Shippers Face Deepening Dilemma as U.S. and Iran Vie for Control of the Gulf
GLOBAL NEWS | Fri, 10 Jul 2026, 11:07PM IST
Companies desperately want to get their ships moving through the Strait of Hormuz, but face mounting risks. Things are becoming uglier by the minute, one executive said.
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Indian Bank drops capital raising plan on lower ECL hit
INDIA BUSINESS | Fri, 10 Jul 2026, 11:05PM IST
Indian Bank has cancelled its planned share sale to raise funds. The lender's expected credit loss impact is now estimated lower than previously calculated. This revised calculation means the bank will not need to raise additional capital. The bank's net profit rose ten percent year-on-year in the fiscal first quarter. Gross advances and deposits also saw significant year-on-year growth.
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Climate-driven heatwave worsening cost-of-living crisis, says report
INDIA NEWS | Fri, 10 Jul 2026, 10:58PM IST
Workers in agriculture and construction sectors in India, Bangladesh, Indonesia and Nigeria are already losing 20 working days or more every year to heat stress, leading to loss of income especially for families already struggling to make ends meet, according to a new report.
The report based on an analysis by adelphi global is the first of its kind to trace a direct link between the physical health tolls of climate change and the resulting strain on already strained family budgets and national economies.
Spanning eight diverse economies - Bangladesh, Brazil, France, India, Indonesia, Italy, Nigeria, and South Africa - the research bridges the gap between climate science, public health, and economic analysis.
Extreme heat is being made more frequent and intense by climate change, primarily driven by the burning of fossil fuels like oil, coal, and gas. This year has already seen some of the worst heatwaves ever recorded, some virtually impossible without the influence of climate ...
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Prescription, licence must to sell drugs with high-alcohol content
INDIA MARKET | Fri, 10 Jul 2026, 10:47PM IST
Oral drug formulations containing over 12 per cent ethyl alcohol will require prescriptions and licensed retail sale under new rules aimed at curbing misuse and hoarding
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SK Hynix shares jump 14% in debut on US stock market riding on AI wave
INDIA MARKET | Fri, 10 Jul 2026, 10:30PM IST
SK Hynix shares surged 14% in their Nasdaq debut after a $26.5 billion offering, highlighting strong investor demand for AI-linked chip stocks. The South Korean semiconductor giant aims to expand HBM chip production and AI infrastructure, while analysts monitor valuation concerns and risks of slowing AI spending.
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Unclaimed strikes hit southern Iran
INDIA NEWS | Fri, 10 Jul 2026, 10:30PM IST
Dubai: Mysterious, unclaimed airstrikes that hit Iran after the U.S. said it finished its attacks have again raised questions of who else may be targeting the Islamic Republic.The strikes Thursday, just as Iran prepared to bury the late Supreme Leader Ayatollah Ali Khamenei, hit areas across southern Iran. The country's theocracy hasn't directly blamed anyone, though one lawmaker warned the United Arab Emirates about allegedly providing support to the U.S. campaign against Iran.Gulf Arab states, which Iran has targeted repeatedly since the war began Feb. 28, did not immediately respond to requests for comment Friday over the strikes. The attacks come as those Gulf nations and the U.S. insist that the Strait of Hormuz, a vital waterway for world energy markets, must be open and free to ships to transit.Iran says the strait must now be under its sole control and that vessels should begin to pay fees to Tehran - even though the world for decades has considered it an international waterway. About a fifth of all traded oil and natural gas passed through the strait before the war began.Iran's grip on the strait during the conflict led to an global energy crisis, though oil prices have sharply dropped since wartime highs of $120 a barrel.Israel, which took part in the Iran war, also has not claimed any recent attacks on Iran.Unclaimed strikes came after US ended its attacksThe U.S. military's Central Command said Thursday around 6:30 a.m. local Iran time that it had concluded a round of strikes that hit 90 targets. Shortly after that, Iranian news outlets and state media reported a series of airstrikes and explosions targeting the country's Bushehr and Sistan and Baluchestan provinces, the cities of Ahvaz and Chabahar and other areas.Central Command did not respond to a request for comment about the additional strikes.Iran responded to the strikes Thursday by launching a wider volley of attacks across the Mideast, targeting Bahrain, Jordan, Kuwait and Qatar. Missile alert sirens sounded in the four countries, sending people to seek shelter. One person was reportedly hurt in Kuwait as air defense systems targeted the incoming fire across the region.The leader of the UAE, Sheikh Mohammed bin Zayed Al Nahyan, traveled to Kuwait immediately after the Iranian attack for a meeting with the