Breaking News Live Updates: Columbia University to pay $221 mn to settle federal probes
Breaking News Live Updates: Columbia University said on Wednesday it will pay over $200 million to the U.S. government in a settlement with President Donald Trump's administration to resolve federal probes and to have most of its suspended federal funding restored. Breaking News Live Updates: Columbia University said on Wednesday it will pay over $200 million to the U.S. government in a settlement with President Donald Trump's administration to resolve federal probes and to have most of its suspended federal funding restored.Trump has targeted universities including Columbia since returning to the White House in January over the pro-Palestinian student protest movement that roiled college campuses last year.In March, the Trump administration said it was penalizing the university over how it handled last year's protests by canceling $400 million in federal funding. It contended that Columbia's response to alleged antisemitism and harassment of Jewish and Israeli members of the university community was insufficient. Show more Talks between top South Korean and U.S. officials to negotiate over U.S. President Donald Trump's tariffs have been cancelled due to a scheduling conflict for U.S. Treasury Secretary Scott Bessent, South Korea's finance ministry said on Thursday.The two sides will reschedule the meeting between Bessent and South Korean Finance Minister Koo Yun-cheol, as well as the top trade envoys of both countries, as soon as possible, the ministry said.Koo was set to board a flight for Washington on Thursday to attend the meeting on Friday in the hope of hammering out a deal that would spare Asia's fourth-largest economy from Trump's punishing 25% tariffs set to take effect on August 1.Pressure on South Korea heightened this week after Japan clinched a deal with the United States, which Trump said would see Tokyo allowing greater market access for American products including autos and some agricultural products. India's exports are increasingly vulnerable to climate-linked risks, with over two-thirds of outbound shipments exposed to tightening net-zero regulations in major markets, a study by Net Zero Tracker, a coalition of research groups at the University of Oxford, showed on Thursday.In 2024-25, India exported goods and services worth $824.9 billion, according to data from the Reserve Bank of India. The exports accounted for about a fifth of India's GDP.The UK and European Union are rolling out stricter carbon policies, including carbon border adjustment mechanisms, which are tariffs on greenhouse gas emissions associated with production of certain imported goods. Talks between top South Korean and U.S. officials to negotiate over U.S. President Donald Trump's tariffs have been cancelled due to a scheduling conflict for U.S. Treasury Secretary Scott Bessent, South Korea's finance ministry said on Thursday.
Former India tearaway Varun Aaron expressed his feelings about reuniting with old players in the ongoing World Championship of Legends (WCL) 2025 and said that the team will try its best to defend its title in the tournament.Aaron is currently playing for India Champions in the ongoing World Championship of Legends (WCL) 2025. The India Champions lost their opening game to the South Africa Champions and will take on the Australia Champions on Saturday. The West Indies Champions started with a tie against the South Africa Champions and pulled off a close win against the England Champions. They will next play Australia Champions on Wednesday.Speaking on reuniting with the old players, Aaron told ANI, "It's a great feeling because we've all played so much cricket together. It's great to come back with your old friends and get onto the field. We're all looking forward to it. And I think it's going to be a lot of fun."
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Business Standard
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- Business Standard
Got directly involved when India, Pakistan went to war, says Marco Rubio
US Secretary of State Marco Rubio on Friday (IST) said that Washington was directly involved when India and Pakistan went to war, adding that President Donald Trump was able to broker peace between the two nuclear-armed neighbours. Rubio made these remarks in an interview with EWTN's The World Over and said that Trump is committed to bringing peace and being the 'President of peace'. He said, 'So, we saw when India and Pakistan went to war, we got involved directly, and the President was able to deliver on that peace.' Since India and Pakistan reached an understanding to stop full-scale military actions on May 10, the US President, on several occasions, claimed that he helped in de-escalating tensions between India and Pakistan, and told the two nuclear-armed neighbours that the US would do a lot of trade if the conflict were brought to an end. Operation Sindoor On the intervening night of May 6 and May 7, the Indian armed forces launched a coordinated missile strike on terrorist infrastructure in Pakistan and Pakistan-occupied Kashmir (PoK). The coordinated strikes under the codename ' Operation Sindoor ' were in response to the April 22 Pahalgam terror attack, which claimed the lives of 26 people, mostly tourists. What followed was four days of escalations between India and Pakistan across the Line of Control (LoC). On May 10, both nations agreed to a ceasefire. While India has repeatedly denied Trump's claim of intervening in the conflict between the two nuclear-armed neighbours, Pakistan's Army Chief Asim Munir thanked the US for playing the role of a mediator. Munir made these remarks after he was hosted by Trump at the White House for lunch in June. Other conflicts resolved by Trump He further said that the US was proud of those initiatives, and is looking for more, the big one being in Ukraine and Russia. 'We dedicate a significant amount of time to stopping and ending wars,' Rubio said. Russia-Ukraine conflict The conflict between Russia and Ukraine entered its fourth year in February 2025 with no end in sight. Trump, who once vowed to end the Russia-Ukraine conflict in just 24 hours of taking office, has been trying to broker a deal between the two countries for over eight months now. Trump, who once supported the Russian President Vladimir Putin and shunned the Ukrainian President Volodymyr Zelenskyy, later shifted stance and expressed his disappointment with Putin, while simultaneously allowing the US to send weapons to Ukraine.
