Author: Shelly M

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Corporate

India’s Forex reserves drop $5.6 billion to $689.73 billion

India’s foreign exchange reserves fell by $5.6 billion to $689.73 billion as on October 31, 2025, marking the second consecutive weekly decline.

The reserves had dropped by $6.92 billion to $695.36 billion in the preceding week, according to data released by RBI on Friday

The latest data showed that foreign currency assets, which form the largest component of the overall reserves, decreased by $1.9 billion to $564.59 billion. The RBI noted that these assets include the impact of appreciation or depreciation of non-US currencies such as the euro, pound, and yen held in the reserves.

Gold reserves saw a significant decline of $3.8 billion, falling to $101.72 billion during the week. Meanwhile, Special Drawing Rights slipped by $19 million to $18.64 billion.

India’s reserve position saw a positive shift with the International Monetary Fund rising by $164 million to $4.77 billion.

The decline in reserves comes amid fluctuations in global currency markets and changing gold prices, which continue to influence India’s overall reserve composition. Despite the recent dip, India’s forex reserves remain among the highest globally, providing a strong buffer against external shocks.

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Beyond

H-1B hiring slows as US firms cut back

International students in the United States are finding it increasingly difficult to secure jobs as American employers pull back from sponsoring work visas.

The slowdown follows a series of policy changes introduced under President Donald Trump’s administration, including a new $100,000 fee for companies applying for H-1B visas.

The H-1B visa program, a key route for skilled foreign graduates to stay and work in the US, has seen a steep contraction in hiring. And, the technology sector seems to be hit the most with Tech giants such as Amazon, Microsoft and Meta being among those most affected.

Business groups, including the US Chamber of Commerce, have challenged the new rules in court, arguing they are unlawful and could damage industries dependent on global talent.

Although authorities clarified that recent graduates and current student visa holders will be exempt from the fee, the uncertainty surrounding implementation has prompted many firms to delay or cancel international hiring.

According to date from the US Citizenship and Immigration Services, Indian nationals made up over 70% of H-1B visa recipients in 2024, followed by applicants from China and the Philippines.

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Beyond

US Visa rules toughen for health cases

New guidelines of US Visa instructs officers to assess applicants’ long-term health costs and financial capacity, sparking concerns among immigration advocates.

The United States has introduced new visa screening guidelines that could see applicants denied entry based on medical conditions such as obesity, diabetes and heart disease.

Under the policy, it will be evaluated whether applicants can afford potential medical treatment during their stay in the country. The rules will be applicable to all visa categories but it is likely to impact more to applicants seeking permanent residency.

The guidelines also extend scrutiny to family members, including children, elderly dependents and dependents with disabilities or chronic illnesses which could prevent the main applicant from maintaining employment.

The move has drawn criticism from immigrant rights advocates, who warn that it may unfairly penalize individuals with chronic conditions and reinforce biases in the visa process.

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Beyond

Louvre $102M Heist Linked to Weak Password

The museum’s security system was breached using the password ‘Louvre’. The audacious robbery took only seven minutes. Investigators have arrested four suspects, but the jewels remain missing. The Apollo Gallery is now closed for security upgrades.

Weeks after the $102 million daylight robbery at Paris’s Louvre Museum, investigators have uncovered that the main security system was breached using the password ‘Louvre’.

According to reports from France’s National Cybersecurity Agency (ANSSI), the glaring flaw came to light during an ongoing probe into the October 19 heist.

A 2014 cybersecurity audit had already identified the same weakness in Louvre’s digital infrastructure nearly a decade ago but the museum failed to act. The agency had then notified that the surveillance and alarm systems were still running on 20-year-old software and had cautioned that an intruder could exploit these vulnerabilities.

These findings have triggered outrage and embarrassment for French authorities.

The dramatic heist went down in broad daylight as a four-man crew, dressed in construction vests and motorcycle helmets, used a cherry picker to reach the museum’s Apollo Gallery.

In seven minutes, they smashed glass display cases with chainsaws and made off with eight priceless gems, including a sapphire diadem, necklace, and single earring once belonging to 19th-century Queens Marie-Amelie and Hortense.

The thieves then went down using the same cherry picker, attempted to torch the vehicle and fled on two scooters parked nearby.

