The Economic Times

Mehbooba Mufti, president of the Peoples Democratic Party, is set to visit Iran to pay her respects at the funeral of Supreme Leader Ayatollah Ali Khamenei, following an invitation from his office. This invitation underscores the long-standing and strategic relationship between Iran and India. Mufti regards this as a significant honor and views it as a unique opportunity to participate in the solemn state funeral ceremonies in Tehran.

Apple is gearing up for its September launch, with reports suggesting the debut of the highly anticipated iPhone Ultra, its first foldable device. Alongside the iPhone 18 Pro and Pro Max, the Ultra is expected to command a premium price, potentially exceeding Rs 2 lakh in India. Details also hint at a powerful A20 chip and advanced camera features for these new models.

Iran is struggling to sell its growing oil stockpile at sea as a US deadline looms, potentially costing Tehran vital revenue and weakening its negotiating position. Weak demand from China, its primary buyer, and lingering sanctions concerns are major hurdles. While some oil has been discharged in China, India remains cautious, awaiting payment clarity and a full sanctions lift. Attractive pricing could still revive Asian interest.

India has strongly urged the global community to unite against terrorism, emphasizing that a terrorist is a terrorist and no grievance can justify such acts. Speaking at the UN, Ambassador Harish Parvathaneni called for an end to double standards and accountability for those involved in terror.

Jammu and Kashmir Lieutenant Governor Manoj Sinha flagged off the inaugural batch of over 4800 pilgrims for the Shri Amarnath Ji Yatra from Jammu. The 57-day pilgrimage, commencing July 3rd from Pahalgam and Baltal routes, will conclude on August 28th. Extensive arrangements have been made for devotees undertaking this sacred journey to witness the naturally formed ice Shivling.

The U.S. nuclear regulator is proposing to replace the 'As Low As Reasonably Achievable' (ALARA) radiation protection standard with objective dose limits. Proponents claim this will bring clarity and speed up new reactor development, while critics argue it could allow higher radiation exposure for workers and the public to cut industry costs, potentially increasing cancer risks.

Iran has sharply criticized a US-led security summit in Bahrain, asserting that the Strait of Hormuz falls under Tehran's command, not American authority. Deputy Foreign Minister Kazem Gharibabadi dismissed the summit's legitimacy, stating that regional security must be managed by neighboring states without foreign military intervention. The meeting, attended by military leaders from twelve nations, aimed to ensure the free flow of commerce through the vital waterway.

Parliament's Standing Committee on Finance is set to scrutinize the regulatory future of Virtual Digital Assets (VDAs) on July 2nd. The committee will hear from the Reserve Bank of India regarding financial stability and money laundering concerns, followed by discussions with the Institute of Chartered Accountants of India on taxation and accounting. This crucial meeting aims to gather expert insights to shape India's approach to the burgeoning crypto ecosystem.

Chennai girl studies on the footpath beside her mother's flower stall in Tambaram. The young girl's unwavering focus on her studies beside her mother's flower stall has ignited national conversation. The viral video has sparked conversation nationwide about parenting, hard work, grit and determination amid tough times.

Tamil Nadu Chief Minister C Joseph Vijay has voiced strong opposition to the Centre's Viksit Bharat Guarantee scheme, citing a potential Rs 5,000 crore financial strain and operational hurdles. He urged the Prime Minister to reconsider the fund-sharing pattern and allow states more flexibility in allocating resources, arguing the current centralized approach neglects regional diversity and unpredictable agricultural needs.

India has reaffirmed its commitment to Venezuela through Operation Amistad, offering support following devastating twin earthquakes. While rescue efforts continue amidst a grim casualty count, with thousands feared dead and a critical shortage of resources like gasoline hindering operations, Indian medical teams are actively engaged in relief work. The nation stands in solidarity during this challenging period.

FIFA 2026: Mexico ended a 40-year wait for a World Cup knockout win, beating Ecuador 2-0. England narrowly escaped an upset, with Harry Kane's brace securing a 2-1 victory over DR Congo. Belgium staged a dramatic comeback, overcoming a two-goal deficit to defeat Senegal 3-2 after extra time. The United States comfortably advanced, defeating Bosnia and Herzegovina 2-0.

A coalition of 117 prominent citizens from India and Pakistan has penned an open letter to their respective Prime Ministers, urging an immediate restoration of peace, normalcy, and bilateral communication. The group, comprising social activists and intellectuals, aims to break the diplomatic deadlock by fostering dialogue and resuming trade.

Karnataka Police have filed a case against five daycare workers at Capgemini's on-campus creche in Bengaluru. Allegations of physical assault, intimidation, and cruelty against employees' children have surfaced. The IT giant has stated its commitment to employee well-being and is fully cooperating with authorities. As a precautionary step, the daycare facility has been temporarily shut down.

