July 29, 2025
New 25% Tariffs on Korean Beauty Imports Risk Higher Prices and Reduced Variety in US Market
New tariffs imposing a 25 percent duty on South Korean imports threaten the booming market for Korean beauty products in the United States. Despite an existing free trade agreement allowing duty-free entry for cosmetics, South Korea has yet to secure a new trade deal to avoid these tariffs, unlike other Asian countries that have reached agreements with reduced rates. Retailers and consumers report uncertainty and reduced restocking due to potential cost increases, with some pausing orders or stockpiling products before the tariffs take effect. The tariffs risk increasing prices, limiting product variety, and potentially reducing sales, as businesses may pass on costs to consumers or discontinue certain items. The situation has led to concerns about the accessibility and competitiveness of Korean beauty products in the U.S. market, with stakeholders hoping for a resolution or exemptions to mitigate the impact.
July 29, 2025
Union Minister Defends Election Roll Revision, Criticizes Opposition Over Law, Security, and Political Conduct
A union minister and party chief stated that a current state chief minister will be sworn in again after upcoming assembly elections. The minister expressed regret over supporting the current government, alleging it has yielded to criminals, while affirming commitment to the ruling alliance and its leader. He defended the Special Intensive Revision of electoral rolls, asserting it aims to prevent voter fraud without causing injustice, and criticized opposition claims of wrongful deletions. The minister rejected calls for a fact-finding committee on law and order, asserting personal knowledge of the state's situation. He accused opposition parties of politicizing military operations and undermining national institutions to target the prime minister, criticizing their reliance on foreign statements over domestic authorities. The minister condemned opposition disruptions during parliamentary sessions convened to discuss security operations, urging responsible political conduct.
July 29, 2025
Political leader's false statements on terror attack and ceasefire ordered removed under assembly rules
A political leader accused the government of intelligence failures related to a terror attack and questioned official claims about a ceasefire brokered by a foreign leader. This prompted a heated exchange between opposition and ruling party members in the legislative assembly. The finance minister requested the removal of the statements from the official record, asserting they were false despite clarifications from defense and foreign affairs officials. The presiding officer ordered the remarks expunged and called for order, directing the leader to comply. The leader maintained that military efforts had secured victory in the conflict and criticized the foreign leader's ceasefire claims as disrespectful to the nation.
July 28, 2025
State Launches Industrial Policy to Boost Green Steel Production with Grants and Easier Business Rules
The Chief Minister of a central Indian state invited steel entrepreneurs to invest in the region, highlighting incentives under the state's new Industrial Policy aimed at boosting green steel production. The policy includes dedicated grants, a single-window clearance system, and over 350 reforms to enhance ease of doing business. The state plans to increase steel production capacity from 28 to 45 million tonnes and develop industrial corridors and parks with government support. Infrastructure improvements, including significant railway expansions and new routes, aim to reduce production costs and facilitate raw material supply. The government also promotes industries adopting green energy solutions through additional grants. A strategic development roadmap aligned with national goals focuses on manufacturing as a core growth area, emphasizing job creation and economic development. The summit attracted over 250 industrial representatives from multiple states, fostering discussions on investment opportunities.
July 28, 2025
India adopts proactive military strikes under new counterterrorism doctrine, emphasizing swift action and zero tolerance for terrorism
The government redefined India's counterterrorism approach under current leadership, establishing a doctrine of proactive and decisive military action against cross-border terrorism. A recent operation targeting multiple terrorist camps was highlighted as evidence of this shift, resulting in significant militant casualties and destruction of enemy infrastructure. The government emphasized its zero-tolerance policy and contrasted its swift unilateral responses with previous administrations' reliance on international approval. Political opposition was accused of undermining national security consensus by questioning military actions and aligning with adversarial narratives. The government's strategy aims to demonstrate strength and resolve by conducting precise strikes independently, signaling a new normal in India's defense posture against terrorism.
