Latest Developments

Asia
The Hindu BusinessLine

Delhi HC directs GST department to make biometric Aadhaar authentication mandatory for registration

Taking note of the large number of fraudulent GST registrations, the Delhi High Court has directed GST authorities across the country not to allow GST Registration without biometric-based Aadhaar authentication. It has also urged the tax administration to examine 10 points suggested by Senior Advocate Tarun Gulati to check fake registration. In an interim order, a division bench of Justices Anil Kshetarpal and Shail Jain, said that it is compelled to request the competent authorities to rise to the situation, which has resulted in loss of revenue to the government and harassment of innocents. “The authorities are expected to take up the matter with all seriousness,” it said in the order pronounced on September 8 and made public now. Further, it noted that lawyers of the tax department had failed to draw attention to any difficulty in mandating biometric-based Aadhaar authentication of GST registration. Hence, “for the time being, directions are issued to authorities across the country not to allow any GST registration without biometric-based Aadhaar authentication henceforth,” it said. Further, the authorities can file any practical difficulty in the implementation. The bench highlighted answers given by the Minister of State in the Finance Ministry on the floor of the Rajya Sabha, where it was said that in 2023-2024, there were 2,800 fraudulent GST registrations, obtained by using stolen or frozen PAN/ Aadhaar details, and detection of ₹15,085 crore of tax evasion. Similarly, in 2024-2025, the number of fraudulent GST registrations stood at 1,654 and tax evasion of ₹13,109 crore was detected. “It appears that despite passage of more than one year, the statement given by the minister on the floor of the House has not been fully implemented, resulting in continuous fake GST registration obtained using stolen or frozen PAN/ Aadhaar details,” the bench said. It also hoped that the authorities would examine the suggestions given by Tarun Gulati, Senior Advocate. Some of the suggestions by Gulati include, mandatory facial recognition of the applicant with the Aadhaar database for all registrations. Second, video-based verification of the PAN and Aadhaar should be made mandatory by requiring the applicant to upload a 20-30 second video in which he/ she shows his/ her face, along with the original PAN card and Aadhaar card before the camera, holding each document for a minimum of 5 seconds. Third, the IP address and device location used at the time of filing the application should he preserved by the GST common portal as well as the jurisdictional authority sanctioning the application and granting registration Fourth, mandatory physical verification of the proposed principal place of business should be undertaken by the GST Department prior to the grant of registration, rather than such verification being confined to cases flagged as high-risk. Fifth, real time sharing of data with the Income Tax department, which should also in real time send a message and email to the PAN holder that his/her PAN has been used for GST registration. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Delhi HC directs GST department to make biometric Aadhaar authentication mandatory for registration
Asia
The Hindu BusinessLine

AgriStack alone won’t close rural credit gap; insurance, guarantees need fixing: NABARD chief

India’s push to digitise agriculture could make rural lending more targeted and data-driven, but credit guarantees, insurance and risk assessment will need to be strengthened if the country is to bridge the persistent gap in farm credit, NABARD chairman Shaji Krishnan V said. With around 45% of India’s population living in rural areas and linked to the farm economy, a credit gap of about ₹1.3 lakh crore still remains, Krishnan said at the Global Fintech Fest in Mumbai on Thursday. “We are adding layers to the India Stack which already has the identification layer. Now we need to link that identification, that is Aadhaar, with the activity,” he said adding that many farmers are engaged in agricultural activities but do not have adequate digital records linking them to the land or activity they undertake. Creating this link would help lenders establish the farmer’s economic activity and improve access to formal credit. The government’s AgriStack initiative is expected to play a key role in this process. It brings together three important sets of information — the farmer’s identity, the land on which farming is undertaken and the crop being grown. However, agriculture being a state subject means the implementation of AgriStack will differ across states, Krishnan said. Once this data is available, the next challenge is to ensure that the financial system can use it to provide farmers with the right products at the right time. NABARD has been working to connect the AgriStack with the India Stack and is also developing AI-based models that could help provide farmers with timely advice, particularly around weather-related risks. Agriculture remains a relatively risky segment for lenders because several factors affecting farm income, particularly weather, are outside the farmer’s control. Agricultural NPAs, which were historically in double digits, have now fallen to around 5%, Krishnan said. However, there is still scope to bring them down further through higher productivity, better information and wider insurance coverage. “Risk emanates because these are uncontrollable things. NPA happens because of information asymmetry. Beyond that there is the hand of God coming in,” he said. A key problem is that agricultural data already exists but remains spread across different systems. This makes it difficult for lenders to get a complete picture of a farmer’s activity and creditworthiness. Credit is also unevenly distributed across the country. Banks tend to lend more in regions where repayment rates are higher and the credit culture is stronger. As a result, some parts of the country continue to face a credit shortage even as overall agricultural lending grows. Krishnan said credit enhancement, credit guarantees and insurance gaps need to be fixed to address this imbalance and encourage banks to lend to farmers in higher-risk regions. Insurance affordability remains another challenge. While the government has capped the farmer’s premium contribution at around 1.5-2% and bears the remaining cost, even this contribution can be difficult for some farmers. Some states have also opted out of the insurance scheme, he said. NABARD is also building a state-specific database on climate-resilient agriculture, working with government agencies to improve the quality of information available for assessing farm risks. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

