The Economic Times

Why US stock markets crashed today, and Nasdaq, S&P 500 and Dow Jones in red now? US stocks ended lower as AI growth fears, oil price surge, Fed policy signals, and earnings season drove caution. Tech and chip shares fell after reports about OpenAI. Investors also reacted to rising crude prices, war risks, and company earnings updates across sectors.

Why are oil prices up now, and will Brent, US WTI crude rates continue to rise or drop again? Oil prices climbed as the Iran conflict disrupted supply and the UAE announced it would leave OPEC and OPEC+. Brent moved near a three-week high and WTI crossed $100. Investors also tracked inflation, bond yields, and stock market weakness driven by AI growth concerns and global central bank decisions.

Trumps face and signature in gold to appear on US passports soon? The State Department plans limited-edition passports to mark 250 years of the United States. The design includes Donald Trumps image and signature in gold inside the passport cover. The passports will be issued from the Washington Passport Agency. The change links to larger celebrations planned for Americas 250th anniversary and other commemorative projects.

Taylor Swift was recently spotted enjoying a dinner date with her father, Scott, in New York City. This outing comes amid growing speculation about her upcoming wedding to Travis Kelce. Fans are anticipating a July 4th weekend celebration, especially after Travis hinted at their busy schedule in June.

The FCC is reviewing ABC licences after a controversy linked to Jimmy Kimmels joke about Melania Trump. The issue has created political backlash and debate over free speech and media control. Officials say the review is about company policies, but critics think it is pressure on content. Any legal action may take a long time to resolve.

The Bharatiya Janata Party is targeting Mamata Banerjee's Bhabanipur seat in West Bengal's upcoming polling phase. The party is confident of securing victories in North 24 Parganas, Nadia, Howrah, and Hooghly. BJP expects to win at least 40 seats in the Bengal Presidency region. The party also anticipates a strong showing in North Bengal, Junglemahal, and South Bengal districts.

California settlement payouts 2026: Californians can now claim compensation from numerous class action settlements, covering data breaches, retail purchases, apps, vehicles, housing, and wildfire damages. Payouts vary significantly, with some data breach claims potentially reaching $10,000.

India has approved a significant 3,000-crore currency swap for the Maldives. This move aims to bolster the island nation's economy under the SAARC framework. The facility will help the Maldives manage foreign exchange needs and economic pressures. This support underscores the strong partnership between India and the Maldives.

I Squared Capital is looking to sell its stake in Polaris Smart Metering. The US-based fund has hired an investment bank to manage the sale. Polaris Smart Metering is valued at around $200 million. The company has secured contracts for smart meter installations in Uttar Pradesh and West Bengal. Polaris recently raised financing from British International Investment.

Quote of the Day by Cleopatra: Cleopatras quote reflects a deep truth about human nature. It suggests that people often become more engaged with chaos, challenges, and dramatic changes, even when they bring discomfort or instability. At the same time, we tend to undervalue peace, stability, and comfort, taking them for granted when life is calm. The timeless wisdom highlights a psychological paradox: humans are drawn to intensity but struggle to appreciate simplicity.

India is experiencing intense heatwaves, with temperatures reaching up to 46C in many areas. While El Nino can amplify heat conditions and disrupt monsoon patterns, experts state it's not the sole cause. Persistent high pressure and fewer western disturbances are identified as primary drivers of the extreme heat.

The White Lotus Season 4 is taking shape with a major casting update as Laura Dern joins the ensemble following Helena Bonham Carters exit. Rather than recasting the original role, the creators have chosen to introduce a newly written character tailored for Dern. Filming is currently underway across the French Riviera, with the story unfolding during the Cannes Film Festival. As with previous seasons, the narrative will follow a new group of guests and staff over the course of a week. With a fre

Quote of the Day: F. W. de Klerk, a pivotal figure in ending apartheid, is remembered for his call to prioritize children's futures by halting conflicts and fostering new opportunities. His leadership, marked by bold reforms and a commitment to reconciliation, led to South Africa's first all-race elections and a Nobel Peace Prize.

Indian lenders are turning to artificial intelligence to manage loan collections and acquire new customers. This move comes as a severe heatwave is expected across India. Cash-based collections and on-ground visits for loan repayments are particularly vulnerable to disruptions. Lenders are also tightening rules for loans in climate-sensitive areas.

Oxford University and Serum Institute of India are collaborating on a new malaria vaccine, R78C. This partnership aims to create a more effective vaccine targeting different stages of the malaria parasite. The Serum Institute of India will manufacture the vaccine at scale. This development is crucial for combating malaria, especially in sub-Saharan Africa.

