President Donald Trump on Friday signed into law a Russia sanctions bill that now empowers him to impose tariffs on countries that purchase Russian petroleum products.

The new sanctions authority has been eagerly anticipated by Ukrainian officials hoping for a tangible sign of US support in its fight against a Russian invasion. The war, now in its fifth year, is in a critical phase of escalation.

India’s smartphone exports reached a record $13.34 billion between April and July — a year-on-year (Y-o-Y) surge of over 31 per cent driven by a rise in Apple iPhone shipments to the United States, according to government data.

Shipments to the US accounted for 70 per cent of India’s total smartphone export value during this period, reaching a record $9.4 billion — a 26 per cent Y-o-Y increase.

The introduction of merchant discount rate (MDR) on Unified Payments Interface (UPI) is unlikely to trigger a shift back to cash transactions, an apprehension raised in some quarters, said RBI Deputy Governor S C Murmu. MDR will help the payments ecosystem recover its costs, he said, adding that while digital payments have increasingly replaced cash as a mode of transaction, cash continues to retain its role as a store of value.

President Donald Trump extended for another year a $100,000 payment requirement for employers seeking to bring certain H-1B workers into the US, saying the restriction has reduced the reliance on lower-paid foreign labour.

The policy, which has drawn opposition from major firms that rely on skilled foreign workers, will remain in place through September 21, 2027.

Shares of India's Tata Group companies lost $4 billion in market value on Friday, as investors reacted to heightened uncertainty over the potential listing and leadership of holding company Tata Sons following a public dispute.

The selloff followed Tata Sons' decision on Thursday to reappoint Chairman N. Chandrasekaran for five years and move towards complying with RBI rules that could require a listing, despite opposition from its 66% shareholder, Tata Trusts.

The Ministry of Micro, Small and Medium Enterprises (MSME) has partnered with quick-commerce platform Blinkit to expand market access for artisans and craftspeople covered under the government’s PM Vishwakarma scheme, with the initiative currently being piloted in Bengaluru.

Under the partnership, handcrafted products made by PM Vishwakarma beneficiaries will be listed on the Blinkit app.

The Reserve Bank of India (RBI) on Friday absorbed Rs 2.23 lakh crore from the banking system amid surplus liquidity by conducting a variable rate reverse repo (VRRR) auction.

The central bank received bids worth Rs 2,22,629 crore, which it accepted fully, for a notified amount of Rs 2.25 lakh crore. The amount was accepted at a weighted average rate of 5.24 per cent, the RBI said in a release.

Six bodies were recovered from a tunnel at a hydropower project in Nepal on Friday as search operations continued for people missing after devastating flash floods hit the Himalayan nation last month killing over 1,400 people and leaving more than 6,100 missing.

The bodies were recovered from the Audit-3 tunnel at the Upper Trishuli-1 project site in Nuwakot district by a joint team of security forces, the Nepal Army said.

The Centre on Friday told the Supreme Court that the Nandan Nilekani-led high-powered panel constituted to suggest structural reforms in Neet has held exhaustive consultations and is likely to submit its first interim report by the end of this month.

Solicitor General Tushar Mehta told a bench of Justices P S Narasimha and Alok Aradhe that all the suggestions had been placed before the panel.

The Food Safety and Standards Authority of India (FSSAI) on Friday took legal action against Nestlé India over non-compliances involving its infant nutrition products NAN Excella Pro Stage 1 and Lactogen Pro 1.

In a post on Instagram, FSSAI said, “Legal action initiated against Nestle India Ltd over several non-compliances pertaining to the FSS Act. FSSAI remains committed to strengthening the food safety ecosystem through its enforcement actions.”

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