AgriStack alone won’t close rural credit gap; insurance, guarantees need fixing: NABARD chief
Europe
BBC Business

How the US-Canada trade war is being felt on both sides of the border

ByNadine Yusif, Senior Canada Reporter and Jessica Murphy, Canada editorPublished3 hours agoThe US and Canada appear no closer to resolving their ongoing trade dispute. Tensions have been simmering between the two neighbours since President Donald Trump returned to the White House just over 18 months ago, and unleashed a wide-ranging global programme of tariffs. Canada was one of the first countries the Trump administration hit with levies, and is one of two countries to respond with its own reciprocal measures. Currently, the US has hit Canada's key sectors of steel, aluminium, lumber and automobiles with tariffs, and last week imposed an additional 50% levy on about C$28bn ($20bn; £15bn) of Canadian goods. Canada has hit back with its own counter-tariffs on American goods, announcing on Tuesday what it calls a "dollar-for-dollar" and "strategic" retaliation designed to match the US tariffs. With no resolution in sight, how has this enduring trade war affected Canada and the US, and what could come next? The tariffs and counter-tariffs have hit some states and provinces harder than others. In Canada, some provinces have been more exposed to US sectoral tariffs on steel, steel derivatives, aluminium, and autos and vehicle parts that don't comply with the current North American trade deal, known as the USMCA. Ontario, the most populous province with a significant manufacturing sector, has been hardest hit by the auto and steel tariffs. Several Ontario auto parts and assembly plants have announced layoffs and production cuts, and the province is estimated to have lost tens of thousands of manufacturing jobs since early 2025. Metal exports from Quebec - which produces steel, copper and aluminium - fell 36% between February 2025 and 2026, and there was a 3.6% drop in employment in the sector, according to data released in July. The Royal Bank of Canada estimates that Ontario and Quebec are the most impacted by US sectoral tariffs, while Newfoundland and Labrador, New Brunswick, Alberta, Saskatchewan and Prince Edward Island are the least exposed.

How the US-Canada trade war is being felt on both sides of the border
North America
CNBC Economy

Singapore tackles finances and culture to avert a demographic crisis

Tiny Singapore is throwing cash and incentives at its citizens to avoid a long-term demographic crisis, but it may take many years before the level of success becomes clear. The city-state recently unveiled a series of new measures aimed at removing obstacles to having children, including a promise of over S$60,000 ($47,100) to support every citizen child from birth to age 17 in what is seen as its largest effort yet to encourage its citizens to have more babies. Prime Minister Lawrence Wong described the effort as "more than incremental improvements or changes to individual schemes. We want to make a fundamental shift in how we support families." One challenge for policy makers, however, is that success on many measures won't show up immediately. "It is a very slow, slow iceberg to turn around...It will take time. It'll take a few decades to see a little bit of change," Kalapana Vignehsa, senior research fellow at the Institute of Policy Studies, told CNBC. However, the new measures are "a total departure from what we have had previously," and "starting to provide the financial support is the easiest of the many difficult things to do," she said. During Singapore's National Day Rally a week ago, commonly seen as the most important policy speech of the year, Wong explained that Singapore's current measures are concentrated around the birth of a child, but the government, with the new measures, want to support parents more consistently while they raise their children. The incentive package includes lower childcare fees, more parental leave time and elevated chances to get sought-after public housing. Singapore saw a sharp decline in its total fertility rate, or TFR, to 0.87 in 2025, from 0.97 the previous year, and it's now the world's second lowest after South Korea's 0.81. A TFR of 2.1 is the average number of children a woman must have in her lifetime to keep a population stable without relying on migration. Case studies from around Asia offer a warning about whether Singapore's measures can succeed. South Korea expanded childcare and family support but still has a fertility rate of just 0.8, despite two years of improvement, and Japan's rate fell for a 10th straight year to a record low of 1.14 in 2025. Still, the fact that Singapore is taking these measures shows it's at least attempting to change things around, according to Chua Yeow Hwee, assistant professor of economics at Nanyang Technological University. "This new approach recognized that the financial cost and time cost of raising the children continue for many years," Chua told CNBC. The plan is more promising than a one-off bonus, as it gives parents more certainty that support will be there when a child grows, he added.

