The Enforcement Directorate (ED) on Thursday raided several locations connected to Anil Ambani as part of its ongoing investigation into the Yes Bank loan fraud case. ED's action comes after State Bank of India (SBI) decided to classify telecom company Reliance Communications as 'fraud' and will report its former director, Anil Ambani, to the Reserve Bank of India (RBI).

The ED is currently examining over 50 companies and 25 individuals believed to be part of the network.

US President Donald Trump has criticised American technology companies for turning to China for manufacturing and hiring workers from India. He warned that such practices would no longer continue under his leadership.

Speaking at the AI Summit on Wednesday (local time), Trump said the tech industry had followed what he called a “radical globalism”, which had left many Americans feeling betrayed.

US President Donald Trump announced that there will be a baseline tariff starting at 15 per cent and going up to 50 per cent on all imports, during an artificial intelligence summit in Washington on Wednesday (local time).

“We’ll have a straight, simple tariff of anywhere between 15 and 50 per cent,” Trump said, adding that countries with which the US has strained diplomatic ties could face duties at the higher end of the range.

Electric two-wheeler maker Ola Electric has struck a divergent note with the auto industry, which has appealed to the government to cut the basic Customs duty (BCD) on traction motors by half due to the ongoing export restrictions placed by China on standalone magnets.

While the industry has asked the ministry of heavy industries (MHI) to reduce the basic customs duty on traction motors to 7.5 per cent from the current 15 per cent.

Prime Minister Narendra Modi and his British counterpart, Keir Starmer, are set to meet on Thursday for the formal signing of the long-negotiated India–UK free-trade agreement, marking a significant moment in bilateral ties.

The signing is scheduled to take place at Chequers, the British prime minister’s countryside retreat in the Chiltern Hills of Buckinghamshire.

The Supreme Court on Wednesday upheld the Delhi High Court’s decision to dismiss an appeal by KAL Airways and its founder Kalanithi Maran seeking damages of ₹1,323 crore from low-cost carrier SpiceJet.

Maran, a former promoter of SpiceJet, and KAL Airways moved the Supreme Court earlier this month to challenge the High Court order of May 23.

The Enforcement Directorate (ED) on Wednesday said that it has filed a case under the Foreign Exchange Management Act (Fema) against Myntra Designs Private Limited, a company backed by Flipkart, along with its associated firms and directors. The case involves alleged violations related to foreign direct investment (FDI) worth over ₹1,654 crore.

According to the agency, the case was filed under Section 16(3) of Fema after it received "credible information" that Myntra and its related companies were involved in multi-brand retail trade, but disguised it as "wholesale cash and carry" business.

The Supreme Court on Tuesday declined to entertain a plea seeking transfer of a petition challenging the 1995 Waqf Act from the Delhi High Court to the apex court.

A bench headed by Chief Justice B R Gavai said that courts are increasingly being used for generating newspaper headlines rather than genuine legal redress.

US President Donald Trump on Wednesday (IST) said that he has reached a trade deal with Japan, bringing down the tariff rate imposed on Japanese goods from 25 per cent to 15 per cent.

Trump announced this on his private social media platform, Truth Social. He said, "We just completed a massive Deal with Japan, perhaps the largest Deal ever made. Japan will invest, at my direction, $550 Billion Dollars into the United States, which will receive 90% of the Profits."

Chaitanya Baghel, son of former Chhattisgarh Chief Minister Bhupesh Baghel, was sent to judicial custody till August 4 by a special PMLA court in Raipur on Tuesday in connection with the alleged multi-crore liquor scam.

He was produced before the court following the completion of his five-day custodial remand with the Enforcement Directorate (ED).

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