [return on equity] should continue to lead to outperformance, in our view.”

One of the most prominent signs of India’s commitment to defense self-sufficiency is “Project Kusha,” a domestically developed alternative to the Russian S-400 air defense system. BEL plays a central role in this initiative. Tiwari added that the program “is expected to contribute significantly to the company’s long-term order book once contracts are finalized.”

India is not only investing in defense for its own needs but also aims to become a global exporter in this sector. According to Jefferies, the country is targeting a doubling of its defense exports to nearly $6 billion annually by the end of this decade.

Meanwhile, in the financial sector, the tentative ceasefire between Iran and Israel brought temporary relief. Dhiraj Nim of ANZ stated that although the spike in global oil prices poses risks for the Indian rupee, the truce “has helped stabilize investor sentiment and improved near-term outlook for the currency.”

Economists like Frederic Neumann of HSBC and Tim Seymour of Seymour Asset Management believe that emerging markets, particularly Korea, India, and Vietnam, remain undervalued and present attractive investment opportunities.

In other developments, Proseus, a major tech investor, projected that India will soon produce a $100 billion technology company. Proseus has backed major Indian tech firms like PayU and Meesho, further indicating growing investor confidence in the country’s innovation potential.

However, not all economic indicators are uniformly positive. The Reserve Bank of India reported that while manufacturing and services remained strong in May, there was a notable slowdown in urban consumption demand.

India’s aviation sector also made headlines. Air India, now owned by Tata Sons, received a capital injection of 9,588 crore rupees (around $1.1 million) from Tata and Singapore Airlines during the 2024-25 fiscal year. The airline is also grappling with the aftermath of a tragic air crash on June 12.

In the stock market, the Nifty 50 index climbed to a record high of 25,549 points as investor sentiment improved following the de-escalation of Middle East tensions. The index rose more than 2% over the past week and is up over 7% for the year. Meanwhile, the yield on India’s 10-year government bond declined by 3 basis points from the previous week, now trading at 6.27%.

As India weathers another round of global instability, its ability to adapt and seize opportunities—especially in the defense sector—signals a significant shift in economic and strategic thinking.

President Murmu to Lead MSME Day 2025 Celebrations, Unveil Major Initiatives for Sector Growth

June 27, 2025June 28, 2025 Staff ReporterBusiness, India 0

President of India, Droupadi Murmu, is set to lead the upcoming ‘MSME Day 2025 – Udyami Bharat event’ on June 27, 2025, at Vigyan Bhawan in New Delhi. The event, organized by the Ministry of Micro, Small, and Medium Enterprises (MSME), will also see the participation of key government officials including Jitan Ram Manjhi, the Union Minister for MSMEs, Shobha Karandlaje, Minister of State in the same ministry, and Manoj Kumar, Chairman of the Khadi and Village Industries Commission. Senior ministry officials and representatives from associated organizations will also be in attendance.

The annual MSME Day serves as a platform to recognize the invaluable contribution made by the Micro, Small, and Medium Enterprises sector to India’s economic development. At the same time, it acts as a launchpad for multiple forward-looking initiatives aimed at creating a robust, competitive, and future-ready MSME ecosystem. This year’s event is poised to be particularly significant, with several major launches and acknowledgements planned in the presence of the Hon’ble President.

One of the key moments of the event will be the release of a commemorative postage stamp by President Murmu. This special stamp marks the 25th anniversary of the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE), which has been a cornerstone of financial support for micro and small businesses across India. Over the last quarter-century, CGTMSE has played a pivotal role in providing credit support to Micro and Small Enterprises (MSEs), with more than 1.18 crore credit guarantees approved. The cumulative value of these guarantees stands at a staggering Rs 9.80 lakh crore. Notably, in the just-concluded financial year 2024-25 alone, the CGTMSE extended a record Rs 3 lakh crore worth of credit guarantees.

