The Economic Times

US interest rates are still high and causing problems for home buyers. Donald Trump criticized Fed Chair Jerome Powell over this issue. Mortgage rates are above 6.5% and changing often. Inflation, global conflict, and economic slowdown are key reasons. Even without a Federal Reserve meeting, rates can move. People planning to buy homes are waiting and watching closely.

Will UAE fight back Iran? The United States moved to reopen the Strait of Hormuz after Iran launched missile and drone attacks on the UAE and commercial ships. The conflict has raised oil prices, disrupted shipping, and increased global economic pressure. Military operations, sanctions, and naval blockades are now shaping the next phase of the crisis.

The United Democratic Front has achieved a historic win in Kerala, defeating the Left Democratic Front. This marks a significant setback for the Communist party, leaving them without any government in India. The Congress now governs four states, showcasing its Kerala unit's strength. The election also saw the incumbent government voted out, a return to Kerala's political trend.

The dispute adds to tensions over a long-delayed transatlantic trade pact. The two sides reached an initial agreement last July, but EU lawmakers have yet to ratify it as they seek amendments. Trump said Friday the bloc had failed to fully comply with the deal.

Indian pharmaceutical exports reached over $31 billion in FY26. March saw a significant 23% drop, primarily due to a slowdown in the United States and China. However, other markets like Africa and Oceania showed strong growth. Vaccines emerged as the fastest-growing export category. The industry is navigating challenges in key markets while exploring new growth avenues.

Several prominent charitable organizations in Mumbai are facing the cancellation of their tax registrations. The tax department cites commercial activities as the reason for rejecting renewals. The Reliance charitable trust is challenging this decision. Other organizations like PD Hinduja Hospital and ISKCON are also in the process of appealing. This situation impacts tax relief for these trusts and donor deductions.

The dominant National Democratic Alliance constituent at the Centre has registered its maiden victory in West Bengal, retained Assam and Puducherry (with alliance partners) and won a record three seats in Kerala. It won only one seat in Tamil Nadu, against four in 2021.

The AINRC-led NDA is poised to form the government in Puducherry. Chief Minister N Rangasamy secured victory in the Thattanchavady constituency. Election Commission figures show AINRC leading in multiple seats. The alliance requires 16 seats for a majority in the 30-member assembly. Rangasamy's win marks a significant step towards his second consecutive term as chief minister.

The UAE has exited OPEC and OPEC+ stating it is a sovereign decision. This comes after an ADNOC tanker was hit by Iranian drones in the Strait of Hormuz. The UAE called it a terrorist attack. Officials emphasized the Strait of Hormuz must remain open for global economic stability.

The TVK party has become the largest in Tamil Nadu, leading in over 100 constituencies. Plans are now in motion to form the government. Candidates are being called to the party office. Discussions with potential allies like the Congress are expected. The DMK has accepted the election results. This marks a significant shift in Tamil Nadu's political landscape.

Vijay-led TVK has emerged as the single largest party in Tamil Nadu, disrupting the long-standing dominance of Dravidian parties. The actor-turned-politician's party is leading in 107 constituencies, surpassing the majority mark needed to form the government. This electoral debut saw significant gains across northern, central, and southern districts, including a major upset with CM MK Stalin losing his seat.

RBI cautioned such campaigns can mislead borrowers into believing their obligations can be written off outside formal processes, which could affect repayment behaviour and weaken credit discipline. Such campaigns not only mislead the general public but also interfere with the orderly functioning of the credit system of the country, it said.

Tensions in the Gulf are escalating rapidly, with a UAE official warning of a potential US or Israeli strike on Iran within 24 hours. Recent missile attacks, naval clashes in the Strait of Hormuz, and heightened military activity suggest a major confrontation may be imminent, impacting global markets and oil prices.

Korean proverb proves action matters more than knowledge: There is an ancient Korean proverb that cuts straight to the bone of human experience: Knowing the road and walking the road are clearly different. Most people who hear it nod immediately. It feels simple at first glance. Almost obvious. But that simplicity hides an uncomfortable truth. That is why this Korean proverb of the day is not just wisdom. It is a mirror.

New student loan rules may help people who lose jobs. The plan could count no-payment months for loan forgiveness. This can help middle-class workers avoid delays in becoming debt-free. Many people on income-based plans may benefit. The bill also talks about faster relief. But it is not final yet and depends on government approval before becoming law.

