Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

Operation Sindoor: Modi’s No-Holds-Barred Warning to Pakistan

In a fiery 97-minute address in Parliament, PM Narendra Modi revealed India’s retaliatory strikes after the April 22 Pahalgam terror attack that killed 26 civilians. “In 22 minutes, we responded to April 22,” he said, confirming that India bombed nine terror camps in PoK and Pakistan, followed by air raids on 13 military bases. Modi claimed Pakistan’s nuclear threats were ignored and over 1,000 missiles and drones fired on May 9 were neutralized by Indian air defence. “No one in the world asked us to stop,” he stressed, countering opposition allegations of U.S. pressure. “Operation Sindoor is still on,” he warned, promising continued force against terrorism and accusing the Congress of echoing Pakistan’s narrative.

Trump’s Trade Threat: 25% Tariffs on India?

President Trump has warned that India could face tariffs up to 25% on its exports to the U.S. “India’s been a good friend, but they charge more tariffs than almost any other country,” he said aboard Air Force One. The threat comes as a temporary tariff truce is set to expire on August 1, with no deal yet in place between the two nations. While countries like the UK, EU, and Japan have sealed trade pacts with the U.S., India has held back on fresh concessions. Instead, it will resume comprehensive trade talks mid-August. U.S. officials say India must open its markets further or risk losing access.

Mayday at 5,000 Feet: United Airlines 787 Scare

On July 25, United Airlines flight UA108 to Munich suffered a left engine failure shortly after take-off from Washington Dulles Airport. The Boeing 787-8 Dreamliner issued a Mayday alert at 5,000 feet and circled for 2 hours and 38 minutes to safely dump fuel before returning to Dulles. All passengers were safe. The incident came just a month after the Air India Dreamliner crash in Ahmedabad that killed 260 people. Days earlier, an American Airlines 737 MAX 8 also faced an emergency in Denver due to cabin smoke and a tyre-related landing gear issue. Multiple incidents now put Boeing’s aircraft safety back in the spotlight.

Air India Audit Uncovers 100 Safety Violations

Just weeks after the fatal Flight 171 crash, the DGCA flagged 100 safety-related lapses at Air India following a detailed July audit. Among them: pilot fatigue breaches, simulator shortcomings, and inadequate route checks for high-risk airports. One major violation involved a Milan–Delhi 787 flight exceeding duty hours by over 2 hours. Auditors also found flights operating with insufficient crew and no chief pilots for the A320 and A350 fleets—signaling poor oversight. Air India has until July 30 to explain its corrective actions. With multiple show-cause notices issued, the airline’s post-Tata revival now faces a credibility test amid mounting passenger concerns.

Rupee Nears 87 as Dollar Demand, Trade Uncertainty Weigh

The Indian rupee slid to 86.9150 per dollar, its lowest since March, before closing at 86.8150. It’s now one of Asia’s worst-performing currencies this year—down over 1%, alongside the Indonesian rupiah. Traders blame rising dollar demand from importers, weak foreign portfolio flows, and uncertainty around U.S.-India trade talks. Exporters who stepped in at 86.50 may only return near 87.10 levels. RBI is expected to hold rates steady at its upcoming policy meet, monitoring transmission of past measures. Globally, the dollar index neared 99 after a pro-U.S. EU trade deal. Investors now await the Fed’s decision and Powell’s tone for rate-cut cues.

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Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

1. “No Fences, Just Food” – Trump’s Gaza Pledge

With emotion in his voice, U.S. President Donald Trump has announced the setup of “food centres” across Gaza—open, unfenced zones where civilians can access aid freely. Speaking from Scotland after meeting UK PM Keir Starmer, Trump said, “You can’t fake starvation… They have to get food and safety right now.”Starmer echoed the urgency, calling the situation “an absolute catastrophe.” Despite daily Israeli pauses for aid delivery, relief efforts remain insufficient. Only 60 trucks entered Gaza recently, well below the World Food Programme’s target of 100 per day. Trump also issued a direct message to Israeli PM Netanyahu: “You have to end it.” Global pressure is rising—from London to Paris—as the focus shifts from geopolitics to humanitarian survival.

