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    Rupee recovers 20 paise to settle at 96.53 against US dollar
    Sri Lanka welcomes US tariff reduction
    DPIIT's One District One Product Initiative Promotes 1,244 Unique Products Across 773 Districts
    India's Services Exports Rise to USD 421.3 Billion in FY 2025-26, Led by Telecommunications, Computer and Information Services and Business Services
    India and Israel Conclude Second Round of Negotiations for Proposed Free Trade Agreement
    Glomo Secures Visa's Principal Membership, Becomes India's First Non-Bank Acquirer to Join the Network
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    Boult Earbuds in India 2026: Five Reasons They are the Smartest Budget Pick
    Stock markets extend losses for 5th straight day on US trade tariffs, West Asia tensions
    China slaps export controls on 14 EU entities in retaliation for Russia-related sanctions
    Rupee recovers 18 paise to settle at 96.55 against US dollar
    Infosys: AI Revenues at 8.2% in Q1; Resilient Operating Margin of 21.1%
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    ED conducts raids in UP, Delhi and Punjab in Rs 450-crore bank loan 'fraud'
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    NICDC Organises Cross-Learning Site Visit to AURIC Smart City to Strengthen Industrial Corridor Development
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    July 24, 2026
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    Foreign exchange market stabilisation supported rupee recovery as investor outflows, geopolitical tensions and elevated crude prices maintained currency pressure.
    Foreign exchange market conditions saw the rupee recover against the US dollar amid reports of Reserve Bank of India intervention and dollar sales by public-sector banks to limit further depreciation. Foreign institutional investor outflows, weak domestic equity sentiment, geopolitical tensions, and elevated crude oil prices continued to pressure the currency. A decline in crude prices, diplomatic engagement, and central-bank intervention were identified as potential stabilising factors.
    July 24, 2026
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    Forced-labour import prohibition enabled lower tariff treatment for Sri Lankan goods, supporting export competitiveness and responsible trade practices.
    Tariff treatment for Sri Lankan goods entering the United States was reduced after Sri Lanka prohibited imports of goods produced using forced labour. The prohibition placed Sri Lanka within the lower tariff category under the stated US framework. The reduction is described as supporting exporter competitiveness while reflecting commitments to fair trade, responsible business practices, internationally accepted labour standards, and sustainable economic reforms.
    July 24, 2026
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    One District One Product strengthens district product branding, market access, food-processing support and export-oriented value chains.
    The One District One Product initiative supports district-identified products through branding, market access, exhibitions, capacity building and Government e-Marketplace onboarding. States and Union Territories select products and may leverage Central and State schemes, as no district-specific allocation is made. PM Ekta Malls and the PMFME Scheme support sales, food-processing projects, common infrastructure, branding, packaging, quality standardisation and food-safety compliance. Districts as Export Hubs promotes export-potential products through export committees, action plans and value-chain coordination.
    July 24, 2026
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    Services export promotion expands market access, professional mobility, qualification recognition and trade outreach for Indian service suppliers.
    Services export promotion combines targeted market and sector strategies, removal of domestic impediments, trade agreements and export-promotion activity. Free Trade Agreements secure market access and national treatment for Indian service suppliers, support transparent and time-bound authorisation processes, and facilitate temporary mobility of skilled professionals. Mutual Recognition Agreement provisions seek recognition of qualifications and licensing requirements. The framework also addresses social-security coordination, student mobility, traditional medicine and double-taxation commitments for IT services. The Services Export Promotion Council supports market development, trade facilitation, capacity building and international outreach.
    July 24, 2026
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    Free trade agreement negotiations advance as India and Israel address market access, origin rules, customs facilitation and economic cooperation.
    India and Israel completed the second round of negotiations for a proposed Free Trade Agreement under the Terms of Reference signed in November 2025. Technical discussions covered trade in goods and services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, intellectual property rights, customs procedures, trade facilitation and economic cooperation. Both sides sought to narrow gaps, identify areas of convergence and work towards early conclusion of a balanced, comprehensive and mutually beneficial agreement.
    July 24, 2026
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    Direct card acquiring enables cross-border merchants to manage payment processing, settlement, risk monitoring and disputes without intermediary acquirers.