IRS tax deadline extension 2026: Washington residents hit by severe weather now have until August 15, 2026, to file taxes, thanks to an IRS extension. This relief, triggered by a FEMA disaster declaration, automatically applies to eligible individuals and businesses. Meanwhile, nationwide, Americans anticipate an average $1,700 refund, primarily for essentials like rent and groceries.

The psychology of people who constantly try to impress others reveals a complex mix of emotional needs, learned behaviours, and social pressures. While the desire for approval is natural, losing oneself in the process comes at a cost.

US stock market crashes today. Investors are asking whats happening with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite. Nearly $200 billion vanished in minutes. The Dow fell 565 points. The S&P 500 and Nasdaq slipped as well. Every sector turned red. This was not random. Oil surged fast. WTI jumped 3.4%. Brent climbed 5%. Rising tension near the Strait of Hormuz changed sentiment instantly.

The Bharatiya Janata Party achieved a significant victory in the West Bengal Assembly elections. Their campaign focused on booth-level organization and local leadership. The party also utilized digital tools and revised electoral rolls. This strategy effectively countered the Trinamool Congress's long-standing dominance, leading to a decisive outcome.

Russia on Monday declared a unilateral ceasefire with Ukraine between May 8-9, when Moscow marks its annual World War II Victory Day commemorations, and threatened a massive missile strike on Kyiv if Ukraine violated it. In accordance with a decision of the Supreme Commander-in-Chief of the Russian Armed Forces, Vladimir Putin, a ceasefire has been declared from May 8-9, 2026 ...

Quote of the Day: Carl Rogers, a pioneering psychologist, believed true education is the ability to learn and change. His words remain relevant today, urging continuous adaptation. Rogers' life and work, from his early studies to developing client-centred therapy, highlight his focus on human growth.

The U.S. military destroyed six Iranian small boats and intercepted drones and cruise missiles as it launched an operation to secure shipping through the Strait of Hormuz. Admiral Brad Cooper stated that ongoing IRGC efforts to interfere with the operation were defeated. He emphasized a multi-layered defensive arrangement, not traditional escorts, to protect commercial traffic.

India will challenge US accusations of excess manufacturing capacity on May 8. Indian trade officials and industry representatives will present their case. The US probe targets sectors like petrochemicals, steel, and solar modules. India denies these claims, stating trade surpluses are macroeconomic phenomena. This hearing is part of a broader US investigation into trade practices.

Quote of the day by Martin Luther King Jr inspires global readers searching for moral responsibility and life direction. Hidden truth by Martin Luther King Jr. reveals a sharp reality. Most people already know what is right. Yet action remains rare. In todays fast digital world, awareness grows faster than courage. Social media spreads truth instantly. Real change still moves slowly. This gap defines modern moral failure. It shapes society, workplaces, and personal life. Experts call it the awar

The United Arab Emirates reported Iranian attacks. This happened after US President Donald Trump's initiative to reopen the Strait of Hormuz. Iran launched missiles and a drone. This caused fires and injuries. Two cargo vessels were also ablaze. US Navy ships are helping to restore traffic. Iran warns foreign forces will be targeted.

National Teacher Appreciation Week 2026 offers numerous deals and freebies for educators from May 4-8. Many businesses, including Chipotle, Whataburger, and various restaurants, are providing discounts, free meals, and special offers to acknowledge the hard work of teachers. These promotions aim to show gratitude during a time when many teachers face financial challenges.

Defence PSU BEL, Metamind Systems, and Kristellar Aerospace have signed an MoU to co-develop future-ready products and technologies for defence and non-defence sectors. This collaboration aims to leverage their combined strengths in manufacturing, AI-driven analytics, and aerospace R&D to boost competitiveness and deliver scalable solutions, supporting India's 'Make in India' and 'Atmanirbhar Bharat' initiatives.

Todays quote of the day by Jean Piaget shows that intelligence is not only about knowing answers. It is about thinking when you feel confused. His life work explains how children learn step by step. The message is simpleuse your mind, try new ideas, and solve problems when you dont know what to do in life.

West Bengal government has ordered all departmental secretaries and heads of offices to strictly safeguard official files and documents. No important papers or files can be taken out of offices without authorization. Unauthorized copying or scanning of records is also prohibited. Departmental heads are personally responsible for ensuring compliance. Strict action will be taken for any deviation from these guidelines.

V S Babu, a former legislator, has caused a major upset by defeating DMK president M K Stalin in the Kolathur constituency. Babu, who joined the Tamilaga Vettri Kazhagam earlier this year, secured victory by a margin of 8,795 votes.