The President will also inaugurate the newly developed Online Dispute Resolution (ODR) Portal, a significant initiative aimed at enhancing the ease of doing business for MSEs. One of the recurring challenges faced by MSEs is the delay in receiving payments, which ties up significant capital and hampers business expansion and operational efficiency. The ODR portal has been developed to address this issue by offering a streamlined, digital method for resolving disputes. “To enhance ease of doing business, as also access to justice for MSEs, Ministry of MSME has developed an end-to-end ODR Portal, Parties to get the cases resolved from the convenience of their location, in a speedy and cost-effective manner,” the announcement highlighted. The portal aims to enable MSEs and their clients to settle payment disputes quickly and conveniently from anywhere, eliminating the need for lengthy legal processes and physical appearances.

In a move to promote innovation and cutting-edge technology in the sector, President Murmu will launch MSME Hackathon 5.0. This will be followed by the official announcement of the results of the previous edition, Hackathon 4.0. These hackathons fall under the Incubation component of the MSME Innovative segment, which is a part of the broader MSME Champions Scheme. This initiative is geared toward encouraging innovation, nurturing startups, and enabling MSMEs to adopt advanced and emerging technologies. Through this program, innovators across multiple sectors were invited to present their ideas via recognized Host Institutes. Selected ideas are eligible for financial support of up to Rs 15 lakh each. “Hackathon facilitates incubating novel ideas, support for mentorship and growth aligned with the Atma Nirbhar Bharat vision,” the statement said. These hackathons not only encourage creative solutions but also provide a nurturing ecosystem through mentorship and funding to bring these ideas to fruition.

Another important launch scheduled for MSME Day 2025 is the release of ‘MSME Patrika’, an in-house journal published by the Ministry of MSME. This publication is expected to serve as an informative resource containing valuable insights, updates, and articles on the sector. It aims to help business owners and stakeholders better understand the opportunities and challenges within the MSME landscape. The journal will also act as a platform for MSMEs to share experiences and best practices.

Alongside the Patrika, a booklet titled ‘Know Your Lender’ will be unveiled. This guide is designed to help MSMEs navigate the often-complex world of credit and financing. It will serve as a practical tool to help business owners understand their rights and responsibilities when seeking loans, and to identify the best sources of funding for their specific needs. “A booklet ‘Know Your Lender’ will be released which will provide guidance to MSMEs on credit and will enable MSMEs to better understand their rights for obtaining credit,” noted the ministry.

Overall, the MSME Day 2025 event promises to be a landmark occasion for India’s micro, small, and medium business community. With the active participation of the President and several top government officials, the event reflects the government’s sustained commitment to strengthening the MSME sector as a vital engine of economic growth, innovation, and job creation.

These initiatives, especially the ODR portal and the financial backing through CGTMSE and the Hackathon schemes, underscore the focus on making the MSME sector more self-reliant and digitally empowered. At a time when economic competitiveness and speed of execution are vital, providing MSMEs with effective tools to resolve disputes, access credit, and adopt innovation is expected to significantly enhance their contribution to India’s GDP and export potential.

As India continues on its journey towards becoming a global manufacturing and innovation hub, the emphasis on MSMEs through such targeted support mechanisms reinforces the vision of a more inclusive and dynamic economy. President Murmu’s role in presiding over these developments also highlights the central role of MSMEs in national policymaking and the broader economic narrative.

The celebration of MSME Day this year is not just about recognizing the past achievements of the sector, but also about laying down a comprehensive roadmap for the future. The collective aim is to make Indian MSMEs more resilient, technologically advanced, and capable of meeting both domestic and international market demands.

In conclusion, MSME Day 2025 will serve as a milestone in the government’s ongoing efforts to empower and uplift one of the most vital sectors of the Indian economy. With new platforms for innovation, justice, financial support, and knowledge-sharing being introduced, the event is poised to inspire a renewed wave of growth and opportunity across the country’s vast network of micro, small, and medium enterprises.

Proposed 3.5% Remittance Tax Alarms Indian Diaspora Over Financial and Privacy Concerns

June 27, 2025 Staff ReporterEconomy, Immigration 0

Ajay, an Indian American engineer, has lived in the United States for over 35 years. His elderly mother, aged 90, continues to reside in Mumbai, India, where she is looked after by a nurse and domestic help. Though she used to visit Ajay, declining health and the need for constant care led her to stay in India permanently. For Ajay, this has brought emotional strain as well as logistical and financial burdens, as he juggles the responsibilities of long-distance caregiving.