2. “₹12,000 Trillion & Counting” – India’s Digital Payments Boom

India’s digital payment ecosystem has logged over 65,000 crore transactions worth ₹12,000 trillion between FY19 and FY25. From remote villages to roadside kirana stores, adoption is widespread.Minister Pankaj Chaudhary said the Payments Infrastructure Development Fund has enabled 4.77 crore touchpoints, boosting financial inclusion across Northeast India and J&K.The RBI Digital Payments Index has risen to 465.33 (Sept 2024), up from the base of 100 in 2018, signaling how deeply embedded digital payments are today.With UPI, BHIM incentives, TReDS for MSMEs, and alternative credit data, India is not just going cashless—it’s unlocking formal credit access for millions.

3. “Dollar Dents Euro as Trade Tensions Cool”

After months of anxiety, the dollar is back in form. A fresh U.S.-EU trade agreement—brokered by President Trump and EU’s Ursula von der Leyen—halved proposed tariffs on EU goods to 15%, easing global fears of a trade war.The dollar rose 1.25% against the euro, 0.59% against the yen, and 1% against the Swiss franc. The pound too dipped 0.67% to $1.335.Investor sentiment improved further with U.S.–Japan and U.S.–China dialogues also in progress. U.S. stocks held steady, and eyes now turn to upcoming Fed and BOJ meetings, with both expected to hold rates steady.Meanwhile, Bitcoin dipped to $118,205, and Ethereum fell just below $3,801.

4. “Tremors Trigger Readiness Drills” – Quake Near Andamans

A 6.3 magnitude earthquake shook the Bay of Bengal near the Andaman and Nicobar Islands at 12:11 am on July 29. The quake struck at a depth of 10 km; no damage or casualties were reported.This follows a 3.2 magnitude quake in Faridabad on July 22, felt across Delhi-NCR.In response, Delhi, Haryana, and UP have kicked off large-scale disaster drills—running from July 29 to August 1—focusing on earthquakes and industrial hazards.Coordinated by the NDMA and Indian Army, the drills aim to tighten disaster preparedness across the capital region.

5. “Musk’s $16.5B Chip Bet” – Samsung’s Foundry Lifeline

Tesla CEO Elon Musk has signed a $16.5 billion chip deal with Samsung Electronics, reviving hopes for the company’s struggling fab in Taylor, Texas.Tesla’s next-gen AI6 chips will be produced there, and Musk says he’ll “personally walk the line” to speed up progress. The deal runs through 2033 and could vastly exceed the initial commitment.Samsung, which already supplies Tesla’s A14 chips, had struggled to find customers for the Texas fab. This order sent Samsung shares soaring nearly 7%, their highest since Sept 2023.While AI6 chip production is expected around 2027–28, this tie-up offers Samsung a much-needed lifeline—especially as it trails TSMC in the foundry race and posted a $3.6B loss in the past six months.

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Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

1. TCS Cuts Jobs to “Realign the Future”

India’s largest IT firm, Tata Consultancy Services (TCS), is laying off 12,261 employees—roughly 2% of its global workforce—in FY26. The move, largely targeting mid-to-senior management, is part of TCS’s shift toward becoming a “Future-Ready”, AI-driven organisation. Despite a fresh 5,000 hires in Q1, the company’s attrition ticked up to 13.8%, prompting tighter policies on bench strength and billing mandates. CFO Samir Seksaria’s earlier assurance of wage hikes is now shadowed by cost cuts. CEO K. Krithivasan remains cautious, citing macro headwinds and a low likelihood of double-digit growth. TCS joins Microsoft and other tech majors who are navigating the AI disruption with painful workforce realignments.

2. Trump’s EU Tariff Countdown

Just days before an August 1 tariff deadline, Donald Trump is pushing hard for a new US-EU trade deal, demanding “fairness” on cars and agriculture. Meeting European Commission President Ursula von der Leyen in Scotland, Trump said there’s a “good chance” of a breakthrough, while von der Leyen pegged the odds at 50-50. If talks collapse, EU exports could face up to 30% tariffs on top of existing duties. With $1.9 trillion in annual trade on the line, this is a critical test for transatlantic ties—and a volatile moment for global markets.

