What to Know About the Criminal Investigation of Fed Chair Jerome Powell
GLOBAL NEWS | Tue, 13 Jan 2026, 2:00AM IST
The Justice Departments probe into whether Jerome H. Powell, the chair of the Federal Reserve, lied about renovations to the central banks headquarters has raised alarms.
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David Mitchell, Who Led Fight on Drug Prices, Dies at 75
GLOBAL NEWS | Tue, 13 Jan 2026, 1:13AM IST
After receiving a diagnosis of terminal cancer, he used his experience in public relations to draw attention to the skyrocketing cost of medication.
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Trump keeping Iran air strikes on the table
INDIA NEWS | Tue, 13 Jan 2026, 12:52AM IST
Washington: US President Donald Trump is considering air strikes on Iran to stop a crackdown on protesters, the White House said Monday, adding that people were being "killed on the streets." But a channel for diplomacy remains open, with Iran taking a "far different tone" in private discussions with Trump's special envoy Steve Witkoff, said Press Secretary Karoline Leavitt."One thing President Trump is very good at is always keeping all of his options on the table. And air strikes would be one of the many, many options that are on the table for the commander in chief," Leavitt told reporters outside the West Wing.Leavitt added that "diplomacy is always the first option for the president." "What you're hearing publicly from the Iranian regime is quite different from the messages the administration is receiving privately, and I think the president has an interest in exploring those messages," Leavitt added.Iran's foreign ministry said earlier Monday that a channel of communication was open between its top diplomat Abbas Araghchi and Trump's special envoy, despite a lack of diplomatic relations.Trump said on Sunday that the US military was considering "very strong options" against Iran, saying it "looks like" Tehran had crossed his previously stated red line of protesters being killed.He said Iran's leaders had reached out for a meeting but "we may have to act before a meeting."Rights groups have reported a growing death toll, with information continuing to trickle out of Iran despite a days-long internet shutdown.Leavitt appeared to confirm there had been deaths."He certainly doesn't want to see people being killed in the streets of Tehran, and unfortunately that's something we're seeing right now," Leavitt said.
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E-car SOP scheme may be tweaked
INDIA NEWS | Tue, 13 Jan 2026, 12:45AM IST
New Delhi: India could revamp its incentive scheme for electric passenger car manufacturing since the proposed free trade agreement (FTA) with the European Union (EU) is expected to offer tariff cuts on fully built or semi-knocked-down electric vehicles, said people familiar with the matter.Officials are evaluating changes to the Scheme to Promote Manufacturing of Electric Passenger Cars in India (SPMEPCI), which relies primarily on import duty concessions, including the introduction of more direct incentives, to entice global premium EV makers to establish manufacturing bases in the country, the people said."SPMEPCI will need to change after the India-EU FTA," a senior official told ET, adding that the government has yet to get any application under this scheme.126491777 Global automakers have listed the ongoing India-EU FTA negotiations, and China's curbs on rare earth magnet exports among reasons for not participating in SPMEPCI, minister of state for heavy industries, Bhupathiraju Srinivasa Varma informed the Lok Sabha last month. India and the EU are continuing negotiations for the FTA.Companies had conveyed they may decide on joining SPMEPCI after the India-EU FTA is finalised. Sector watchers emphasised that making an investment commitment under this scheme solely due to the concessional duty sops won't be feasible since a possible FTA could offer this incentive without the capital expenditure mandate. In addition, automakers noted that the investment threshold requirements and timelines may pose a challenge, Varma said at the time.The Centre approved SPMEPCI in March 2024 and subsequently held multiple rounds of deliberations with potential participants. Scheme guidelines were approved in June 2025 following which the invitation of applications window was opened till last October, but there were no responses.This was despite the Centre writing to embassies of countries which have established automotive industries, encouraging them to participate in the scheme. Invitations were extended to Vietnam, Germany, Czech Republic, UK, and the US, officials had said.SPMEPCI offered importing completely built-up units (CBUs) of electric four-wheelers with a minimum import value of $35,000 at reduced customs duty of 15% for five years.
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Banks bank on cash recyclers in new ATM cycle
INDIA BUSINESS | Tue, 13 Jan 2026, 12:31AM IST
Indian banks are set to deploy nearly 17,350 ATMs in the coming months. A significant majority of these will be advanced cash recyclers. This move signals a shift towards modern technology for better efficiency and lower costs. Banks are prioritizing smarter machines that reduce cash handling needs and improve service availability.
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Shriram-MUFG deal may test rules on non-compete fee for promoters
INDIA BUSINESS | Tue, 13 Jan 2026, 12:31AM IST
The non-compete payment amounting nearly 5% of the deal valueis intended to prevent Shriram Ownership Trust (SOT), the promoter entity, from launching a rival lending business under the Shriram brand or any other name.
