ILLEGAL PRODUCTS
Amazon Prime Refund: $3 million for customers after lawsuit alleges company made subscription cancellations complicated; also pledges $1.5 million for consumer protection
Amazon Prime Refund: Amazon has agreed to pay $3 million to eligible Prime customers in Arizona to settle allegations that its six-step membership cancellation process made it difficult for subscribers to end their memberships. The company will also contribute $1.5 million towards consumer protection, pay $1.5 million in legal expenses and donate $1 million to food charities. Amazon has denied wrongdoing.
Jensen Huang row gives US lawmakers fresh ammo on chip controls
Members of the US Congress have urged for for tighter congressional oversight of advanced chip exports to China and legislations mandating companies to track chips to tackle smuggling.
Moonshot AI rents Nvidia’s top AI chips in China, documents show
Documents indicate that Moonshot AI possibly accessed advanced Nvidia chips despite US export restrictions and related investigations. The servers were reportedly rented from Super Micro Computer Inc. with significant financial backing from Lingmeixin Technology Co.
The US, Singapore and Taiwan have all looked at Alice Huang or her company Megaspeed; here’s what each investigation covers
One Chinese businesswoman, three countries and a growing national security controversy. Alice Huang has drawn scrutiny in the US, Singapore and Taiwan over her alleged links to Beijing and her former company, Megaspeed. But each country's role is different. While US authorities have examined suspected Chinese intelligence links, Singapore is investigating Megaspeed, and Taiwan's reported inquiry centres on her alleged connections to China.
Alice in Nvidia CEO's secret world: Jensen Huang's personal affair matters far beyond than what meets the eye
Concerns about national security have emerged regarding Nvidia CEO Jensen Huang and a Chinese businesswoman, Alice Huang. US intelligence suggests Alice may have gathered information for Beijing after forming a close relationship with Jensen. Nvidia's advanced processors play a crucial role in AI and military applications, making them strategically significant in US-China relations. Congressional inquiries are seeking clarity on Nvidia's security protocols regarding foreign espionage risks.
Trump announces Task Force Iron Gate to choke off Iran's trade routes, enforce restrictions on weapons supplies
US President Donald Trump has announced Task Force Iron Gate to restrict the movement of weapons, dual-use technologies and sanctioned materials into and out of Iran. The initiative will operate alongside a US naval blockade that CENTCOM says has prevented Iran from exporting more than $25 billion in crude oil.
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Delhi govt urges citizens to burst only green crackers, stick to specific timings: Check permitted time, restricted areas and other key details
Delhi pollution news: Delhi government has outlined restrictions on firecracker use for the upcoming Diwali festival. Green firecrackers will be allowed only on specific dates and times in November. The sale is limited to certified green firecrackers at authorized locations only. Violators of these regulations may face penalties and confiscation of illegal products. Supreme Court has mandated these conditions to reduce pollution and noise during the celebrations.
Inflation, tariffs and a voter revolt: The midterm verdict on Trump's economy
US President Trump's policies led to rising inflation, resulting in substantial Republican losses in the midterm elections. Many voters attributed the economic challenges to Trump rather than his predecessor, Democrat Joe Biden. The electorate expressed dissatisfaction with the economy, particularly lower-income voters who felt financially worse off. Additionally, a significant number wanted the government to address healthcare costs and economic inequality.
Mahadev case: Chandrakar's custody needed to identify officials who got 'protection money', says CBI
Saurabh Chandrakar, accused of masterminding the Mahadev betting app scam, was extradited from Oman for interrogation. The Central Bureau of Investigation is seeking information on Chhattisgarh public servants allegedly involved in corruption. Reports claim that huge amounts of protection money were paid to facilitate illegal operations of the betting syndicate. Investigations have revealed a substantial financial network utilising fake bank accounts for gambling transactions.