3. Rudra & Bhairav: India’s New Strike Force

In a bold military reorganisation, the Indian Army has launched ‘Rudra’ all-arms brigades and ‘Bhairav’ light commando battalions to enhance border readiness against China and Pakistan. Unveiled on Kargil Vijay Diwas, these new formations blend infantry, tanks, artillery, UAVs, and special forces into agile, tech-powered units. Army Chief General Upendra Dwivedi said this realignment—without adding new troops—will “multiply operational capabilities manifold.” Over 250 brigades will be converted into all-arms formations, marking a major pivot toward future-ready warfare.

4. Coforge Rises to #7 in Indian IT

Coforge, formerly NIIT Technologies, has overtaken Mphasis to become India’s seventh-largest IT services provider. Clocking $442 million in revenue for the June quarter, Coforge is riding high on a $1.56 billion deal with Sabre and its acquisition of Cigniti Technologies. With operating margins flat at 13.1% and negative free cash flow, challenges remain—but analysts expect Coforge to hit a $2 billion run-rate by June 2026, potentially cracking the top 6 alongside Tech Mahindra and LTIMindtree. CEO Sudhir Singh is confident: “H2 should also be robust.” The mid-cap IT race is heating up, even as the top four remain unchanged.

5. UK Faces Vote on Palestinian Statehood

Following France’s bold UN pledge to recognise Palestine, Britain is now under pressure to act. The Scottish National Party (SNP) has vowed to introduce a Palestine Recognition Bill when Parliament resumes in September. Leader Stephen Flynn says if PM Keir Starmer stalls, the SNP will force a full parliamentary vote. Over 220 MPs, including many from Labour, back recognition, citing the escalating crisis in Gaza. While Starmer, Italy, and Germany prefer a peace-first approach, critics warn that waiting might mean never acting at all. With 142 nations already recognising Palestine, the UK’s next move will be closely watched.

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Whisky, Work Visas & Win-Win Trade

After three years of negotiation, India and the UK have inked a landmark Free Trade Agreement, boosting bilateral trade by an estimated $34 billion annually.

Signed during PM Modi’s London visit, the deal grants duty-free access to 99% of Indian exports, benefiting key sectors like textiles, pharma, and jewellery. Indian consumers gain too—expect cheaper British cars, scotch, chocolates, soft drinks, and medical devices.

Beyond goods, the deal opens 35 UK service sectors to Indian professionals for up to 24 months, eliminates social security payments for 3 years, and skips the UK’s Economic Needs Test in 36 categories.

Commerce Minister Piyush Goyal hailed it as a $23 billion opportunity for India’s labour-intensive sectors, and a step toward inclusive growth.

From ‘India Out’ to ‘India’s In’

PM Modi landed in Malé for the second leg of his two-nation tour, becoming the chief guest at the Maldives’ 60th Independence Day celebrations.

This marks a diplomatic reset with President Mohamed Muizzu, whose early tenure saw a tilt towards China and ‘India Out’ rhetoric.

Key agenda items: maritime security, trade, and inaugurating India-funded infrastructure projects. Several MoUs will be signed, reinforcing the India-Maldives Joint Vision. Foreign Secretary Vikram Misri called it a “significant reset”—a move aimed at rebalancing regional influence.

Rubio to Macron: You’re Helping Hamas

US Secretary of State Marco Rubio lashed out at France for its decision to recognize Palestine at the UN.

Calling it “reckless” and “a slap in the face to the victims of October 7,” Rubio claimed the move boosts Hamas propaganda and damages peace efforts.

France joins a growing bloc of EU nations supporting Palestinian statehood, while the US maintains that only direct Israel-Palestine talks can lead to a viable two-state solution.

The diplomatic divide in the West over Gaza is getting sharper—and more public.

Missiles, Fighter Jets & A UN Cry for Help

A dangerous escalation between Thailand and Cambodia has left nine civilians dead after Cambodia reportedly launched rocket attacks into Thai territory.

In response, Thailand deployed six F-16s, with at least one conducting airstrikes inside Cambodia. Both sides are now trading barbs and expelling diplomats.

Cambodia is calling for an emergency UN Security Council meeting, while China has urged restraint.

Thailand has sealed borders, begun civilian evacuations, and accused Cambodia of using human shields and targeting hospitals.

The baht slipped 0.3% amid rising market anxiety. This conflict could spiral fast.

