US President Donald Trump has claimed that "India kills the US with tariffs" while speaking about his decision to impose levies on various countries. He also pointed out that due to tariffs, India has made concessions on the charges it imposes on US imports. The US federal appeals court recently declared most of Trump's tariff actions as illegal, which Trump believes is because other countries are taking advantage of the US. However, he has vowed that this will not happen anymore.
In a move to regulate unregistered online platforms, Nepal has ordered the blocking of 26 major social media platforms, including Facebook, WhatsApp, and YouTube. This decision comes after a Cabinet decision in August and a Supreme Court directive. Companies are required to register and secure a license within three months in order to operate within Nepal's jurisdiction.
The Goods and Services Tax (GST) Council in India held a 10-hour meeting where they announced a broad two-slab structure of 5% and 18% with a demerit rate of 40% for super luxury, sin, and demerit goods. The reforms aim to lower tax burden, ease blocked working capital, and improve ease of doing business. These changes will come into effect on September 22, benefiting common people, farmers, MSMEs, and middle-class citizens. The decision also includes sweeping rate cuts for common-use items, white goods, and automotive parts as well as a lower GST for health and physical well-being services.
Though once a top-selling brand in Germany, Tesla is now facing a major decline in sales due to the emergence of new electric vehicle options and negative sentiment towards CEO Elon Musk. This downturn highlights the challenges faced by the company in the competitive European market and the potential effects of political controversies on consumer perception. As the brand works to recover, it faces significant hurdles and a shifting market landscape.
The GST Council's 56th meeting has resulted in significant changes to India's tax system, including the removal of the Compensation Cess and the implementation of a simplified framework with only two main tax slabs. While this has brought relief to many households, the decision to not place bidis and 'tendu' in the 40% bracket has caused some confusion. The new top bracket now encompasses products deemed harmful to health or society, such as alcohol, tobacco, and sugary drinks.
Tesla, under the guidance of executive Lars Moravy, has announced the opening of a new development center in Berlin's Köpenick district. The site, expected to employ up to 250 engineers, will focus on material research, as well as vehicle and drive development. This move is part of Tesla's efforts to expand their presence in Europe, after experiencing a drop in sales in the region. With the new center, Tesla hopes to strengthen their position and continue to innovate in the market.
The Indian rupee started the day on a positive note, appreciating by 6 paise against the US dollar. This was supported by strong foreign institutional investor (FII) inflows and a decrease in global crude oil prices. Forex traders expect the rupee to stay within the 85.40-90 range due to mid-month demand for oil, defence, and government-related payments. The interbank foreign exchange market opened at 85.53 and later saw a rise to 85.51, marking a 6 paise gain from the previous day's close. According to experts, the rupee trade is likely to remain subdued as markets wait for updates on the US-China trade agreement.
In response to growing concerns about pilot fatigue and its impact on flight safety, the Directorate General of Civil Aviation (DGCA) has published draft guidelines for a new Fatigue Risk Management System (FRMS) for airlines. With India's aviation sector experiencing significant growth, experts emphasize the need for proper management of pilot fatigue, which can affect reaction time, decision-making, and safety outcomes. Under the proposed system, airlines will have the option to implement FRMS or a hybrid model, with strict oversight from the DGCA. However, the success of these measures will ultimately depend on how seriously airlines prioritize and implement them.
Giorgio Armani, the visionary fashion designer, passed away at the age of 91, leaving behind a meticulously crafted business empire. With no children to inherit the company, he established the Giorgio Armani Foundation to safeguard his legacy and ensure the brand's independence and culture. Through strategic planning, including a diverse leadership structure and restrictions on mergers and public offerings, Armani ensured that his business will continue to thrive after his passing. His legacy serves as a beacon of stability and integrity in the ever-evolving world of fashion.
The Indian rupee weakened by 23 paise to 85.84 against the US dollar in early trade due to increased demand for the greenback from importers at the end of the month. Despite positive domestic equities and foreign fund inflows, challenges such as liquidity constraints and concerns about reciprocal tariffs continue to pressure the rupee. This comes after the rupee had gained 37 paise on Monday and strengthened by a total of 154 paise over the last seven trading sessions.