A seemingly harmless habit of forcefully cracking one's neck has been linked to a rare but life-threatening stroke in a healthy 34-year-old man. Dr. Priyam Bordoloi highlighted how repeated neck manipulation can cause cervical artery dissection, leading to blood clots and stroke. Recognizing F.A.S.T. warning signs and seeking immediate medical attention within the 'golden window' is crucial for survival and recovery.

FIFA World Cup match: Belgium staged a stunning comeback against Senegal, winning 3-2 after extra time thanks to Youri Tielemans' record-breaking 124th-minute penalty. This marked the latest goal ever in World Cup history. Belgium also overcame their latest two-goal deficit in regulation, with Romelu Lukaku and Tielemans scoring late to force extra time. Senegal's Ismaila Sarr had a brace, but their historic campaign ended in heartbreak.

A tragic case in Ontario highlights the deadly risks of bat encounters. An 11-year-old boy died of rabies after a bat landed on his face, despite no visible bite. His initial symptoms were misdiagnosed, delaying crucial treatment. This incident, the first local human rabies case in Ontario since 1967, underscores the critical need for immediate medical attention.

Folarin Balogun netted his third World Cup goal before a red card, but Malik Tillman's late free-kick secured a 2-0 victory for the 10-man United States against Bosnia-Herzegovina. This win propels the Americans into the round of 16, where they will face Belgium in Seattle. The U.S. squad is aiming for a significant run in the expanded tournament on home soil.

Mumbai, Thane, and Palghar are under a red alert with heavy to very heavy rainfall expected. Severe waterlogging has impacted normal life in Mumbai, leading to school closures in Palghar. Despite the adverse weather, Mumbai's local trains are running as usual on all major suburban routes. Flight operations remain unaffected, though passengers should verify with airlines.

Donald Trump's financial disclosures reveal a staggering $1.2 billion from crypto holdings, eclipsing his real estate empire. This rapid crypto surge, fueled by his policies and influential backers, raises questions about profiting from office. Tens of millions also poured in from foreign property deals and lawsuits against media firms, alongside millions from branded merchandise like Bibles and watches.

Mumbai rain: The financial capital experienced heavy downpours, prompting an orange alert from the IMD. Significant waterlogging was reported across various areas as the city recorded substantial rainfall, with eastern suburbs bearing the brunt. The weather department anticipates continued heavy to very heavy showers, with isolated extremely heavy rainfall expected.

India's inflation target is unlikely to be raised, with Reserve Bank of India Governor Sanjay Malhotra suggesting a potential long-term reduction. He highlighted the success of the current inflation-targeting framework in lowering average inflation. Despite expectations of a rise, inflation remains below the central bank's 4% target, and the economy is projected for continued robust growth.

A U.S. Navy MH-60S Seahawk helicopter experienced an emergency landing in the Arabian Sea, leaving one service member missing and three injured. The aircraft was deployed from the USS George H.W. Bush. Authorities are conducting a search for the missing crew member, and the incident is under investigation. There is no indication of hostile action contributing to the crash.

Greek proverb of the day: A Greek saying highlights that true wealth lies not in gold, but in good judgment and learning. The proverb emphasizes that thoughtful decision-making, experience, and continuous personal growth offer more lasting benefits and security than material possessions alone, guiding individuals through life's challenges and opportunities.

Kyiv faced a brutal overnight assault with drones and missiles, striking residential buildings and igniting a hotel on a prominent boulevard. Five individuals sustained injuries in one central district following a ballistic missile attack. Residents sought refuge underground as explosions rocked the capital. President Zelenskyy had anticipated the strike, cutting short his visit to Dublin.

Indirect talks between Iran and the US concluded without significant progress on lasting peace, focusing instead on resolved issues like maritime traffic in the Strait of Hormuz and unfreezing funds. While President Trump expressed optimism about nuclear program discussions, sources indicated this topic wasn't addressed. The next meeting is scheduled post-funeral for Iran's Supreme Leader.

The United States has declined to extend the USMCA trade deal, initiating a ten-year wind-down period. This move aims to reshore manufacturing and reduce trade deficits. Negotiations with Mexico and Canada are ongoing, focusing on automotive rules of origin. While Mexico seeks resolution, disagreements persist. The deal's future remains uncertain, impacting North American trade and industries.

India's economy shows robust growth in Q1 FY27, with GST collections soaring 13.9% to Rs 1.95 lakh crore in June. Car sales surged 24%, and power consumption rose 11.6%. Despite a dip in manufacturing PMI, strong import revenues and UPI transactions highlight economic resilience. Experts anticipate continued momentum, with potential for monthly GST collections to reach Rs 2 lakh crore.