MSME Stress Clouds ₹4,765 Cr Profit

Bajaj Finance posted a solid 22% jump in Q1 profit to ₹4,765 crore, but beneath the numbers is a growing concern: stress in unsecured MSME loans.

Vice Chairman Rajeev Jain flagged over-leverage as a “single univariate pain point.” Loan loss provisions rose 26%, and restructured loans surged to ₹219 crore—five times the usual.

13 out of 17 MSME sectors are slowing or contracting, with even doctors under strain.

Gross NPAs rose to 1.03% (from 0.86% last year), and credit costs may hover near 2% for FY26.

While AUM may grow 15%, disbursements will likely remain flat or decline. Recovery, Jain warned, may take “another quarter or more.”

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Modi’s London Mission: Trade Meets Royalty

It was a warm welcome from the Indian diaspora—and a pivotal handshake in British countryside diplomacy. PM Narendra Modi landed in London for a two-day visit focused on formalizing the India-UK Free Trade Agreement, a deal three years in the making.

Hosted by newly elected UK PM Keir Starmer at Chequers, the two leaders are expected to finalize an FTA that could eliminate tariffs on 99% of Indian exports, while opening India to more British whisky, cars, and luxury goods. Commerce ministers Piyush Goyal and Jonathan Reynolds are likely to sign the deal in their presence.

With $55 billion in bilateral trade and nearly 1,000 Indian companies in the UK, the partnership runs deep. India is also a major investor, with $20 billion in British ventures. Later, Modi is set to meet King Charles III, blending hard talks with soft diplomacy. Next stop: the Maldives, in a potential diplomatic reset after recent strain.

Mayday in Ahmedabad: IndiGo’s Engine Scare

It was a nerve-wracking moment on the tarmac. IndiGo flight 6E 7966, heading from Ahmedabad to Diu, aborted takeoff after one engine caught fire during its takeoff roll on July 23. The ATR-76 aircraft carried 60 passengers.

Pilots issued a “Mayday” and returned to the bay safely. All passengers were evacuated without injury. IndiGo cited a technical snag and promised thorough checks. This scare comes just a day after another IndiGo flight from Goa to Indore also reported a technical fault before landing.

No casualties were reported, but the back-to-back incidents have raised concerns over aircraft maintenance during India’s busy monsoon season.

Visa Thaw: India Reopens Doors to Chinese Tourists

After four tense years post-Galwan, India has officially resumed tourist visas for Chinese nationals, in what’s being seen as a significant diplomatic thaw. The announcement was made quietly via WeChat by the Indian Embassy in Beijing.

Chinese travelers can now begin applying online starting July 24. This follows the recent restart of the Kailash Mansarovar Yatra and months of border de-escalation, including the Modi-Xi meeting in Kazan and a flurry of bilateral talks.

External Affairs Minister S. Jaishankar recently met his counterpart Wang Yi, urging the end of restrictive trade measures like China’s rare earth export curbs—key for India’s EV and agri sectors. From 200,000 visas in 2019 to just 2,000 last year, this move aims to reboot people-to-people ties.

Trump Sends More Weapons to Ukraine—$322M Worth

Amid escalating Russian attacks, the U.S. has cleared a $322 million arms package for Ukraine. The deal includes $150 million for U.S. armored vehicle support and $172 million for surface-to-air missile systems.

The announcement comes just weeks after Defense Secretary Pete Hegseth paused other aid to assess U.S. stockpiles—surprising the White House. President Donald Trump, under rising pressure from isolationists, has since pivoted, declaring: “They have to be able to defend themselves.”

Trump’s new workaround? Let European allies buy U.S. arms and transfer them to Kyiv. Since 2022, the U.S. has sent over $67 billion in military support. Still, NATO countries in Eastern Europe are reluctant to part with their own advanced defense systems, despite mounting urgency.

Chanda Kochhar Found Guilty in ₹64 Cr Bribery Case

A stunning fall for one of India’s most celebrated bankers. Former ICICI Bank CEO Chanda Kochhar has been found guilty of accepting a ₹64 crore bribe in return for sanctioning a ₹300 crore loan to Videocon Group.

