Disney is implementing further job cuts across its film and television divisions, impacting marketing, publicity, and other departments, as part of ongoing cost-cutting measures initiated by CEO Bob Iger. Despite these reductions, Disney reported a revenue increase and a rise in Disney+ subscribers, reflecting the company's adaptation to the evolving digital landscape.
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President Trump's impending tariff hike on steel and aluminium imports, effective June 4, is projected to significantly impact Indian metal exports, potentially costing $4.56 billion. The increased duties are expected to diminish the competitiveness of Indian manufacturers in the US market. India has notified the WTO and is considering further actions in response to the tariff increase.
Britain plans a significant boost to its defence industry. The government will invest £1.5 billion in new weapons factories. This aims to increase production capacity. The move comes ahead of a major defence review. The review will address the threats from Russia, China, Iran and North Korea. The UK also plans to increase defence spending to 3% of GDP.
A public feud between Trump and Musk triggered a significant drop in Tesla shares, impacting major US indexes like the S&P 500 and Nasdaq 100. Tesla's decline highlighted concerns about index concentration in large-cap stocks, particularly the 'Magnificent Seven,' and its wide market exposure through numerous ETFs, affecting funds like the Consumer Discretionary Select Sector SPDR Fund.
India's agricultural sector has undergone a significant transformation in the last 11 years, driven by increased budgetary support and policy focus. The government reports substantial growth in foodgrain output, rising MSP for key crops, and significant disbursements under PM-KISAN. Crop procurement volumes have also seen a sharp increase, positioning India towards global agricultural leadership.
Victoria's Secret has postponed its quarterly earnings release following a security breach that disrupted operations and forced its US website offline. The company detected the incident on May 24, initiating response protocols and engaging experts. Preliminary results show $1.35 billion in net sales, exceeding forecasts. The breach, potentially a ransomware attack, impacted in-store services and corporate systems, hindering financial reporting.
The Mumbai consumer commission has directed Flynas, a Saudi-based budget airline, to compensate a passenger Rs 1.25 lakh for losing her baggage during a trip from Istanbul to Mumbai via Riyadh. The commission criticized the airline's lack of effort in tracing the lost bag and failure to attend the hearing, deeming their conduct as "mala fide negligence."
Starting July 2025, the GST Network will time-bar GST returns after three years from the due date, impacting filings like GSTR-1 and GSTR-3B. Implemented from August 2025, this measure, stemming from the Finance Act, 2023, aims to improve compliance and clear backlogs.
Aakash Educational Services has petitioned the NCLT in Bengaluru to dismiss Byju's petition, requesting that EY and Ajay Shah be included. AESL alleges a conflict of interest, pointing to EY's prior advisory positions in transactions now being challenged by Think & Learn's resolution professional. AESL claims EY played a key role in financial and legal matters.
The Supreme Court has admitted appeals from Byju's promoters and BCCI regarding the edtech firm's insolvency proceedings. These appeals challenge the NCLAT's refusal to allow insolvency withdrawal, citing a pre-CoC settlement of Rs 158 crore. The promoters argue the settlement was reached before the committee of creditors was formed, seeking to halt the CIRP.
Bharat has formally requested consultations with the United States under the WTO. This challenges American tariffs on automobile parts. The move follows Bharat's earlier decision to reserve the right to impose retaliatory duties on select US goods. This is in response to Washington’s tariffs on steel and aluminium. Bharat seeks to discuss the implications of the US measure.