The Economic Times News

December's PS Plus Game Catalog additions are here, featuring Assassin's Creed Mirage and the unique skateboarding sim Skate Story. Subscribers can also enjoy Granblue Fantasy: Relink, Cat Quest III, and more. This lineup offers a diverse range of genres for both PS4 and PS5 players, with Skate Story already available and other titles launching December 16.

America has seized a large oil tanker near Venezuela. President Donald Trump confirmed the action. This move escalates tensions with Caracas. Oil prices saw a rise following the news. The tanker is believed to be the Skipper. This is the first known seizure of an oil tanker by the US in the region.

Kelly Osbourne has hit back at online trolls criticizing her dramatic weight loss. She stated her father, Ozzy Osbourne's, recent death has made it difficult to eat. Her mother, Sharon Osbourne, defended Kelly, calling critics unhappy and jealous. Kelly previously addressed speculation about using Ozempic, emphasizing her grief.

Senator Joni Ernst is urging the Social Security Administration to improve its processes for preventing payments to deceased individuals. A recent watchdog review uncovered over $186 million in payments made to dead people, with relatives often pocketing the funds for years undetected. Ernst advocates for stronger safeguards to stop this fraud and protect taxpayer dollars.

In-N-Out Burger has removed the number 67 from its ordering system after a viral slang trend caused disturbances. Teens, particularly Gen Alpha, swarmed restaurants when order number 67 was called, reacting to the phrase six seven originating from a rap song. The chain also removed 69 due to similar reasons.

Americans are being asked to check their bank accounts as Section 8 landlord payments begin after a short delay. The program helps families and seniors pay rent by sending part of the payment to landlords. Housing agencies say the money is now ready, and landlords should receive around $1,500 depending on the home. More support programs are also helping households.

U.S treasury yields extended decline after FOMC policy announcement; yield on 10-year treasury notes were last down 3.5 basis points at 4.151 per cent.

Vodafone Idea's reported subscriber numbers mask a significant portion of inactive users, impacting its average revenue per user and usage metrics. While the company has invested in network improvements and seen subscriber churn drop, a new study suggests its active paying base is smaller than reported, distorting key performance indicators compared to rivals.

Mortgage rates are gradually declining after the Feds 25-bps cut, its third move of 2025. The federal funds rate is now 3.50%3.75%. Thirty-year mortgage rates hold near 6.19%6.30, while refinance rates sit around 6.52. Markets remain volatile, and the next shift could push rates sharply up or down.

Telecom operators may soon see significant cost reductions. The Telecom Regulatory Authority of India has recommended slashing backhaul spectrum prices by up to 55%. This move aims to improve service quality and boost the use of backhaul carriers. The regulator is shifting to a uniform rate for spectrum pricing. This change will offer substantial financial relief to all telecom companies.

Shubman Gill seeks a significant knock at home in the second T20I against South Africa, aiming to improve his T20 record. India, after a dominant win, faces scrutiny on Suryakumar Yadav's form. South Africa aims for a better batting performance after a dismal first T20.

Indian industries are set to manufacture critical equipment for Small Modular Reactors. This initiative aligns with the 'Make in India' program. Companies with technical support from Bhabha Atomic Research Centre will produce components like special steel and pumps. Private sector participation will be through EPC contracts.

Air India's internal probe found systemic failures led to an aircraft flying eight scheduled flights without a valid license. The Continuing Airworthiness Management Organisation approved the flights despite a senior manager flagging the expiry. This incident raises serious questions about the airline's safety culture. Immediate measures are being implemented to prevent recurrence.

Apple is opening its fifth store in India, located in Noida's DLF Mall of India, marking its third store opening this year. This expansion underscores India's position as Apple's third-largest market. The new store, the third largest in India, will offer the full product line, customer support, and 'Today at Apple' sessions, anticipating significant customer turnout.

India has raised concerns at the World Trade Organization regarding a China-led proposal for an investment facilitation agreement. New Delhi argues that discussions on investment are outside the WTO's trade agreement framework. India emphasizes that such plurilateral agreements should remain exceptions, not the norm.

The commentary from BMI comes amid many economists and bond-market experts in India factoring in a further quarter percentage point reduction in policy rates, lowering terminal rate expectations to 5% in the current easing cycle after RBI looked past a sharply retreating rupee to deliver a rate cut last Friday.