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Flight Frights: Safety Under the Scanner

It’s been a tense 48 hours in Indian aviation, with three back-to-back incidents raising concerns over safety and monsoon preparedness. On Tuesday, Air India Flight AI 315 from Hong Kong landed safely in Delhi, only for a fire to break out in the aircraft’s auxiliary power unit (APU) just after parking. Luckily, passengers had started disembarking and no injuries were reported. The aircraft has been grounded for checks.

This followed two other incidents on Monday: one Kolkata-bound flight aborted takeoff in Delhi due to a technical snag, and another Air India aircraft skidded off the runway in rain-hit Mumbai while arriving from Kochi. In both cases, passengers were unharmed.

Adding to the list, an IndiGo flight from Goa to Indore made an emergency landing after a mid-air landing gear warning. All 140 passengers are safe, but the spate of issues has raised tough questions about maintenance protocols and weather-readiness.

H1-B Overhaul: Skill May Trump Luck

Donald Trump is moving to restructure the U.S. H1-B visa lottery. On July 17, the Department of Homeland Security filed a proposal to introduce a “weighted and wage-linked selection system.” If approved, higher-paid and more skilled applicants will be prioritized over the current random lottery system.

This could mark a seismic shift for Indian professionals, who make up over 70% of all approved H1-B visas annually. In FY24, 77% of the 320,000 slots went to Indian nationals.

Elon Musk supported the move with a one-word post on X: “Great.” Musk has previously called the system “broken,” and this change could reflect a “merit-first” model, especially appealing to the tech sector.

Still, it’s a divisive move within Trump’s own MAGA base, which often pushes for stricter immigration. The proposal is under regulatory review, with final details yet to be confirmed.

Akasa on Ascent: Fastest-Growing Indian Airline

Akasa Air is flying high. In just two years, the airline has built a fleet of 30 Boeing 737 MAX jets and placed orders for 226 aircraft to be delivered by 2032. The numbers are impressive: revenue grew 49% year-on-year, Available Seat Kilometres (ASK) rose 48%, and EBITDA margins improved by 50% over FY24.

Akasa’s RASK (revenue per seat) now stands at 13%, while CASK (cost per seat) remains below 10%. The airline plans to expand international operations from 16% to 25%, targeting Middle East and Southeast Asia routes.

CFO Ankur Goel says Akasa is on track to grow its fleet by 25–30% annually, and the upcoming Navi Mumbai and Noida airports could offer strong domestic growth levers. From startup to serious contender, Akasa is becoming India’s most ambitious young airline.

Modi–Starmer FTA: A Landmark Trade Handshake

As PM Narendra Modi heads to the UK for his first visit since Keir Starmer took office, the two leaders are set to sign a long-awaited Free Trade Agreement (FTA).

Cleared by India’s Cabinet, the FTA promises to cut tariffs on 90% of British goods, making 85% of them duty-free over 10 years. In return, the UK will remove tariffs on 99% of Indian exports, boosting industries like textiles, gems, auto parts, marine goods, and chemicals.

This is a big win for Indian exporters, especially in apparel and home textiles, which currently face 8–12% UK duties. The deal also aims to unlock India-UK trade, which currently makes up just 2% of India’s global trade—a surprisingly low figure given their historic ties.

Once signed, the FTA will go to the British Parliament for ratification. If passed, this could become Britain’s biggest trade deal post-Brexit.

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VP Dhankhar Resigns, Citing Health

In a surprising political turn, Vice President Jagdeep Dhankhar resigned from office on Monday, citing medical reasons and the need to prioritize health. The resignation—submitted under Article 67(a)—was effective immediately.

In an emotional letter to President Droupadi Murmu, Dhankhar expressed gratitude for her support and recalled their “wonderful working relationship.” He also thanked Prime Minister Narendra Modi, Members of Parliament, and the Council of Ministers, calling his tenure “a privilege” during a transformative phase of India’s rise.

Known for his sharp legal acumen and parliamentary presence, Dhankhar’s exit comes at a politically sensitive time, raising immediate questions over his successor.

Turbulent Monday for Indian Aviation

Monday saw a series of aviation scares across India.

All incidents ended safely, but they’ve reignited concerns around monsoon preparedness, runway resilience, and aircraft reliability amid growing air traffic.