Mahadev betting app kingpin Saurabh Chandrakar sent to 8-day police custody
Saurabh Chandrakar, wanted in the Mahadev betting app case, was granted eight days of police custody. The Central Bureau of Investigation brought him from New Delhi for examination before a special court. Chandrakar was arrested in Oman after being detained by the Royal Oman Police. He is facing allegations related to illegal online betting and corruption charges. The Enforcement Directorate has also filed a prosecution complaint against him.
India’s illegal gold imports surge 1,500% after tax hike
India's illegal gold imports surged dramatically in the third quarter of 2023, reaching 50 metric tons. This rise is attributed to the government's recent duty hike on gold and silver imports. The increase in informal shipments is linked to previous tax increases that incentivized smuggling and cash sales. Gold demand typically rises during major festivals, though year-on-year metrics indicate a decline.
China to expand global access to yuan assets, promote Hong Kong as offshore hub
China plans to expand global access to yuan-denominated assets and strengthen Hong Kong's role as an offshore yuan hub. Meanwhile, regulators flagged risks from surging AI investments, warning of rising leverage, higher borrowing costs and financial instability.
ITC Q2 net profit falls 20% as high taxes keep margins in check
ITC reported a 20% decline in standalone net profit for the September quarter despite a 45% increase in revenue. The rise in cigarette taxation significantly impacted profitability, forcing ITC to absorb part of the price hikes. Non-cigarette businesses showed strong growth, achieving the highest revenue growth in 14 quarters. Factors such as inflation and geopolitical tensions continue to affect the operating environment.
Who sent $2 bn military equipment to Iran past US blockade? More than 5,000 agencies
Iran has developed a clandestine network involving over 5,000 agencies to import military equipment and evade sanctions. This network functions despite ongoing US naval blockades and sanctions since the war began. Extensive investigations reveal significant transactions and military logistics supporting their activities. The secretive agencies have been linked to the Islamic Revolutionary Guard Corps and elite controlled businesses.
Reddit posts search traffic declines, will push visitor sign-ins to curb data scraping
Reddit CEO Steve Huffman outlined a plan on Thursday to make signing-in mandatory for most content as the company grapples with data scraping and declining search referral traffic in recent months.
Nvidia CEO Jensen Huang seen as target of China spy plot; Trump briefed but took no action: Report
A Chinese businesswoman suspected of passing intelligence to Beijing developed a close relationship with Nvidia CEO Jensen Huang, according to a New York Times exclusive report. US President Donald Trump was briefed on the intelligence findings roughly a year ago but took no action, reportedly wary of disrupting Nvidia's chip sales and US-China trade relations.
Jensen Huang lists three countries that may lead manufacturing and advanced technology, and neither US or India are in that list
Nvidia CEO Jensen Huang has named Germany, Japan and China as three countries with strong positions in advanced manufacturing, citing China’s integration of computing and industrial production. He also said US export restrictions had accelerated China’s semiconductor ambitions, while maintaining that American technology companies were prepared to compete globally.
Amid supply chain issues, India's strategic mining in critical state
India's mining sector remains underdeveloped due to high import dependence and severe execution bottlenecks. Challenges include land acquisition difficulties, uncoordinated state-level regulations, and environmental concerns related to mining activities. The Centre has urged states to improve the operationalisation of mines, with only a fraction currently active. Various stages of clearances have delayed the progress of numerous mining projects in different regions.
Is India a “shadow transshipment” hub? The data says otherwise
Between 2014 and 2024, India’s goods exports to the US grew 1.86 times, while US exports to India grew 1.94 times. A rising two-way relationship, with India’s global exports also up 1.36-fold, is hard to square with a “mere pass-through” story tailored to one market.
She has $2.6 billion but still works 14 hours a day: Why the world’s youngest self-made woman billionaire can't slow down
Luana Lopes Lara, the 30-year-old co-founder and COO of Kalshi, has an estimated net worth of $2.6 billion and is the world's youngest self-made female billionaire. Despite her wealth, she continues to work 12 to 14 hours a day and rarely takes time off. In an interview with Fortune, Lara said her lifestyle has changed little because she has always been focused on building Kalshi. The prediction market company's valuation has surged amid growing investor interest, even as its sports-related contracts face legal challenges in the United States.