    Visa Principal Membership enables Glomo to operate as a direct non-bank acquirer for Visa-powered merchant card payments through GIFT IFSC. It allows direct management of merchant acquisition, processing, settlement, transaction approval optimisation, fraud and risk monitoring, and dispute and chargeback handling without intermediary acquirers. The arrangement is intended to accelerate onboarding and processing, enhance control over risk policies and merchant experience, and support cross-border acceptance and settlement, including management of multiple currencies, banking systems and regulatory requirements.
    July 24, 2026
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    Foreign exchange reserves rose as foreign currency assets increased, while gold reserves fell and IMF reserve position declined.
    Foreign exchange reserves increased during the reported week, principally because foreign currency assets rose, including valuation effects from movements in non-US currencies held in reserve. Gold reserves declined, Special Drawing Rights increased, and the reserve position with the International Monetary Fund decreased. Earlier reserve declines were associated with rupee pressure and foreign-exchange market intervention through dollar sales.
    July 24, 2026
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    Consumer electronics financing enables instalment purchases of affordable earbuds through in-store loan and reusable credit facilities, subject to approval.
    Affordable Boult earbuds are described as offering extended battery life, fast charging, dynamic drivers, low-latency gaming modes, Environmental Noise Cancellation, Bluetooth connectivity, and selected active noise-cancellation features. Models are compared by audio, calling, gaming, and charging specifications. Purchases through partner stores may be financed through an Easy EMI Loan or Insta EMI Card, subject to in-store application and approval, with instalment tenures and possible zero-down-payment offers on selected models.
    July 24, 2026
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    Trade-tariff concerns and oil-price volatility deepen risk aversion, extending equity market losses amid geopolitical tensions and foreign outflows.
    Indian equity markets extended their losing streak amid caution over United States trade-tariff concerns, West Asia tensions, oil-price volatility, foreign equity outflows and selling in selected blue-chip shares. Higher oil prices were identified as a potential pressure on macroeconomic indicators and growth prospects. New import tariffs were described as a constraint for export-oriented economies, particularly technology-heavy markets, while investors may diversify exposure across emerging-market opportunities.
    July 24, 2026
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    Dual-use export controls restrict supplies to European entities amid reciprocal Russia-related sanctions and non-proliferation concerns.
    China imposed dual-use export controls on 14 European entities in response to European Union sanctions affecting Chinese and Hong Kong enterprises. Chinese companies cannot export dual-use items to the listed organisations, and foreign companies are barred from supplying them with dual-use items made in China. China stated that the restrictions protect national security and interests and support international non-proliferation obligations in the context of Russia-related sanctions.
    July 24, 2026
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    Foreign-exchange market intervention supported rupee stabilisation amid investor outflows, weak equities, geopolitical tensions and elevated crude oil prices.
    Foreign-exchange market conditions supported a rupee recovery against the US dollar following reported Reserve Bank of India intervention and dollar sales by public-sector banks. Pressure on the currency persisted due to foreign institutional investor outflows, weak domestic equity sentiment, geopolitical tensions and elevated crude oil prices. Lower crude prices, a weaker dollar index and further central bank intervention were identified as potential stabilising influences.
    July 24, 2026
    Show AI Summary
    Forward-looking statements receive safe-harbor qualification amid reported IFRS performance, AI-led transformation initiatives, and revised revenue-growth guidance.
    Infosys reported first-quarter IFRS financial performance, including revenue growth, operating margin, earnings per share, free cash flow, and large-deal contract value, while revising revenue-growth guidance and retaining operating-margin guidance. The release describes AI-led enterprise transformation, cloud modernization, digital banking, financial-crime operations, and technology services engagements. Forward-looking statements are subject to safe-harbor protection and may differ materially because of business, talent, economic, technological, regulatory, cybersecurity, litigation, investigation, and tariff-related risks.
    July 24, 2026
    Show AI Summary
    Forced-labour import enforcement drives new tariffs as expiring stopgap levies and market uncertainty heighten trade-compliance concerns.
    Import tariffs were announced on goods from trading partners said not to have fully enforced prohibitions on products made with forced labour. The measures apply to imports from 60 trading partners representing most United States imports and were introduced as existing stopgap levies approached expiry, following a Supreme Court setback affecting other tariff measures. The announcement occurred amid market uncertainty linked to energy-route disruptions, rising crude-oil prices, inflation concerns, and scrutiny of artificial-intelligence investment spending.