July 28, 2025
US and Argentina Agree on Visa Waiver Talks to Allow Travel Without Visas in 2-3 Years
The United States and Argentina have agreed to work toward allowing Argentine citizens to travel to the US without visas, potentially within two to three years, marking a significant policy shift amid tightened US immigration controls. This preliminary agreement, signed during a visit by the US Homeland Security Secretary to Argentina, reflects strong bilateral cooperation and support for Argentina's current administration, which has aligned its foreign policy closely with the US. Argentina's low visa overstay rate was highlighted as a factor favoring inclusion in the Visa Waiver Program. The move represents a symbolic victory for Argentina's right-wing leadership and contrasts with the broader restrictive US visa policies under the current administration. The agreement aims to promote lawful travel while maintaining border security and could enhance economic and strategic ties between the two countries.
July 28, 2025
EU-US Trade Deal Imposes 15% Tariff on EU Goods, Sparks Debate Over Impact and Fairness
The European Union reached a trade agreement with the United States under the Trump administration that imposes a 15% tariff on most EU goods entering the US, with some categories tariff-free but key sectors like pharmaceuticals and steel left unresolved. EU officials framed the deal as a necessary compromise to avoid a threatened 30% tariff and a potential trade war that could have severely impacted millions of European jobs and industries. However, several EU member states, notably France and Hungary, criticized the agreement as unbalanced and a sign of European weakness, with concerns over vague terms and lack of protections for services and specific industries. Economists warned the deal could reduce EU GDP and questioned its durability, while some viewed it as a short-term avoidance of escalation at the cost of long-term adherence to multilateral trade rules. The agreement is currently non-binding, leaving room for future negotiations.
July 28, 2025
IT Company to Cut 2% Workforce, Focus on AI, Reskilling, and Market Growth Amid Economic Challenges
A major IT services company announced plans to lay off approximately 2% of its global workforce, primarily affecting middle and senior management, as part of a strategic shift toward technology investment, AI deployment, market expansion, and workforce realignment. The company cited a skills mismatch as the reason for the retrenchment and committed to providing affected employees with benefits, outplacement services, counseling, and support. The layoffs come amid broader industry challenges, including slowed revenue growth and global economic uncertainties impacting client demand. Political leaders expressed concern over the layoffs, describing the move as an economic shock and emphasizing hopes that it is a one-time event. The company continues to focus on reskilling and redeployment initiatives to support its transition to a future-ready organizational model.
July 28, 2025
Opposition Questions Government Over Military Operation Failures and Transparency Under Section 5 Defense Act
Opposition members in the national legislature challenged the government over alleged security failures linked to a recent terror attack and questioned the suspension of a military operation targeting terrorist sites. They demanded disclosure of the number of military aircraft lost during the operation and clarification on why territory under foreign control was not reclaimed. Criticism was directed at the defense and home ministers for lack of accountability and transparency, including failure to identify foreign support to adversaries. The government defended the operation as achieving its objectives but faced calls to resume action if provoked. Opposition members also questioned the government's response to foreign claims of brokering a ceasefire and urged modernization of defense forces and increased budget allocation. Some lawmakers called for a halt to sporting engagements with the neighboring country amid ongoing tensions and criticized the timing and execution of the military operation.
July 28, 2025
Senior Citizen Loses Rs 19.24 Crore to Cybercriminals Using Fake Digital Arrest Threats
A senior citizen from Gandhinagar was defrauded of Rs 19.24 crore over three months by cybercriminals who used the threat of a fake "digital arrest" related to a fabricated money laundering case. The victim was coerced into transferring the funds in installments to more than 30 bank accounts. Police arrested a businessman from Surat whose bank account received Rs 1 crore of the fraudulently obtained money. The accused admitted to allowing cyber fraudsters to use his account after meeting them in another state. The investigation continues to identify other account holders and perpetrators involved in the scheme, which involves scammers impersonating government officials to intimidate victims into paying large sums.
