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Venezuela oil exports drop after US tanker seizure

Venezuela’s oil exports have fallen sharply after the United States seized an oil tanker carrying Venezuelan crude, triggering fresh tensions between the two countries.

The tanker, named Skipper, was taken over by US authorities earlier this week in what Washington described as an enforcement action linked to sanctions on Venezuela. Following the seizure, several ships waiting to load or transport Venezuelan oil have either halted operations or remained anchored, fearing similar action.

As a result, millions of barrels of crude and fuel are now stuck at sea, and daily oil exports from Venezuela have dropped significantly. At present, only shipments handled by U.S. energy major Chevron—operating under a special licence from Washington—are continuing normally.

Venezuela’s government strongly criticised the move, calling it illegal and accusing the US of “stealing” its oil. Officials said they would raise the issue with international bodies and warned that the action would worsen already strained relations between the two nations.

The seizure comes amid tighter US pressure on President Nicolás Maduro’s government, including new sanctions on shipping companies and vessels linked to Venezuelan oil trade. The United States has said the measures are meant to push for democratic reforms in Venezuela.

Political tensions have also intensified after opposition leader Maria Corina Machado travelled abroad to receive a Nobel Peace Prize. From overseas, she renewed calls for political change in Venezuela, while the Maduro government accused foreign powers of backing efforts to destabilise the country.

Together, the tanker seizure and diplomatic fallout have dealt a fresh blow to Venezuela’s oil-dependent economy and deepened its standoff with Washington.

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3 US lawmakers move to end 50% India tariffs

Three members of the US House of Representatives have introduced a resolution seeking to end steep tariffs of up to 50 percent on Indian imports, imposed during former President Donald Trump’s administration. The lawmakers, Deborah Ross, Marc Veasey, and Raja Krishnamoorthi, called the tariffs “illegal” and harmful to both American consumers and workers.

The tariffs were initially imposed under a national emergency declaration, with Trump citing concerns over India’s trade policies and purchases of Russian oil. These duties affected a wide range of Indian-made goods, raising their cost significantly in the US market. In August 2025, a secondary 25 percent duty was added, increasing the total tariff burden on imports from India to as high as 50 percent.

The resolution introduced by the three lawmakers aims to repeal these tariffs and cancel the national emergency powers used to justify them. It highlights the economic and strategic importance of the US-India relationship, including trade, investment, and supply chain links that benefit American industries and consumers.

Representative Deborah Ross noted that states such as North Carolina gain from trade and investment with India, which supports jobs and economic growth. She said the tariffs undermine these benefits, adding unnecessary costs for American families. Congressman Marc Veasey called India a key partner in culture, economics, and security, warning that the tariffs act as an extra tax on ordinary Americans already facing rising prices. Congressman Raja Krishnamoorthi emphasized that ending the duties would strengthen bilateral economic and security cooperation.

The lawmakers’ resolution also reflects a broader push by Congressional Democrats to challenge Trump-era use of emergency powers in trade matters. By restoring Congress’s authority over trade decisions, they hope to ensure that future trade policies are transparent, fair, and legally grounded.

If passed, the resolution would not only lift tariffs on Indian goods but also send a signal that the US is committed to maintaining strong trade and strategic ties with India, while protecting the interests of American workers and consumers.

Also Read: November inflation at 0.71%, still under RBI band

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November inflation at 0.71%, still under RBI band

India’s retail inflation rose to 0.71 percent in November, up from a record low of 0.25 percent in October, according to official data released on Thursday. Despite the increase, price pressures remain well below the Reserve Bank of India’s (RBI) comfort range of 2–6 percent, continuing a rare phase of subdued inflation.

The rise was mainly driven by food and fuel prices, which saw a slower decline compared to the previous month. While overall food prices are still lower than a year ago, the pace at which prices were falling moderated in November, leading to a slight uptick in headline inflation.

Food inflation stayed in negative territory at around minus 3.9 percent, indicating that food items, on average, were cheaper than last year. However, prices of vegetables, eggs, meat, fish and cereals showed some firming compared to October. Fuel and light inflation also edged higher, adding to the increase in the overall consumer price index.

Core inflation, which excludes food and fuel and reflects broader demand conditions, remained largely stable. This suggests that underlying price pressures in the economy are still muted, even as certain categories show early signs of recovery.

Economists say the low inflation reading gives the RBI greater flexibility on monetary policy, especially at a time when growth concerns persist. With inflation consistently staying below the lower end of the target band for several months, expectations of further interest rate cuts have strengthened.

However, experts caution that inflation may gradually rise in the coming months as the favourable base effect fades and demand improves. Seasonal changes, global commodity prices and domestic food supply conditions will play a key role in determining the inflation trajectory.

For now, November’s data reinforces the view that price stability remains intact, offering relief to consumers and policymakers alike. The RBI is expected to closely monitor inflation trends while balancing the need to support economic growth in the months ahead.