    July 24, 2026
    Show AI Summary
    Cross-border commercial engagement supports Indian and Sri Lankan businesses in identifying partnerships and strengthening trade and investment relationships.
    Cross-border trade and investment engagement between India and Sri Lanka is proposed through a commerce chamber delegation representing diverse Indian industry sectors. A networking session is intended to enable direct interactions between businesses, identify partnership opportunities, discuss commercial collaboration and develop new business connections. The engagement seeks to strengthen commercial relationships across participating industries within the established bilateral trade and investment relationship.
    July 24, 2026
    Show AI Summary
    Foreign exchange market intervention limited rupee depreciation amid elevated oil prices, importer dollar demand, capital outflows and equity market weakness.
    Foreign exchange market conditions reflected an early appreciation of the rupee against the US dollar, with likely central bank intervention through state-owned banks reported as limiting sharper depreciation. Softer dollar conditions provided limited support, while elevated crude oil prices increased dollar demand from oil marketing companies and sustained importer buying pressure. Foreign institutional investor equity outflows, domestic equity weakness, and West Asia tensions affecting oil prices also influenced the rupee.
    July 24, 2026
    Show AI Summary
    Money-laundering investigation examines alleged bank-loan fund diversion through shell entities, accommodation entries, fake invoices and circular transactions.
    A money-laundering investigation under the Prevention of Money Laundering Act concerns alleged bank-loan fraud involving Santosh Overseas Ltd., its promoters and linked entities. Searches were conducted at premises in Uttar Pradesh, Delhi and Punjab. The investigation, arising from a Central Bureau of Investigation case, alleges diversion and layering of loan funds through shell entities, accommodation-entry operators and related companies by means of purportedly fake invoices and circular financial transactions.
    July 24, 2026
    Show AI Summary
    Forced-labour import prohibitions shape tariff treatment as India's policy amendment secures a lower rate for imported goods.
    Forced-labour import prohibitions are linked to tariff treatment under Section 301 of the Trade Act of 1974. Goods imported from India receive a lower tariff rate after India amended its foreign trade policy to prohibit imports of goods produced using forced labour. The framework excludes certain raw materials, goods causing economy-wide disruption, and products unavailable in sufficient domestic quantities. India has contested the underlying investigations and proposes that the issues be addressed through a bilateral trade agreement.
    July 24, 2026
    Show AI Summary
    Integrated industrial city development promotes cross-learning on digital governance, investor facilitation, infrastructure planning and plug-and-play industrial parks.
    Industrial corridor development is being supported through cross-learning on AURIC Smart City's integrated planning, infrastructure and governance practices. The programme addresses master planning, utility systems, digital monitoring, land utilisation, investor facilitation, project implementation and coordination among implementing agencies. It also considers application of these practices to the Bharat Audyogik Vikas Yojana for plug-and-play industrial parks, with emphasis on integrated utilities, digital land management, investor-friendly approvals, sustainable infrastructure and multimodal connectivity.
    July 24, 2026
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    WTO trade policy review highlights India's commitment to transparent trade rules, development policy space and multilateral engagement.
    India reaffirmed an open, transparent, predictable and WTO-consistent trade and investment regime through tariff reform, customs simplification and free trade agreement initiatives. Its trade policy was presented as balancing developmental needs with WTO principles: agricultural tariffs protect vulnerable farmers, while industrial tariffs support supply-chain resilience and domestic manufacturing. India also committed to transparent, consultative and rules-compliant sanitary measures, technical regulations and trade remedies, with investigations based on objective evidence, due process and judicial oversight, including continued application of the Lesser Duty Rule in anti-dumping matters.
    July 23, 2026
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    Temporary Section 122 surcharge expiry may restore MFN treatment for Indian exports, while Section 301 tariff uncertainty continues.
    The US temporary Section 122 import surcharge on Indian goods is scheduled to expire unless extended or replaced, restoring affected imports to normal US MFN tariff treatment. Liability depends on entry for consumption or warehouse withdrawal. Section 232 national-security tariffs remain unchanged. Indian exports may still face fresh measures under Section 301 investigations into forced labour and excess manufacturing capacity, alongside potential country-specific or sectoral tariffs. The expiry may improve export competitiveness and market access, particularly for labour-intensive and MSME-driven sectors.

