Stories from earlier this week and beyond.
The Senate Banking Committee holds a decisive May 14, 2026 markup vote on the 309-page Digital Asset Market CLARITY Act, a key step toward comprehensive U.S. crypto market structure rules. The committee will debate more than 100 amendments and decide whether to send the bill to the full Senate. A July 4 White House signing target is on the table, but timing depends on reaching a 60-vote threshold. Earlier delays followed Coinbase CEO Brian Armstrong’s objections over stablecoin yield.
India has introduced the Securities Markets Code Bill, 2025, in Parliament on December 18, 2025, with Finance Minister Nirmala Sitharaman proposing a sweeping consolidation of securities regulation. The proposed legislation is designed to consolidate and amend multiple existing laws governing trading contracts, market oversight, and depository operations. It would bring together the Securities Contract Regulation Act, 1956, the SEBI Act of 1992, and the Depositories Act, 1996—potentially reshaping how regulators and market participants comply going forward.
Your news, in seconds
Get the Beige app — every story in 60 words, updated hourly. Free on iOS & Android.
Two U.S. House lawmakers will introduce legislation to toughen the current ban on Chinese automakers entering the American passenger-vehicle market, timed just before President Donald Trump travels to China. The bill would codify a Biden-era regulation that, in effect, blocks all Chinese automakers and adds steps to keep China out of the U.S. light-duty market. It focuses on vehicles designed in China with advanced connectivity and software, citing national security and data-privacy risks around sensitive owner data.
Retail investors put ₹38,440 crore into equity mutual funds in April, down from ₹40,450 crore in March, as oil price uncertainty clouded the outlook for India’s economy. SIP collections also eased to ₹31,115 crore, while the number of SIPs discontinued roughly matched new starts. Still, total assets under management rose 11.49% to ₹81.92 lakh crore, boosted by debt fund inflows and equity market gains. Overseas fund-of-funds saw increased bets, while flexi cap led equity allocations.
U.S. President Donald Trump began two days of talks with China’s Xi Jinping in Beijing, his first trip to China since 2017. The agenda spans a fragile trade truce, the Iran war, and U.S. arms sales to Taiwan. Trump arrived with added political pressure from Middle East-related strains on his approval ratings, while Xi faces fewer domestic constraints. Officials say both sides hope to preserve last October’s tariff and rare-earth understandings as they also explore AI and investment cooperation.
Temasek and TPG Newquest have started a fundraising process for Cloudnine Hospitals, a specialist mother-and-child care chain, valuing it at about $1 billion. Sources say the two existing investors could collectively sell 20-30% of their stake to incoming partners, potentially raising $200-300 million if new buyers receive joint control. However, joint control may be trimmed to keep founders and current investors holding meaningful stakes. The plan aligns with rising demand for single-specialty hospitals in maternity and neonatal care.
Never miss a story
Set alerts for the topics and sources you care about. Download Beige for free.
The PIB has moved to crush viral social media rumors claiming the RBI plans to discontinue the ₹500 currency note. The scare began with an Instagram reel from the account “insightswithnicky,” which alleged the denomination would soon be withdrawn and become invalid. In its official fact check, PIB said there is no such announcement from the RBI and confirmed ₹500 notes remain legal tender with no plans for removal from the banking system. Authorities urged people to rely only on verified official sources.
Union Road Transport Minister Nitin Gadkari inaugurated Multi-Lane Free Flow (MLFF) tolling at the Mundka-Bakkarwala plaza on Delhi’s Urban Extension Road-II. The barrier-less system lets vehicles cross without stopping, using FASTag detection and Automatic Number Plate Recognition to automatically deduct tolls while in motion. It aims to cut waiting time and congestion, improve fuel efficiency, and lower emissions for daily commuters. If balance is insufficient or there’s a fault, an Electronic Notice provides 72 hours to pay.
A new federal education tax credit could return up to $1,700 to eligible Americans. The program is tied to approved education scholarship donations, offering taxpayers a way to reduce taxes while supporting students’ access to school funding. With more states expected to join, the benefit is emerging as a major 2026 tax story for families looking to maximize education-related savings.
Honda says it has indefinitely suspended plans for a multi-billion-dollar EV plant in Canada, dealing another blow to a tariff-hit auto sector. With Canada deeply integrated into North America’s car supply chain, Trump-era tariffs are hitting the industry especially hard, raising pressure on automakers’ investment timelines and future production plans.
Reading on mobile?
Open Beige in the app for a smoother experience — free on iOS and Android.
