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    Trane Technologies Reports Strong Second Quarter Results; Raises Full-Year Revenue and EPS Guidance
    CBN dismantles inter-state counterfeit drug network in Bihar under Operation Vajra; mastermind arrested
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    August 3, 2026
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    Forward-looking financial disclosure raises revenue and earnings guidance while describing non-GAAP measures, capital allocation, and material business risks.
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    August 3, 2026
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    August 3, 2026
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    Tax devolution advance instalment strengthens State finances for accelerated capital and developmental expenditure through distribution of Union tax proceeds.
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    GST compliance enforcement combines taxpayer refunds, analytics-based fraud detection, cancellation of fake registrations, and recovery of outstanding VAT arrears.
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    August 1, 2026
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    Cross-border barter trade resumes through Shipki La, subject to permitted goods, time limits, and import-export compliance requirements.
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    Bilateral trade cooperation expands through a Joint Trade Committee covering investment, critical minerals, healthcare, digital technologies and market access.
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    August 1, 2026
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    GST collection growth in West Bengal continued year-on-year in July but remained below the national growth trend.
    West Bengal's July GST collection increased year-on-year and over the preceding month, marking a second consecutive month of annual growth. Official data also indicated that the State's annual growth rate was below the national trend, while gross domestic GST revenue excluding imports and overall gross GST collections including import-related taxes rose nationally during July.
    August 1, 2026
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    GST collection growth reflects higher revenue mobilisation from domestic transactions and imports, with refunds adjusted in net revenue.
    Goods and Services Tax collections increased in July, driven by higher revenue from domestic transactions and imports. The gross collection comprised Central GST, State GST and Integrated GST components. Refunds also increased during the month, and net GST revenue was determined after adjustment of refund outflows from gross tax receipts.
    August 1, 2026
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    Concessional foreign-exchange swaps encourage bank deposits and foreign borrowings to strengthen balance-of-payments resilience and foreign-exchange liquidity.
    The Reserve Bank of India introduced a concessional foreign-exchange swap facility to encourage foreign-currency inflows, strengthen the balance of payments and support foreign-exchange liquidity. The facility applies to fresh Foreign Currency Non-Resident (Bank) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings. Foreign Currency Non-Resident (Bank) deposits constitute the principal source of inflows mobilised under the arrangement. The facility is available for specified time-bound periods, with a later availability period for Overseas Foreign Currency Borrowings and External Commercial Borrowings.

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      Customs & Trade

      US defence secretary warns Indo-Pacific allies of 'imminent' threat from China

      May 31, 2025

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      Singapore, May 31 (AP) US Defence Secretary Pete Hegseth reassured allies in the Indo-Pacific on Saturday that they will not be left alone to face increasing military and economic pressure from China, while insisting that they also contribute more to their own defence.

      He said Washington will bolster its defences overseas to counter what the Pentagon sees as rapidly developing threats by Beijing, particularly in its aggressive stance toward Taiwan.

      China has conducted numerous exercises to test what a blockade would look like of the self-governing island, which Beijing claims as its own and the US has pledged to defend.

      China's army “is rehearsing for the real deal”, Hegseth said in a keynote speech at a security conference in Singapore. “We are not going to sugarcoat it — the threat China poses is real. And it could be imminent.” The head of China's delegation accused Hegseth of making “groundless accusations”.

      “Some of the claims are completely fabricated, some distort facts and some are cases of a thief crying stop thief,” said Rear Adm. Hu Gangfeng, vice president of China's National Defence University. He did not offer specific objections.

      “These actions are nothing more than attempts to provoke trouble, incite division and stir up confrontation to destabilise the Asia-Pacific region,” he said.

      Hegseth says China is training to invade Taiwan China has a stated goal of ensuring its military is capable of taking Taiwan by force if necessary by 2027, a deadline that is seen by experts as more of an aspirational goal than a hard war deadline.

      China also has built sophisticated, artificial islands in the South China Sea to support new military outposts and developed highly advanced hypersonic and space capabilities, which are driving the United States to create its own space-based “Golden Dome” missile defences.

