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Luxury Brands Are Getting Hit by a Vibe Shift
- Luxury brand sales and consumer interest have declined sharply after a 2024 post-pandemic boom.
- Macroeconomic challenges and rising prices have cooled demand, especially among aspirational buyers.
- Younger consumers, especially Gen Z, show growing disillusionment and demand more authenticity and value.
- Geographic shift: U.S. and China see weaker sales, while Europe faces cautious, selective buyers.
- Luxury buyers now favor memorable experiences, sustainability, and customization over traditional status symbols.
Major Rule Changes from Today: UPI Limits, LPG Price Update, SBI Card Insurance, and More
- UPI users can now check their balance only 50 times per app daily; stricter API limits apply.
- Scheduled UPI Autopay transactions will be processed only during non-peak hours to reduce failures.
- LPG commercial cylinder prices have dropped; household cylinder prices remain unchanged as of today.
- SBI Cards will discontinue complimentary air accident insurance on select credit cards, affecting many customers.
- Possible changes in CNG/PNG prices and banking holidays can affect your monthly budgeting from today.
ED Summons Anil Ambani on August 5 Amid Raids in Odisha and Bengal Over Loan and Fake Guarantee Fraud
- The Enforcement Directorate (ED) has summoned Anil Ambani to appear for questioning on August 5, 2025, in Delhi.
- Ambani faces an alleged ₹17,000-crore loan fraud probe involving improper loans and suspected money laundering.
- ED conducted fresh raids at three locations in Bhubaneswar and one in Kolkata, targeting Ambani-linked firms.
- Agencies allege that Ambani’s group secured an Odisha contract using a fake ₹68.2-crore bank guarantee.
- Investigators uncovered undisclosed bank accounts, suspicious crores-rupee transactions, and forged documents during searches.
Rupee Recovers Slightly After Hitting Five-Month Low on Trump’s Tariff Shock and RBI Intervention
- The rupee dropped to a five-month low at 87.69/$ on Thursday following Trump’s 25% tariff announcement on Indian exports.
- Fears of aggressive RBI intervention arose, but the central bank intervened selectively to limit excess rupee volatility.
- Persistent foreign investor outflows and high crude oil prices further pressured the currency and stock markets.
- Exporters are advised to hedge positions, while importers await favorable rates amid expected rupee fluctuations.
- The government is assessing the tariff impact, as traders expect continued rupee volatility until a US-India trade deal is finalized.
US Slaps 25% Tariffs on Indian Exports, Faces Criticism for Own Steep Duties
- The US imposes a 25% tariff on all Indian goods from August 1, 2025.
- President Trump calls India the “tariff king,” accusing it of high tariffs and barriers.
- WTO data reveals the US applies up to 350% tariffs on items like tobacco and dairy.
- US tariffs target key Indian export sectors, with added penalties for Russia-related trade.
- Economic experts warn these actions may reduce India’s GDP and strain bilateral ties.
US Imposes 25% Tariff on Indian Imports: Major Export Sectors Hit as Trade Tensions Escalate
- The US will impose a 25% tariff on most Indian exports from August 1, 2025.
- Key sectors affected include textiles, electronics, auto components, jewellery, and processed foods.
- Pharma and semiconductors are spared, but major exporters brace for significant US demand loss.
- The move is a response to India's high tariffs and continued imports of Russian oil and defense goods.
- Experts warn India could lose $30b in GDP, with trade talks planned to mitigate the impact.