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August 28, 2026
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Cyber fraud impersonating enforcement officials coerced a senior citizen into bank and cryptocurrency transfers through terror-funding threats.
Cyber fraudsters allegedly impersonated public officials and threatened a senior citizen with implication in money laundering, terror funding and cybercrime. Using WhatsApp video calls and purported official notices, they allegedly induced the victim to transfer funds to multiple bank accounts and a cryptocurrency wallet on the pretext of proving innocence. The victim reportedly liquidated fixed deposits and mutual fund investments before identifying the deception and reporting it through the cybercrime helpline. A cyber police case was registered for further investigation.
August 28, 2026
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Rupee depreciation against US dollar reflects foreign investor outflows and crude supply disruptions, moderated by weaker dollar and oil prices.
Foreign institutional investor outflows and disruptions in global crude oil supplies placed downward pressure on the rupee against the US dollar. A weaker dollar index and lower Brent crude prices moderated the decline. Market commentary anticipated a narrow trading range, with expected Reserve Bank of India protection at the upper end and oil importer, month-end, and importer demand supporting the lower end. Participants also monitored the US Federal Reserve Chair's Jackson Hole speech.
August 27, 2026
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Emergency flood response measures coordinate rescues, suspend cross-border transport, and address risks to public safety.
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August 27, 2026
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Regulatory review of fraud allegations requires timely consideration of representations while merits and standing remain undecided.
SEBI must consider and decide, within two weeks, representations alleging fraud by an Indian logistics company and its subsidiary. The allegations concern systematic over-invoicing of freight charges and forged documentation, with a parallel criminal investigation based on an FIR registered by the Delhi Police Economic Offences Wing. No determination has been made on the merits of the allegations or the complainant's standing to approach SEBI. The allegations and criminal proceedings were disclosed in IPO offer documents.
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August 27, 2026
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Sovereign credit rating stability reflects policy continuity, infrastructure investment, external strength, and fiscal consolidation pressures.
India's sovereign credit rating retained a BBB stable outlook, supported by strong growth, an external balance sheet, stable institutions, policy predictability, and infrastructure investment. Public investment and consumer demand are expected to sustain growth and assist fiscal consolidation. Constraints include weak fiscal performance, elevated government debt and interest burdens, and low per-capita income. Long-term rating support depends on financing infrastructure investment without materially widening the current-account deficit and on reducing the fiscal deficit through stable fiscal and monetary policies.
August 27, 2026
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Sugar import liberalisation and stockholding limits seek to moderate retail prices amid constrained domestic supply and restricted exports.
Sugar price-control measures combine duty-free raw sugar imports, stockholding limits for dealers and bulk consumers, and an export prohibition to address elevated retail prices and curb hoarding. Domestic supply remains constrained by reduced sugarcane output, prior exports and diversion of sugar to ethanol. Net production is estimated below projected domestic demand, while closing stocks are expected to remain limited. Import access, inventory restrictions and export controls therefore operate as market-stabilisation mechanisms.
August 27, 2026
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Money-laundering investigation into alleged homebuyer fraud led to searches and freezing of assets linked to realty promoters.
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August 27, 2026
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Basmati rice market access may be pursued through trade agreement review, subject to import limits and safety standards.
Market access for Indian basmati rice may be pursued through review of the Comprehensive Economic Partnership Agreement, as rice remains a sensitive sector subject to import quantity limits and duties beyond permitted quantities. Processed food exports offer further opportunities where exporters comply with Japanese quality and safety standards. Bilateral cooperation also covers investment, supply chains, technology partnerships and capital flows supporting infrastructure, manufacturing and semiconductor ecosystems.
August 27, 2026
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Capital allocation discipline governs consideration of further Air India funding alongside business strategy, cash flow and investment requirements.
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August 27, 2026
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Personal insolvency repayment plans may be approved despite minimal creditor recovery when requisite voting support and comparative valuation support them.
Personal insolvency repayment plan approval was granted under the Insolvency and Bankruptcy Code, 2016, despite objections that creditor recoveries were negligible and the proposed payment uncertain. The plan received 80.81 per cent voting support, while dissenting creditors held less than 20 per cent voting share. Valuation showed that the debtor's personal estate was materially below the offered amount, and rejection could result in bankruptcy and lower recovery. Assessment of settlement adequacy was treated as a matter of creditor commercial wisdom.
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Prison escape security lapses prompt coordinated tracing measures, transport monitoring, inter-state alerts, and a detailed custodial-security inquiry.
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August 27, 2026
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Women's savings account selection depends on practical benefits, charges, eligibility, and banking needs rather than the account label.
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August 27, 2026
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Foreign exchange inflows through deposit and borrowing measures provided near-term rupee support amid lower crude prices.
Reserve Bank special measures relating to FCNR(B) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings were identified as attracting foreign-exchange inflows and providing near-term support to the rupee. The Reserve Bank became a net dollar buyer in June after two months of sales to support the rupee. The FCNR(B) window remained open until August 31, while the market outlook anticipated broader rupee depreciation over subsequent weeks.