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      Paris court sentences Nicolas Sarkozy to 5 years in prison for criminal conspiracy

      September 25, 2025

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      Paris, Sep 25 (AP) A Paris court on Thursday sentenced former French President Nicolas Sarkozy to five years in prison after finding him guilty of criminal conspiracy in a scheme to finance his 2007 campaign with funds from Libya, a verdict that the still-influential conservative leader denounced as “a scandal.” The historic ruling made Sarkozy the first former president of modern France sentenced to actual time behind bars. In a major surprise, the court ruled that the 70-year-old will be incarcerated despite his intention to appeal. It said his imprisonment would start at a date yet to be fixed, sparing the former head of state the humiliation of being led out of the packed courtroom by police.

      The court found Sarkozy guilty of criminal association in a plot from 2005 to 2007, when he served as interior minister, to finance his winning presidential campaign with funds from Libya in exchange for diplomatic favours. It cleared him of three other charges including passive corruption, illegal campaign financing and concealing the embezzlement of public funds.

      Sarkozy denounced the ruling as a humiliation for the country.

      “If they absolutely want me to sleep in prison, I will sleep in prison. But with my head held high. I am innocent. This injustice is a scandal," he said with his wife, the singer and model Carla Bruni-Sarkozy, at his side.

      “I ask the French people — whether they voted for me or not, whether they support me or not — to grasp what has just happened. Hatred truly knows no bounds," he said.

      "Should I appear in handcuffs before the Court of Appeal? Those who hate me this much, think it's humiliating for me. What they humiliated today is France.” With Sarkozy standing in front of her, chief judge Nathalie Gavarino said in sentencing him that “the goal of the criminal conspiracy was to give you an advantage in the electoral campaign” and “to prepare an act of corruption at the highest possible level in the event that you were elected President of the Republic.” The facts were “exceptionally serious” and “capable of undermining citizens' trust in public institutions,” with Sarkozy having used his position as interior minister “to prepare an act of corruption at the highest level," the judge said.

      Sarkozy described the financing plot as simply “an idea.” “I am being convicted for having supposedly allowed two of my staff members to go ahead with the idea — the idea — of illegal financing for my campaign," he said.

      The court found that two of Sarkozy's closest associates when he was president -- former ministers Claude Guéant and Brice Hortefeux — were guilty of criminal association, but likewise acquitted them of some other charges. The court sentenced Hortefeux to two years imprisonment, but said time can be served outside prison with an electronic monitoring bracelet. Guéant was handed a six-year prison term but wasn't incarcerated immediately for health reasons.

      The court said both Guéant and Hortefeux held secret meetings in 2005 with Abdullah al-Senoussi, the brother-in-law and intelligence chief of former Libyan dictator Moammar Gadhafi.