Like many others in the Indian diaspora, Ajay sends money monthly to support his mother’s needs, including salaries for her caregivers. He uses platforms like Remitly for these transactions. However, a newly proposed remittance tax in the U.S. may complicate this simple act. The looming legislation could soon impact how immigrants like Ajay manage cross-border financial responsibilities.

Hidden within the sweeping legislative proposal titled the “One Big Beautiful” bill is a provision that threatens to reshape the landscape for foreign remittances. It calls for a 3.5% tax on money sent abroad by foreign workers, including those holding green cards and temporary work visas such as the H-1B. For a country like India—which leads the world in remittance receipts—this could trigger serious financial and social repercussions.

Though U.S. citizens such as Ajay are officially exempt from the proposed tax, there’s a caveat. They will still be required to verify their citizenship status every time they send money, a new bureaucratic hurdle in what has traditionally been a routine transaction. More worryingly, this added requirement may open the door to privacy breaches and fraudulent schemes.

During a June 6 briefing hosted by American Community Media titled Taxing Remittances—A New Front in War on Immigrants, experts expressed concern about the tax’s wide-ranging effects. They emphasized that in many lower-income nations, remittances account for up to 30% of GDP. Advocates highlighted the regressive nature of this tax, calling it a form of double taxation. “Millions of undocumented immigrants already pay income taxes,” they noted. Imposing another layer of taxation may prompt people to explore risky, informal channels for sending money home.

India’s economy relies heavily on remittance flows. According to the Migration Policy Institute, many of the 2.9 million Indian immigrants living in the U.S. regularly transfer money to support families, fund businesses, or repay student loans. The Reserve Bank of India reports that India’s remittances rose from $55.6 billion in 2010-11 to $118.7 billion in 2023-24, helping to offset half the country’s goods trade deficit and even exceeding foreign direct investment levels.

India has topped the global remittance chart since 2008. The World Bank places India’s share at 14% of worldwide remittance inflows in 2024, up from 11% in 2001. Projections from the Reserve Bank of India suggest that remittances may reach $160 billion by 2029. Historically, these inflows have made up about 3% of India’s GDP. A BBC report further states that remittances in India serve multiple roles: from covering basic household expenses to investing in property, gold, or small businesses, according to the Centre for WTO Studies in Delhi.

A reduction in remittance flows could result in less saving and reduced investment activity. Families might be forced to scale down future-oriented spending and prioritize essentials like healthcare, food, and education instead.

The “One Big Beautiful Bill,” introduced by Republicans, is a wide-ranging legislative proposal that tackles tax reforms, spending limits, and border security. Nestled within its more than 1,000 pages is the 3.5% remittance tax clause.

Ariel Ruiz Soto, Senior Policy Analyst at the Migration Policy Institute, explained during the ACom briefing, “One is trying to use this as a method of collecting money to subsidize or to cover the deficit for the bill that they’re advancing.” But he raised a more pressing concern: “The mandate on non-US citizens means that the administration will be able to collect citizenship data, or legal status information of those immigrants.” Soto added, “Remittance agencies like Xoom or Remitly, or Western Union are going to carry the burden of trying to ask who is an immigrant, or what their immigration status will be.”

This administrative overhaul carries significant risks. Money transfer firms, including banks, cryptocurrency platforms, and non-banking financial institutions, will have to register with the U.S. Treasury and build systems capable of verifying both citizenship and tax status. Dr. Manuel Orozco, a senior advisor for the International Fund for Agricultural Development, issued a stern warning: “There is not a single private entity that is authorized to collect information about your citizenship status.”

Dr. Orozco further noted that cybercriminals could exploit this new system to obtain sensitive information like citizenship and tax identification. “No one carries that stuff around,” he said, referring to documents like passports and naturalization certificates. “How will a bank confirm a money transfer is performed by a U.S. citizen?”

