Stories from earlier this week and beyond.
Non-defense capital goods orders excluding aircraft rose 3.3% in March, topping forecasts and following an upwardly revised 1.6% gain in February. The data, released by the US Census Bureau, is closely watched as a proxy for future business spending and investment plans, suggesting momentum in demand for equipment and production capacity.
India has invoked the WTO peace clause for FY25 rice subsidies for farmers, marking the seventh time it has used the provision. The government says it will provide about $7.6 billion in subsidies, equivalent to 11.85% of the total value of rice production—pushing beyond the usual 10% limit under WTO rules.
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Protests by Noida factory workers have thrust India’s minimum wage debate back into focus. With inflation steadily eroding purchasing power, many workers say wage hikes are not translating into better living standards. Wage growth varies across states and gaps remain, while more households lean on borrowing. Analysts call for a more granular minimum-wage approach plus targeted support for MSMEs and migrant workers.
West Bengal recorded its highest voter turnout since Independence as the second phase of polling stayed largely peaceful, with no deaths reported during the campaign or voting day. However, alongside generally smooth voting, ECI flagged isolated allegations of irregularities and attacks. A decision on repolling in specific booths is still under review.
Microsoft’s cloud revenue rose in the March quarter, while infrastructure spending landed below expectations. The mix is aimed at easing investor concerns over the company’s heavy AI spending. Microsoft is also pushing new AI offerings and partnerships to strengthen its position in the cloud race as peers intensify their AI infrastructure buildouts.
Federal Reserve Chair Jerome Powell stressed that the Fed must remain independent and insulated from political pressure to best serve the American people. Ahead of the leadership transition, he also congratulated Kevin Warsh as he advanced through the Senate Banking Committee, signaling confidence in the successor’s path toward taking the helm.
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Alphabet’s cloud unit delivered a major upside, with revenue jumping 63% to $20 billion and beating estimates as enterprises splurged on AI infrastructure. The company’s overall results also topped forecasts, aided by a near-doubling cloud backlog. Analysts point to Gemini momentum and Apple partnership as Alphabet pushes deeper into the AI race.
A new trial suggests GLP-1 weight-loss drugs such as semaglutide could also curb heavy alcohol use. Researchers report weekly injections halved heavy drinking days among adults with alcohol use disorder. Because the same medicine is already used for obesity, the findings could translate into a new treatment pathway for millions, pending further research.
Meta Platforms is raising its capital expenditure forecast to $125 billion–$145 billion by 2026, signaling a major acceleration of AI infrastructure investment. The company plans layoffs even as it pours more money into compute and network capacity. Meta also reported continued momentum in usage, with daily active people reaching 3.56 billion.
A chilling mirror selfie allegedly taken by Cole Tomas Allen about 30 minutes before the Washington Hilton shooting has surfaced. Authorities say Allen carried out the deadly attack in an effort to assassinate US President Donald Trump at the White House Correspondents’ Association dinner. The image reportedly captured him moments before gunfire erupted, intensifying questions about planning and access.
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Cedar Rapids, Iowa is offering remote workers a $5,000 cash relocation bonus, targeting people who currently live outside the state and earn at least $55,000 annually. Applicants can also access over $4,000 in added perks, aiming to attract new residents while they keep working remotely. The program details and eligibility requirements determine who gets the full incentive.
France has released a detailed roadmap to stop using fossil fuels across its economy. Coal is slated to end by 2030, oil by 2045, and gas by 2050—each with a firm deadline. The plan was announced at an international conference in Santa Marta, Colombia, aimed at accelerating the shift away from planet-heating fuels.
India’s credit card universe has crossed 119 million cards, with HDFC Bank tightening its grip on both card counts and spend value. Major players like SBI Cards, ICICI Bank and Axis Bank remain prominent, but public sector banks are gaining momentum—especially in tier-2 and tier-3 cities—supported by wider acceptance networks and strategic partnerships.
Amazon Web Services outperformed Wall Street’s cloud forecasts, powered by rising enterprise spending on AI adoption. AWS revenue grew strongly as Amazon deepened AI partnerships and expanded infrastructure. Yet the stock fell after a weaker-than-expected outlook for the coming quarter’s operating income, highlighting how heavy AI investments may weigh on near-term profits before monetization arrives.
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The Finance Ministry has capped the outlay for schemes awaiting approval from the 16th Finance Commission after several ministries failed to complete mandatory scheme appraisals by the March 31 deadline. These schemes will continue only on an interim basis until September 30 or until fresh approvals arrive under an interim funding arrangement.
IAN Alpha Fund has led a ₹32.7 crore investment round in sports-tech startup SportVot, joining other investors. The funding will fuel SportVot’s international expansion and scale its AI-led production, analytics, and white-label OTT services. SportVot says it helps nearly 99% of global events—often unrecorded—stream at broadcast quality, while building structured data for future scouting and monetisation.
Carrier Global plans to invest ₹863 crore to set up a state-of-the-art manufacturing facility for chillers and cooling systems at Sri City near Tirupati in Andhra Pradesh. The move is designed to localize key data-centre infrastructure, create about 721 jobs, and support the state’s ambition to reach 6 GW hosting capacity.