Economic Times
10 minutes ago
- Economic Times
Limited tariff impact on India, reform push likely: Sunil Subramaniam
"So, DII buying is likely to continue supporting the market today. Additionally, some of the results announced post-market hours have been positive—like strong consumption numbers from Titan, for example—which bodes well for the domestic economy," says Sunil Subramaniam, Market Expert. ADVERTISEMENT On a technical level, we've already seen five weeks of lows and that the sixth week could be a better one. Do you think that could play out? How is it looking to you? What are your expectations? How could we end the week today? Sunil Subramaniam: Well, first of all, I'm not a technical person. But if you look at how the market reacted to the Trump announcement, it clearly indicates two things. From an international investor's perspective, it seems the market is oversold. They've been selling through the month on the back of negative tariff news, and that selling continued yesterday. However, DIIs stepped in strongly to buy. There's still a lot of cash with DIIs—mutual fund cash balances are around 5%. I think this was seen as an opportunity by DIIs to support the market. When you analyse the tariff announcements, less than 5% of India's exports are likely to be affected by the 50% tariff route as things stand. That gave DIIs some comfort. Also, this may prompt the Indian government to accelerate productivity reforms and introduce export-related incentives to support labour-intensive sectors and counter the impact of DII buying is likely to continue supporting the market today. Additionally, some of the results announced post-market hours have been positive—like strong consumption numbers from Titan, for example—which bodes well for the domestic economy. ADVERTISEMENT Since you mentioned earnings—44 out of 50 Nifty companies have already reported, and the results are not as negative as expected. They're okay—nothing significantly positive or negative. How do you expect the market to respond to earnings momentum going forward? What are your first thoughts on this earnings season? Sunil Subramaniam: Some sectors have reported very good earnings. In fact, pharma has done well, and some auto companies have also reported strong numbers. Banks have been okay you rightly said, there was some initial pessimism around earnings due to the first few results, but that concern has now been largely disproved. Overall, the earnings season has been fairly decent. We're likely to see high single-digit growth for the Nifty and double-digit growth for the broader market. ADVERTISEMENT On a quarter-on-quarter basis, there's also been some improvement. What's also evident from company guidance is that this quarter marks a transitional phase. Government fiscal measures and RBI actions are now beginning to take effect. Of the 100 basis point rate cut, 77 basis points have already been transmitted. So, we'll start seeing the impact of quarter's expectations are also positive, especially with the festive season arriving earlier this year—Diwali is on October 23rd. That means we're going to see a pickup in production to stock up the dealers in the next two months. Add to that the CRR cut effective from September 5th, the transmission of rate cuts, and the tax giveaways from the budget—all these factors are expected to boost the festive season. Corporates are optimistic about this. ADVERTISEMENT If this plays out as expected, the market seems to be factoring that in, which explains why markets have responded reasonably well to earnings so far. DIIs have been the primary drivers this month, and they're focusing more on sectors and specific the tariff situation, external-facing sectors have been under pressure. IT has underperformed, pharma to some extent, and realty as well. But now, we're seeing a return of interest in IT—buying started dislike uncertainty, and now that the tariff news is out in the open, that overhang is easing. The DII buying reflects this reduced uncertainty. ADVERTISEMENT To me, this earnings season represents a critical transition—from the slowdown we saw in the last quarter of the previous fiscal year to a more stable footing this year. RBI maintaining its 6.5% growth projection is also a positive signal that the domestic economy is on a strong path. (You can now subscribe to our ETMarkets WhatsApp channel)
Economic Times
10 minutes ago
- Economic Times
Trump tariffs hit India's garment makers as US buyers say move production
