The Economic Times

Iran's high-ranking military advisor, Mohsen Rezaee, has dismissed US President Trump's statements about the potential reopening of the Strait of Hormuz. He emphasized that Iran would take action against any unauthorized vessels in the area. While Trump suggested ongoing discussions for this reopening and for Iran's denuclearization, Iran has unequivocally denied any claims regarding negotiations with the United States.

Scientists revealed first animal on Earth: Emerging research proposes that placozoans could be the oldest animals on Earth, reshaping the established perception of sea sponges as the earliest fauna. Scientists have discovered that placozoans are situated earlier on the animal evolutionary tree. This discovery invites a fresh perspective on the origins of nervous systems in the animal kingdom.

Iran awaits Ukraine's concrete actions to support its claim of an unintentional drone strike. Iranian officials possess evidence contradicting Ukraine's explanation of the Caspian Sea incident. Tehran will take necessary measures to hold Ukraine accountable for the attack. Ukraine's foreign minister assured Iran that the strike was unintentional and sought no escalation. Iran conveyed its clear stance against any attack on its citizens or interests.

The Supreme Court dismissed the Indian Energy Exchange's appeal against the CERC's market coupling order. Justices refused to interfere with the Appellate Tribunal for Electricity's previous ruling on the matter. The court kept legal questions open for future consideration as norms are still in draft. CERC plans to introduce power market norms, including market coupling, within six weeks.

India's fuel exports hit a one-year peak in July, driven by strong diesel margins. Russia's diesel export ban and global supply voids created favorable conditions for Indian refiners. Ample crude availability after a brief Iran-US truce also boosted refinery runs. Refineries like Reliance Industries and Nayara Energy processed more crude volumes. These factors combined to maximize Indian refiners' export capabilities last month.

Today's Quote of the Day by Jamie Dimon: Jamie Dimon's quote about leadership deconstructs managerial capability into four distinct human dimensions. Rather than evaluating a leader solely by quarterly performance metrics, revenue growth, or academic credentials, Dimon forces executives to evaluate candidates through personal, parental, structural, and financial lenses.

The Lenin, the world's first nuclear icebreaker, symbolizes Russia's Arctic legacy today. This historic vessel served for thirty years along the Northern Sea Route. Russia now operates the world's largest icebreaker fleet, including nuclear-powered ships. India and Russia are expanding cooperation on the Northern Sea Route corridor. Both nations aim to strengthen transport and logistics connectivity through this vital waterway.

Tanzanian proverb of the day: A Tanzanian saying emphasizes earning money without letting it define one's worth. True success stems from character, integrity, and treating others well. Wealth offers comfort and opportunities but should not be life's sole foundation. Money should serve as a tool to support a good life.

Quote of the day by Zig Ziglar: Motivational speaker Zig Ziglar emphasized personal growth over mere achievement. He believed the journey and lessons learned shape individuals profoundly. Ziglar's own life, from humble beginnings to global influence, exemplified this philosophy. His teachings continue to inspire millions through his enduring legacy.

The Quote of the day by Immanuel Kant, The shorter the sleep, the longer they live; less luxury brings health, reflects the philosopher's belief in discipline, moderation and purposeful living. The article explains the meaning behind the quote, traces it to Kant's Lectures on Anthropology delivered at the University of Knigsberg between 1772 and 1789, and explores how his strict daily routine shaped his thinking. It also looks at Kant's life, his major philosophical works, and why his ideas on e

Quote of the day by John Keats: John Keats believed self-criticism surpasses external praise or blame. His love of beauty made him a severe judge of his own creations. This perspective emphasizes personal standards over public approval for true satisfaction. Keats, a celebrated Romantic poet, died young from tuberculosis.

In 1868, an American woman inventor created a machine that changed the future and led to the mass manufacture of flat-bottom paper bags still widely used to carry groceries all around the world. Margaret E. Knight developed a machine that changed paper bag production. Her invention reduced manual work and helped businesses produce square-bottom paper bags on a large scale. She later earned many patents and became one of the most productive women inventors in American history.

Quote of the day by George Eliot remains relevant because they remind us that companionship does not always need complicated explanations. Sometimes the most comforting friend is the one who simply stays nearby. Animals can offer affection without demanding perfection, presence without interrogation and companionship without unnecessary judgment.

Proposed amendments to the Payment and Settlement Systems Act may bring back merchant discount rates. This move could help banks and fintech firms recover technology and infrastructure investments. The government is considering reintroducing MDR for UPI transactions with large merchants. These fees might apply to transactions exceeding two thousand rupees. This change aims to create revenue for payment companies while minimizing disruption.

India's government is considering a national regulatory framework for dental implants. This action follows concerns raised about unregulated use and safety standards. The proposed framework will cover manufacturing, sale, and clinical application of these devices. It aims to ensure quality and patient safety across the country. Other nations have established similar rigorous testing and traceability requirements.

Quote of the day by Roald Dahl: Roald Dahl's quote describes adults as the enemy of children during socialization. This perspective reflects the reality of teaching societal rules and moral behavior. Learning kindness and responsibility takes time, and adults guide this essential development.