Singapore tackles finances and culture to avert a demographic crisis
North America
Yahoo Finance

Here Are Monday’s Top Wall Street Analyst Research Calls: AGCO Corporation, Deere & Co., Edison International, Lumentum Holdings, PG&E, Sempra Energy, STAG Industrial, Ticketplus, and More

Pre-Market Stock Futures:Futures are trading lower as we prepare to wrap up the summer months and head into the Labor Day long weekend holiday. All the major indices closed lower on Friday, but the markets enjoyed a positive week overall.… This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them. Futures are trading lower as we prepare to wrap up the summer months and head into the Labor Day long weekend holiday. All the major indices closed lower on Friday, but the markets enjoyed a positive week overall. The financial media pointed to Federal Reserve Chairman Kevin Warsh’s Jackson Hole Symposium speech, where he highlighted ongoing inflation concerns. As a result, investors head into September with higher odds that the Fed will raise rates at its September 15 meeting and announce the decision the next day. Two big data points will hit the tape before the meeting: the August non-farm payrolls report and the consumer and producer price index readings, and they could be the deciding factors. The Russell 2000 took the biggest hit on Friday, as the small cap index closed down 1.39% at 2,972, while the Nasdaq closed the session at 26,402, down 0.52%. The venerable S&P 500 ended Friday at 7,711, down 0.25%, and the Dow Jones Industrials capped off the week down by just 0.02%, at 53,599. We could be in for a volatile week as volume likely drops while traders and portfolio managers squeeze in the last few days of vacation before what could be a wild fall. Yields were higher across the entire Treasury curve as the Fed Chairman’s speech was absorbed and digested. The hawkish tinge of the speech, and the fact that three Fed Governors voted to raise rates higher at the last meeting, has many leaning toward a 25 basis point (1/4 of 1%) increase. The 30-year bond closed the day at 5.21%, while the benchmark 10-year note last traded at 4.73%. Prices were modestly lower on Friday for the major oil benchmarks, as rising traffic through the Strait of Hormuz boosted optimism that the 6-month war with Iran may be nearing a resolution. Brent Crude closed the day at $88.26, down 0.29%, while West Texas Intermediate was last seen at $83.44, down 0.11%. Natural gas also closed lower at $2.88, down 1.13%. After a stellar run in August, the precious metals complex took a hit Friday as inflation worries and rate-hike chatter got sellers off the bench and into the game. Toss in the strength in the dollar, and that was all it took, and when the final bell rang, Gold was down 3.18% to close at $4,454, while Silver ended the session at $66.25, down 4.17%. Cryptocurrencies were extremely volatile on Friday, as Bitcoin touched a three-month high near $81,455 before plunging back below $77,000. The selloff accelerated after Chairman Warsh’s commentary at Jackson Hole revived fears of higher interest rates and raised expectations of a September rate hike, as we noted. At 8 AM EDT, Bitcoin was trading at $78,374. Ethereum was quoted at $2,447. 24/7 Wall St. reviews dozens of analyst research reports every day to identify fresh investment ideas for investors and traders alike. These daily analyst notes include recommendations on stocks to buy, sell, or avoid, as well as new coverage initiations. Important reminder: No single analyst report should ever be the sole basis for buying or selling a stock. Here are some of the top Wall Street analyst upgrades, downgrades, and initiations from Monday, August 31, 2026. Lee Jackson has covered Wall Street analysts' equity and debt research and equity strategy daily for 24/7 Wall St. since 2012. His broad and diverse career, which included a stint as the creative services director at the NBC affiliate in Austin, Texas, gives him unique insight into the financial industry and world. Lee Jackson's journey in the financial industry spans over 30 years, with nearly two decades as an institutional equity salesperson at Bear Stearns, Lehman Brothers, and Morgan Stanley. His career was marked by his presence on the sell side during pivotal Wall Street events, from the dot.com rise and bubble to the Long Term Capital Management debacle, 9/11, and the Great Recession of 2008. This is a testament to his resilience and adaptability in the face of market volatility.