The prospect of rising costs and increased surveillance could also drive some immigrants toward illegal or informal money transfer systems. Ajay commented, “Hawala is an illegal way to transfer money that gives rise to unnecessary fraud.” The Hawala network operates on informal trust-based systems and is especially popular in South Asia. While it does not involve actual cross-border money movement, its reliance on off-the-books ledgers makes it illegal in the United States under anti-money laundering regulations.

India Currents also contacted the Financial Technology Association (FTA), which joined six other trade groups in a letter to Senators Mike Crapo and Ron Wyden, urging them to exclude the remittance tax and verification requirement from the reconciliation bill. The FTA warned of a “significant invasion of privacy” that would negatively affect everyday Americans, including military families and students abroad.

Penny Lee, President and CEO of the FTA, emphasized, “We should not be asking everyday Americans to hand over their sensitive personal information or pay a tax to send money to families serving overseas or studying abroad.” She added, “This proposal not only infringes on Americans’ civil liberties, but also makes it harder to combat transnational crime by pushing cross-border payments into unregulated channels.”

As of now, the bill remains in reconciliation, its fate undecided.

Helen Dempster of the Center for Global Development warned the new tax could result in a 5.6% decrease in remittance flows. While Mexico would suffer the highest absolute losses—more than $2.6 billion annually—countries like India, China, and Vietnam would also be hit hard. This would lead to diminished household income and a weakened demand environment in countries where remittances are a major part of the Gross National Income.

Dempster also noted that reductions in U.S. foreign aid could force migrants to increase remittances, further straining their finances. “For many low- and middle-income countries who rely on both aid and remittances, these two cuts coming from the administration are going to deal a double blow to the world’s poorest people,” she said.

In the U.S., the Latino community is also expressing deep concerns. Ana Valdez, President and CEO of The Latino Donor Collaborative, said, “Taxing the remittances won’t stop the money from leaving.” She cited testimonials such as, “my mom is gonna get her $1,000 every month, whatever it takes,” and “if I have to stop going to the movie theater, if I have to stop buying clothes, if I have to reduce my expenses in terms of other outings or hobbies, I will.”

Valdez highlighted that the Latino community wields a purchasing power of nearly $4 trillion. She warned that taxing their remittances would ripple through the broader economy. “People are sending money that has already been taxed,” she concluded. “This is a penalty on the American dream, because immigrants are the American dream.”

America’s Soaring National Debt Crosses $37 Trillion, Threatens Economic Stability and Public Programs

June 23, 2025 Staff ReporterEconomy, USA 0

The United States has reached a new fiscal milestone that is causing deep concern among economists, lawmakers, and financial experts alike. The national debt has surpassed $37 trillion, raising the alarm as the federal government edges closer to a crisis where merely servicing this debt could consume nearly $1 trillion annually. This level of interest payments, if left unchecked, poses a serious threat to the federal budget and the government’s ability to maintain vital services.

As of June 20, the U.S. government’s debt exceeds the total annual output of the American economy. In other words, the country owes more than it produces in a year. The Congressional Budget Office (CBO) warns that without significant policy changes, this debt load could skyrocket even further, reaching an astonishing 156% of the Gross Domestic Product (GDP) by the year 2055.

The primary engine behind this growing debt is the persistently high annual budget deficit, which currently hovers around $2 trillion. This deficit is being driven by a combination of escalating government spending and a lack of sufficient growth in tax revenues. The imbalance is growing so severe that nearly one-quarter of all federal tax income is now being directed solely toward paying interest on the national debt.

This is not just a numbers game — the consequences for everyday Americans are very real. With so much money being spent on interest, less funding is available for key programs like Social Security, Medicare, national defense, and infrastructure. These are services and systems that millions of Americans depend on for their well-being, and the strain on their budgets is growing.

The danger isn’t limited to potential cutbacks in government programs. Economists caution that an unsustainable debt trajectory could also stifle private investment. As more government borrowing absorbs available capital in the financial markets, less is left for businesses and individuals seeking loans. This crowding-out effect can result in higher interest rates, reduced investment in innovation and expansion, and a slowdown in job creation.

