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INDIA MARKET | Sun, 31 May 2026, 6:28AM IST The listings of SpaceX, OpenAI and Anthropic may mean a total of $70 billion in AI spending on top of the more than $750 billion already committed by the biggest hyperscalers

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17m

INDIA MARKET | Sun, 31 May 2026, 6:00AM IST Much is at stake for defending champions Royal Challengers Bengaluru and home-side Gujarat Titans when they clash in the 2026 IPL final. The two teams and their teeming fans would hope that Ahmedabad's weather stays clear on the day of the final.

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INDIA BUSINESS | Sun, 31 May 2026, 6:00AM IST Indian travelers are opting for short-haul international trips to Southeast Asia and Australia, or domestic getaways this summer. This shift away from the US and Europe is driven by significantly higher airfares and flight disruptions. Destinations like the Philippines, Thailand, and Malaysia are seeing increased popularity, while bookings for traditional Western routes have softened.

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INDIA NEWS | Sun, 31 May 2026, 12:58AM IST NEW YORK: Businesses big and small have started receiving tariff refunds after the U.S. Supreme Court ruled that President Donald Trump lacked the constitutional authority to impose higher import taxes on goods from nearly every other country.The process could grind to a halt, however, after the Trump administration said Friday that it intended to appeal a federal judge's order to allow all companies that paid the invalidated duties to seek refunds, not just the ones that filed lawsuits.Until the Department of Justice informed the judge of its planned appeal, the refund system overseen by U.S. Customs and Border Protection had been working fairly smoothly. Refunds reached the bank accounts of the first successful applicants on May 12, about three weeks after importers and their customs brokers could start submitting claims through an online system, according to CBP.Applications for refunds totaling $85 billion - more than half of the $166 billion the agency estimated the government owes to companies that paid the tariffs on imported goods - were accepted for processing as of May 22, CBP reported in a legal filing earlier in the week. It said it had so far directed the Treasury Department to issue $20.6 billion in refunds.Also read | US probes Reid Hoffman group over funding lawsuits against Trump, source saysThe administration revealed its appeal preparations while objecting to a demand by Judge Richard K. Eaton for CBP Commissioner Rodney Scott to appear in the U.S. Court of International Trade to answer questions about how long it would take to repay all 330,000 importers that might be eligible for refunds. The judge scheduled a June 9 hearing on why he shouldn't require the government do whatever it takes to speed up the process.Justice Department lawyers asked Eaton to allow one or two of Scott's deputies to appear in his place, arguing that as a high-ranking presidential appointee, the CBP chief could not be compelled to testify. They also argued that Eaton exceeded his authority when he determined in March that the Supreme Court's ruling entitled "all importers of record'' to refunds."For that reason, defendants intend to appeal the court's universal injunction," the lawyers wrote, adding that CBP would continue to move "as quicky as it can to process refunds in a phased approach" for businesses that filed legal complaints asserting their rights to refunds.In a written reply, Eaton said he needed to hear directly from Scott whether the government would return all of the money it collected between when Trump put what he called "reciprocal" tariffs on most countries in April 2025 and when the Supreme Court struck them down in late February."It is undisputed that the remedy for this unlawful collection is for the United States government to refund the unlawfully collected duties," the judge wrote.Refunds coming in phasesMore than 1,000 companies, including large ones like Costco, Goodyear Tire, banana and pineapple distributor Dole Fresh Fruit, and department store chain Kohl's, filed lawsuits to recoup their tariff costs. The judge said Wednesday he intended to allow cases he put on hold while CBP