China’s Giant Dam Raises Red Flags

China has begun building the world’s largest hydropower project on the Yarlung Tsangpo river in Tibet—just upstream from India and Bangladesh. The $167 billion Motuo Dam is projected to generate 3x the output of the Three Gorges Dam.

But India’s not celebrating.

Arunachal CM Pema Khandu called it an “existential threat,” warning the dam could act as a “water bomb” if water is suddenly released. India’s foreign ministry has urged Beijing to respect downstream interests. China, not party to any water-sharing treaty, has promised “no negative impact.”

Assam CM Himanta Biswa Sarma offered a cautious view, saying the river’s flow comes from multiple sources and more study is needed. Meanwhile, India is moving ahead with its own buffer dam project on the Siang river.

Jane Street Cleared to Trade Again

After being barred from Indian markets for alleged ₹43,000 crore index manipulation, US-based hedge fund Jane Street is now back on the NSE and BSE—under tight SEBI conditions.

The firm deposited ₹4,843.5 crore into an escrow account, a key requirement from SEBI’s 3 July interim order. Jane Street denies any wrongdoing, claiming its trades were simple arbitrage.

The return doesn’t mean the probe is over. SEBI will continue monitoring Jane Street’s trades under heightened surveillance, with a final verdict expected in the coming months. Meanwhile, BSE shares jumped nearly 3%, and unlisted NSE stock saw a surge in demand.

Afcons Rides Global Rail Boom

Infrastructure major Afcons just clinched a ₹6,800 crore railway project in Croatia, its second big win in a week. The project involves reconstructing a railway line between Dugo Selo and Novska, including electrification and signaling.

This follows two Croatian road project wins worth ₹4,535 crore, a ₹700 crore Reliance contract in Gujarat, and a ₹463 crore rural water project in Rajasthan.

Despite strong order momentum, Afcons’ stock has underperformed since listing in November at ₹426. It now trades around ₹418, down over 10% from IPO and nearly 27% off its high of ₹570. Still, analysts remain bullish, citing the company’s execution record and robust pipeline.

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Earnings Tsunami Incoming

The Q1 FY26 earnings season has officially begun, with Reliance Industries and HDFC Bank leading the charge. Over 95 major companies are set to report their numbers this week, covering sectors like tech, pharma, infra, and finance.

“Markets will first react to Reliance, HDFC Bank, and ICICI Bank,” said Ajit Mishra, SVP, Religare Broking.

Key dates to watch:

July 22: Colgate-Palmolive, Dixon, IRFC, JSW Infra, Paytm

July 23: Infosys, Dr. Reddy’s, Tata Consumer, Coforge

July 24: Bajaj Finance, Canara Bank, Nestle, Mphasis, SBI Life

July 25: Cipla, Bajaj Finserv, Bank of Baroda

July 26: Kotak Bank, IDFC First, Balkrishna Industries

Markets are closely tracking profitability trends, rural demand, and input cost pressures. With large and midcaps on center stage, investor sentiment could shift fast.

$44M Crypto Hack Hits CoinDCX

India’s leading crypto exchange CoinDCX has confirmed a $44 million security breach, after hackers compromised an internal liquidity account over the weekend.

Co-founder Sumit Gupta said customer wallets remain safe and losses will be fully covered by treasury reserves. Trading was briefly paused but services are now live.

The company is also launching a bug bounty program and working with cybersecurity partners to trace the stolen assets.

This breach follows last year’s WazirX hack worth $230M, adding urgency ahead of India’s first crypto policy paper, expected this month.

EU Sanctions Nayara Refinery, Rosneft Hits Back

The European Union has sanctioned Nayara Energy’s refinery in Vadinar, Gujarat, drawing sharp condemnation from Rosneft, which owns a 49% stake.

Rosneft called the move “unjustified and illegal,” warning it could undermine India’s energy security and hurt the economy. It emphasized that Nayara is a locally governed and taxed Indian entity, with profits reinvested in the country.

India’s Ministry of External Affairs responded firmly:

“We do not recognize unilateral sanctions. There should be no double standards, especially in energy trade,” said MEA spokesperson Randhir Jaiswal.

The EU also slashed the Russian oil price cap to $47.6/barrel and clamped down on “shadow fleet” ships—efforts to reduce Moscow’s wartime revenue.

