NATO 100% Warning to India & China | Nvidia’s China Move | Tesla Finally Rolls Into India

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. 1. NATO’s 100% Sanctions Warning to India, China & Brazil NATO Secretary General Mark Rutte, with backing from U.S. President Donald Trump, issued a stark ultimatum: any country still trading oil and gas with Russia will face “100% secondary sanctions.” Targeting China, India, and Brazil directly, Rutte urged their leaders to pressure Putin into serious peace talks within 50 days—echoing Trump’s threat of “biting” trade penalties if no progress is made. For India, which has ramped up imports of discounted Russian oil since the Ukraine war began, the message signals growing Western impatience and raises the economic cost of neutrality. 2. Vedanta Faces Fire from Short Seller Viceroy Viceroy Research has reignited scrutiny on Vedanta Ltd, accusing its promoters of secretly holding a 1.91% stake via a trust-controlled entity, PTC Cables Pvt Ltd. The report claims this vehicle was used to funnel ₹1,500 crore in dividends to promoter-linked entities. Vedanta dismissed the allegations as “baseless,” stating full regulatory compliance. Yet public records show links to the Agarwal family and longtime associates. While JP Morgan backed Vedanta with an Overweight rating, the shadow of opaque trust structures and governance concerns continues to hover. 3. Tesla Finally Enters India—With a Luxury SUV, Not Scale Tesla has launched its long-awaited India operations with a flagship showroom in Mumbai’s BKC and the Model Y SUV priced between ₹61–68 lakh. While not aimed at mass adoption, Tesla’s appeal lies in its battery range, tech branding, and cargo space. However, its full self-driving features remain off-limits due to legal and regulatory barriers. India recently eased EV import duties for companies promising local manufacturing within three years, but Elon Musk skipped a planned visit and hasn’t committed to building in India yet. For now, Tesla rides on novelty rather than numbers. 4. Nvidia’s China Chip Move Raises Eyebrows in Washington Nvidia is seeking U.S. approval to resume sales of its H20 AI chips to China—part of a broader deal involving rare earth shipments to U.S. firms. Commerce Secretary Howard Lutnick confirmed the chip sale is linked to this “magnet” trade agreement. While the H20 chips are legally exportable, they remain powerful due to Nvidia’s software ecosystem. Lawmakers, however, are alarmed. Bipartisan critics argue the move undermines national security and could accelerate China’s AI ambitions, especially for companies like DeepSeek. With China generating $17B in revenue for Nvidia last year, CEO Jensen Huang’s balancing act could carry geopolitical consequences. 5. Trump Says US-India Trade Deal “Within Reach”—But Dairy Is a Dealbreaker Former President Donald Trump signaled progress on a long-pending trade pact with India, declaring, “We’re going to have access into India.” He cited a finalized deal with Indonesia as precedent, where U.S. exports face zero tariffs. But talks with India remain stuck—particularly over dairy imports. India has drawn a firm line, refusing U.S. dairy unless it’s certified free of animal byproducts, protecting its cultural norms and small farmers. With bilateral trade hovering around $200 billion and a $500 billion target by 2030, both nations are engaged in a complex tariff tug-of-war. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. Air India Crash Sparks Urgent Jet Checks After the tragic crash of Air India Flight 171 that claimed 260 lives, India’s aviation watchdog DGCA has ordered urgent inspections of fuel switch locking systems on all Boeing 737 and 787 aircraft in the country. A preliminary probe revealed that fuel supply to both engines was cut off within a second after takeoff, with cockpit recordings capturing confusion among the pilots. The incident has cast a spotlight on a 2018 FAA advisory that was not acted upon by Air India as it was non-mandatory. Over 150 aircraft are now being inspected, with DGCA setting a July 21 deadline. The crash has reignited debate on long-ignored safety warnings in Indian aviation. Jaishankar to China: Peace First, Progress Next In his first visit to China since the 2020 Galwan clash, External Affairs Minister S. Jaishankar told his Chinese counterpart Wang Yi that resolving border tensions is key to rebuilding trust. “Differences must not become disputes,” he said, urging both nations to maintain momentum in de-escalation and avoid restrictive trade practices—an indirect reference to China’s export curbs on critical minerals. The talks follow the October 2024 Modi-Xi meeting in Kazan and come ahead of the Shanghai Cooperation Organisation conclave. Jaishankar underlined that stable India-China ties are vital for global stability, calling for mutual respect and far-sighted diplomacy. MRP Reform on the Cards: No More Fake Discounts? Why does a product tagged ₹5,000 regularly sell at ₹2,500? The government wants to know. The Centre is considering a major revamp of the MRP (Maximum Retail Price) system, with plans to link prices to actual production and marketing costs. The aim is to prevent “price illusions” and deceptive discounts. A recent meeting led by the Consumer Affairs Department explored guidelines that could ensure more transparency in retail pricing. While officials insist it’s not about price control, industry players warn that cost-plus pricing may hurt flexibility and product variety. It’s