In a controversial move, US President Donald Trump has announced new tariffs for multiple countries, citing emergency powers as the reason. These tariffs, which will go into effect in seven days, could be as high as 41%, and will be added on top of existing reciprocal tariffs. The announcement came just before the August 1st trade deadline, causing concern for US importers and potentially worsening trade relations with trading partners.
In their recent shareholders letter, online food delivery company Swiggy announced their potential stake sale in their investee company Rapido, which is set to enter the food delivery space. With Rapido's rapid growth and increasing valuation, Swiggy recognizes the potential conflict of interest and is actively reevaluating their investment. Along with other investors, Swiggy holds a minority stake in Rapido, worth over ₹1,000 crore, which they acquired three years ago. As Rapido continues to raise funds and expand its operations, Swiggy's stake has now been revised to 12.02% and the company has waived its right to appoint a director on Rapido's board.
Uber India has launched a new Intercity Motorhome service on select routes in order to meet the increasing demand for travel that is easy, reliable, and comfortable. The company has seen significant growth in its Intercity product, with top routes including Mumbai–Pune, Delhi–Agra, and Bengaluru–Mysuru, and popular travel days being Fridays and during holidays and festivals. Round trips for leisure travel and one-ways for business and personal trips continue to be the main drivers for Intercity travel.
The past week was packed with significant information and events that shed light on the current state of the US economy. Reports on inflation, GDP, jobs, consumer sentiment, and a Fed rate decision clarified the direction of the economy. The overall takeaway is that there is still some uncertainty, but the economy is showing signs of improvement in various areas.
The Enforcement Directorate (ED) carrying out searches in Mumbai linked to Anil Ambani’s Reliance Group under the Prevention of Money Laundering Act (PMLA). The ED has summoned Ambani to appear before them on August 5th at their headquarters in the national capital. The searches were carried out at 35 locations covering 50 companies and 25 individuals.
The Enforcement Directorate has summoned Anil Ambani, chairman of Reliance Group, for questioning on August 5 in a money laundering case involving a bank loan fraud worth crores of rupees. A Look Out Circular has also been issued to prevent his travel abroad. The federal probe agency has already conducted searches at 35 premises of 50 companies and 25 people, and has found evidence of financial irregularities and loan diversion in multiple group companies. Ambani has been asked to depose at the ED headquarters in Delhi and will be questioned under the Prevention of Money Laundering Act.
The global sportswear giant, Adidas, reported strong operating profit in its earnings report but also cautioned investors about potential price increases in the US following new import tariffs imposed by the Trump administration. With the company's second-largest market being the US, increased duties on imports from key manufacturing countries could significantly affect their bottom line. As a result, Adidas is ramping up shipments to prepare for rising costs while trying to maintain competitive pricing on popular products.
Bristol-Myers Squibb, a leading pharmaceutical company, reported better than expected earnings and revenue for the second quarter and provided a strong earnings forecast for the rest of the year. Despite these positive results, the company's stock has seen a dip of 4.2%. Meanwhile, non-S&P 500 component Roblox is up by 14% despite reporting higher than expected losses, suggesting strong potential for future profits. In other S&P 500 earnings news, MasterCard exceeded earnings and revenue expectations, leading to a 2.7% increase in their stock and a slight retreat in the overall market.
India has taken the strongest action yet against foreign trading firm Jane Street, barring it from accessing the country's securities market and impounding $567 million. The US-based firm, which disputed the findings, has a global presence with over 3,000 staff and trades in stocks of 45 countries. It recently expanded its presence in Hong Kong and started its first unit in India in December 2020. India's market regulator SEBI found that the firm's four group entities made a combined profit of $5 billion by trading in equity options in the country between January 2023 and March 2025.
In its latest FOMC meeting, the US Federal Reserve announced that it will maintain a key interest rate of 4.25%-4.50%, marking the fifth consecutive time without any changes. This decision falls in line with market expectations, despite US President Donald Trump's repeated pressures on Fed Chairman Jerome Powell to lower rates. The announcement was followed by slight gains in the US markets, but the Fed remains attentive to potential risks to the economy.