DGFT has tightened rules for duty free gold imports used by gems and jewellery exporters. The update caps imports at 100 kg per licence, requires mandatory facility inspections for new applicants, and demands existing exporters meet 50% of past export obligations. Exporters will also have to submit fortnightly performance reports, boosting government monitoring of compliance.
Goldman Sachs BDC said its private credit fund’s net asset value per share fell to $12.17 at March-end, down about 3.7% from the prior quarter. The drop followed higher unrealized losses and portfolio mark-downs, with non-accruals rising to 4.7% of amortized-cost loans from 2.8%. The firm argued the moves largely reflect wider market credit spreads, not broad credit deterioration. It also reported $46.5 million in new commitments, $82.8 million in repayments, a 32-cent dividend, and a $75 million buyback plan.
US Treasury Secretary Scott Bessent says Washington and Beijing are discussing “AI guardrails” and a joint “protocol” for the technology’s future. The aim, he said, is to ensure non-state actors cannot get hold of powerful AI models amid rising calls for regulation. Bessent framed it as protection, not stifling, and said the US will rely on “US best practices, US values” while sharing an approach globally. The talks come during Trump’s Beijing visit alongside major tech leaders.
Prime Minister Narendra Modi met Iran’s Foreign Minister Abbas Araghchi in New Delhi on Thursday, on the sidelines of the BRICS Foreign Ministers’ Meeting. The meeting signals a key shift in bilateral diplomacy amid mounting West Asia tensions. Iranian officials posted the interaction on X, noting it came alongside talks with Russian Foreign Minister Sergey Lavrov. Araghchi used the platform to denounce American coercion, urging BRICS to present a united stance against US bullying and to reject reckless adventures that deepen regional instability.
Follow your favourite sources
Track sources, tags and categories — all in the Beige app.
Pima County Sheriff Chris Nanos says investigators are withholding key details in the Nancy Guthrie disappearance to protect the case, despite mounting public frustration. Khloe Kardashian has criticized the lack of clear leads. Authorities say DNA analysis is progressing slowly and an arrest is expected eventually, with the FBI now involved in the ongoing investigation.
Amazon’s ultrafast Amazon Now service is rolling out in the US, promising delivery in half an hour or less for an extra fee. The catch: the program began earlier in India, where deliveries take about 10 minutes. To make it work, Amazon is opening small order-processing microhubs—about CVS size—stocking roughly 3,500 products. The company is charging Prime members from $3.99, with additional small-basket fees. Amazon Now expands across major cities and targets urgent everyday essentials.
US President Donald Trump has invited Chinese President Xi Jinping and First Lady Peng Liyuan to the White House for a summit on September 24, marking a reciprocal diplomatic gesture after Trump’s Beijing state visit. Trump praised the “positive and constructive” talks and said citizens of both nations share mutual respect. Xi, meanwhile, told the world the relationship must move beyond rivalry, urging Washington and Beijing to act as “partners, not rivals” and calling for a “new chapter” in ties.
Tata Motors Passenger Vehicles expects India’s passenger vehicle market to grow around 10% in FY27, citing steady demand even as West Asia conflict and the risk of higher petrol and diesel loom. TMPV CEO Shailesh Chandra said any fuel-driven price shock could hit entry-level sales, but may also shift buyers toward CNG and electric vehicles rather than derail momentum. He pointed to strong April-May demand, improved inquiry-to-purchase conversion in May, and said product plans remain unchanged despite rising commodity costs.
Stay informed on the go
Bite-sized news from 100+ trusted sources, right in your pocket.
Prime Minister Narendra Modi’s calls to curb energy use are being read by investors as a response to an unusually persistent oil shock. JPMorgan’s Sanjay Mookim says the crude price rise is hitting India’s external balance directly, with higher oil costs not yet fully passed to consumers, leaving government and companies to absorb much of the burden. The tougher effect, he warns, may surface in Q1 FY27 as demand tapers and capex momentum slows, shifting flows toward defensives.
The CBI’s investigation into the NEET-UG 2026 question paper leak has accelerated, with two additional people arrested on Thursday and the total number of arrests rising to around seven. Authorities identified the new accused as Dhananjay Lokhanda and Manisha Waghmare, arrested from Ahilyanagar and Pune respectively. The CBI also conducted searches at 14 locations across India. Earlier, five people were arrested on Wednesday. Investigators said the Pune woman had received funds linked to 21 bank accounts before the exam.