Manchester City faces a demanding schedule. Three games in seven days will decide their domestic treble hopes. They play Crystal Palace, then Chelsea in the FA Cup final. Finally, they visit Bournemouth. This run is vital for their title race with Arsenal. City has already won the English League Cup.

KKR, the prominent US investment firm, has committed another 1,750 crore to Baby Memorial Hospital, elevating their overall investment to an impressive 5,100 crore in just a short span of two years. This Kozhikode-centered hospital chain is poised for significant regional growth. The capital will facilitate strategic acquisitions and further expansion, now boasting nine hospitals spread across three southern states.

Atletico Madrid faces Arsenal in the Champions League semi-finals. The team aims for redemption after a recent cup final loss. Fans are urged to support the team in this crucial match. Atletico has a history of near misses in Europe. This game offers a chance for glory on the club's anniversary. The team's spirit and determination are key to success.

Mehraj Malik, an Aam Aadmi Party MLA from Doda, has been released from Kathua jail after eight months. His detention under the Public Safety Act was quashed by the Jammu & Kashmir and Ladakh High Court. Malik, who represents the Doda constituency, was arrested in September 2025.

Turkish Airlines has stopped flights to 23 cities due to fuel problems and war impact. Many routes are paused for now and may start later this year or next year. Some cities are fully closed due to safety issues. Passengers should check flight updates. These changes affect Africa, Asia, Europe, and other regions for now.

Crypto-backed mortgage explained: Home financing is evolving as a new mortgage model allows buyers to use Bitcoin or USDC as collateral for down payments, partnering with Coinbase. While avoiding immediate crypto sales and potential tax deferrals, this approach leads to significantly higher monthly payments compared to traditional mortgages, impacting affordability for many.

Maharashtra is extending its Marathi language learning rule to app-based cab and auto services. Drivers and riders with Uber, Ola, and Rapido will soon need to learn Marathi. The transport minister confirmed a policy is being prepared for these aggregators. This follows an extension for traditional taxi and auto drivers to learn the language by August 15.

The Supreme Court has reinstated the SBI-led consortium as financial creditors of Reliance Infratel. The consortium is owed 3,628 crore. This decision overturns previous rulings by lower tribunals. The court directed the reconstitution of the committee of creditors. Six banks are now included as financial creditors. Corporate guarantees were deemed financial debt under the Insolvency and Bankruptcy Code.

WhatsApp has banned over 9,400 accounts involved in digital arrest scams and impersonating law enforcement in India. This action was taken over a 12-week period starting in January. Most scam operations were traced to Southeast Asia, particularly Cambodia. WhatsApp is implementing SIM binding and new tools to combat these fraudulent activities.

Pakistan is raising concerns at the Permanent Court of Arbitration regarding India's hydel projects in Jammu and Kashmir. Pakistan alleges India is exaggerating water storage claims for projects like Kiru. These projects are crucial for India's power generation plans. Pakistan suggests India's actions could significantly impact downstream water availability.

IndusInd Bank executives are now facing inquiries from law enforcement as two separate incidents of alleged assault by recovery agents over credit card debts come to light. Amid growing concerns, the Reserve Bank of India demands clarification on the bank's collection practices. Investigations into the bank's recovery protocols are underway, intensified by a viral video showcasing the incident.

India's Defence Minister Rajnath Singh declared at a Shanghai Cooperation Organisation summit that terrorism hubs will face consequences. He stressed a unified global stance against terror, separatism, and extremism. Singh highlighted India's resolve to respond to terror threats. He called for a world order prioritizing co-existence over conflict. Nations must act collectively against terrorism without double standards.

West Bengal is set for the second and final phase of assembly polls on Wednesday. Key leaders like Mamata Banerjee and Suvendu Adhikari are contesting. Voters in 142 constituencies across South Bengal and Kolkata will cast their ballots. Over 32 million people are expected to participate. Extensive security measures are in place, including central police forces and quick response teams.

West Bengal votes today on a single issue: insiders versus outsiders. Mamata Banerjee seeks to keep BJP out, fearing cultural and existential changes. Prime Minister Modi's challengers aim to reshape the state financially. The election's outcome will impact the future of West Bengal, Purba Bardhaman district, and its villages.

India's microfinance sector showed a strong rebound. The loan portfolio expanded significantly in the March quarter. This marked a recovery after a long period of contraction and write-offs. Delinquency rates had also declined. This positive trend is expected to continue.