In a recent statement, Vikram Singh Mehta, chairman of IndiGo, addressed concerns about the ongoing flight disruptions. He clarified that the airline's board is actively collaborating with management to establish new pilot rest guidelines. Mehta reassured passengers that the recent cancellations were not intentional, attributing them instead to a combination of unforeseen internal and external factors.

A massive fire has engulfed the Nevsky Market in Saint Petersburg, Russia, with flames spreading across over 1,500 square meters. Videos show thick black smoke billowing into the night sky as approximately 30 fire engines battle the blaze. Reports indicate at least two injuries, and the cause of the fire is currently unknown.

Apple's India operations facility has drawn auditor attention in its initial year. SR Batliboi & Associates highlighted issues with daily book backups and audit trails. The company has since implemented systems to meet legal requirements. These findings relate to Apple Operations India's support for the parent company's global activities. The facility procures equipment and employs engineers for R&D.

India's trade talks with the European Union and the United States are moving forward. Commerce Minister Piyush Goyal expressed confidence in early agreements. A US team is currently in New Delhi for discussions. Negotiations with Chile and Oman are also nearing completion. India is also pursuing trade pacts with Qatar and Israel.

In a recent discussion, Prime Minister Narendra Modi and Israeli Prime Minister Benjamin Netanyahu expressed satisfaction with the burgeoning strategic relationship between India and Israel. The leaders reiterated their determination to fortify their collaboration and jointly condemned terrorism, underscoring their stance on zero tolerance.

Law firms are hiring more capital markets lawyers. This is driven by a rise in initial public offerings and other fundraising activities. Demand for equity offering specialists is growing as multinational companies plan to enter Indian markets. Successful listings have encouraged global groups to consider listing local operations. This trend is expected to continue.

During his recent trip, Russian President Vladimir Putin expressed admiration for India's extraordinary strength in diversity. In parallel, the Russian Parliament has approved a pivotal agreement with India, which enhances logistical support for military operations, including warships and aircraft. This deal simplifies procedures for collaborative exercises, disaster response initiatives, and various other joint activities between the two countries.

Tipplers in Assam, Uttar Pradesh, Maharashtra, West Bengal, and Meghalaya are choosing beer over hard spirits. This shift follows changes in taxation and retail expansion. Beer sales have surged significantly in these states. This trend indicates a move towards more moderate alcohol consumption and increased government revenue.

ReNew Power is raising $800 million through a five-year loan, with Societe Generale, Standard Chartered, and SMBC acting as lead banks. This significant borrowing, likely to be priced next quarter, will be used to refinance operational projects, aiming for a rate of 350-400 basis points over SOFR.

In a shocking turn of events, Bholanath Ghosh, a pivotal figure in the ration distribution fraud investigation, has sustained life-threatening injuries in a car accident. The tragic mishap occurred in the South 24 Parganas region, claiming the lives of two companions. Ghosh's son vehemently suspects foul play, implicating associates of Sheikh Shahjahan.

Indian refiners are actively buying discounted Russian crude. Four of the seven largest processors are now sourcing non-sanctioned barrels. This comes as Reliance Industries avoids Russian oil to steer clear of sanctions. Imports are expected to continue at a reduced level into next year. Russian crude is currently priced attractively.

Guwahati witnessed the inauguration of the Swahid Smarak Kshetra. This memorial honors 860 martyrs of the Assam Agitation. Chief Minister Himanta Biswa Sarma inaugurated the site. Prime Minister Narendra Modi also paid tribute to the movement's participants. The memorial complex includes statues, a meditation hall, and gardens. The event marks the observance of Swahid Diwas.

On December 16-17, Prime Minister Narendra Modi will set foot in Ethiopia, marking a pivotal moment for India's influence in the Global South. This visit highlights the flourishing partnership with Ethiopia, a vital ally and recent BRICS addition. Both nations are eager to enhance collaboration in multiple domains, driven by a shared commitment to sustainable development and mutual respect.

Petronet LNG has secured a significant 12,000 crore loan. State Bank of India and Bank of Baroda are providing the funds. This financing will primarily support Petronet's petrochemicals project. It will also cover other capital expenditure needs. The agreement follows a competitive bidding process. Petronet is India's largest LNG importer. It operates regasification terminals in Dahej and Kochi.