small, oil-rich nation's ruling emir. Gulf Arab countries also held calls with Qatar's foreign minister. He has been deeply involved, along with Pakistan, in mediating talks between Iran and the U.S. over the interim deal now in place to halt the return of open warfare.During the Iran war, officials said both Saudi Arabia and the UAE launched airstrikes targeting Iran, after Tehran struck energy sites in their countries.Israel, which under Prime Minister Benjamin Netanyahu has engaged in an intense campaign against Iran, has not attacked the Islamic Republic since June. Israel also broadly immediately claims its attacks on Iran.Israel's government said Netanyahu spoke with Trump on Thursday night, with Trump updating Netanyahu "on American moves in the Gulf."Israel Katz, Israel's defense minister, also renewed threats that his nation stood ready to confront Iran if needed.The Israel military "is on alert and ready to renew the campaign, to reestablish aerial superiority, and to carry out a blue-white (Israeli) strike in Iran to remove threats, even for a third time," Katz told a military ceremony. "If we will have to return, we will return with even greater force."Iran keeps up its threatsOn Friday, Iranian state media quoted Esmail Kousari, a member of the Iranian parliament's national security committee and a former commander in the paramilitary Revolutionary Guard, as warning the UAE would "pay the price for its cooperation with the United States." He accused the Emirates of having a "behind-the-scenes" role in the recent U.S. attacks.Iran repeatedly accused Gulf Arab states of actively supporting the U.S. war effort, something they denied during the war. The U.S. since the 1991 Gulf War has maintained a broad footprint of military bases across the Gulf Arab states, including in Bahrain, which is home to the U.S. Navy's 5th Fleet headquarters.Meanwhile, Iran insists it must be the sole controller of the Strait of Hormuz. But the U.S. continues to urge mariners to travel on a southern route through Oman's territorial waters to avoid Iran.The Joint Maritime Information Center, a multinational body overseen by the U.S. Navy, issued a new advisory Friday urging ships to travel that route. A similar message sparked an Iranian attack on Tuesday that saw three vessels hit."Notwithstanding recent unprovoked attacks on merchant vessels, mariners are reminded that the southern route of the (strait) has been expanded and remains available for all traffic," the maritime center said.Twenty-two ships transited the strait Thursday, down from 30 Wednesday and 41 on Tuesday, according to data and analytics company Kpler.
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Railway ministry approves Rs 206 crore for Kavach installation on 680 route km in Northern Zone
INDIA BUSINESS | Fri, 10 Jul 2026, 10:22PM IST
Indian Railways approved Kavach Version 4.0 installation on 680 route kilometers. This safety system will be deployed on Rewari-Delhi and Shakurbasti-Bathinda sections. The project has been approved at a cost of Rs 206 crore. Kavach aims to prevent train collisions and signal passed at danger incidents. This deployment will strengthen safety and improve operational efficiency across these routes.
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Kotak Mahindra Bank to pursue acquisitions alongside organic growth
INDIA BUSINESS | Fri, 10 Jul 2026, 10:13PM IST
Kotak Mahindra Bank plans to pursue acquisitions and organic growth. The bank recently acquired Deutsche Bank's retail portfolio in India. This move aims to enhance scale and customer reach for the bank. Kotak Mahindra Bank will also tap into India's economic expansion opportunities. A strong balance sheet and leadership talent support future growth strategies.
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Atlassian Illegally Fired Worker in Rare Legal Victory for Tech Worker
GLOBAL NEWS | Fri, 10 Jul 2026, 10:11PM IST
A federal labor law judge determined last week that the software maker Atlassian had illegally fired an employee who questioned company policy changes.
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Govt defends ethanol blending, says programme saved Rs 1.9 lakh crore in forex
INDIA BUSINESS | Fri, 10 Jul 2026, 10:06PM IST
The government defends its ethanol-blended petrol program amid concerns. This initiative has significantly boosted the sugar economy and farmer incomes. It has also saved India substantial foreign exchange and reduced carbon emissions. Maize is now the largest feedstock for ethanol production, increasing farmer realization. Extensive research confirms E20 fuel is safe for all vehicle engines.
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Exide's Bengaluru lithium-ion cell plant to generate revenue from Q3: CEO
INDIA BUSINESS | Fri, 10 Jul 2026, 9:43PM IST
Exide Industries expects its Bengaluru lithium-ion cell plant to generate revenue from the third quarter. The company has invested significantly and will invest more to complete the first phase of this project. Initially, the plant will supply domestically manufactured battery cells for electric vehicles and energy storage. Commercial supplies for stationary lithium battery applications are also targeted from the third quarter.