African proverb of the day: Trust is a delicate yet powerful element in relationships, built slowly through shared experiences and honesty. Placing trust in an unworthy person is like carrying grain in a leaky bag, leading to the inevitable loss of your secrets and potential lasting consequences. Discretion in choosing who to confide in is paramount for emotional safety and maintaining boundaries.

Chinese proverb of the day teaches that victory depends on strategy, planning, and surprise. The proverb links to ancient Chinese wisdom and modern life lessons. It shows how planning, deception, innovation, and flexibility help in career growth, business competition, conflict resolution, and personal development. The message connects daily Chinese proverb learning with success, Chinese philosophy quotes and Chinese motivational sayings in everyday decisions.

The Reserve Bank of India reports significant progress in processing applications. In April 2026, the central bank successfully handled 99.7 percent of applications within the set deadlines. This achievement reflects efficient operations across various functions. A large number of applications were processed, with most meeting the stipulated timelines. The RBI continues to focus on timely service delivery to its stakeholders.

In a dramatic turn in West Bengal's Bhabanipur by-election, BJP's Suvendu Adhikari has taken a slender lead over Chief Minister Mamata Banerjee after 16 rounds of counting. The race is incredibly tight, with Adhikari ahead by a mere 563 votes, showcasing a fierce contest in the Chief Minister's stronghold.

Pluto retrograde in Aquarius focuses on deep, internal transformation. Instead of visible, dramatic shifts, this phase invites introspection, encouraging a reexamination of old patterns, power dynamics and unresolved emotional baggage.

Iran's navy reportedly fired warning shots at US warships in the Strait of Hormuz after American destroyers entered the Gulf to assist commercial vessels. This escalation follows a US plan to guide neutral country ships out of the waterway, which Iran insists must be coordinated with its forces. Tensions remain high amid stalled negotiations and an ongoing US-led economic blockade.

Union Minister Sarbananda Sonowal hailed the BJP-led NDA's decisive victory in Assam as a historic mandate for development-driven governance. He credited Prime Minister Modi's vision and Chief Minister Himanta Biswa Sarma's leadership for reaching every corner of the state. Sonowal emphasized the renewed mandate will accelerate progress and strengthen the resolve for a developed, secure, and self-reliant Assam.

R Sabarinathan, son of actor Vijay's long-time driver, has secured victory in the Virugambakkam assembly constituency on a Tamilaga Vettri Kazhagam (TVK) ticket. He won by a significant margin of 27,086 votes. Sabarinathan gained attention after an emotional video of him went viral following his candidacy announcement.

A 52-year-old man shares his job struggle after one year without work. He says finding even a simple job is not easy today. Many people face rejection, low pay offers, and tough competition. Older workers feel this more. Online users also share similar problems, showing the job market is very hard and stressful for many job seekers now.

Humayun Kabir, chief of the Aam Janata Unnayan Party, secured victory in both the Nowda and Rejinagar constituencies in West Bengal's Murshidabad district. Kabir expressed gratitude to the people for their support. Having won two seats, he will now relinquish one, triggering a by-election. His party was formed just four months prior to the elections.

Latin Proverb of the day: The Latin proverb Fiat justitia ruat caelum powerfully advocates for unwavering integrity, demanding that justice be upheld regardless of the consequences. This ancient wisdom emphasizes that fairness and what is right must prevail, even if it leads to disruption or personal cost. Its enduring relevance lies in its call for moral courage and accountability in all aspects of life.

Quote of the day: Charles Bukowskis words dont offer easy comfort, but they offer something more valuable: truth. There are moments in life when you are forced to face yourself, without distraction or denial. Those moments may feel intense, but they are also where real change begins.

Pinarayi Vijayan has resigned as Kerala Chief Minister. This follows the LDF's significant defeat in the recent Assembly elections. The Congress-led UDF secured a decisive victory. Vijayan's decade-long tenure has now concluded. The Governor has accepted the resignation. Vijayan will continue as caretaker chief minister until new arrangements are made.

US stock market today shows a sharp split. The Dow Jones Industrial Average falls over 160 points. Oil prices surge above $100. Iran tensions shake global confidence. Meanwhile, the S&P 500 Index and Nasdaq Composite stay positive. Tech stocks hold strength. Investors rotate, not retreat. Rising Treasury yields add pressure on blue chips. Energy risk drives caution. Yet AI optimism supports growth stocks.