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1 Minute-Read

Nykaa Q2 Profit Soars 243%, Revenue Up 25%

FSN E-Commerce Ventures, which operates beauty and lifestyle brand Nykaa, reported a 243% rise in consolidated net profit to ₹34 crore for the September quarter, compared to ₹10 crore in the same period last year.

Revenue from operations grew 25% to ₹2,346 crore from ₹1,875 crore. Sequentially, profit was up 48% from ₹23 crore in Q1 FY26, while revenue rose 9%.

Gross profit stood at ₹1,054 crore, forming 50% of revenue and marking a 28% increase from a year earlier.

Nykaa said its gross margin was the highest in 12 quarters, driven by strong beauty and fashion sales.

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Technology

ChatGPT Sued Over Suicides and Mental Harm

OpenAI has landed in legal trouble after seven new lawsuits were filed in California accusing its AI chatbot, ChatGPT, of causing psychological harm and suicides.

Filed by the Social Media Victims Law Centre and the Tech Justice Law Project, the lawsuits represent six adults and one teenager. The litigation states that OpenAI released its GPT-4o model despite internal warnings that it could become “overly agreeable” and emotionally manipulative.

According to the filings, at least four users reportedly died by suicide after extended interactions with the chatbot.

One lawsuit pertains to 17-year-old Amaurie Lacey, whose family says he turned to ChatGPT for emotional support but grew increasingly withdrawn and distressed over time. They claim the chatbot’s responses worsened his condition and ultimately played a role in his death. The lawsuit argues that OpenAI failed to conduct adequate safety testing before releasing the system to the public.

Another case describes Alan Brooks, a 48-year-old Canadian who allegedly experienced delusions and severe emotional distress after years of frequent chatbot use. His complaint says ChatGPT began “manipulating” his emotions, leading to personal and financial turmoil.

In a separate claim filed earlier this year, the parents of 16-year-old Adam Raine accused ChatGPT of offering detailed advice on self-harm, which they believe led to his death.

Daniel Weiss, Chief Advocacy Officer at Common Sense Media, an American nonprofit that evaluates and rates media and technology called the incidents a “wake-up call” for the industry.

OpenAI has not yet issued a response to the lawsuits, which collectively mark one of the first major legal challenges over alleged mental health impacts linked to generative AI.

Also Read: LIC Q2 Profit Rises 32% to ₹10,053 Crore

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Corporate

LIC Q2 Profit Rises 32% to ₹10,053 Crore

Life Insurance Corporation of India (LIC) reported a 32% rise in profit for the second quarter of FY26, reaching ₹10,053 crore compared to ₹7,620 crore in the same quarter last year.

The country’s largest insurer’s Net Premium Income climbed 5.4% to ₹1.26 lakh crore in Q2 FY26, up from ₹1.19 lakh crore a year earlier.

CEO and MD of LIC, R Doraiswamy, said the company remains optimistic about the recent GST changes announced for the insurance industry.

For the first half of FY26, LIC’s total premium income rose 5.1% to ₹2,45,680 crore. The insurer’s individual business premium increased to ₹1,50,715 crore, while group business premium rose to ₹94,965 crore.

However, individual new business premiums slipped 3.5% to ₹28,491 crore from ₹29,538 crore in the first half of FY25. Meanwhile, renewal premiums in the individual segment grew 6.1% to ₹1,22,224 crore, reflecting continued customer retention and policy renewals.

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Corporate

Jio Platforms Valued at $170 Billion, say bankers

Jio Platforms Ltd., the digital and telecom subsidiary of Reliance Industries, is being valued at up to $170 billion by investment bankers, with discussions placing the range between $130 billion and $170 billion.

If realised, the higher-end valuation would make Jio one of India’s top three listed companies by market capitalization, overtaking Bharti Airtel, currently valued at around $143 billion. Parent company Reliance Industries, led by Mukesh Ambani, holds a market cap of about Rs 20 lakh crore.

Ambani had earlier indicated that Jio’s IPO could take place in the first half of 2026, marking the first major listing of a Reliance business since Reliance Petroleum’s debut in 2006. The move, long anticipated since 2019, follows substantial global investments from Meta Platforms and Alphabet Inc., which together infused over $10 billion into Jio in 2020.