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Rupee falls 9 paise, hits record low of ₹90.41

The Indian rupee slipped further on Friday, closing at a record low of ₹90.41 against the US dollar, down 9 paise from the previous session. This marks another milestone in the rupee’s ongoing depreciation trend.

Traders said the fall was mainly due to high demand for dollars from importers who needed to pay for overseas goods and services. At the same time, foreign investors have been pulling money out of Indian stocks and bonds, adding to pressure on the currency.

Global factors also played a role. A stronger dollar abroad and uncertainty in financial markets made investors cautious, keeping the rupee under stress. Analysts said that while the Reserve Bank of India can step in to stabilize the currency, its ability to stop the decline is limited when import demand and capital outflows are high.

The rupee’s slide reflects wider economic challenges, including a trade gap, where India imports more than it exports, increasing the need for foreign currency. Experts expect the rupee to face continued pressure in the coming weeks as global market volatility and domestic economic factors play out.

Despite the fall, some believe the rupee may find temporary support if global dollar strength eases or if capital inflows improve. For now, businesses and consumers may feel the pinch as imports become more expensive and foreign travel or overseas education costs rise.

Also Read: IndiGo moves court for ₹900 crore refund

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IndiGo moves court for ₹900 crore refund

IndiGo has launched a legal challenge seeking over ₹900 crore in customs duty refunds, claiming the government’s taxation on aircraft parts returned from overseas repairs is unfair. The airline says it faces double taxation, paying GST on repairs abroad while being charged customs duty again when the same parts are re‑imported into India.

The airline explained that sending parts overseas for repair qualifies as a service, which is taxed under GST. IndiGo paid the tax under the reverse charge mechanism. However, when the repaired parts returned to India, customs authorities treated them as fresh imports, demanding additional duty. The airline argues this approach is unjust, effectively taxing the same transaction twice – first as a service, then as an import of goods.

The case was initially listed before a Delhi High Court bench of Justices Prathiba M Singh and Shail Jain. However, Justice Jain recused herself, citing a conflict of interest, as her son is employed as a pilot with IndiGo. The matter will now be heard by a different bench.

IndiGo stated that it had paid the disputed customs duties “under protest” to avoid delays in returning critical aircraft parts to service. The airline also pointed to previous tribunal and court rulings suggesting that re‑imported parts should not face double levies once GST has been discharged. Customs authorities, however, rejected refund claims, asking the airline to reassess each bill of entry, a process IndiGo says is impractical.

Alongside this case, IndiGo is contesting a GST demand of ₹58.75 crore for the financial year 2020–21. The airline has clarified that these disputes are unlikely to affect operations materially.

This case could have wide implications for the aviation sector and other businesses dealing with imported goods and overseas repairs. The Delhi High Court’s ruling may set an important precedent on how GST and customs duty interact for re‑imported parts, potentially shaping tax practices for years to come.

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42 US states warn tech giants on unsafe AI chatbots

Forty-two US state attorneys general have raised a serious concern with regard to the world’s most widely used AI chatbots are sometimes giving people wrong, confusing, or even harmful answers. They have written a joint letter to major companies including Microsoft, Google, Apple, Meta and OpenAI, warning them to fix these problems quickly.

The attorneys general said they are especially worried about how these chatbots talk to people who are sad, stressed or struggling with mental health issues. In several reported cases, when users expressed fear, confusion or emotional distress, the chatbot’s answers made things worse. Instead of correcting false beliefs or offering safe guidance, some systems encouraged the user’s harmful thoughts. In their letter, the officials described these responses as “delusional” or “sycophantic”,  meaning the AI simply agrees with a user, even when the user is clearly wrong or unsafe.

The states said this behaviour is dangerous and may even break consumer protection laws. They pointed out that millions of people now rely on AI tools for advice sometimes more than they rely on friends, family or professionals. This puts a big responsibility on tech companies to ensure their products do not cause harm.

The group has asked the companies to take several important steps. First, they want stronger safety systems that stop chatbots from giving harmful or misleading answers. Second, they want independent experts to test these AI models and openly share the results. Third, they want clear warnings for users so people know the limitations of AI and understand that chatbots can make mistakes.

The attorneys general have given the companies until mid-January 2026 to explain what actions they will take. They also said they will not hesitate to act if companies fail to protect users.

This joint warning shows how quickly AI has become part of everyday life and how concerned governments are about its risks. While AI can be helpful, state leaders say it must be safe, trustworthy and designed to protect people, especially children and those who are emotionally vulnerable.

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Gold falls ₹140, Silver near ₹2 lakh on Dec. 12

Gold prices in India dropped a little on 12 December 2025. The price of 24-carat gold was about ₹132,340 for 10 grams, down roughly ₹140 from the previous day. 22-carat gold also fell by around ₹128. The same trend was seen across major cities including Delhi, Mumbai, Bengaluru, Hyderabad and Chennai. Prices in India remained higher than Dubai because of import duty and local taxes.