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Bank credit growth at two-year high at 18.6% as debt market turns costlier
INDIA BUSINESS | Fri, 10 Jul 2026, 9:21PM IST
Bank credit expanded significantly in the fortnight ending June 30. Deposit growth also showed a healthy increase during the same period. This credit demand stems from both consumer and corporate sectors. Corporate entities are increasingly favoring banks over debt markets for funding. The gap between credit and deposit growth widened to 570 basis points.
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Setting up of Bureau of Port Security reviewed
INDIA BUSINESS | Fri, 10 Jul 2026, 9:17PM IST
Union ministers reviewed the Bureau of Port Security's progress on Friday. Only licensed private agencies and CISF-trained personnel will secure ports. Training for port security personnel will commence soon using existing infrastructure. A database of all security personnel will be created for the Bureau. Sagarmala Finance Corporation has sanctioned over Rs 10,700 crore in financing.
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Morgan Stanley warns AI chip rally may be running out of steam
INDIA MARKET | Fri, 10 Jul 2026, 9:14PM IST
Morgan Stanley's Lisa Shalett warned semiconductor stocks may be overvalued as hyperscalers increasingly develop lower-cost proprietary AI chips. She expects slowing AI infrastructure spending and weaker pricing power to challenge chipmakers, despite continued investor interest and SK Hynix's Nasdaq debut.
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INDIA BUSINESS | Fri, 10 Jul 2026, 9:13PM IST
Ethanol blending in petrol does not damage vehicle engines, according to GEMA President Chandra Kumar Jain. He stated that government policy followed extensive research and expert consultations over four years. Concerns about fuel efficiency are also addressed, with other factors impacting mileage significantly. India's grain ethanol industry is developing, focusing on improving plant efficiency and production.
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Circle wins final regulatory approval to establish US trust bank, shares rise
INDIA MARKET | Fri, 10 Jul 2026, 9:12PM IST
Circle has received final regulatory approval from the OCC to launch a national trust bank, enabling them to manage their own reserves and hold cryptocurrencies. This pivotal milestone integrates blockchain technology into the US financial system. In addition, Circle issues USDC, a stablecoin valued around $73.2 billion, reflecting the ongoing shift of digital asset firms into traditional finance.
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Circle shares surge 13% on getting regulatory approval to set up US trust bank
INDIA MARKET | Fri, 10 Jul 2026, 9:12PM IST
Circle secured final regulatory approval from the OCC for its national trust bank. This allows the stablecoin issuer to manage its own reserves and client crypto assets. The charter places Circle's bank under direct federal supervision by the OCC. Digital asset firms are increasingly seeking traditional financial services and banking licenses. Circle is the issuer of USDC, a stablecoin pegged to the U.S. dollar.
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Milky Mist prepares to launch Rs 2,035 crore IPO as early as July-end
INDIA MARKET | Fri, 10 Jul 2026, 9:10PM IST
Milky Mist Dairy Food is preparing to launch a Rs 2,035 crore IPO by July-end or early August, with proceeds earmarked for capacity expansion and debt repayment
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Global Markets: Chinese fast fashion retailer Shein finally wins approval for Hong Kong IPO
INDIA MARKET | Fri, 10 Jul 2026, 9:09PM IST
Fast-fashion titan Shein has gained approval for its Hong Kong IPO after previous attempts were blocked. Although the company has faced strict regulatory examination and backlash in the US and UK markets, it seeks to rebound. Currently, investors project its valuation could be between forty to fifty billion dollars. This IPO represents a vital turning point for Hong Kong's vibrant financial ecosystem.