Here Are Monday’s Top Wall Street Analyst Research Calls: AGCO Corporation, Deere & Co., Edison International, Lumentum Holdings, PG&E, Sempra Energy, STAG Industrial, Ticketplus, and More
Asia-Pacific
The Straits Times

Anthropic IPO launch shifts toward mid-October, sources say

Anthropic had been expected to make its IPO prospectus public as early as next week, a crucial step that would kick off the final stages of the offering. Anthropic is expected to begin marketing its initial public offering (IPO) in mid-October at the earliest and complete the listing days before the US midterm elections in November, people familiar with the matter said on Sept 4. The artificial intelligence company had been expected to make its IPO prospectus public as early as next week, two of the people said, a crucial step that would kick off the final stages of the offering. Now that is not expected until late September, the people added, cautioning that the plans, including the timing, are subject to change. The shift pushes back what some investors have said could be a US$2 trillion listing, one of the largest IPOs ever attempted and a major test of public-market appetite for the rapidly growing artificial intelligence industry. Companies frequently adjust their IPO schedules as they work through market conditions, regulatory reviews and other preparations, so such changes are not unusual. As part of the IPO process, Anthropic is looking to finalise a US$15 billion revolving credit facility, after which analysts, including those at banks involved in the financing, are expected to meet with the company, one of the people said. Bloomberg News earlier reported that Anthropic was in talks to expand the facility to US$15 billion. Companies typically leave a few weeks between analyst meetings and making the IPO prospectus public, although Anthropic is expected to have a tighter window because analysts already know the company well, the person said. The offering is expected to be one of the most closely anticipated IPOs ever, as investors look to public markets for exposure to the rapidly growing artificial intelligence industry. It could come alongside potential listings from other AI companies, including OpenAI. Elon Musk’s SpaceX went public in June at a record US$1.77 trillion valuation. Morgan Stanley, Goldman Sachs, JPMorgan and Citi are among the banks working with Anthropic on the IPO, according to people familiar with the matter.

Anthropic IPO launch shifts toward mid-October, sources say
Europe
BBC Business

Hundreds of North Sea workers too heavy for new helicopter rules

Hundreds of North Sea workers are still too heavy for offshore helicopter travel less than two months before new rules come into force, BBC Scotland has learned. From November they should weigh no more than 19st 7Ib (124.7kg) in their clothing and footwear, so they can be winched to safety in an emergency. When the plans were announced by industry body Offshore Energies UK (OEUK) last year, they said more than 2,200 workers were above that limit. New figures suggest up to 800 still exceed it. Jobs could be lost as a result, and an occupational health expert said some had left the offshore industry rather than lose the weight. However an employment law specialist said alternative onshore roles could also be explored by companies. The new safe weight limit policy, external came after the Maritime and Coastguard Agency (MCA) warned that rescue winches - which are critical during offshore emergencies - cannot safely lift heavier people. The 39st (249kg) maximum Coastguard rescue helicopter winch load is made up of the maximum clothed weight plus the average 14st (90.3kg) weight of a rescue worker, a 4st 7Ib (29kg) stretcher, and the 7Ib (5kg) kit. OEUK said the average weight of offshore workers had risen by almost 1st 7Ib (10kg) since 2008. Its definition of clothed weight is measured "according to the industry travel clothing policy for the relevant season, including shoes". The decision to implement a safe weight limit for offshore workers followed a lengthy review by industry experts. Rules about shoulder size were previously introduced for workers travelling to and from offshore installations by helicopter. Passengers with a shoulder width of 22in (56cm) or more were classed as "extra broad" and had to sit next to a similarly large helicopter window, so they could escape.

Hundreds of North Sea workers too heavy for new helicopter rules
Europe
The Guardian