Under current regulations, companies valued above Rs 5 lakh crore must sell shares worth at least Rs 15,000 crore in their IPOs. For Jio, that would translate to an offering of around $4.3 billion, assuming the company achieves the top-end valuation.

Jio’s strong financial performance continues to bolster investor confidence. For the September quarter, it reported a 13% rise in net profit to Rs 7,379 crore, driven by higher data consumption and a growing subscriber base. Revenue from operations grew 15% to Rs 36,332 crore, compared to Rs 31,709 crore in the same period last year.

The company’s average revenue per user rose 8.4% year-on-year to Rs 211.4, while its 5G subscriber base surged to 234 million. It now has 22.7 million home connections and nearly 9.5 million JioAirFiber users, highlighting its expanding digital footprint.

The anticipated IPO is expected to be one of the largest in India’s history, underscoring Jio’s pivotal role in advancing the country’s telecom and digital transformation.

Also Read: Adani Kutch Copper ties up with Australia’s Caravel Minerals

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Corporate

Adani Kutch Copper ties up with Australia’s Caravel Minerals

Adani Enterprises’ copper arm, Kutch Copper, has signed an MoU with Caravel Minerals Ltd of Australia to secure copper concentrate for its $1.2 billion smelter in Gujarat.

Under the agreement, Kutch Copper will source up to 71,000 tonnes of copper a year from the Caravel Copper Project near Perth in Western Australia’s Murchison region. The partnership will also enable both countries to explore investment opportunities and work towards a final investment decision (FID) by 2026.

“Copper is the backbone of the global energy transition, and our partnership with Caravel Minerals strengthens India’s and Australia’s role in building a resilient and responsible supply chain for this vital metal,” said Dr. Vinay Prakash, CEO, Natural Resources, Adani Group.

The Caravel Copper Project is estimated to contain 1.3 million tonnes of payable copper with a mine life of more than 25 years. With an all-in sustaining cost of $2.07 per pound, it is expected to be among the world’s lowest-cost copper producers.

According to Caravel’s Managing Director, Don Hyma, the partnership represents a key milestone in unlocking the project’s full potential. He noted that the collaboration combines Adani’s downstream and infrastructure expertise with Caravel’s large-scale copper resource, built on a shared commitment to sustainable and long-term production.

The companies will also explore joint procurement and cross-border initiatives under the India-Australia Free Trade Agreement to strengthen bilateral trade, workforce development, and technology transfer.

As the world shifts toward electric vehicles and clean energy, the need for copper is expected to grow by almost 50% by 2040. The partnership between Caravel and Kutch Copper aims to help India and Australia play a major role in creating a reliable and eco-friendly supply of this important metal for the future.

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Corporate

Reliance Cuts Russian Oil, Resells Middle Eastern Crude

Reliance Industries Ltd (RIL) is looking to re-sell Middle Eastern crude it recently purchased, in a rare move that follows a halt in Russian oil imports due to US sanctions.

The company stopped lifting cargoes from Russia’s Rosneft last month after US imposed sanctions and bought at least 12 million barrels of spot crude from the Middle East and the Americas.

Reliance, which has a long-term deal to buy nearly 500,000 barrels per day from Rosneft, has said it will comply with international sanctions while maintaining existing supply ties.

The US, EU and UK have tightened curbs on Moscow following its invasion of Ukraine, with fresh restrictions on Rosneft and Lukoil. Companies have until November 21 to wind down transactions with them.

To fill the gap, Reliance purchased 1 million barrels of Abu Dhabi Murban, 2 million barrels of Upper Zakum, 500,000 barrels of Qatar Land, 3 million barrels of Al-Shaheen and Khafji, 2 million barrels of Iraqi Basrah Medium, 2 million barrels of Brazilian Tupi and Sapi, and 2 million barrels of U.S. West Texas Intermediate.

The Middle Eastern cargoes are set to load in December, while Brazilian and US shipments are scheduled for December and January arrivals. Sellers include Totsa (TotalEnergies’ trading arm), BP, Gunvor, Aramco Trading, Repsol, Petrobras, Eni and Vitol.

Traders estimate Reliance’s total spot crude purchases could be closer to 16 million barrels, including undisclosed cargoes. The company is also believed to be seeking additional term supplies from Saudi Aramco, ADNOC, Kuwait Petroleum, and Iraq’s SOMO.

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