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Global Markets: Shein finally wins China's approval for Hong Kong IPO, in third attempt to go public
INDIA NEWS | Fri, 10 Jul 2026, 9:09PM IST
Fast-fashion retailer Shein won approval for its long-awaited Hong Kong IPO on Friday, a notice posted on the China Securities Regulatory Commission (CSRC) website showed, clearing the way for a listing after failed attempts in New York and London.Shein, a fast-growing e-commerce giant, would be the highest-profile retailer to list in years, as many consumer brands have delayed initial public offerings due to weak investor sentiment and subdued spending by lower- to middle-income shoppers. Founded by Chinese-born entrepreneur Sky Xu in 2012, Shein has waited a year for the green light from Beijing for its IPO, which had to be cleared by the highest levels of the ruling Communist Party, according to a source with direct knowledge of the matter.Beijing views Shein as politically sensitive and has been cautious about endorsing a listing after controversies including a sex doll scandal in France and reports of poor labour practices at its supplier factories in China, the source said. Shein filed confidentially for its Hong Kong IPO and had not made the filing documents public as of Friday. With CSRC approval, the company can organise investor roadshows and prepare for its hearing with the Hong Kong stock exchange's listing committee, a requirement for all IPO candidates.The company could possibly aim to list in September or October, the source said. Shein's backers include Brookfield, Claure Group, D1 Capital, General Atlantic, HongShan Capital - formerly Sequoia Capital China, Reliance, SoftBank, Abu Dhabi sovereign wealth fund Mubadala Investment, and Saudi Arabia's sovereign wealth fund PIF.A spokesperson for Shein declined to comment.VALUATION DOWN SHARPLY SINCE 2022Shein was valued at as much as $100 billion in 2022, but investors later marked down its worth as the pandemic-driven online shopping boom faded and the U.S., its biggest market, closed a customs duty loophole for e-commerce parcels. Its most recent fundraising round, in May 2023, valued it at $66 billion. Shein could now be targeting a valuation of $40 billion to $50 billion in its IPO, the source said.The company has indicated it could sell up to 8% of its shares, although the final stake sold is likely to be lower, raising low-single-digit billions of dollars. Given the lower valuation, Shein would also compensate investors by providing funds to buy shares in the offering, according to the source.That would make it far smaller than main rival Temu's parent company PDD Holdings, which has a market capitalisation of about $117 billion, but roughly twice the size of fast-fashion retailer H&M, valued at about $24 billion and which has lost market share to Shein.NEW YORK AND LONDON ATTEMPTSShein's Hong Kong listing would end an IPO journey that took it around the world. The company, which sells $5 dresses and $10 jeans in around 150 countries, first filed for a U.S. IPO in November 2023, but faced opposition from lawmakers and regulators.Shein then turned to London, where Britain's Financial Conduct Authority approved a draft prospectus but the CSRC withheld its approval, effectively blocking the listing. Shein's lengthy path to market highlights how geopolitical tensions have complicated overseas listings by Chinese-linked companies and reflects Beijing's tighter oversight of prominent entrepreneurs since it halted the IPO of Jack Ma's Ant Group at the last minute in 2020.New CSRC rules in 2023 give it authority to vet offshore listings and block offerings deemed contrary to national interests. Although Shein moved its headquarters to Singapore in 2022, it remains subject to Chinese IPO rules because its products are mostly made by third-party suppliers in China. A Shein listing would be a boost for Hong Kong, which has re-emerged this year as one of the world's busiest listing venues.Public filings show the CSRC has approved more than 180 other IPOs over the past 12 months, helping drive a revival in the city's equity capital markets.INVESTIGATIONS Founded in Nanjing, Shein has found itself at the centre of growing trade tensions between the U.S. and China. The company has faced criticism from competitors, regulators and advocacy groups over issues including working conditions in supplier factories, allegedly addictive features of its shopping app, and the environmental impact of shipping large volumes of low-cost clothing by air.Shein has said it has a zero-tolerance policy on labour abuses, and has invested in risk assessments and mitigation frameworks to safeguard users. Its business model - buying clothes in China and sending them direct to the doorsteps of shoppers - has also been challenged recently by U.S. and European efforts to impose duties on low-value imports.Shein has been fined more than 200 million ($228 million) by French regulators over its use of consumer data and misleading discounts. The European Commission opened a formal investigation into the company in February over the sale of illegal products.
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PFC raises USD 300 mn via bonds carrying floating interest rates
INDIA MARKET | Fri, 10 Jul 2026, 9:05PM IST
Power Finance Corporation, a state-run entity, has triumphantly secured USD 300 million via bonds that feature floating interest rates. Following the guidelines set by the RBI, these Notes are set to mature in July 2029 and will provide payments in US Dollars. They are scheduled for listing on NSE IFSC and India INX, marking a significant financial achievement.
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14 Million Bpd Cut Off: IEA Warns Of Oil Scare As US, Iran Inch Towards Full-Blown War
INDIA MARKET | Fri, 10 Jul 2026, 9:03PM IST
The IEA said sustained geopolitical tensions could undermine the market's recovery and add freshvolatility to oil prices.
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Benchmark indices snap weekly winning streak as oil jitters weigh on mkts
INDIA MARKET | Fri, 10 Jul 2026, 9:01PM IST
Sensex and Nifty ended the week with marginal losses, snapping a four-week winning streak despite Friday's sharp rebound led by Reliance Industries and IT stocks
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Benchmarks snap 4-week winning streak as volatility marks week's trade
INDIA MARKET | Fri, 10 Jul 2026, 9:01PM IST
Sensex and Nifty ended the week with marginal losses, snapping a four-week winning streak despite Friday's sharp rebound led by Reliance Industries and IT stocks
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'Free Of Cost': Student Lauds Adani Group After 6-Week Course At Research Science Initiative
INDIA MARKET | Fri, 10 Jul 2026, 9:00PM IST
The student expressed gratitude to the Adani Group for funding the programme.