The RBI has authorised banks to grant natural calamity relief on their own, effective July 1. Borrowers affected by weather disruptions can receive rescheduling, moratoriums, and extra finance without filing a request first. The rollout of a new resolution framework has been deferred to July 1, aiming to speed support for those facing immediate repayment stress.
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Wall Street closed mixed as traders balanced a steady Federal Reserve decision with a divided vote and a jump in crude prices tied to Middle East tensions. Investors kept an eye on inflation signals, while attention shifted to major tech earnings from Amazon, Alphabet, Meta, and Microsoft, setting the stage for the next market move.
India’s Ministry of Coal has signed Coal Mine/Block Production and Development Agreements for four mines in the 14th commercial auctions, and for the first time those contracts embed Underground Coal Gasification provisions. The move could unlock deep and unworkable coal for syngas, with knock-on benefits for fertilisers, chemicals, and cleaner energy—while scaling India’s broader coal auction momentum.
The Delhi High Court has ruled that shareholders cannot be taxed on a company’s income because they do not own the company’s underlying assets—only the shares. The court held that while dividend income may be taxable, the company’s profits are not automatically taxable in shareholders’ hands. It dismissed appeals by the Income Tax Department and upheld the tribunal’s decision.
Sacred Piprahwa relics of Lord Buddha have arrived in Leh for a historic public exposition that will launch a major spiritual celebration. Lieutenant Governor Vinai Kumar Saxena received the relics, which are scheduled to be open for public viewing from May 1, on Buddha Purnima. Union Home Minister Amit Shah will attend the event.
Mitsubishi is preparing to exit an incomplete NTPC power project in West Bengal, setting off talks over what penalty it should pay for withdrawal. Mitsubishi has put forward an offer tied to penalties, while NTPC is pushing for a higher settlement amount. Negotiations are ongoing as both sides aim to agree on the final financial terms.
US defence official Pete Hegseth told lawmakers that allies stepping up—naming Israel, South Korea, Poland, Finland and the Baltics—will receive “special favour,” while those that don’t meet their obligations will face “consequences.” Speaking to the House Armed Services Committee, he framed the stance as a clear demand for support to align with US expectations.
Pentagon chief Pete Hegseth defended the ongoing war with Iran during a congressional hearing, sharply rebuking Democrats who called it a quagmire and labeling them feckless. The conflict, launched in February, has coincided with falling public approval and rising gasoline prices. Hegseth urged lawmakers to back troops and avoid undermining the mission.
ICRA warns that the West Asia crisis is already squeezing fuel economics for Indian OMCs. With crude at $120–125 per barrel, marketing margins are estimated at about negative Rs 14 per litre for petrol and Rs 18 for diesel. If crude rises by $1 and retail prices don’t change, fuel marketing losses increase by roughly 60 paise per litre.
Two Jewish men were stabbed in north London, and police have arrested a 45-year-old man after a chase. Authorities are treating the attack as terrorism, amid rising antisemitic violence in the UK. Jewish community leaders and Israeli officials have urged urgent action. The suspect is reported to have a history of violence and mental health issues.
Ramky Estates will take over Skylark’s stalled residential projects in Bengaluru as the SWAMIH Investment Fund plans to inject up to ₹600 crore. The funding is expected to revive projects and ease delays for more than 1,800 homebuyers who have been waiting for their homes. The move signals a fresh push for completion using stalled-project rescue capital.
Fresh exit poll results released on Wednesday point to a major political reshuffle. West Bengal is projected to tilt toward the BJP, potentially ending Trinamool Congress rule. In Kerala, the Left front appears likely to lose, with the UDF expected to make a comeback. Assam’s NDA seems set for a third term, while Tamil Nadu’s DMK alliance retains power.
Sunrisers Hyderabad beat Mumbai Indians by six wickets in a high-octane IPL 2026 chase powered by Travis Head and Heinrich Klaasen. Ryan Rickelton’s unbeaten 123, a Mumbai Indians record, wasn’t enough to stop the collapse. SRH reached the fourth-highest successful run chase in IPL history, while MI’s losses mounted with a sixth defeat in eight matches.
Financial services secretary M Nagaraju reviewed strategy documents for four public sector insurance companies, urging them to identify more investment opportunities while cutting loss ratios. The directive also requires sustaining market share, strengthening retail portfolios, and expanding in rural and semi-urban areas to improve overall performance and customer reach.
UCO Bank’s CEO Ashwani Kumar said the bank is not seeing stress in its MSME loan portfolio despite global shocks like US tariffs and the Iran war. He pointed to improving loan quality, noting that MSME special mention accounts with exposure of ₹1 crore and above fell to 1.05% of the MSME loan book in March, down from ₹582 crore in December.
Turkey deported Salim Dola, linked to Dawood Ibrahim and accused of drug trafficking, to India after close coordination between their security agencies. The move came soon after foreign office consultations in which India pressed concerns over cross-border terrorism. Analysts say it signals warming cooperation between Ankara and New Delhi on security and enforcement.