Iran-EU Nuclear Talks Back On

In a diplomatic shift, Iran has agreed to restart nuclear talks with the UK, France, and Germany—collectively known as the E3. Deputy foreign ministers will meet Friday, separate from any talks with the US.

These nations were part of the original 2015 nuclear deal (JCPOA), which the US exited in 2018. Talks have remained frozen since an Israeli airstrike in June disrupted a round of Oman-mediated negotiations.

Iran is demanding security guarantees after joint US-Israel strikes targeted its nuclear infrastructure. While expectations are low, any movement is seen as a sign of thaw in an otherwise tense region.

Honda Hits the Brakes on ABS Deadline

With a January 2026 deadline approaching for mandatory ABS (anti-lock braking systems) on all two-wheelers, Honda Motorcycles has joined Hero MotoCorp in raising red flags.

“Cost is one issue. But the real concern is supply chain readiness,” said Yogesh Mathur of Honda.

Currently, only bikes above 125cc require ABS. The new norms would impact 84% of the two-wheeler market, adding ₹3,000–₹5,000 per unit in cost.

70% of key ABS parts—like ECUs and sensors—are still imported, mostly from China and ASEAN nations. Industry body SIAM has asked the government to push the deadline, but the Ministry remains firm, citing India’s high road fatality rate.

Analysts say the domestic ABS market could grow 5X to ₹80,000 crore, though full localization may take up to 18 months.

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 Trade Tensions Explode: Lula vs Trump

It’s no longer just a tariff—it’s personal. After Donald Trump imposed a sweeping 50% duty on all Brazilian imports, Brazilian President Luiz Inácio Lula da Silva fired back, declaring: “No gringo is going to give orders to this president.” The tariff, effective April 1, was justified by Trump as retaliation for Brazil’s treatment of former President Jair Bolsonaro—calling his trial a “witch hunt”. Trump’s letter also accused Brazil of censorship and undermining free speech.

Lula stood firm, defending Brazil’s right to regulate U.S. tech giants, whom he blames for spreading misinformation. While Lula is open to talks, no meeting has been scheduled yet. In the meantime, Brazil is consulting industries and weighing retaliatory tariffs. It’s not just a trade spat anymore—it’s about sovereignty, censorship, and global pride.

🩺 Trump’s Bruises & Swollen Legs Spark Rumors—Again

A familiar bruise. A flaky patch of makeup. And the internet was off to the races with speculation about Donald Trump’s health. Close-ups before his Pittsburgh trip showed the same discolored mark on his right hand seen in February, April, and June. But the White House insists: it’s just handshakes and aspirin.

Meanwhile, concerns about Trump’s swollen legs were addressed with a confirmed diagnosis of chronic venous insufficiency (CVI)—a common, age-related condition where blood pools in the legs due to weakened vein valves. Tests ruled out serious issues like blood clots or heart disease. The official line? “The President remains in excellent health.”

💻 Amazon Cuts Cloud Jobs to Fuel AI Future

Amazon is trimming its cloud—literally. The tech giant has begun layoffs at Amazon Web Services (AWS) as it pivots hard toward artificial intelligence. The job cuts come after an internal review of priorities, with spokesperson Brad Glasser noting that the company will continue investing in innovation.

CEO Andy Jassy had hinted at this direction in June, predicting AI automation would shrink future headcounts. AWS, a profit engine for Amazon, is now being streamlined to adapt to rising AI costs. As of March, Amazon had 1.56 million employees, including over 350,000 corporate roles. Microsoft, too, recently laid off 9,000 workers citing similar AI-related recalibrations. The message across Big Tech is loud and clear: AI is changing not just what we do—but who does it.

🏭 Adani Exits FMCG Game as Wilmar Takes Over

Gautam Adani is stepping back. In a ₹7,150 crore deal, Adani Group is selling a 20% stake in AWL Agri Business Ltd to Singapore’s Wilmar International at ₹275 per share. Once cleared, Wilmar’s stake will rise to 64%, making it the majority owner—officially overtaking Adani.

This move is part of Adani’s broader strategy to exit the FMCG space and double down on core infrastructure businesses. It follows a phased exit plan first announced in December 2024. With this sale, Adani’s ownership drops below 11%, completing a strategic shift away from the consumer goods arena. It’s a clear sign of Adani realigning priorities amid India’s rapidly evolving business landscape.