      Speaking at the Shangri-La Dialogue, a global security conference hosted by the International Institute for Security Studies, Hegseth said China is no longer just building up its military forces to take Taiwan, it's “actively training for it, every day”.

      Hegseth also called out China for its ambitions in Latin America, particularly its efforts to increase its influence over the Panama Canal.

      He urged Indo-Pacific countries to increase defense spending to levels similar to the 5 per cent of their gross domestic product European nations are now pressed to contribute.

      “We must all do our part,” Hegseth said.

      Following the speech, the European Union's top diplomat Kaja Kallas pushed back at Hegseth's comment that European countries should focus their defense efforts in their own region and leave the Indo-Pacific more to the US.

      She said that with North Korean troops fightingforn Russia and China supporting Moscow, European and Asian security were “very much interlinked".

      Questions about US commitment to Indo-Pacific He also repeated a pledge made by previous administrations to bolster the US military in the Indo-Pacific to provide a more robust deterrent. While both the Obama and Biden administrations had also committed to pivoting to the Pacific and established new military agreements throughout the region, a full shift has never been realized.

      Instead, US military resources from the Indo-Pacific have been regularly pulled to support military needs in the Middle East and Europe, especially since the wars in Ukraine and Gaza. In the first few months of President Donald Trump's second term, that's also been the case.

      In the last few months, the Trump administration has taken a Patriot missile defense battalion out of the Indo-Pacific in order to send it to the Middle East, a massive logistical operation that required 73 military cargo aircraft flights, and sent Coast Guard ships back to the US to help defend the US-Mexico border.

      Hegseth was asked why the US pulled those resources if the Indo-Pacific is the priority theatre. He did not directly answer but said the shift of resources was necessary to defend against Houthi missile attacks launched from Yemen, and to bolster protections against illegal immigration into the US.

      At the same time, he stressed the need for American allies and partners to step up their own defense spending and preparations, saying the US was not interested in going it alone.

      “Ultimately a strong, resolute and capable network of allies and partners is our key strategic advantage,” he said. “China envies what we have together, and it sees what we can collectively bring to bear on defence, but it's up to all of us to ensure that we live up to that potential by investing.” The Indo-Pacific nations caught in between have tried to balance relations with both the US and China over the years. Beijing is the primary trading partner for many, but is also feared as a regional bully, in part due to its increasingly aggressive claims on natural resources such as critical fisheries.

      Hegseth cautioned that playing both sides, seeking US military support and Chinese economic support, carries risk.

      “Economic dependence on China only deepens their malign influence and complicates our defense decision space during times of tension,” Hegseth said.

      Asked how he would reconcile that statement with Trump's threat of steep tariffs on most in the region, Hegseth he was “in the business of tanks, not trade”.

      But Illinois Democrat Sen. Tammy Duckworth, who is part of a congressional delegation attending Shangri-La, objected to pressuring regional allies.

      “The United States is not asking people to choose between us and the PRC,” Duckworth said, in reference to the People's Republic of China.

      Australia's Defence Minister Richard Marles welcomed Hegseth's assurance that the Indo-Pacific was an American strategic priority and agreed that Australia and other nations needed to do their part.

      “Reality is that there is no effective balance of power in this region absent the United States, but we cannot leave it to the United States alone,” he said.

      Still, Marles suggested the Trump administration's aggressive trade policies were counterproductive. “The shock and disruption from the high tariffs has been costly and destabilising.” China sends lower-level delegation China usually sends its own defence minister to the conference, but Dong Jun did not attend this year in a snub to the US over Trump's erratic tariffs war. His absence was something the US delegation said it intended to capitalise on.

      “We are here this morning. And somebody else isn't,” Hegseth said.

      Asked by a member of the Chinese delegation how committed the US would remain if Asian alliances like ASEAN had differences with Washington, Hegseth said the US would not be constrained by "the confines of how previous administrations looked at this region".

      "We're opening our arms to countries across the spectrum — traditional allies, non-traditional allies,” he said.

      He said US support would not require local governments to align with the West on cultural or climate issues. (AP) PY PY

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