figured out how to handle refund claims - they numbered 485 in mid-March - to proceed.Also read | Minority union at Samsung Electronics to challenge pay deal in courtCustoms and Border Protection is handling refund claims in phases, focusing first on payments that weren't finalized before the Supreme Court handed down its 6-3 decision. CBP officials have said those later payments were more straightforward to process.Importers are required to make estimated tariff payments when goods enter the U.S. The declared items then enter a process called "liquidation," in which CBP determines how much in import taxes was owed. The decision becomes final after 180 days unless the payer contests the bill.In Friday's filing, the Justice Department said the agency did not have the technological ability or the legal authority to recalculate liquidated accounts without "importer-specific orders" in each lawsuit.Price cuts promisedSome national retail chains said they planned to use their tariff refunds refunds to lower customer prices on some items. Walmart Chief Financial Officer John David Rainey told analysts last week that the company would implement price cuts even though the maximum refund it might be eligible for represented less than half of 1% of Walmart's $483 billion in annual U.S. sales.Costco intends to return the tariff costs that it passed on to members, CEO Ron Vachris said. How much of its refund the big-box retail chain redistributes, when and in what form, depends on factors such as the size of the refund, when it arrives, and developments in a lawsuit seeking tariff compensation for Costco customers, Vachris told investors Thursday.Consumers could first see refunds from shipping companies such as FedEx, UPS and DHL, which acted as customs brokers when they delivered products ordered from overseas. The companies charged either the sellers that shipped the packages or the buyers who received them and turned the tariffs they collected over to CBP.All three promised to return any refunds they get to the customers that paid the import taxes. Last week, FedEx said it was "working to swiftly process refunds and return them to the shippers and consumers who originally bore those charges."Putting refunds back into the businessThe Supreme Court invalidated only the country-by-country tariff rates Trump set by citing the 1977 International Emergency Economic Powers Act. Others he imposed under different rationales remain in effect. Trump also has moved to introduce new tariffs since the court's Feb. 20 ruling.Some smaller companies told The Associated Press that the tariff refunds they've received so far would go toward paying remaining or future tariffs or getting back on solid financial footing after more than a year of uncertainty and additional costs.Jay Foreman, CEO of toy company Basic Fun, said he received about $450,000, or 7% of his total claim, over two consecutive days. He took the repayment as a positive sign but said that after having less than $10,000 refunded since then, the process seemed like a "total slow roll.""It's time to release the funds back into the economy, especially given how much we and others need these funds to support our businesses and fund our operations," Foreman said.Men's grooming brand Manscaped has received about 30% of the $12 million in refunds it applied for, President Kevin Datoo said. He said the San Diego company deferred investments and took on debt to pay tariffs on imports from Indonesia, China and elsewhere in Asia last year."We need to shore up the balance sheet because there's still a whole second chapter here," Datoo said.Melkon Khosrovian, who owns Greenbar Distillery in Los Angeles, said he applied for a tariff refund of about $90,000 for 17 different shipments and has received $18,000 covering four of them. Certain types of herbs, spices and packaging are hard to find domestically, so Khosrovian said he imports them.The tariffs were "painful," he said. He invested money to automate his bottling process last year so he wouldn't have to pay as many workers. The move allowed him to reduce his 13-person staff by three, but Khosrovian noted that the White House had argued the tariffs would create more U.S. manufacturing jobs."Our choices were bad and worse: raise prices and lose customers, or keep prices the same and not make any money," he said.