July 28, 2025
US sets 15% tariff on EU cars amid market volatility and upcoming economic reports
The United States has agreed to impose a 15 percent tariff on cars and other products imported from the European Union, a rate lower than initially threatened. This trade development comes amid a week expected to be marked by significant market volatility due to numerous corporate earnings reports from major companies and key economic data releases. The Federal Reserve is anticipated to maintain current interest rates, with a possible rate cut deferred until September, despite political pressure to reduce rates sooner. Market participants are closely watching upcoming reports on consumer confidence, job openings, economic growth, inflation, and employment figures, all of which could influence future monetary policy and market conditions. International markets showed mixed reactions to the trade announcement, with European indexes declining and some Asian markets rising ahead of planned US-China trade talks.
July 28, 2025
Neighbors Agree to Immediate Unconditional Ceasefire After Deadly Border Clashes, Commit to Peace Talks
Two neighboring countries agreed to an immediate and unconditional ceasefire following deadly border clashes that resulted in significant casualties and displacement. The agreement was reached during talks hosted by a regional organization chair, with involvement from major international actors. Both parties committed to military and diplomatic measures to de-escalate tensions and restore peace, including scheduled meetings to monitor implementation. The ceasefire follows prior incidents that escalated long-standing territorial disputes, leading to diplomatic strains and border closures. The resolution is expected to facilitate the return of displaced civilians and normalize bilateral relations, with external diplomatic pressure cited as instrumental in achieving the agreement.
July 28, 2025
Trade Talks Aim to Extend 90-Day Tariff Pause Addressing Deficits, Market Access, and Economic Reforms
Trade officials from two major economies engaged in talks aimed at easing tariff tensions, potentially extending a 90-day pause on tariffs that had been significantly raised earlier in the year. The discussions, held in a neutral location, follow previous rounds and may pave the way for a high-level meeting between the respective heads of state. Key issues include tariff levels, trade deficits, market access, and structural economic reforms such as reducing overcapacity and increasing consumer spending. The talks also touch on contentious matters like tariffs related to fentanyl and energy purchases. Failure to extend the pause could result in the reinstatement of high tariffs, impacting global markets and trade partners. The outcome is seen as critical for long-term trade relations and economic balance between the two countries.
July 28, 2025
Central Bank Can Cut Interest Rates Further as Inflation Stays Below 4% Target, Says Finance Ministry
The finance ministry stated that the central bank has scope to further reduce interest rates as inflation remains below the 4 percent target. Retail inflation has stayed under this threshold since February, reaching a six-year low of 2.82 percent in May. Core inflation is also subdued, supporting continued easing of monetary policy. The central bank has already cut the benchmark lending rate by 100 basis points since February and is expected to review rates in early August. Inflation projections for the fiscal year suggest it will remain below the central bank's forecast. Additionally, global crude oil prices are anticipated to stay low due to increased production by OPEC and allies. Fiscal discipline continues with steady capital expenditure and robust revenue growth despite tax reductions. The government mandates the central bank to maintain inflation at 4 percent with a 2 percent tolerance on either side.
July 28, 2025
US sets 10-12 day deadline for Russia-Ukraine peace talks with threat of tariffs and sanctions
The US President announced a reduction of the original 50-day deadline to 10-12 days for Russia to reach a peace agreement to end the ongoing conflict in Ukraine, threatening severe tariffs and secondary sanctions targeting Russia and its trading partners if progress is not made by early August. This declaration follows a significant Russian military offensive involving over 300 drones and multiple missile strikes on Ukrainian territory, resulting in civilian injuries and property damage. The announcement emphasizes the urgency of negotiations amid continued hostilities, with the US administration expressing disappointment over Russia's simultaneous calls for peace and continued attacks on civilians. The Russian Defense Ministry confirmed strikes on Ukrainian military infrastructure, including air bases and ammunition depots.
