The crypto world’s feeling the heat too, with a massive $300 billion wiped out—Bitcoin’s down 10%, and altcoins like Ethereum, Solana, and XRP have dropped over 15%. Over in India, the Nifty index extended its losing streak to 10 days, closing at 22,083, though Nifty Bank stayed in the green.
In other news, Trump has pulled military aid to Ukraine after a tense chat with President Zelenskyy. PM Modi is pushing Indian businesses to invest more, and the IRDAI has told insurers to either cut commissions or pass on benefits to policyholders. Bhavish Aggarwal, the CEO of Ola, has also introduced a weekly reporting system inspired by Elon Musk.
On top of that, Trump is proposing tariffs on US agricultural imports starting April 2, which could shake up global trade. Meanwhile, PM Modi gave a thumbs-up to Anant Ambani’s Vantara initiative for wildlife conservation.
Donald Trump confirms 25% tariffs on Canada, Mexico to go ahead
President Donald Trump said Mexico and Canada could not negotiate a reprieve from 25% tariffs scheduled to take effect on March 4.
“No room left for Mexico or for Canada,” Trump told reporters Monday when asked if the US’s North American neighbors could reach a deal to put off the duties. “They’re all set. They go into effect tomorrow.”
The long-promised tariffs scheduled to take effect Tuesday would easily be among the most sweeping of the Trump era, applying to roughly $1.5 trillion in annual imports. They would put a 25% tariff on all imports from Canada and Mexico, except Canadian energy, which would face a 10% rate. He has also said he’ll double a tariff on China to 20%.
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Also read: China hits back at Trump with agriculture tariffs as high as 15%
US To Impose Tariffs On Agri Goods From Apr 2; How Will It Impact India?
US President, Donald Trump, proposes new tariffs on imported agricultural products, and urges American farmers to increase domestic production. Manisha Gupta speaks with Himanshu Agarwal, MD, Satyam Balajee Group to decode how it will impact India.
Nifty records longest losing streak on record, falls for 10 straight days
The benchmark index slipped 37 points to close at 22,083, while the Sensex shed 96 points, settling at 72,990. Despite the overall weakness, broader markets showed resilience, with the midcap index managing to end with minor gains.
Nifty Bank outperformed the benchmark index, closing in the green, supported by gains in SBI and HDFC Bank. The index climbed 131 points to finish at 48,245, while the midcap index also posted a modest increase of 24 points, ending at 48,008.
Read more here
US President Donald Trump Halts Military Aid To Ukraine Following Disastrous Zelenskyy Meet
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US President Donald Trump has paused military aid to Ukraine following his clash with Ukrainian President Volodymyr Zelenskyy last week. The decision comes after Trump berated Zelenskyy for not being thankful to the United States and told him to ‘come back when he’s ready for peace.’
PM Modi to India Inc: Don’t be a mere spectator, take big steps
PM Modi To India Inc | These webinars are being held on MSME as an engine of growth, manufacturing, exports, and nuclear energy missions, and regulatory, investment, and ease of doing business reforms.
Crypto market crashes $300 billion as Trump’s tariffs spark global sell-off
A day after cryptocurrencies surged on optimism surrounding Donald Trump’s US Crypto Strategic Reserves, the market suffered a dramatic crash, wiping out $300 billion in value. Bitcoin plummeted nearly 10%, while major altcoins, including Ethereum (ETH), Solana (SOL), and XRP, posted losses exceeding 15%.
The sharp downturn was triggered by Trump’s sweeping tariffs on China, Mexico, and Canada, which rattled financial markets and sparked a global sell-off. Investors, already wary of regulatory hurdles surrounding Trump’s crypto reserve initiative, now face mounting economic uncertainty.
As of 12:41 pm, Bitcoin was trading at $84,119.28, with a market cap of $1.67 trillion and a 24-hour trading volume of $76.75 billion. Over the past 24 hours, BTC has dropped 9.47%, sliding from a daily high of $93,600 to a low of $83,300.
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Make insurance cheaper or…, IRDAI’s latest warning to companies
In its quarterly meeting with insurance companies, the Insurance Regulatory and Development Authority of India (IRDAI) has warned insurance companies to enforce limits on commissions and pass on the benefits to policyholders.
In April 2023, IRDAI decided to remove limits on commissions in individual business segments and instead put limits on the total expenses. Total expenses include commission and other operational costs incurred by the insurer, which can’t exceed 30% of the gross premium in the case of general insurers and 35% for a standalone health insurer.
Read the details here
Bhavish Aggarwal pulls an Elon Musk, demands weekly reports from Ola employees
In a move reminiscent of Elon Musk’s recent directives to US federal employees, Bhavish Aggarwal, the founder of Ola Group, has ordered all employees across his companies to submit weekly reports outlining their accomplishments.
An internal email sent by Aggarwal to all the employees across the group last week mandated this, under an initiative, titled ‘Kya Chal Raha Hai?’ — a colloquial Hindi phrase meaning ‘What’s going on?’. It requires workers to send a brief weekly email listing 3-5 bullet points of their completed tasks.
Full story here
PM Narendra Modi commends Anant Ambani on Vantara, calls it a ‘safe Haven for animals’
Prime Minister Narendra Modi inaugurated the Vantara Wildlife Rescue and Rehabilitation Centre in Jamnagar on Tuesday, March 4, and commended Anant Ambani for his compassionate efforts.
In a post on X, the PM said, “Inaugurated Vantara, a unique wildlife conservation, rescue and rehabilitation initiative, which provides a safe haven for animals while promoting ecological sustainability and wildlife welfare.”
Deets here
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