A Rubix Data Sciences report says Trump and Xi’s US China summit will be dominated by trade and technology, with semiconductors, rare earth minerals, aerospace, and farm goods shaping the agenda. The US is expected to seek higher Chinese purchases of aircraft, soybeans, and beef, while China is likely to press for relief from US restrictions on advanced chip-making. Semiconductor exports fell from $12 billion in 2021 to $5 billion in 2023, then recovered to nearly $10 billion in 2025. Rare earth imports also fluctuated sharply, reflecting leverage and supply-chain risk. Overall trade has been shrinking.
Bank of England Governor Andrew Bailey says the world should expect a “wrestle” between US policy and international regulators over stablecoins, which he views as a potential financial stability risk. Bailey argues some US-issued stablecoins may not be easily converted into dollars without routing through crypto exchanges, limiting access during crises. He also warns that if stablecoins become widely used for cross-border payments, hard-to-convert tokens could flow to jurisdictions like Britain, which promise stronger convertibility obligations.
Dhan’s parent Raise Financial Services is accelerating its full-stack fintech ambitions with a cash-and-stock acquisition of insurance broker Greenlife Insurance (GIBL). The deal, terms undisclosed, will bring GIBL’s 25-member team to Mumbai and is paired with a $15 million investment to build a direct-to-consumer insurance business. Raise says it’s a natural bridge from financial planning to recurring trust, leveraging GIBL’s offline presence across 50 East and Northeast cities plus B2B relationships, while the risk is overbuilding amid multiple acquisitions.
Taiwanese chipmaker MediaTek has leased 1,04,000 sq ft at BPTP’s Capital City in Sector 94, Noida, to set up its second India research and development hub. The deal is estimated at around Rs 144 crore over the agreed tenure, and the facility is now operational. The company says the Noida centre will expand its talent base and strengthen engineering and research capabilities, while BPTP points to NCR’s growing appeal for global tech firms.
Kerala’s chief minister designate V.D. Satheesan is set to take oath on May 18, ending a tense selection process for the Congress top job in the state. Satheesan was unanimously elected Congress Legislature Party (CLP) leader on Thursday after support was secured from Delhi following days of meetings. KPCC chief Sunny Joseph moved the resolution, backed by senior leaders including Thiruvanchoor Radhakrishnan, while Satheesan later met the governor at Lok Bhavan. The choice is seen as a win for local cadre and UDF allies after a decade.
The Reserve Bank of India has cancelled the certificates of registration of two core investment companies after they requested surrender, including RR Holdings and Anjali Capfin. RBI said the cancellations fit criteria for unregistered CICs that need no fresh registration. Separately, it cancelled HDFC Holdings’ CoR because the NBFC ceased to exist as a legal entity after amalgamation or merger, linked to HDFC Bank’s consolidation with HDFC Ltd. RBI also reported CoR surrenders by four other NBFCs and cancelled 150 registrations overall.
Southampton’s Championship playoff final at Wembley is under threat after the EFL charged the club with breaching regulations over alleged unauthorised filming of Middlesbrough’s training before the semifinals. The hearing must be held by May 19, with the EFL still planning the May 23 showpiece but warning supporters that disciplinary proceedings could alter the fixture. With Southampton set to face Hull after beating Middlesbrough, the league offered few specifics on outcomes or penalties, only that contingency plans—and possibly appeals—are ready.
S&P Global Ratings says India is handling global financial pressures better than headlines suggest, arguing that worries about foreign investment outflows are overstated. The agency’s view comes as an Iran-war driven oil shock and record selling in local shares push the rupee to fresh lows. S&P notes India has enough reserves and fiscal room to absorb a wider current-account deficit linked to higher crude prices, while emphasizing gross inflows remain strong. It also points to repatriated profits as a key driver behind net outflows.
Americans are set to receive Social Security benefits this week, with Wednesday, May 13 marking the first scheduled tranche for May. Payments typically follow a Wednesday cycle, and the key determinant is recipients’ birth dates: those born between the 1st and 10th are expected to get their monthly checks first. The story also connects to the annual cost-of-living adjustment, with Reuters reporting a 2.8 percent rise in 2026 tied to inflation data, affecting about 75 million beneficiaries.
Footage from Beijing has gone viral after a Chinese military officer was filmed standing perfectly motionless as US President Donald Trump’s Air Force One taxied just yards away. Some social media users praised his “next-level focus” and called it peak professionalism. Others questioned whether the proximity to jet blast and noise could be dangerous, even suggesting he might be pulled toward the engines. The video’s apparent closeness also drew counterclaims that telephoto lens compression may be exaggerating distance. The moment unfolded during Trump’s high-stakes talks with Xi.