Nestle India is targeting significant growth in rural markets, which currently contribute only 15% of its revenue compared to other FMCG companies. The company plans to leverage its popular brands with affordable pack sizes to tap into the faster-growing rural economy. Simultaneously, Nestle will focus on premiumisation in urban areas for categories like chocolates and coffee.

India is set to implement new mandatory labelling rules for apparel and home textiles, requiring manufacturers to disclose fibre content, origin, and care instructions. This move aims to align with global standards, promote recycling, and protect consumers from misleading claims. The initiative is part of a broader plan to boost the textile waste value chain and enhance consumer awareness.

The Oil Ministry is planning a significant overhaul of Indian Oil Corporation's board. Three director positions are set to be eliminated as part of an organizational revamp. This move aims to consolidate responsibilities and reduce leadership layers within the company. The restructuring comes as public sector enterprises face pressure to improve efficiency. IOCL's top leadership reconfiguration could impact its performance.

IndoSpace has leased 2.72 lakh sq ft to New Century Sofa India at its Oragadam II Industrial Park. This deal underscores IndoSpace's accelerated investment in Tamil Nadu, a growing hub for manufacturing, and reflects strong demand from various sectors for Grade-A logistics facilities.

On International Human Rights Day, Engineer Rashid, a member of the Lok Sabha, initiated a hunger strike from within the confines of Tihar Jail. This bold act was intended to spotlight the persistent issues faced by the people in Jammu, Kashmir, and Ladakh.

The Asian Development Bank has raised India's growth forecast for the current financial year to 7.2%, citing stronger-than-expected second-quarter performance driven by robust domestic consumption. Despite an unfavorable base effect for 2026-27, policy measures are expected to offset potential drags, supporting continued economic expansion.

In a recent statement, Congress has taken the government to task for allegedly distorting the legacy surrounding the iconic national song, Vande Mataram. Jairam Ramesh, a key party figure, expressed concern that the administration's approach diminishes the contributions of historical giants like Jawaharlal Nehru and Rabindranath Tagore.

Fed Rate cut announcement: Whoever is selected to lead the Fed will inherit many of the challenges that Jerome Powell is dealing with. For one, the next chair may struggle to deliver the interest rate cuts that Donald Trump so desperately wants, given the split among voting members.

In a burst of tension, Minister Anupriya Patel clashed with Lok Sabha chair Krishna Prasad Tenneti during a session. Unsatisfied with her allotted speaking time on electoral reforms, Patel defiantly continued her address despite the microphone being cut and multiple appeals for her to conclude.

The company's move towards a public listing, which could rank among the largest global IPOs, has been largely driven by the rapid expansion of its Starlink satellite internet business, including plans for direct-to-mobile service and progress in its Starship rocket program for moon and Mars missions.

The Reserve Bank of India is actively engaging with banks to bring consistency to service charge disclosures and eliminate duplicate fees. This initiative, which comes on the heels of state-run banks lifting penalties for not maintaining minimum average balances, seeks to simplify the charges presented to customers.

A heated debate unfolded in Lok Sabha over electoral reforms. Congress MP KC Venugopal accused the Election Commission of India of enabling vote chori and criticized legal immunity for election commissioners. Former law minister Ravi Shankar Prasad countered, alleging Congress's history of institutional capture and blaming the opposition's electoral defeats for their criticism of the ECI.

In a fiery session in the Lok Sabha, Home Minister Amit Shah did not hold back as he took aim at the Opposition, specifically targeting the Nehru-Gandhi lineage for what he termed historical 'vote chori.' He staunchly supported the integrity of electronic voting machines and the importance of periodic electoral roll updates.

Cathie Wood of ARK Invest says the old 4-year Bitcoin cycle is finished. She believes institutional investors will bring big money, less volatility, and push Bitcoin price higher. Wood expects Bitcoin to outperform gold in 2026 and stay strong during market changes. She sees a new era for crypto as the world enters the AI age.

Zendaya and Robert Pattinson star as an engaged couple whose relationship unravels in Kristoffer Borgli's new A24 dark comedy, The Drama. The trailer hints at a chaotic wedding and mental distress for the pair. This marks the first of three upcoming collaborations between the actors, with The Odyssey and Dune: Part Three also slated for release.