July 28, 2025
Political party alleges misuse of Scheduled Castes and Tribes welfare funds for other social programs
A political party accused the state government of misappropriating funds allocated for the welfare of marginalized communities, alleging diversion of budgeted amounts intended for Scheduled Castes and Tribes to other schemes. The government is said to have used these funds to finance various social assistance programs, including free electricity, monthly financial aid to women heads of families, additional food rations for below-poverty-line households, unemployment stipends for youth, and free public transport for women. The accusing party claims this diversion denies genuine beneficiaries their entitled support and constitutes exploitation of marginalized groups for political gain. They intend to raise the issue in the legislature, hold the government accountable, and launch a movement to ensure social justice and proper fund allocation.
July 28, 2025
Supreme Court orders acceptance of Aadhaar and voter ID for electoral roll revision under Section 14A
The Supreme Court directed the Election Commission to accept Aadhaar and voter ID cards during the Special Intensive Revision (SIR) of Bihar's electoral rolls, emphasizing "en masse inclusion" rather than exclusion. The court recognized the presumption of genuineness of these documents and refused to stay the publication of the draft electoral roll scheduled for August 1. The Election Commission justified the SIR as necessary to remove ineligible voters, while petitioners argued it risked disenfranchising eligible citizens due to broad discretionary powers granted to electoral officers. The court noted that any forgery concerns should be addressed on a case-by-case basis and affirmed that the SIR process must continue with safeguards to ensure voter inclusion. Final hearing scheduling was set for July 29 to resolve ongoing disputes over the revision exercise.
July 28, 2025
Domestic currency falls 18 paise amid trade deal uncertainty and cautious investor sentiment ahead of policy decisions
The domestic currency depreciated against the US dollar, closing 18 paise lower amid sustained month-end dollar demand from importers and cautious investor sentiment ahead of an impending trade deal deadline between India and the US. Market participants remained wary due to uncertainty surrounding the trade talks and upcoming monetary policy decisions by the US Federal Reserve and Bank of Japan. Foreign institutional investors significantly offloaded equities, further impacting market sentiment. The currency's decline also reflected broader trends in Asian currencies driven by a strengthening US dollar, bolstered by a recent EU-US trade agreement. Industrial production growth slowed, and foreign exchange reserves decreased over consecutive weeks. The ongoing uncertainty in trade negotiations and macroeconomic factors is expected to maintain a negative bias on the currency until clarity emerges.
July 28, 2025
Supreme Court Upholds Aadhaar Validity, Orders Probe in Multiple Cases, and Rules on Judicial Exam Eligibility
The Supreme Court refused to stay the publication of draft electoral rolls in Bihar, affirming the presumption of genuineness of Aadhaar and voter ID, and will decide on pleas against the Election Commission's special intensive revision. It questioned a High Court judge challenging an in-house inquiry report related to cash found at his residence. The Court took suo motu cognizance of a dog bite incident causing rabies and stayed a High Court order halting the implementation of a revised OBC list in West Bengal. It directed expedited investigations into suicides at two educational institutions and reprimanded a state minister for not apologizing over remarks against an army officer. The Court ruled that a minimum law practice requirement for judicial service exams applies prospectively, dismissed a copyright transfer plea by a composer, quashed an FIR against a badminton player in a forgery case, and sought government response on a temple management dispute.
July 28, 2025
IT company faces legal challenge for layoffs without notice or compensation under labor law provisions
The IT Ministry is monitoring the situation following a major IT company's plan to lay off over 12,000 employees, primarily from middle and senior levels, as part of workforce realignment and technological investments. An IT employees' union has accused the company of violating labor laws by not providing mandatory notice, compensation, or government notification for retrenchments, labeling the layoffs illegal and unethical. The union has petitioned the Labour Ministry to issue a notice to the company, halt terminations, reinstate affected employees, and investigate alleged systemic unlawful practices. The union warns that failure to act could lead to nationwide protests and legal actions. The layoffs come amid broader industry challenges, including global economic uncertainty and evolving technology demands, with similar workforce reductions reported across the tech sector.
TaxTMI 
https://www.taxtmi.com/ne...
TaxTMI 