The Enforcement Directorate has frozen Rs 526 crore in bank deposits and seized gold jewellery and cash in a PMLA probe targeting Bengaluru-based online gaming firm Gameskraft and three arrested founders. Searches began on May 7 across Delhi-NCR and Karnataka, ending May 13. ED says movable deposits and investments were immobilised while jewellery and cash were confiscated. It alleges the company used illegal bots to manipulate real-money rummy, causing user losses of Rs 1,154 crore and severe distress. Gameskraft denies bot involvement and faces money-laundering accusations.
U.S. stocks surged Thursday as the Dow Jones reclaimed the 50,000 level, with the S&P 500 and Nasdaq hitting fresh records. The rally was driven by a mix of renewed optimism from a high-stakes Trump Xi summit in Beijing and a sharp earnings and chip-related boost in major tech names. Cisco’s results and guidance, plus Nvidia’s 4.2% rally after U.S. export approvals for H200 chip buyers, helped propel the market higher. Investors also monitored inflation and oil-linked risks.
At the Groww India Investor Festival 2026, Edelweiss MF CEO Radhika Gupta urged investors to treat global diversification as long-term balance, not a short-term return chase. Speaking at “Beyond Bharat: Should your portfolio have a passport?”, she likened an allocation to an Indian thali—stuffed with variety, not extremes. The panel highlighted that themes like AI, semiconductors, and hyperscale cloud remain underrepresented in India, while access via GIFT City and LRS is improving.
Cisco shares soared 17% to a record high after the networking giant delivered strong results tied to booming AI demand and raised its annual revenue forecast. The rally could be its biggest one-day gain in over two decades, reminiscent of the May 2002 surge that followed strong earnings after the dotcom crash. Cisco also announced nearly 4,000 job cuts and a $1 billion AI-focused restructuring, shifting spending into silicon, optics, security, and AI enablement.
The US and Iran could resume negotiations as early as next week in Islamabad, the Wall Street Journal reports, citing people familiar with the discussions. Work is underway through mediators on a one-page, 14-point memorandum of understanding meant to set a framework for a month-long negotiation process to end the conflict. The draft reportedly covers Iran’s nuclear program, steps to reduce tensions in the Strait of Hormuz, and options for transferring Iran’s highly enriched uranium, but sanctions relief scope remains unresolved. If progress is made, the talks could be extended.
Jio Financial Services witnessed a block deal on Thursday where Goldman Sachs sold more than 26.75 lakh shares worth Rs 62 crore to Morgan Stanley. The shares were sold via Goldman Sachs Bank Europe SE-ODI at Rs 231.45 each, while Jio Financial ended the day at Rs 234.20 on the BSE. Despite a weak one-year trend and a 14% year-on-year decline in Q4FY26 net profit to Rs 272 crore, the company reported explosive revenue growth and higher AUM and payment volumes.
Spotify says it will adopt Apple’s HLS streaming technology for video podcasts, enabling Spotify-hosted shows to distribute and monetize on Apple Podcasts without requiring creators to rework their current setup. HLS dynamically adjusts video quality in real time based on a listener’s network speed, aiming to reduce buffering and avoid sudden quality drops. Spotify plans a rollout later this year and is pairing it with expanded creator earning tools, plus partner integrations. Separately, Spotify says Libsyn and others can publish directly to Spotify.
US President Donald Trump announced that Russia and Ukraine have agreed to a three-day ceasefire from May 9 to May 11, with all kinetic activity suspended. In the same window, the countries will exchange 1,000 prisoners each, totaling 2,000 detainees. Trump said the pause was initiated at his direct request and thanked Vladimir Putin and Volodymyr Zelenskyy for accepting it. The truce also aligns with Russia’s Victory Day commemorations, while providing a rare, short-term respite for civilians under frequent attacks.
Uber India Systems has leased about 9 lakh sq ft of chargeable office space in Hyderabad for a decade, signaling a deeper commitment to India’s expanding GCC ecosystem. The company will occupy roughly 901,115 sq ft across Tower 1 floors 11 to 20 at Meenakshi Eco Park, with the lease starting Jan 9, 2026. The deal is valued at nearly Rs 839 crore, includes scheduled 15% rental escalations every three years, and Uber also paid a sizable security deposit.
Suspended TMC spokesman Riju Dutta has issued an unconditional apology on X to Uttar Pradesh IPS officer Ajay Pal Sharma, weeks after threatening him in a viral video linked to South 24 Parganas polling. Dutta claimed the original remarks followed party instructions and were made in an official capacity, but said BJP leaders from Uttar Pradesh and his legal counsel advised him to apologise, hoping the issue ends permanently. The apology follows TMC’s major 2026 Bengal election defeat and his suspension for breach of discipline.