Carney says Trump's tariffs hurt Americans as US alleges Canadian interference
Canadian Prime Minister Mark Carney outlined a significant financial plan for supporting manufacturing in Ontario. This strategy includes billions to assist steelmakers, automakers, and critical mineral development. Carney emphasized that U.S. tariffs have negatively impacted trade relations and increased costs for American consumers. Ontario Premier Doug Ford stated that the diplomatic relationship with the U.S. has permanently changed.
Trump envoy Witkoff meets Putin in St. Petersburg for Ukraine war talks
Steve Witkoff held talks with Vladimir Putin in St. Petersburg to discuss peace efforts regarding Ukraine. These meetings follow Witkoff's recent discussions with Ukrainian President Volodymyr Zelenskyy in Oslo. Zelenskyy emphasized the need to freeze the conflict to achieve an end to the war. Trump expressed increasing pressure on Zelenskyy to negotiate a deal with Russia. Ongoing Russian attacks in Ukraine continue to result in casualties and damage to infrastructure.
Trump's decision to waive Russian sanctions outrages Congress, but no quick counter seen
US President Donald Trump waived sanctions on Russia, which Congress had overwhelmingly approved for supporting Ukraine. Lawmakers expressed anger after the decision, criticizing Trump's approach towards Russia's President Vladimir Putin. As Ukraine faces severe winter conditions due to ongoing attacks, Congress remains out of session until after the elections. A bipartisan group of senators has urged faster action against Russia's oil trade.
Regulate the agents, not just the labs: Snowflake CEO on AI safety
Snowflake competes with Databricks to help large companies to store and analyse their data and, increasingly, build AI agents on its platform. In an interview, Sridhar Ramaswamy, chief executive of Snowflake, also said he has “a whole lot of paranoia” about staying relevant because the disruptor can itself be disrupted. Edited excerpts.
Steve Madden launched his shoe business with just $1,100 in 1990; by 2026, the brand had become a global fashion name
Steve Madden had about $1,100 when he started his shoe business in 1990. He didn't begin with a large store, a team of designers or the backing of a major fashion house. He began by making shoes and taking them to retailers himself, selling directly from the trunk of his car. More than three decades later, Steve Madden has grown into an international footwear and accessories brand sold in more than 80 countries. Its parent company, Steven Madden Ltd., reported $2.53 billion in revenue for 2025.
Supreme Court rules against Yes Bank's write-off of Rs 8,415 crore AT1 bonds
The Supreme Court confirmed the decision of the Bombay High Court regarding Yes Bank's AT1 bonds. This ruling impacts ₹8,415 crore in bonds written off during the bank's 2020 restructuring. The court noted that the administrator lacked the authority to write down these bonds. Bondholders had contested the write-off, citing mis-selling of the securities. Yes Bank is now obligated to repay the bonds along with accrued interest.
CBI arrests Munitions India executive director, SMPP CEO in Rs 500 crore defence deal bribery case
The Central Bureau of Investigation arrested three individuals in an alleged bribery case. Anil Kumar, the executive director of Munitions India Ltd, was among those arrested. The case is linked to a ₹500 crore ammunition contract with SMPP Ltd. In total, the CBI seized about ₹2.23 crore in cash during searches across multiple cities.
CBI arrests Munitions India Limited official, SMPP CEO in defence leaks-for-money case
The CBI has arrested Anil Kumar, Munitions India Limited executive director, and SMPP CEO Ashish Kansal. They are charged with accepting bribes and leaking sensitive defense information related to a major supply contract. Cash amounting to over Rs 2.2 crore was recovered during searches at various premises. Additional individuals connected to the case are also implicated for their roles in the conspiracy.
"India stands ready to work with ASEAN as reliable, equal partner": Rajnath Singh
Defence Minister Rajnath Singh on Wednesday called for stronger defence cooperation between India and ASEAN countries, including joint research on maritime security, counter-drone systems, cyber defence and disaster response, stressing that regional challenges require collective action and practical solutions.
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