      Gadhafi was toppled and killed in an uprising in 2011, ending his four-decade rule of the North African country. Al-Senoussi is considered the mastermind of attacks on a Pan Am jumbo jet over Lockerbie, Scotland in 1988 and a French airliner over Niger the following year — causing hundreds of deaths. In 2003, Libya took responsibility for both plane bombings.

      The Paris court described the contacts as a “corruption pact.” It said favors offered to Libya by Sarkozy and associates included talks about Al-Senoussi's judicial fate as well as financing for nuclear power in Libya and continued French efforts to help Libya shed its status as a pariah state under Gadhafi.

      The ruling from the panel of three judges said Sarkozy allowed his associates to reach out to Libyan authorities “to obtain or try to obtain financial support." But the court said it wasn't able to determine with certainty that Libyan money ended up financing Sarkozy's campaign. The court explained that under French law, a corrupt scheme can still be a crime even if money wasn't paid or cannot be proven.

      Sarkozy, who was elected in 2007 but lost his bid for reelection in 2012, denied all wrongdoing during a three-month trial earlier this year.

      Despite multiple legal scandals that have clouded his presidential legacy, Sarkozy remains an influential figure in right-wing politics in France and in entertainment circles, by virtue of his marriage to Bruni-Sarkozy.

      Alleged Libya financing The accusations trace their roots to 2011, when a Libyan news agency and Gadhafi said the Libyan state had secretly funnelled millions of euros into Sarkozy's 2007 campaign.

      In 2012, the French investigative outlet Mediapart published what it said was a Libyan intelligence memo referencing a 50 million-euro funding agreement. Sarkozy denounced the document as a forgery and sued for defamation. The court ruled Thursday that it “now appears most likely that this document is a forgery." Investigators also looked into a series of trips to Libya made by people close to Sarkozy when he served as interior minister, including his chief of staff.

      In 2016, Franco-Lebanese businessman Ziad Takieddine told Mediapart that he had delivered suitcases filled with cash from Tripoli to the French Interior Ministry under Sarkozy. He later retracted his statement.

      That reversal is now the focus of a separate investigation into possible witness tampering. Both Sarkozy and his wife were handed preliminary charges for involvement in alleged efforts to pressure Takieddine. That case has not gone to trial yet.

      Takieddine, who was one of the co-defendants, died on Tuesday in Beirut. He was 75. He had fled to Lebanon in 2020 and did not attend the trial.

      Sarkozy denounced a plot' The trial shed light on France's back-channel talks with Libya in the 2000s, when Gadhafi was seeking to restore diplomatic ties with the West.

      During the trial, Sarkozy denounced the allegations as a “plot” cooked up by “liars and crooks” including the “Gadhafi clan.” He suggested they were retaliation for his call — once installed as France's president — for Gadhafi's removal. He was one of the first Western leaders to push for military intervention in Libya in 2011, when pro-democracy protests swept the Arab world.

      “What credibility can be given to such statements marked by the seal of vengeance?” Sarkozy said during the trial.

      Stripped of the Legion of Honour In June, Sarkozy was stripped of his Legion of Honour medal — France's highest award — after his conviction in a separate case.

      Earlier, he was found guilty of corruption and influence peddling for trying to bribe a magistrate in 2014 in exchange for information about a legal case in which he was implicated.

      Sarkozy was sentenced to wear an electronic monitoring bracelet for one year. He was granted a conditional release in May due to his age, which allowed him to remove the electronic tag after just over three months.

      In another case, Sarkozy was convicted last year of illegal campaign financing in his failed 2012 reelection bid. He was accused of having spent almost twice the maximum legal amount and was sentenced to a year in prison, of which six months were suspended.

      Sarkozy has appealed that verdict to the highest Court of Cassation, and that appeal is pending. (AP) RD RD

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