While Trump and Xi’s meeting may focus on trade, tech, Taiwan and AI, analysts argue nuclear weapons are the most urgent issue. After New START expired in February, US arms-control officials warned China is expanding and modernising its atomic arsenal, estimating 600 warheads now and 1,000 by 2030, alongside new delivery systems. The US also alleged China conducted nuclear tests using “decoupling” to evade monitoring, claims China denies.
Two LPG carriers bound for India successfully transited the Strait of Hormuz amid ongoing US-Iran restrictions and a stalled push for a ceasefire. Ship-tracking shows Symi appeared in the Gulf of Oman after going dark, while NV Sunshine followed after changing its indicated destination. Together with other recent crossings since Sunday, the total reached ten large energy ships. The flow continued even as some vessels remained near a US blockade line and one US-turned supertanker idled nearby.
India’s quick commerce boom is spilling into domestic help, with startups like Snabbit and Pronto drawing investor attention for on-demand cleaners and helpers. Workers can be booked for household chores starting around Rs 99, in a market investors estimate at $60 billion. Backers say reliability and standardization solve absenteeism, and repeat use could shift recurring tasks to apps. But consumers cite higher repeat prices, limited availability, inconsistent support, and weak grievance resolution, making “instant” reliability uncertain.
An ICIMOD analysis says the Hindu Kush Himalaya region saw 10 major disasters affecting about 1.2 million people in 2025, with floods and landslides driven by intense monsoon rains across Bangladesh, India, Nepal, and Pakistan. The report warns the growing threat stems from more frequent multi-hazard events occurring together. While deaths and people affected have declined after 2013, analysts caution that data gaps remain. Economic losses were over $6 billion in 2024, highlighting huge stakes for preparedness.
Nepal has strongly rejected media claims that Indians face new restrictions, hassles, or fixed stay limits when entering the country. Nepal’s Tourism Board said the longstanding open-border arrangements and bilateral people-to-people ties remain unchanged, and there is no time limit on stays for Indian nationals. Reports citing a 30-day limit were also denied, with officials noting that vehicle entry permits can be issued for 30 days and renewed with fees. Nepal says it is instead improving land-route travel through a new online facilitation system.
The Central Industrial Security Force (CISF) has formally taken over security at Darbhanga airport in Bihar, deploying 145 personnel in the first phase. Although the troops were stationed a few days earlier, Thursday marked the official charge. CISF says the switch brings specialised, technology-driven aviation security to the airport, now the third civil aviation facility in Bihar under its cover after Patna and Gaya. The force cites Darbhanga’s proximity to the India-Nepal border and rising concerns around trans-national threats, smuggling networks, and drone sightings in border areas.
Former Indian cricketer and actor Yograj Singh, father of Yuvraj Singh, has been booked by Chandigarh Police over alleged derogatory remarks against women in a viral clip from a web series. Police sources say an FIR was registered at Sector 36 Police Station under Section 79 of the Bharatiya Nyaya Sanhita and Section 62A of the IT Act. The clip drew heavy backlash on social media, triggering complaints and an active investigation. Yograj Singh has not commented publicly yet.
Bharti Airtel plans to build 56 edge data centres in the next 18 to 24 months, with executive vice chairman Gopal Vittal calling for major infrastructure investment to differentiate over the next 2 to 3 decades. He also said India’s tariff architecture is “broken,” where higher-income users pay too little and lower-income users pay too much. Airtel’s strategy is backed by rising capex, fibre expansion, and scaling its non-banking financial services, including a planned Rs 20,000 crore investment.
US-based aerospace and defence supply chain firm FDH Aero has opened a new Bengaluru office, bringing its hardware and electronics divisions together to serve regional customers. The company says the site will act as a full-service hub supported by in-country inventory and dedicated local teams, targeting tier-1 manufacturers and OEMs. FDH points to strong commercial aerospace demand, rising defence investment, and Made in India initiatives as key growth drivers, appointing new in-country heads for Electronics and Hardware.
Britain’s Competition and Markets Authority has opened an antitrust investigation into Microsoft’s dominance in business software, using its “strategic market status” powers. The probe will assess whether bundling Windows, Word, Excel, Teams, Copilot and other products is uncompetitive, and it will also scrutinize AI integration and cloud market practices, including licensing. The review does not assume wrongdoing, but could trigger targeted remedies. It is set to conclude by February.
Swipe through stories, personalise your feed, and save articles for later — all on the app.