West Bengal CM Mamata Banerjee says her party is poised to win at least 200 seats and alleges police observers and central forces harassed her workers. In Bhabanipur, tensions escalated when BJP candidate Suvendu Adhikari visited a polling booth near Banerjee’s residence, prompting security personnel to disperse crowds and Adhikari to demand more central forces.
The Election Commission of India has set May 4 as the counting day for Assam’s assembly polls, to be held across 40 centers in 35 districts. It has deployed 126 counting observers, with strong rooms secured under continuous CCTV and armed security. About 5,981 officials and 2,348 micro-observers will oversee the counting process.
At The Economist’s Resilient Futures Summit in New Delhi, Sagar Adani urged India to rapidly scale up power capacity, arguing that purposeful large-scale infrastructure is key to withstanding global disruptions. He linked energy buildout to resilience, suggesting countries that move quickly on infrastructure planning and execution will better manage volatility beyond their borders.
A Mars image that looked like a perfect square from a 2001 NASA flyover sparked speculation about artificial structures. But later, sharper views from the Mars Reconnaissance Orbiter revealed the “square” was actually an uneven cliff face. The lesson: angles and lighting can turn ordinary terrain into baffling shapes that go viral fast.
A new study suggests the universe may not expand forever. Researchers say dark energy could evolve over time, potentially reversing the force driving space outward. That scenario, known as the Big Crunch, would pull galaxies closer as expansion slows and reverses. Scientists stress this is only a theory and requires further evidence.
Uddhav Thackeray will not contest the Maharashtra Legislative Council elections, with his party nominating Ambadas Danve instead. The switch has sparked friction within the Maha Vikas Aghadi alliance, as Congress signals it could field a separate candidate, questioning whether Thackeray’s decision was taken unilaterally and putting alliance unity under strain.
Elon Musk testified for a second day in his trial against OpenAI co-founder Sam Altman, alleging Altman reneged on promises to keep OpenAI a nonprofit. Musk says by late 2022 he believed Altman was trying to “steal the charity,” while OpenAI’s legal team disputes the account, saying no indefinite nonprofit commitment was ever made.
India is preparing a third Jan Vishwas Bill, aimed at simplifying business processes and reducing compliance burdens. The government also plans to make it easier for companies to start operations and, crucially, exit when needed. In parallel, India has already finalized nine free trade agreements and is in talks on more partnerships with additional countries.
Global consumer brands are upbeat about India again, with companies including Mondelez, Coca-Cola, Pernod Ricard, Reckitt Benckiser and Carlsberg posting double digit growth in the March quarter. The rebound follows recent volatility, and the article points to recent GST changes as a key boost to consumption. India remains a top growth market for these international firms.
New projections by CEEW warn that India is likely to experience 15 to 40 additional unusually hot days each year over the next two decades. The change won’t be limited to daytime heat, with unusually warm nights also expected to rise—straining health and productivity. Central and southern regions may face sharper increases, alongside more frequent heavy rainfall events.
Parallel Web Systems, an AI agent-tool startup founded by former Twitter CEO Parag Agrawal, has surged to a $2 billion valuation. The milestone comes only five months after its prior major funding and after raising an additional $100 million led by Sequoia. The rapid follow-on financing highlights strong investor appetite for agent tooling despite the short window.
PayPal is reportedly preparing to make Venmo operate as a standalone segment within its broader business. The change would improve how Venmo’s performance is measured, and it may also set up the option to sell the unit in the future, depending on strategy and market conditions. The details remain tied to the report.
The US Federal Reserve kept interest rates unchanged for the third straight time, pointing to global risks including higher energy prices and supply disruptions. While officials weigh inflation control against the danger of overly aggressive tightening, the decision could bring short-term comfort to Indian markets. Still, stubbornly high crude oil remains a major threat to sentiment and inflation expectations.
Casagrand is ramping up in Hyderabad with 3.98 million sq ft of new development and the launch of its second-largest residential project in India, Casagrand Vybe. The company cites strong demand for luxury and premium homes as Hyderabad grows into a major revenue driver. Casagrand is also preparing for its IPO.
The Peoples Democratic Party has accused Jammu and Kashmir Chief Minister Omar Abdullah of removing Urdu from official records. PDP leader Iltija Mufti claims the move is meant to erase the language from the region’s history and culture, pointing to two revenue department notifications issued under Abdullah’s administration as evidence.
After another assassination attempt, Donald Trump is backing a fortified “ballroom-bunker” at the White House. The proposal is fueling a public dispute over whether security failures were mishandled, how legal responsibilities should be assigned, and whether costs should move from private backing to public funding.
The Ministry of Heavy Industries held a high-level meeting to design financing mechanisms that could accelerate private sector adoption of electric buses and trucks. Participants from banks, NBFCs and financial institutions discussed key barriers in EV financing and how to overcome them, aiming to unlock faster fleet transition and expand electric commercial transport in India.
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