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Sebi clears IPO proposals of Tonbo Imaging, Zetwerk and 2 other companies
INDIA MARKET | Fri, 10 Jul 2026, 8:57PM IST
The market regulator approved four IPO proposals, paving the way for companies in defence, retail, manufacturing and metals to tap the public markets
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Tonbo Imaging, Zetwerk, 2 others get Sebi approval to float IPOs
INDIA MARKET | Fri, 10 Jul 2026, 8:57PM IST
The market regulator approved four IPO proposals, paving the way for companies in defence, retail, manufacturing and metals to tap the public markets
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Railways Says Train Tickets Shared On WhatsApp Won't Be Accepted During Checks
INDIA MARKET | Fri, 10 Jul 2026, 8:53PM IST
The clarification is meant to prevent misuse of digital tickets through forwarding or sharing with other users.
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South Korean billionaire's risky bet pays off, as SK Hynix debuts in New York
INDIA MARKET | Fri, 10 Jul 2026, 8:51PM IST
South Korean billionaire Chey Tae-won's bold acquisition of SK Hynix has paid off significantly. The company is now a leading producer of high-bandwidth memory chips for AI. This strategic investment has positioned SK Hynix as a key player in the booming artificial intelligence industry. However, concerns about future demand and potential oversupply are now emerging. Chey's leadership style and past controversies also define his unique corporate legacy.
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Warsh task force members get an A at the outset, but results will need broad buy-in
INDIA MARKET | Fri, 10 Jul 2026, 8:49PM IST
Federal Reserve Chairman Kevin Warsh has enlisted a team of fifteen renowned external experts to spearhead reform task forces. This diverse group features both foreign central bankers and individuals from the former Obama administration, emphasizing the strength of expertise compared to other independent agencies. Warsh aims to wrap up this review process by year's end, marking a pivotal move towards possible institutional and policy overhauls.
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Snabbit Leads June Order Growth In Instant Home Services Market
INDIA MARKET | Fri, 10 Jul 2026, 8:47PM IST
Snabbit is focussing on increasing demand density and deepening penetration in existing markets.
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Auto Dealers Haven't Received A Single E20 Grievance, Says FADA
INDIA MARKET | Fri, 10 Jul 2026, 8:45PM IST
The Centre has been steadily raising ethanol blending levels in petrol as part of its strategy to cut crude oil imports.
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JSW Cement eyes 60 MTPA capacity as it targets top-five position in India
INDIA BUSINESS | Fri, 10 Jul 2026, 8:40PM IST
JSW Cement plans a significant expansion to reach sixty million tonnes capacity. The company will ramp up capacities and enter new markets simultaneously. It aims to strengthen its GGBS business and improve cost competitiveness. Digital adoption and sustainability initiatives will also be accelerated. JSW Cement projects itself as a pan-India company with future growth.
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BEST Bus Rams Multiple Vehicles In Mumbai's Andheri After 'Brake Failure'
INDIA MARKET | Fri, 10 Jul 2026, 8:36PM IST
Earlier reports from the scene had indicated that as many as 14 vehicles, including several autorickshaws, may have been involved in the chain collision.
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'Evil Dead Burn' Reviews: 'Bloody', 'Beautiful' Netizens Praise 'Brutal' Horror Sequel
INDIA MARKET | Fri, 10 Jul 2026, 8:28PM IST
Evil Dead Burn stars Souheila Yacoub.
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Truecaller CEO says 5.25 lakh people flag calls from 1600, 140 series as spam everyday
INDIA BUSINESS | Fri, 10 Jul 2026, 8:24PM IST
Spammers are exploiting Trai's directive on specific phone number series. Truecaller data shows millions of users label these calls as spam daily. Trai's recent clarification restricts tagging or filtering calls from these numbers. This directive allows spammers to target individuals more effectively. Customers can only block these calls through the Do Not Disturb registry.
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Fundamental bottlenecks remain unchanged in mining & metal logistics, says former NITI member
INDIA BUSINESS | Fri, 10 Jul 2026, 8:21PM IST
Addressing a conference on Enhancing Competitiveness of Mining and Metals, organised by FICCI here, he said that logistics must be recognised as a strategic determinant for mining & metals competitiveness.
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