Insolvency petition filed this week, A&M appointed as liquidator of B2B commerce company. Ten year old co has seen valuations crash 70% as financials come under pressure.

US stock market today July 1: US markets experienced a mixed trading day as the Dow Jones briefly hit a new intraday record before retreating. Profit-taking in semiconductor stocks led to a decline in the Nasdaq. This comes after a strong first half for US equities, with investors continuing a 'Great Rotation' from tech into traditional Dow companies.

Sylvia Plath quote today: Sylvia Plath's words highlight that freedom's true value lies not in its mere existence, but in our capacity to wield it wisely. She emphasized that purpose, understanding, and responsible action are crucial for freedom to be meaningful and lead to fulfillment.

Quote of the day by Ralph Waldo Emerson: American philosopher Ralph Waldo Emerson believed true beauty isn't found in new places but within our own perspective. He argued that our ability to appreciate the world hinges on our inner outlook, not just external experiences.

Psychology says people who like to go on trips with the whole big joint family aren't always seeking isolation or independence. Psychology suggests this habit may reflect the need for connection, shared experiences, family support, and social bonding. Traveling together often strengthens relationships, creates memories, improves communication, and builds trust. While every person is different, many psychological theories explain why some people enjoy spending holidays with large family groups.

Quote of the day by Gerard Butler: Scottish actor Gerard Butler emphasizes that true impact in any field stems from authenticity and a strong point of view, not from seeking universal approval. He advises against diluting ideas to please everyone, advocating instead for courage, quality, and a unique perspective.

Frank Sinatra's iconic My Way offers a timeless philosophy of living authentically, embracing mistakes, and owning one's journey. Despite a tumultuous career marked by success and setbacks, Sinatra exemplified this spirit, inspiring generations to prioritize personal values over external pressures. His life story underscores that true fulfillment comes from courageously navigating life's challenges and remaining true to oneself, rather than seeking perfection or universal approval.

While the USA remains the primary millionaire factory, India outpaced many developed markets in growth. Indias wealth is rooted in real assets rather than financial assets, and owes less debt. The country also cemented its position as a top-tier hub for millionaires: it now has as many of them as Switzerland.

African proverb of the day: African saying highlights the power of collective action. A single stick may flicker, but it's a group that truly ignites a lasting fire. This proverb underscores that while individual effort initiates progress, enduring success in business, community building, and problem-solving hinges on cooperation.

Finance Minister Nirmala Sitharaman embarks on a crucial visit to France to strengthen economic ties and highlight India's investment potential amidst global uncertainties. She will co-chair the India-France Economic & Financial Dialogue and engage with global CEOs, showcasing India's strong economic fundamentals and growth prospects. Sitharaman will also address a key European forum on fostering a new middle class, underscoring India's commitment to global economic discourse.

The government has boosted rural employment wages by over 10% with the new Viksit Bharat-Guarantee for Rozgar and Ajeevika Mission-Gramin, replacing MGNREGA from July 1. Daily wages now start at 300, with an average of 327.4, and the annual employment guarantee is extended to 125 days. States with historically lower rates will see significant increases, though some critics deem the hike insufficient.

Psychology says people who raise a dog along with their new-born child aren't always taking on an extra burden. Research suggests that living with a family dog during a baby's first year may support emotional well-being, reduce stress, encourage physical activity, and help children develop social and emotional skills. Psychology also explains why healthy relationships between children and pets can benefit both parents and young children over time.

India is closely monitoring Bangladesh's political landscape as the Awami League faces increasing pressure. A recent tribunal verdict sentenced Hasanul Haque Inu, a close associate of former Prime Minister Sheikh Hasina, to a decade in prison for crimes against humanity related to 2024 street protests. Inu, a long-time advocate for secularism and strong India ties, played a significant role in Bangladesh's liberation.

Japanese Proverb of the Day highlights the meaning of One who smiles rather than rages is always the stronger. The saying reflects how emotional strength is often shaped by self-control, patience, and inner composure rather than outward expressions of anger or aggression. It suggests that true strength is not measured by how intensely a person reacts, but by how calmly they are able to respond in challenging situations.

Digitizing international trade documents is crucial for easier global commerce and wider business access, according to ICC chairperson Harsh Pati Singhania. He highlighted that 80-90% of trade paperwork remains paper-based, hindering interoperability and increasing costs. The ICC's Digital Standards Initiative has already digitized 21 key documents, with more underway, aiming to boost trade relevance for emerging economies and smaller businesses.