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Customs & Trade

Aficionados fret as Trump moves to make pasta great again

November 15, 2025

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Philadelphia, Nov 15 (AP) Steel: 50 per cent. Copper: 50 per cent. Cars: up to 25 per cent. But an even bigger Trump-era levy looms: 107 per cent on Italian pasta.

Mamma mia.

It started with the US Commerce Department launching what it says was a routine antidumping review, based on allegations Italian pasta makers sold product into the US at below-market prices and undercut local competitors. That has led to a threat of 92 per cent duties, which would come on top of the 15 per cent tariff President Donald Trump's administration imposed on European exports generally.

The news sent shockwaves through Italy, where 13 producers would be subject to the whopping one-two punch. They say sales in their second biggest export market would shrivel if prices to American consumers more than double. And while the measure would hardly prompt pasta shortages, it still has perplexed importers like Sal Auriemma, whose shop in Philadelphia's Italian market, Claudio Specialty Food, has been operating for over 60 years.

“Pasta is a pretty small sector to pick on. I mean, there's a lot bigger things to pick on," said Auriemma, pointing to luxury items as an alternative.

But pasta? “It's basic food,” he said. "Something's got to be sacred.” Pasta adds heft to Italy's economy ------------------------------------- Italy is a nation of avid pasta eaters. Less known is that most of the tortellini, spaghetti and rigatoni its factories churn out gets sent abroad. The US accounts for about 15 per cent of its USD 4.65 billion in exports, making it Italy's largest market after Germany, data from farmers' association Coldiretti show.

The punitive pasta premium has become a cause célèbre for Italy's politicians, executives and economists. Agriculture Minister Francesco Lollobrigida told lawmakers in mid-October that the government was working with the European Commission and engaging in diplomatic efforts, while supporting the companies' legal actions to oppose US sanctions.

EU Trade Commissioner Maros Sefcovic addressed reporters in Rome last month, stressing the lack of evidence backing the US decision and calling the combined 107 per cent levy “unacceptable.” Margherita Mastromauro, president of the pasta makers sector of Unione Italiana Food, told The Associated Press that prices for Italian pasta in the US remain high, and certainly higher than American-made rivals — undermining any dumping claim.

She said that the measures could deal a fatal blow to small- and medium-sized producers. Lucio Miranda, president of consultancy group Export USA, agreed.

“A duty rate of 107 per cent would definitely kill this flow of export,” Miranda, who is Italian, said by phone from New York. “It's not going to be something that you can just dump on the consumer and move on, life continues. It will definitely be a deal killer.” Wacky Mac owner cries foul ------------------------------ The Commerce Department's investigation started in 2024 after complaints from Missouri-based 8th Avenue Food & Provisions, which owns pasta brand Ronzoni, and Illinois-based Winland Foods, whose multiple brands include Prince, Mueller's and Wacky Mac.

The office's review focused on La Molisana and Garofalo, chosen as primary respondents because they are Italy's two largest exporters, the Commerce Department said in an emailed statement. Any sale price below either producers' costs or the price they charge in the Italian market would be considered dumping, in line with numerous other reviews of Italian pasta since 1996, it said.

The two companies presented information incorrectly or withheld it, significantly impeding analysis, according to the Commerce Department. And in the face of these alleged deficiencies, the office presented its 92 per cent duty estimate, which it extended to 11 other companies based on an assumption the two companies' behaviour was representative.

“After they screwed up their initial responses, the Commerce Department explained to them what the problems were and asked them to fix those problems; they didn't,” White House spokesperson Kush Desai said in an emailed response to the AP's questions. “And then Commerce communicated the requirements again, and they didn't answer for a third time.” La Molisana declined to comment when contacted by the AP. Garofalo didn't respond to a request for comment.

The sanctions would be applied not just to imports going forward, but also the 12 months through June 2024, according to the Commerce Department. It added that only 16 per cent of total Italian pasta imports may be affected. Its final decision is scheduled for January 2, which could be extended by 60 days.

'Completely senseless' ------------------------ A little over an hour's drive northeast from Naples is Benevento, a sleepy hilltop town of 55,000 people famed for its ancient Roman theater and Aglianico red wine. It's also home to Pasta Rummo, founded in 1846, which prides itself on its seven-phase, “slow work” production method.

CEO Cosimo Rummo is outraged by the threat to his company's annual 20 million euros in exports to the US.

“These tariffs are completely senseless,” Rummo said in a phone interview. “These are fast-moving consumer goods … Who would ever buy a pack of pasta that costs 10 dollars, the same price as a bottle of wine?” He added that he has no intention to start producing pasta stateside, as some companies have done and so would be spared the prospective levy. That includes Barilla, which for decades has been the main Italian pasta brand in the US and now has large-scale production facilities there.

An unsavoury prospect ------------------------- When the transatlantic imbroglio started simmering, Robert Tramonte of Arlington, Virginia sought assurances. The owner of The Italian Store called his supplier, who told him there's enough pasta inventory stocked in the warehouse to keep prices steady until Easter.

Tramonte's clients count on him for top-shelf product and he was relieved that, at least for the time being, they won't have to shell out for the real deal. Or worse -- perish the thought! -- purchase made-in-America pasta.

“They've tried to make Italian products and use the same ingredients, but the source wasn't Italy,” he said. “And they just didn't taste the same.” (AP) RD RD

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