Synopsis Following Donald Trump's tariff imposition, Indian garment exporters are facing immense pressure from U.S. clients to either share the tariff burden or relocate production outside of India. Companies are exploring options in countries like Bangladesh, Vietnam, Nepal, and Ethiopia to bypass the tariffs. iStock Trump's initial tariff proposals in April - which were lower for India than for the rival Asian garment hubs of Bangladesh, Vietnam and China - had been seen as an opportunity for India to rapidly expand in the $16 billion apparel exports market. MUMBAI/CHENNAI: Ever since Donald Trump's tariff salvo on India this week, garment maker Pearl Global - whose U.S. client list includes Gap and Kohl's - has been receiving midnight panic calls with an ultimatum: share the tariff hit or move production out of calm U.S. customers' nerves, Pearl Global has offered to shift production to its 17 factories in Bangladesh, Indonesia, Vietnam and Guatemala to bypass the steep U.S. levies on Indian imports."All the customers are already calling me. They want us to ... shift from India to the other countries," Managing Director Pallab Banerjee told Reuters in an initial tariff proposals in April - which were lower for India than for the rival Asian garment hubs of Bangladesh, Vietnam and China - had been seen as an opportunity for India to rapidly expand in the $16 billion apparel exports the tables have turned as relations between New Delhi and Washington have soured, with India now facing a 50% tariff, versus 20% for Bangladesh and Vietnam, and 30% for China. Pearl gets roughly half of its business from the United States. Some clients offered to continue taking products from India if it could share the tariff burden, but that is not viable, Banerjee said, without naming the the doldrumsThe 50% U.S. tariff - comprising 25% that kicked in on Thursday and another 25% due to come into force on August 28 as a penalty for buying Russian oil - has stunned U.S. garment buyers and their Indian suppliers, who say they are considering taking their manufacturing operations beyond Indian shores, even to less-established garment hubs like Ethiopia and exporters also say they have been asked by U.S. clients to put orders on Delhi has called Trump tariffs "extremely unfortunate".India's garment sector was already grappling with a labour crunch and limited production capacity. But the prospect of exporters shifting production outside India would also be a blow to Prime Minister Narendra Modi's "Make in India" policy Pearl can use its foreign factories to meet U.S. orders, exporters that rely on domestic factories are set to be hit much Exports has shipped $111 million of garments to the U.S. this year, with clients such as J. Crew Group, customs data shows. All were made in its more than two dozen factories across India. Around 95% of its annual Indian revenues come from the United States, said general manager Dinesh Raheja."We're exploring setting up a manufacturing base in (Nepal's capital) Kathmandu," he said. "The industry is in the doldrums." Orders on hold Earlier this week, India's biggest jeweller and watchmaker Titan told Reuters it was looking at shifting some manufacturing to the Middle East to maintain low-tariff access to U.S. markets. Amit Agarwal, finance chief of top Indian garment maker Raymond, said he was pinning hopes on the company's one factory in Ethiopia - which faces just a 10% U.S. tariff and could possibly add more production lines within three months to cater to U.S. clients. The tariff threat comes as India was emerging as a big alternative for U.S. garment buyers like Walmart, as Bangladesh faces a political crisis, and companies look to diversify supply chains beyond garment hub Tiruppur in the south, considered the country's knitwear capital and which accounts for nearly one-third of apparel exports, was bullish about the future earlier this year when Reuters visited and talked to has now descended on the factories in Tiruppur have been asked by customers to hold orders, while some plan to ship as many goods as possible before the full 50% tariff kicks in, said Naveen Micheal John, executive director at Cotton Blossom India."An importer, which had placed orders for underwear, has come back saying that if you haven't purchased yarns ... keep it on hold for now," he garments in Tiruppur cost U.S. clients as little as $1, while a women's or men's T-shirt can vary from about $3.5-$5, which could soon face 50% tariffs, said N. Thirukkumaran, general secretary of the Tiruppur Exporters Association.