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Supreme Court Grapples With Louisiana Coastal Lawsuits Against Oil Companies
GLOBAL NEWS | Tue, 13 Jan 2026, 12:29AM IST
The justices heard arguments over whether oil companies sued by Louisiana could move the cases from state to federal court, a venue thought to be friendlier to corporate interests.
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3h
Distribution costs weigh on value of insurance products
INDIA BUSINESS | Tue, 13 Jan 2026, 12:28AM IST
Insurance product value is shrinking due to high commissions and operating expenses. Experts highlight concerns with credit-linked life, non-linked, motor third-party, and retail health policies. Despite tax reforms, these costs impact customer returns. Industry growth has stagnated while expenses climb. A committee is now examining distribution costs.
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Green line glitch solution turns into a tax headache for OnePlus
INDIA BUSINESS | Tue, 13 Jan 2026, 12:22AM IST
OnePlus is facing a significant tax demand from GST authorities for its lifetime screen replacement warranty. This comes as the company's sales and profits saw a sharp decline in the last fiscal year. The company is contesting the demand, asserting confidence in a favorable outcome. Other tax notices totaling 280 crore have also been received.
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Profitable growth drove Mahindra & Mahindra to 2nd position: Top exec
INDIA BUSINESS | Tue, 13 Jan 2026, 12:17AM IST
Mahindra & Mahindra is now India's second-largest passenger vehicle maker. This position is a result of their focus on profitable growth and smart capital use. The company is not chasing volumes alone. They are planning to expand their utility vehicle capacity significantly by FY27. New plant locations are being explored across various states to meet this future demand.
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Production companies bet on confirmed OTT deals to hit the fund trail
INDIA BUSINESS | Tue, 13 Jan 2026, 12:15AM IST
Indian film and entertainment production houses are changing how they get money. They now raise funds against confirmed deals with streaming services and TV channels. This new approach helps producers get working capital faster. It also offers investors a less risky way to fund content. Structured credit platforms are making financing quicker and cheaper for producers across India.
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Green energy projects get more time to commission projects
INDIA BUSINESS | Tue, 13 Jan 2026, 12:12AM IST
Renewable energy projects facing delays due to Supreme Court rulings on Great Indian Bustard habitats will now receive deadline extensions. The government has recognized these delays as unavoidable. This decision impacts projects requiring overhead power transmission lines in Rajasthan and Gujarat.
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UK, EU brands start sourcing talks with India
INDIA NEWS | Tue, 13 Jan 2026, 12:02AM IST
Pune: UK and European apparel brands, including Marks & Spencer, Primark and Next, have started negotiations with Indian suppliers as the India-UK and India-EU free trade agreement talks move closer to ratification.Buyers are intensifying factory audits and evaluations in hubs such as Tiruppur in Tamil Nadu, with plans to start or expand sourcing from India amid supply-chain uncertainties in Bangladesh and in anticipation of lower tariffs under the FTAs, said exporters."Brands such as M&S, C&A, Primark, Mothercare, Next and Duns have started visiting Tiruppur for technical audits, evaluation of new factories and to explore the possibility of increasing sourcing from their existing suppliers," Tiruppur Exporters Association president KM Subramanian said. "Brands that are already sourcing from India are actively looking to scale up their buying."The India-UK FTA proposes the removal of tariffs on 99% of India's exports to the UK. The agreement will come into force only after it is ratified by the UK's Parliament, expected to be completed in the next few months.Of India's $37 billion textile and apparel exports in 2024-25, the US accounted for the largest share at 28.5%, followed by the EU at 19.6%. The UK was the fifth-largest export destination, with 5.4% of the total exports.Bangladesh's current political situation has also prompted European buyers to reconsider sourcing strategies and consider imports from India."Buyers such as C&A, which source large volumes of jeans and bottoms from Bangladesh, are exploring the possibility of shifting part of their sourcing to India. Some UK buyers have also indicated their willingness to move production from Bangladesh to India," said Vijay Agarwal, chairman of the Cotton Textiles Export Promotion Council.At present, import duties make sourcing from India more expensive compared with Bangladesh.Bangladesh has enjoyed duty-free access to the European market for nearly 25 years. In contrast, Indian apparel and textiles currently attract duties of 12.5% and 9.6%, respectively, in both the EU and the UK.Implementation of the FTAs with the EU and UK would scrap duties on Indian textiles and apparel, placing India at par with Bangladesh.Despite having well-established supply chains spanning over a decade, European buyers are increasingly keen on reducing concentration risk, exporters said. "Even if Bangladesh stabilises, buyers will not want to put all their eggs in one basket," Agarwal said.Industry players also see a need to expand capacity in anticipation of higher demand from these markets."If the geopolitical situation in Bangladesh remains uncertain and FTAs with both the UK and the EU are signed, India could face a capacity shortfall," Agarwal said.
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