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GLOBAL NEWS | Sun, 31 May 2026, 12:46AM IST A photographer for The Associated Press, he spent a decade on the front lines of combat in his native Vietnam and lost his right eye in a grenade explosion.

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INDIA BUSINESS | Sun, 31 May 2026, 12:28AM IST Assam Chief Minister Himanta Biswa Sarma met Union Railway Minister Ashwini Vaishnaw. They discussed speeding up railway infrastructure growth in Assam. This includes expanding over 1,300 km of tracks and redeveloping more than 50 stations. The aim is to improve connectivity and passenger amenities. These efforts will boost regional development and integrate Assam with the national railway network.

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6h

INDIA NEWS | Sun, 31 May 2026, 12:14AM IST The Centre has retained the export levy on diesel at 13.5 per litre, while fixing the duty on petrol exports at 1.5 per litre and on aviation turbine fuel (ATF) exports at 9.5 per litre

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INDIA NEWS | Sun, 31 May 2026, 12:04AM IST New Delhi: Defeat on the mat did not make Vinesh Phogat feel like a loser.After her comeback bid ended in the Asian Games selection trials on Saturday, the former world championships medallist declared that she had already won by returning to competition after motherhood and by standing up to a system she claimed had done everything possible to keep her away from wrestling."I have not failed at all. I am fighting the whole system and I am still standing with pride on the mat again," Vinesh toldafter her 4-6 semifinal loss to Meenakshi Goyat, while reiterating her ambition of competing at the 2028 Los Angeles Olympics.Minutes after suffering defeat, Vinesh launched a scathing attack on the wrestling administration, alleging discrimination, mental harassment and attempts to block her return to competitive wrestling despite court orders in her favour.Also read | IPL 2026 Purple Cap winner list: Most wickets, updated standings and bowling rankings"They wanted to stop me from returning to the mat, but I am standing here again. I am proud of what I have achieved in these 10 months."I know the system will continue to create challenges for me, but I have hope that through hard work I can leave the system behind and move forward," she added, refusing to view the semifinal defeat as a setbackVinesh, who was competing for the first time since her heartbreaking disqualification from the Paris Olympics final in 2024, said her biggest achievement was returning to elite competition after childbirth. She said returning to competition after motherhood and after months of legal and administrative battles felt like a victory."It has been only 10 months since my son was born. I am standing on the mat again and competing against the younger generation. I am proud of myself. I hope I can inspire my son and many women wrestlers," she said.Vinesh described the Delhi High Court order that enabled her participation in the trials as a landmark moment for women wrestlers seeking to return after motherhood."A girl is coming back to the mat after becoming a mother. The path has opened. Sooner or later there has to be a policy. Women wrestlers who want to return after becoming mothers should get a fair opportunity and some relaxation," she said.The 31-year-old alleged that even after the court's intervention, officials continued to create obstacles for her.Also read | Liverpool sack Slot after title defence turns into European scrambleShe said that she spent nearly an hour arguing with officials on Saturday morning after being informed she would be allowed to compete only in the 50kg category despite wanting to participate in 53kg."When I should have been focusing on my recovery and preparation, I was arguing with officials. They gave me a letter saying I could compete only in 50kg. It was mental harassment," she said.Vinesh claimed that the entire process was designed to put her at a disadvantage, alleging that stronger wrestlers were deliberately placed in her draw and that scheduling decisions drained her energy before the semifinal."I was not given a fair deal. All the strong girls in my category were put in my path. The bouts were scheduled in a manner that affected my energy levels," she alleged.Despite the grievances, Vinesh accepted responsibility for her defeat and admitted that a lack of competitive exposure and endurance hurt her performance."I accept my defeat. I will work harder and return stronger. Fitness and endurance were issues, but more than that, I needed competitions. I had not competed for nearly two years. This was my first tournament after becoming a mother," she said.She insisted that Saturday's performance convinced her that she still has enough ability to compete with the country's best wrestlers."I was motivated today. I know I can beat the younger girls. I still have that courage and belief. If I work hard, I know I can come back stronger."Asked whether the 2028 Los Angeles Olympics remained a target, Vinesh replied in the affirmative."Definitely. I have come back to the mat for Los Angeles," she said.The wrestler reserved some of her strongest criticism for the sports administration, questioning why no institution had intervened despite repeated disputes surrounding her participation."The government, the Sports Ministry, the IOA -- nobody is taking a stand. This is very sad. If athletes have to survive despite the system, then something is seriously wrong," she said.She also alleged that many young wrestlers privately supported her but were afraid to speak openly against administrators."A lot of girls were happy to see me back on the mat. They come and talk to me but they are scared. They know what can happen if they speak against powerful people," she said.Vinesh, however, clarified that she has no complaints against fellow wrestlers and said athletes should not be blamed for the larger issues within the sport."The kids are not at fault. I don't have anger towards any athlete. The problem is with the people who manipulate and control the system," she said.

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INDIA BUSINESS | Sat, 30 May 2026, 11:42PM IST New windfall tax rates on fuel exports take effect from June 1, 2026. Taxes are back on diesel and aviation turbine fuel after a period of nil levies. Petrol exports will also attract a duty. These revisions reflect changes in global oil prices and refiner margins. The government reviews these rates fortnightly.