The CBO paints a troubling picture if debt growth continues unchecked. It estimates that U.S. GDP could shrink by $340 billion over the next decade under the weight of this debt. Such a decline could lead to the loss of approximately 1.2 million jobs, in addition to hindering wage growth across all sectors of the economy.

Another complicating factor is the upward trend in interest rates. As the government borrows more, global investors are increasingly demanding higher yields in exchange for taking on the perceived risk of financing America’s deficits. These higher returns raise the overall cost of borrowing — not just for the federal government, but also for American businesses and households.

This domino effect can ripple through the economy, impacting everything from mortgage rates to corporate borrowing costs. As the cost of credit climbs, economic growth becomes harder to sustain. For a country already burdened by debt, such pressures could significantly deepen the fiscal hole.

There is also a mounting fear of a broader fiscal crisis. Should investors begin to doubt the U.S. government’s capacity to manage its obligations, the reaction could be swift and severe. A loss of confidence might trigger a sudden spike in interest rates, a collapse in the value of the dollar, or even a broader financial panic. Any of these outcomes would likely result in global economic turbulence, given the central role of the U.S. dollar and economy in international markets.

Despite these concerns, the U.S. economy is still showing some signs of growth. However, that growth is slowing. Economic forecasts suggest a modest GDP expansion of just 1.4% to 1.6% this year. At the same time, unemployment figures are beginning to inch upward, and inflation remains stubbornly above the Federal Reserve’s target range. These economic conditions make the path forward more precarious.

With tighter margins and less room for policy missteps, the government’s fiscal management is under increasing scrutiny. Experts across disciplines — from economists to business leaders — are issuing more urgent warnings. Past statements from public figures such as Elon Musk are beginning to appear prophetic. The Tesla CEO has been among those highlighting the unsustainable trajectory of America’s debt. As the evidence continues to mount, their cautions carry more weight.

“If the U.S. continues down this path, it won’t just be future generations paying the price,” the article warns, adding that “the reckoning could arrive much sooner.”

The choices ahead are not easy. Any meaningful effort to reverse the debt surge will likely require painful trade-offs, including higher taxes, cuts to popular programs, or a restructuring of the federal budget altogether. Yet, many lawmakers remain divided on how best to proceed, complicating the prospect of immediate action.

For now, America finds itself at a pivotal crossroads. The $37 trillion debt mark is more than a symbolic threshold — it represents a pressing challenge with real-world implications for economic growth, public services, and national security. Without decisive policy changes, the U.S. may be heading toward a future where rising debt becomes an anchor on prosperity rather than a tool for it.

In short, the mounting debt, growing interest obligations, and rising risks have created a sense of urgency that is hard to ignore. The longer the nation waits to address its fiscal imbalance, the narrower the window becomes to avert serious economic consequences.

India Hopes for Early Trade Deal with U.S. Before Tariffs Kick In: Piyush Goyal

June 19, 2025June 21, 2025 Staff ReporterEconomy, Diplomacy 0

As the deadline approaches for the U.S. to implement “reciprocal tariffs” on Indian goods beginning July 9, Indian Commerce Minister Piyush Goyal has voiced cautious optimism that both countries may sign an initial segment of a broader trade agreement before that date. Although hopeful, Goyal refrained from confirming whether a preliminary deal would indeed be finalized in time.

“We are in continuous dialogue. I have always been an optimist,” Goyal remarked during an interview with The Hindu on the sidelines of the India Global Forum 2025 conference held in London.

Expressing confidence in the partnership between the two countries, he added, “I’m very confident that, given that the U.S. and India are very friendly countries, trusted partners, both wanting to have resilient, reliable, trusted supply chains, both vibrant democracies, we will be able to come up with a win-win for the businesses of both countries.” Without a deal, Indian exports to the U.S. could face a steep 26% tariff starting in early July.

While there is urgency surrounding the negotiations, Goyal chose not to disclose whether the initial portion of the Bilateral Trade Agreement (BTA) under discussion would include sensitive sectors such as dairy and agriculture. When questioned on this, he stated, “I think negotiations are best left to the negotiators and the negotiating table. We will, of course, inform the media at the right time.”