IndiGo plans a high-density economy layout for its long-haul European flights. This strategy aims to sell more seats and protect its cost structure. The airline will offer hot food and in-flight entertainment on these journeys. Deliveries of new widebody jets are expected to begin from 2028. IndiGo will also utilize multiple hubs for its expanded long-haul operations.

Foreign currency deposits have significantly increased following a Reserve Bank of India swap facility. State Bank of India and HSBC are leading banks in this deposit mobilization effort. This scheme aims to attract stable foreign currency inflows into India. The Reserve Bank of India's dollar swap facility received substantial funds till July 31. Overall inflows are projected to reach eighty to eighty-five billion dollars.

The government is set to release 4,000 crore this fiscal year under the Auto-PLI scheme, designed to stimulate production and investment among qualified companies. Notably, Bajaj Auto has already benefited, receiving 750 crore for meeting its incremental sales targets for fiscal year 2026. Substantial funds have been allocated to support this initiative, underscoring its significance.

Samir Modi has withdrawn all legal cases against his mother, Bina Modi. This action comes amid ongoing efforts to settle the distribution of the late KK Modi legacy. Both brothers have blamed their mother for not following the family trust's distribution plan. Modi expressed his desire for family reconciliation and stated he is a builder. He is hopeful that the family will reconcile and that legacies are beyond companies.

The government withdrew thousands of tax appeals after raising litigation limits. This action reduced disputed tax demand by over sixteen thousand six hundred eighty-eight crore rupees. Appeals were withdrawn from the ITAT, High Courts, and Supreme Court levels. Additionally, many new appeals were not filed by the department. This policy change significantly lowered the overall tax litigation burden.

The government has approved 4,687 crore in interest subsidies for eligible ethanol projects. This support covers interest subvention for new distilleries and capacity expansions. Since 2022-23, 2,075 crore has been released to Nabard for fund disbursement. ONGC will develop half of a 1.75-mt strategic petroleum reserve. This reserve will be located at Mangaluru and earmarked for strategic use.

The rules currently don't regulate such ambulances as a distinct vehicle category. Consequently, there are no national requirements governing their construction, functional safety, patient-handling systems, type approval, registration and fitness inspection.

Finance Minister Nirmala Sitharaman introduced the Bankers' Books Evidence Bill, 2026 in Lok Sabha. This proposed legislation aims to update evidence rules for modern digital banking practices. It will replace the outdated Bankers' Books Evidence Act from 1891. The bill expands the definition of bankers' books to include all record formats. This future-ready framework will recognize electronic records and empower the central government.

India's food regulator has ordered Dabur to stop selling several products. These items allegedly feature misleading 100% claims, violating advertising rules. The authority cited ambiguous and unverifiable statements on various food items. Dabur also faces allegations of misusing organic logos without proper endorsement. An action report is due within fifteen days from the company.

Private equity firm Creador is in advanced talks to acquire a stake. The firm expects to invest 800 crore in Leeford Healthcare. This acquisition would value the generic drugmaker at 8,000-8,500 crore. Leeford Healthcare is a diversified pharmaceutical and wellness company. This deal marks the company's first ownership dilution to an external investor.

The Rajya Sabha approved the MSME Development (Amendment) Bill, 2026, on Monday. This legislation introduces timelines for faster dispute resolution for small businesses. It also strengthens recovery mechanisms and improves liquidity for these vital enterprises. The bill empowers courts to direct buyers to deposit payments if challenges are delayed. This aims to ensure timely payments and support the backbone of India's economy.

ATR forecasts demand for ten aircraft annually in India over twenty years. Production capacity hinges on overcoming global supply chain constraints. The Indian market could absorb more planes if ATR increases output. Asia-Pacific represents ATR's largest market, with India's fleet poised for growth. Expanded regional air connectivity and new airports will drive this demand.

The revised guidance, issued by the central board of direct taxes (CBDT), lays down an updated compliance framework for reporting financial institutions (RFIs), including banks, mutual funds, insurers, custodians and other investment entities, on identifying reportable accounts, validating tax residency and reporting financial information under the country's Automatic Exchange of Information (AEOI) commitments.

Twenty-one suspected Bangladesh nationals were detained in Ramban district. They were traveling towards Kashmir Valley from Jammu in two vehicles. Individuals failed to produce valid identity or travel documents during routine checking. Police took custody of all persons for further questioning and investigation. Legal action will be taken based on the outcome of the ongoing inquiries.

L'Oreal sees India as a vital laboratory for developing demanding beauty product formulas. The company aims to revitalize its operations in India's competitive beauty market. L'Oreal India's business expanded significantly under its new managing director. The beauty giant is investing in local startups and expanding its premium brands. India's growing market and digital adoption present significant opportunities for L'Oreal.