The small fall in gold rates came after soft global cues, a weaker US dollar and expectations of future interest rate cuts in the US. These international factors continue to influence gold prices in the domestic market.

Silver prices, however, held steady at stronger levels. Silver was priced at around ₹201 per gram, which is close to ₹2,01,000 per kilogram in many parts of India. Some cities reported slightly higher rates depending on local demand.

Both gold and silver prices may vary from shop to shop due to making charges, GST and regional differences.

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Indian Rupee hits historic low of ₹90.46 against US Dollar

The Indian rupee weakened further on Thursday, December 11, 2025, touching a historic low of ₹90.46 against the US dollar. This marks the steepest level the rupee has reached in its history, continuing the depreciation trend seen over the past few months.

Several factors contributed to the sharp fall. Ongoing global uncertainties and slow progress in trade negotiations with the United States have rattled investor confidence. At the same time, domestic demand for US dollars from companies making international payments increased pressure on the rupee. Additionally, foreign investors have been pulling funds from Indian markets, adding to the volatility.

This year, the rupee has fallen by over 5 per cent, making it one of the worst-performing Asian currencies in 2025. Analysts say the currency’s decline has been influenced by rising global crude oil prices, high import bills, and widening trade deficits, which have further strained India’s foreign exchange reserves.

In response to the slide, the Reserve Bank of India (RBI) reportedly intervened in the forex market, buying and selling dollars to stabilize the rupee. Such measures are intended to reduce sharp fluctuations and maintain market confidence.

Economists warn that the rupee may continue to face pressure in the near term unless there is progress in trade negotiations, improved foreign investment inflows, and easing of global market uncertainties.

Investors and businesses are closely monitoring the currency movements, as the fall in rupee value impacts import costs, inflation, and international trade. With the year-end approaching, all eyes are on the RBI’s interventions and global market trends to determine if the currency can recover.

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Mexico hikes tariffs up to 50% on Asian imports

Mexico has approved higher import tariffs on products from several Asian countries, including India and China. The move is meant to protect local industries and increase government revenue. The new duties will come into effect in 2026 and will cover products such as vehicles, auto parts, textiles, plastics, steel, footwear, and clothing.

The bill was passed in the Mexican Senate with 76 votes in favour, five against, and 35 abstentions, after it was approved by the lower house. Most products will face tariffs of up to 35%, while some could see increases as high as 50%. The first version of the proposal included higher tariffs on around 1,400 products, but the final plan reduced duties for nearly two-thirds of them.

Officials say the tariff hike is needed to help Mexican manufacturers compete with cheaper imports from Asia. They believe the new duties will protect jobs, strengthen domestic production, and improve Mexico’s role in global supply chains.

The tariff increase is also expected to boost government revenue, with experts estimating an extra $3.76 billion next year. This is seen as an important step to reduce Mexico’s fiscal deficit.

The decision comes as global trade tensions rise and ahead of a review of the United States-Mexico-Canada Agreement (USMCA). Some trade analysts and business groups have warned that higher tariffs could disrupt supply chains, increase production costs, and raise prices for consumers.

Countries without free-trade agreements with Mexico, including India and China, are likely to feel the biggest impact, as higher duties could make their exports less competitive.

Overall, the move is considered one of the most significant changes in Mexico’s trade policy in recent years. It shows the government’s focus on protecting local industries while managing international trade. Businesses and exporters are now closely watching the changes and preparing for the impact of the new tariffs.

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Fed cuts rates again, benchmarks at three‑year low

On December 10, 2025, the Federal Reserve (Fed), under chair Jerome Powell, reduced its benchmark interest rate by 25 basis points, bringing the federal funds rate down to a range of 3.50 %–3.75 %,  the lowest level in nearly three years.

This marks the third consecutive rate cut this year, following similar reductions in September and October. The move comes against a backdrop of persistent inflation and a softening job market, with Fed officials noting “downside risks to employment” alongside still‑elevated prices.

Inside the policy‑making committee, the decision was not unanimous. Out of 12 members, nine voted for the cut, while three preferred either no change or a deeper 50‑basis‑point cut, highlighting divisions over how aggressively to stimulate growth versus guard against inflation.

Importantly, Powell cautioned that future cuts are not guaranteed. He suggested that rates may now be near a neutral point, signaling a potential pause, or at least a slower pace, in further easing.

Beyond rates, the Fed also committed to resuming short-term Treasury bill purchases to bolster liquidity in US money markets, a step not seen since previous crises.

Markets responded quickly. Major US stock indices rallied on the news, the Dow Jones Industrial Average surged nearly 1.3%, while the S&P 500 and Nasdaq Composite also posted strong gains.

That said, global sentiment remained cautious. The Fed’s mixed signals, an uncertain labour‑market outlook, and persistent inflation left many unsure about what comes next, making 2026 a year of close watching for investors.

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