He was similarly tight-lipped regarding the impact of the expiration of the U.S. Trade Promotion Authority (TPA) on the overall agreement. The TPA is a legislative mechanism allowing the U.S. President to expedite trade deals, especially those involving tariffs lower than the standard Most-Favoured Nation (MFN) rates offered under the World Trade Organization (WTO) guidelines.

Earlier in the day, Goyal shared a platform with his British counterpart, Business and Trade Secretary Jonathan Reynolds, during a moderated session. Their appearance followed the recent conclusion of a free trade agreement between India and the United Kingdom on May 6. Goyal attributed the success of that deal to mutual respect for each other’s concerns and the willingness to set aside issues that were not immediately negotiable.

Turning attention to India’s ongoing trade discussions with the European Union, Goyal said that the aim was to wrap up a comprehensive trade pact by the end of the current calendar year. When asked whether the agreement would be finalized as a full-scale deal or as an interim arrangement, he responded by invoking a metaphor. “There’s that famous English phrase…since we are in Great Britain…‘the air is pregnant with possibilities,’” he said, emphasizing that the exact nature and form of the final deal remained undetermined at this stage.

On the question of whether the return of Donald Trump and his “America First” policy to the U.S. presidency had any bearing on India’s negotiations with the European Union, Goyal dismissed such notions, stating that bilateral talks are generally insulated from third-party influences. His comments came a week after European Union Foreign Minister Kaja Kallas called the EU a “reliable, predictable and credible partner for India” during a joint press briefing with India’s External Affairs Minister S. Jaishankar. Since Trump’s return to power, various countries have been reevaluating their diplomatic and trade ties with Washington.

Goyal, however, maintained that bilateral negotiations operate independently of geopolitical shifts. “I don’t think there’s any impact of any other situation on a negotiation between two countries, because these negotiations are not a short-term arrangement. These are like long-term marriages you are negotiating after crystal-gazing … 25 years, 50 years, into the future,” he explained.

Commenting on the future of multilateral trade, Goyal reiterated India’s commitment to the World Trade Organization (WTO), despite growing skepticism in the global community about the body’s efficacy. He emphasized that the WTO still plays a significant role in maintaining global trade norms and frameworks, even as the U.S. steps back from multilateralism under the Trump administration.

“[India] believes we have to strengthen the WTO over the next few years through dialogue and discussions and will continue to play an increasingly important role to promote multilateralism,” Goyal stated. He underscored India’s belief in the importance of global cooperation through established institutions.

Meanwhile, India has also informed the WTO of its right to consider retaliatory tariffs in response to the U.S.’s decision to increase import duties on steel and aluminum. This move serves as a signal of India’s readiness to respond firmly when its trade interests are affected.

Addressing a specific issue involving Tata Steel, Goyal said that the Indian government had not raised the matter directly with British authorities. Tata Steel owns the Port Talbot steel plant in South Wales, which has faced operational adjustments, including sourcing raw materials from India and Europe, after its blast furnace was shut down last year. The plant is scheduled to transition to an electric arc furnace by 2027.

These adjustments may complicate matters if the U.S. insists on tighter rules regarding input materials before granting tariff reductions as part of any UK-U.S. agreement. According to a report by The Guardian, the Trump administration has warned that it may continue imposing a 25% tariff on British steel unless the UK can assure that Tata Steel’s inputs comply with American standards.

When asked whether India had intervened or planned to intervene on behalf of Tata Steel in negotiations with the U.K. or the U.S., Goyal replied bluntly, “That, the U.K., has to negotiate with the U.S.”

In summary, Goyal’s remarks convey a cautiously hopeful tone regarding an initial trade pact between India and the U.S. before the July 9 tariff deadline. While refraining from revealing specifics, his comments stress India’s readiness to pursue long-term, mutually beneficial agreements rooted in trust and democratic values. He emphasized the importance of resilience in supply chains, bilateral respect in negotiations, and the continued relevance of multilateral platforms such as the WTO.

TheUNN Corporation

CONTACT US

Follow us

Subscribe to Newsletter