Psychology says people who learn a great deal from movies aren't simply watching stories for entertainment. Research explains that many people learn by observing characters, situations, and emotions shown on screen. Psychology connects this behavior with observational learning, empathy, mirror neurons, and narrative transport. These ideas explain why films can shape thinking, improve emotional understanding, support self-reflection, and help people apply lessons from fictional stories to real-li

Bank loans for India's technology infrastructure sector have doubled in two years. This growth reflects India's position as a global hub for data centers. Loans to IT services and digital infrastructure rose significantly year on year. This expansion is driven by data centers, GCCs, and IT enabled services. These segments are now showing robust growth in bank credit.

India exceeded expectations by finishing fourth with 39 medals at the 2026 Commonwealth Games, despite the exclusion of several traditional medal-winning sports. Record-breaking boxing, a landmark judo campaign and consistent para success reflected the nation's growing sporting depth.

The HSBC Purchasing Managers' Index, compiled by S&P Global, fell to 53.5 in July from 54.2 in June and 59.1 a year earlier. A reading above 50 indicates expansion, while one below signals contraction. The latest reading was also below the series' long-run average of 54.2. The pace of growth in new orders was the second slowest in more than four years. Survey respondents said advertising efforts and resilient demand continued to support sales, although increasingly challenging market conditions

The Lok Sabha passed the Supreme Court (Number of Judges) Amendment Bill, 2026, increasing the strength to thirty-eight judges. This legislative action occurred amidst ongoing opposition protests concerning police actions and alleged temple donation theft. The government also introduced bills to modernize the Indian Statistical Institute and update bankers' book evidence. These proceedings took place with minimal debate and significant legislative activity.

PepsiCo India has removed the word 'energy' from new Sting cans and bottles. This action complies with the food safety regulator's upcoming deadline for the category. Other energy drink companies are seeking an extension from the government. Distributors are already declining existing energy drink stock from companies. The energy drinks market in India is estimated at over thirteen thousand crore rupees.

A rare 1858 book has finally returned to an Australian library after an estimated 150 years, but its mystery borrower cannot be found. The forgotten Antiquities of Athens could have carried a staggering $19,500 overdue fine today. The returned book will be displayed in the librarys local history collection.

Giant Antarctic lakes discovered: Scientists discovered two giant lakes beneath Antarctica's ice sheet. These lakes are the second and third largest known subglacial bodies. Researchers believe these ancient lakes may harbor unique, untouched ecosystems. Heat from Earth's core and insulating ice prevent the water from freezing.

Youth Congress workers marched to Nitin Gadkari's residence protesting ethanol fuel promotion. Several activists were detained after attempting to breach police barricades at the minister's home. This protest follows Uddhav Thackeray's statement about the opposition raising concerns over ethanol. Congress workers claimed ethanol fuel reduces vehicle mileage and causes damage. The opposition believes the ethanol issue has gained public traction due to vehicle concerns.

Today's Irish Proverb of the Day: Irish proverb shares a timeless lesson that still fits modern life. Best is a conference from which comes peace reminds us that honest conversation can solve problems better than anger. This ancient Celtic wisdom teaches conflict resolution, emotional maturity, compromise, and lasting peace. A few thoughtful words can often change a relationship more than a long argument.

Chinese Proverb of the Day highlights the meaning of Control your emotions or they will control you. The saying emphasizes the importance of emotional intelligence, self-discipline, and thoughtful decision-making. It reminds us that emotions are a natural part of life, but allowing anger, fear, frustration, or excitement to dictate our actions can lead to poor choices and unnecessary conflict. Instead, the proverb encourages us to recognize our feelings without letting them take control.

Scientists have reported a concerning invasion of alien moon jellyfish across various marine ecosystems. These jellyfish hitch rides on ships, spreading to new locales. By utilizing computer simulations and analyzing genetic data, researchers confirmed this human-driven dispersal. The research unveiled sixteen previously unidentified jellyfish species, bolstering marine biodiversity. However, this invasion poses serious threats to native marine life and leads to substantial global economic reper

The second phase of elections in Pakistan-occupied Kashmir faced significant disruptions. Protests led by the JAAC caused widespread chaos and administrative failures. Election officials and materials could not reach many polling stations across constituencies. This led to postponed voting in some areas and questioned the election's legitimacy. Demonstrations continued throughout the day, with reports of security force actions.

Ralph Teetor cruise control inventor: Ralph Teetor, who became blind early in life, was the genius behind cruise control in the 1940s. His creation of the Speedostat allowed for consistent speed maintenance while driving. Teetor faced engineering challenges with his remarkable ability to harness touch, sound, and memory.

Commerce and Industry Minister Piyush Goyal urged India and Uzbekistan to double bilateral trade from the current $1.5 billion within three years, highlighting opportunities in mining, textiles, pharmaceuticals, healthcare and digital infrastructure. He also called for greater co-investment, co-manufacturing and co-innovation, saying the recently concluded Bilateral Investment Treaty would boost investor confidence.

US President Donald Trump on Monday accused major oil companies of profiting excessively from elevated crude prices caused by supply disruptions linked to the Iran war, saying he did not like that they were making too much money from the shortage.