India's heatwave is causing a surge in demand for hill stations like Dehradun and Munnar. Travel firms report increased bookings for cooler destinations. Summer holidays are starting earlier this year. This trend is expected to lead to healthy growth in domestic tourism. Hotel rates in popular spots are rising.

Industry groups and the National Highways Authority of India are issuing heatwave advisories. These suggest flexible work hours and other safety measures. The goal is to protect workers and maintain business productivity during extreme weather. Companies are urged to adjust schedules and provide rest breaks. These steps aim to ensure national highway construction and operations continue smoothly.

The Reserve Bank of India has launched Mission SAKSHAM. This initiative aims to build capacity across all urban cooperative banks nationwide. Approximately 1.40 lakh participants will undergo training. The program will enhance managerial and operational skills. It also focuses on improving compliance and strengthening institutional resilience. Board members, senior management, and employees in critical functions will benefit.

This week, the Finance Ministry is set to evaluate the advancements in financial inclusion, laying the groundwork for Financial Inclusion 2.0. Officials will scrutinize existing initiatives such as the Atal Pension Yojana.

A significant legal battle between IHH Healthcare and Daiichi Sankyo is reaching its climax. The Tokyo District Court will announce its judgment on September 10 regarding a substantial damages claim. This ruling follows a tenfold increase in the claim amount by IHH's subsidiary, NTK. The case stems from alleged obstruction in acquiring shares of Fortis Healthcare.

Indias crude imports fell as West Asia disruptions hit supplies, with average intake dropping to 4.4 million barrels per day in April 126, about 15% below February levels. However, steady flows from Saudi Arabia and higher shipments from the UAE helped offset some of the shortfall, alongside renewed imports from Iran and Venezuela and continued purchases from Russia.

In a bid to streamline tax compliance, India's markets regulator Sebi is actively negotiating with the CBDT, the countrys tax authority. The proposal on the table suggests that foreign portfolio investors (FPIs) should have the autonomy to designate authorized signatories.

The Bombay High Court has ruled that insurers cannot reject hospitalisation claims solely because they were filed after the time limit mentioned in the policy.

A major legal battle between IHH Healthcare and Daiichi Sankyo is reaching its climax. IHH's subsidiary, NTK, is seeking JPY 200 billion in damages. The Tokyo District Court will deliver its judgment on September 10. This ruling follows NTK's allegations of Daiichi Sankyo obstructing its acquisition of Fortis Healthcare shares.

America has imposed sanctions on 35 groups and individuals. These actions target Iran's shadow banking system. This network moves billions of dollars. It aids sanctions evasion and Iran's support for terrorism. Firms paying tolls to Iran or the IRGC for passage through the Strait of Hormuz will also face sanctions.

Karl Marx, a pivotal thinker, explored how economies shape society and human bonds. His ideas on class struggle and capitalism remain relevant today. Marx also emphasized surrounding oneself with supportive people. He believed in valuing genuine connections over fleeting ones. His life journey from Trier to London shaped his revolutionary communist thought. His collaboration with Friedrich Engels produced influential works.

The government has said it is not considering any proposal to raise petrol or diesel prices from May 1, according to a petroleum ministry official. The clarification comes amid speculation of an imminent fuel price hike after key state elections, which has led to panic buying and long queues at fuel stations in some areas.

Ferrari anticipates accelerated growth in India, driven by a significant reduction in import duties following the EU FTA. The company is encouraging early orders, with customers expected to receive vehicles at a lower price within 18 months. This strategic move aligns with Ferrari's dedicated focus on the Indian market, bolstered by infrastructure development and a younger, internationally exposed customer base.

Former FBI Director James Comey faces a new indictment. Officials claim a social media photo of seashells was a threat to President Donald Trump. The numbers in the photo, '86 47', are interpreted by some as a call to violence. Comey denies this, stating he opposed violence. This is the second criminal case against the former FBI chief.

Google Translate has completed 20 years and launched a new AI pronunciation feature. This tool helps users speak better with instant feedback. Sundar Pichai shared that the platform now supports many languages and uses advanced AI. Google Translate is growing fast and helping people learn, talk, and connect easily across different languages in daily life.

Ted Lasso Season 4: After a long hiatus, Ted Lasso returns with a fresh chapter as Ted steps back into Richmond with a new challenge. This time, he leads a second-division womens football team, marking a major shift from his previous experience. The trailer teases emotional moments, including scenes with his son and evolving relationships among familiar characters. New faces join the cast, adding depth to the storyline.

In a bid to strengthen worker protections, the Labour and Employment Ministry is launching a comprehensive inspection program. This proactive approach will target businesses that fail to register with the Employees' Provident Fund Organisation.