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7h

INDIA BUSINESS | Sat, 30 May 2026, 11:32PM IST TARC Ltd saw a significant jump in income and turned profitable in the last fiscal year. This turnaround was fueled by the commencement of property handovers at its Tripundra project. The company also expanded its development footprint in Gurugram. TARC's CEO highlighted the strong performance and future focus on luxury projects.

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7h

INDIA BUSINESS | Sat, 30 May 2026, 11:30PM IST Inditex Trent Retail India saw its weakest performance since pandemic years. Revenue fell, and profit dropped significantly. This highlights growing competition in India's apparel market. Global rivals, digital brands, and local retailers are vying for market share. Trent, however, reported strong revenue growth from its own brands.

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7h

INDIA MARKET | Sat, 30 May 2026, 11:07PM IST Trump administration said Friday that it intended to appeal a federal judge's order to allow all companies that paid the invalidated duties to seek refunds, not just the ones that filed lawsuits

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7h

INDIA MARKET | Sat, 30 May 2026, 10:57PM IST The entire five-storey structure collapsed, flattening into a massive mound of rubble, according to officials at the site

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INDIA MARKET | Sat, 30 May 2026, 10:49PM IST India's Defence Secretary, Rajesh Kumar Singh, stated on Saturday at the Shangri-La Dialogue security meeting in Singapore that New Delhi had achieved the last phases of selling the missiles supported by Russia to both Indonesia and Vietnam.

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7h

INDIA MARKET | Sat, 30 May 2026, 10:12PM IST US-Iran War News Live Updates: Trump said that he would meet in a secure White House room to make a "final determination"

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INDIA BUSINESS | Sat, 30 May 2026, 9:58PM IST Cargo transportation and logistics solutions provider Globe International Carriers Ltd on Saturday said its net profit zoomed over twofold to Rs 11.62 crore in 2025-26 following steady revenue growth and improved operational performance. The company's revenue from operations rose by 11.7 per cent to Rs 174.92 crore in FY26 compared to Rs 156.65 crore in FY25, a statement said. The group's focus on efficiency, execution and business diversification helped deliver resilient results despite a dynamic operating environment, Subhash Agrawal, Managing Director, Globe International Carriers said. In FY26, the group entered the hospitality sector through its subsidiary, Govind Kripa Infratech, which entered into an agreement with OPO Hotels & Resorts to operate and manage a 56-room upscale hotel in Jaipur. The company also launched the first phase of its proprietary AI-driven Smart Procurement & Vehicle Placement Interface, leveraging a WhatsApp-based chatbot ecosystem to automate ...

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INDIA BUSINESS | Sat, 30 May 2026, 9:56PM IST India's digital economy is set for major growth. Technological innovation and increasing consumer trust will drive expansion. Artificial intelligence will accelerate this progress. Digital payments and mobile transactions are expected to see a significant increase. Indian consumers are rewarding strong products and innovation. The nation's economy remains resilient due to domestic consumption.

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8h

INDIA BUSINESS | Sat, 30 May 2026, 9:50PM IST Patanjali Foods Ltd on Saturday reported a 46 per cent increase in its consolidated net profit to Rs 523.97 crore for the quarter ended March on higher income from sale of cooking oils and other food items. Its net profit stood at Rs 358.51 crore in the year-ago period. Total income rose to Rs 11,212.17 crore during the January-March period of 2025-26 fiscal from Rs 9,564.47 crore in the corresponding period of the preceding year, according to a regulatory filing. During 2025-26 fiscal, the company's net profit grew to Rs 1,814.47 crore from Rs 1,300.70 crore in the preceding year. Total income climbed to Rs 40,347.78 crore last fiscal from Rs 33,890.68 crore in the 2024-25 financial year. Incorporated in 1986, Patanjali Foods Limited is one of the leading edible oil companies in the country. The company operates in the Edible Oils, FMCG, and Wind Power Generation segments. It sells products under different brands like Patanjali, Ruchi Gold, Nutrela, Dant Kanti, Mahakosh, Sunrich,

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