Tim Cook handed $47m package for new role as executive chair of Apple

John Ternus, left, is taking over as Apple’s chief executive from Tim Cook, who spent 15 years in the role. Composite: Bloomberg, AFP, Getty ImagesView image in fullscreenJohn Ternus, left, is taking over as Apple’s chief executive from Tim Cook, who spent 15 years in the role. Composite: Bloomberg, AFP, Getty ImagesAppleTim Cook handed $47m package for new role as executive chair of ApplePay and shares deal nearly matches $58m award to John Ternus, his successor as CEO at the $4.7tn tech company Tim Cook has received a $47m (£35m) pay deal as Apple’s executive chair, a remuneration package that nears the level set for his successor as chief executive. Cook, who handed over to John Ternus on Tuesday, will be paid a base salary of $2m and $45m worth of shares. Half of the share award will be based on performance targets being met, while the remaining half will be paid out over four years. Ternus will receive a base salary of $3m and a $55m share award, with the latter more weighted to performance. Cook’s total compensation as chief executive for 2025 exceeded $74m. Cook, who owns more than 3m shares in Apple, has been placed in the multi-billionaire category by Forbes, which estimates his wealth at $3bn. His predecessor, the Apple co-founder Steve Jobs, was paid a symbolic $1 a year but was worth $7bn when he died, including a sizeable shareholding in Disney he acquired after selling the Pixar animation studio to the entertainment conglomerate. Cook took over from Jobs in 2011 having impressed as an operations specialist. The stock has risen 2,200% since he took charge, with Apple now valued at about $4.7tn – compared with about $350bn when he became chief executive. He built the tech company’s sophisticated supply chain and is succeeded by a 51-year-old engineer and longstanding Apple employee, who built products as senior vice-president of hardware engineering. View image in fullscreenJohn Ternus speaks during Apple's annual developer conference in San Jose in 2017. He has run the engineering teams behind Apple’s product lineup. Photograph: Stephen Lam/ReutersTernus’s role meant he ran the engineering teams behind Apple’s entire product lineup, including the iPhones that generate most of the company’s revenue. Analysts are not only anticipating new products but also further progress on integrating AI into Apple hardware. Ternus’s first big public moment at Apple will be at its annual iPhone event on 9 September, where a foldable handset is expected to be revealed. New iterations of the Apple Watch and AirPods are also anticipated, although Bloomberg reported last week that AirPods with cameras – another big product rumour – “aren’t launching anytime soon”. Cook’s new mandate includes engaging with policymakers around the world and will involve maintaining the company’s relationship with Donald Trump, as well as overseeing the company’s diplomatic ties with China – a key production hub. In a final memo to employees on Monday, he focused on Apple’s products. “I will miss leading you and being with you for every step, even as I take enormous comfort in handing the helm to someone as brilliant and wonderful and capable as John,” he said. “Few people understand what it takes to build products that change the world the way John does.”

Tim Cook handed $47m package for new role as executive chair of Apple
Asia
The Hindu BusinessLine

Rain gains seen for barren South as fresh ‘low’ forms over Bay of Bengal

A brewing low-pressure area (marked ‘L’) may approach the north Andhra Pradesh coast by Saturday and gradually bring rain cover (in blue shade) into the dry South Peninsula by weekend. | Photo Credit: www.tropicaltidbits.com A fresh low-pressure area brewing over the north Bay of Bengal could keep the monsoon firing across eastern and central India even as the season begins edging towards its withdrawal from North-West India. The normal date for the onset of monsoon withdrawal is around September 17. Yet the latest in a series of lows spawned since August could produce the classic late-season paradox: less rain overall, but sharper and more concentrated spells wherever weather systems find a favourable track, a pattern unfolding against the backdrop of a strengthening El Niño risk from the east and equatorial Paciic. An unlikely beneficiary could be the South Peninsula, which has borne the brunt of the season’s hostile large-scale circulation. El Niño-linked sinking air and persistent high pressure have suppressed rain across the region, leaving it with a 27 per cent seasonal deficit, highest among India’s four meteorological regions. East and North-East India follows with a 25 per cent deficit, while Central and North-West India remain in single-digit deficit. India Meteorological Department (IMD) expects the emerging system to provide another injection of moisture into the monsoon circulation. A cyclonic circulation over the north Bay and adjoining Bangladesh on Wednesday is expected to descend to lower levels and consolidate into a low-pressure area by Thursday. The system could then take an unusual south-westward track along the coast, crossing into land around the Odisha-north Andhra Pradesh coast by Saturday. If it retains strength and spreads inland, its influence could extend across the South Peninsula and into Madhya Pradesh. Further evolution could see it intensify near the Mumbai-Konkan sector before being deflected towards Uttar Pradesh and eventually the Himalayan foothills. This trajectory could prove crucial for rainfall distribution. A ‘low’ over the Bay can continue to pump moisture into the subcontinent even as the broader monsoon circulation gradually weakens. El Niño may raise the odds of a weaker monsoon, but it does not switch rainfall off. Instead, rainfall tends to become more erratic, with longer dry spells broken by intense bursts when lows and troughs align favourably. The immediate forecast reflects this uneven pattern. Heavy rain is expected over Tamil Nadu, Puducherry and Karaikal on Saturday; Kerala and Mahe through next three days; and Telangana on Friday and Saturday. Scattered to isolated rain is likely across much of the southern peninsula, including Coastal and North Interior Karnataka; Rayalaseema; South Interior Karnataka; and Coastal Andhra Pradesh. Eastern India could see heavier action. The IMD has warned of isolated extremely heavy rain over Odisha on Thursday and very heavy rain on Friday, besides heavy spells over West Bengal; Jharkhand; and Bihar. The Andaman and Nicobar Islands; West Bengal hills; and Sikkim are also in line for heavy rain. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Rain gains seen for barren South as fresh ‘low’ forms over Bay of Bengal