🚀 India Flexes Missile Power with Back-to-Back Tests

India just reminded the world why it’s a force to reckon with. In a powerful show of strength, the Strategic Forces Command test-fired two nuclear-capable ballistic missiles—Prithvi-II and Agni-I—from Odisha, validating all technical and operational parameters. Both missiles are central to India’s nuclear deterrence doctrine.

And just a day earlier, India successfully launched Akash Prime—an upgraded air defence system—in high-altitude Ladakh. The missile hit two aerial targets above 4,500 meters near the Line of Actual Control. Featuring an indigenous radio frequency seeker, Akash Prime is part of India’s growing focus on homegrown, high-precision defence tech.

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Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.PAN-PAN in the Sky: IndiGo’s Emergency Landing

It started with a “PAN PAN PAN”—the aviation distress call for urgent but non-life-threatening situations. That’s what the captain of IndiGo flight 6E 6271 declared mid-air on Wednesday, after detecting an engine snag. The Airbus A320neo, carrying 191 people from Delhi to Goa, made an emergency diversion to Mumbai, landing safely at 9:53 pm with emergency teams on standby. All passengers were safe. This incident adds to a growing list of technical issues for IndiGo: a bird strike on a Patna-Delhi flight and a technical snag on an Indore-Raipur route earlier this week. With monsoon weather disrupting flights across Delhi, India’s busiest airport is under pressure—and so is IndiGo’s reputation.

“This is not a drill.” That was the warning after a 7.3 magnitude earthquake struck off the coast of Alaska near Sand Point, triggering a tsunami alert for parts of the Alaska Peninsula. The quake hit at 12:37 pm local time, just 20 km below the ocean floor—shallow enough to generate tsunami waves. The National Weather Service issued alerts from Kennedy Entrance to Unimak Pass, covering towns like Cold Bay and Kodiak. Alaska lies on the Pacific Ring of Fire, one of the world’s most seismically active zones. Though no major damage has been reported, the tremors are a stark reminder of the region’s vulnerability, echoing the devastating 1964 quake that killed over 250 people.

After months of turbulence, Ola Electric’s stock surged 20% this week—but it wasn’t driven by earnings. The company’s revenues halved, and losses widened in the latest quarter. What changed? Ola’s auto business turned Ebitda-positive in June for the first time, thanks to stronger sales of its premium Gen-3 scooters and tighter cost controls. But serious headwinds remain: market share has dipped below 20%, regulatory hurdles continue, and customer complaints persist. While Ola has scaled back its ambitious battery manufacturing targets, it’s betting big on a leaner, profitability-first strategy. The road ahead? Still bumpy—but at least the wheels are turning in a new direction.

India’s biggest lender is raising big money. State Bank of India (SBI) is planning to raise ₹45,000 crore in FY26 via bonds and equity. Its board just cleared ₹20,000 crore worth of Basel III bonds, and it launched its first QIP since 2018, setting a floor price of ₹811.05 per share. Though its capital adequacy stands strong at 14.25%, SBI wants dry powder to support future growth and match peers like HDFC Bank (19.6%). Experts say overall bond activity may slow this year amid weak credit growth and investor wariness around AT1 bonds post-Yes Bank. Public sector banks, including SBI, are increasingly leaning into QIPs—not just to raise capital, but also to meet government disinvestment goals.

India has just beaten a major climate target—five years ahead of time. Over 50% of the country’s power capacity now comes from non-fossil fuel sources, fulfilling a key Paris Agreement commitment well before the 2030 deadline. Renewable energy now makes up 48.3% of total capacity, with nuclear taking the figure over the 50% mark. To further this momentum, the Cabinet has greenlit massive investments: NTPC can invest up to ₹20,000 crore via its green arm, while NLC India can invest ₹7,000 crore through its renewables unit. Experts caution that while capacity is growing fast, actual generation from renewables—especially solar and wind—still lags at just 13%. The next frontier? Turning that potential into real, round-the-clock clean energy output.

Tsunami Alert After 7.3 Quake Shakes AlaskaOla’s Stock Jumps—but Is the Turnaround Real?SBI’s ₹45,000 Cr Capital PlayIndia Crosses Climate Milestone—5 Years Early

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