early days yet—but the move could change how India shops. Trump’s 50-Day Threat to Russia Donald Trump has issued a 50-day deadline to Russia: broker peace with Ukraine or face 100% tariffs and secondary sanctions on oil buyers. In a high-stakes policy shift, the former president said countries purchasing Russian oil—including China and India—could also face penalties. The announcement was made during his meeting with NATO Secretary General and caused a brief rally in Russian markets, as investors welcomed the grace period. Trump also revealed a new U.S. weapons package for Ukraine, with NATO nations footing the bill. With the ceasefire deadline looming, global eyes are now on Moscow—and its oil partners. Maglev Mania: China’s 600 kmph Train In just seven seconds, it rockets to 600 kmph. China’s latest Maglev train is faster than a plane, covering the Beijing-Shanghai 1,200 km route in just 150 minutes. Unveiled at the 17th Modern Railways Expo, the train levitates using magnetic fields to eliminate friction—offering a silent, ultra-fast ride. A vacuum-tube test in Hubei Province clocked the train at 404 mph in under 7 seconds. Built by state-run CRRC, it boasts a futuristic interior and aerodynamic design. The full high-speed track is expected to be completed by the end of 2025. China isn’t just advancing rail tech—it’s reimagining time. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.Fireball Grounds Flights at Southend Airport A small aircraft crash sparked chaos at London Southend Airport on Sunday, halting all flight operations. Eyewitnesses captured a dramatic fireball and thick smoke, with unconfirmed reports pointing to a Beech B200 Super King Air. Authorities are investigating, but details remain scarce. Essex Police confirmed the 12-metre aircraft went down around 4 p.m., prompting evacuations of nearby golf and rugby clubs. Emergency crews, including four ambulances and air rescue teams, remain on high alert. The airport, 35 miles from London, is closed until further notice. It was a tough Friday for Indian markets. TCS’s weak Q1 results and fresh tariff threats from Donald Trump against Mexico and the EU sent shockwaves through Dalal Street. The Sensex fell 690 points, and the Nifty slipped 205, both ending at weekly lows. Ajit Mishra of Religare says, “Volatility is here to stay.” Still, Bajaj Broking believes the dip may be temporary, expecting a bounce if Nifty holds above 24,900. Also in the mix: FPIs pulled out over ₹5,000 crore, oil prices surged, and over 50 Q1 earnings are due this week. That viral WhatsApp forward claiming ₹500 notes will disappear from ATMs by September 2025? Totally false. The PIB Fact Check team debunked the claim, saying RBI has issued no such order. ₹500 notes remain legal tender. The misleading message also claimed 90% of ATMs would stop dispensing the denomination by March 2026—again, untrue. On a real currency note, the RBI will soon release new ₹20 notes signed by new Governor Sanjay Malhotra. Old ₹20 notes remain valid. Big change at VIP Industries. Promoters Dilip Piramal and family have sold 32% stake to a group led by Multiples PE and investor Mithun Sancheti, handing over control of the ₹6,400-crore company. The deal—reportedly worth ₹1,764 crore—was struck at a 15% discount to market price and triggers an open offer. VIP, which commands 44% of India’s organized luggage market, faces rising heat from startups like Mokobara and Nasher Miles. This could mark a fresh direction for a legacy brand known for Skybags, Carlton, and more. It’s a dividend-heavy week ahead! Market leaders like TCS, Bharti Airtel, Kotak Bank, Dabur, and IDBI Bank will trade ex-dividend starting Monday, July 14. Over 50 companies, including Bajaj Electricals, Blue Star, Cummins, and Happiest Minds, are on the list. Some are also announcing bonus or rights issues, creating opportunities for dividend-focused investors. If you’re chasing payouts, timing is key—own the shares before their ex-date to be eligible. TCS Miss, Trump Tariffs Rattle MarketsFake ₹500 Note Ban Claim BustedVIP Industries Gets a New CrewDividend Week: 50+ Stocks Go Ex-Dividend Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.Jet-Lagged in Kerala, may finally leave for home Jet-Lagged in Kerala, may finally leave for home A $115 million British F-35B stealth jet has been grounded at Thiruvananthapuram airport since June 14 after bad weather forced it to divert from the HMS Prince of Wales. While engineers work on repairs, the jet has turned into a social media sensation. Kerala Tourism joined the fun with a viral post: “Kerala is such an amazing place, I don’t want to leave.” Cartoons have popped up showing the jet enjoying chai and snacks under palm trees. The UK Defence Ministry has dismissed rumors about dismantling and flying it back via cargo. The aircraft is expected to take off again as early as next week. Nipah Returns: Kerala on Guard Kerala is back on high alert after two confirmed cases of the deadly Nipah virus—one fatal. An 18-year-old girl from Malappuram died, while a 38-year-old woman from Palakkad is undergoing treatment. Nearly 500 people are on the contact list, with 29 in the highest-risk category. Despite this, no new cases have been reported, and containment zones in Malappuram have been lifted. A central health team is on the ground coordinating efforts. Nipah is a zoonotic virus with no vaccine, but Kerala’s public health system has managed past outbreaks with early detection and isolation. Vedanta Called a ‘Parasite’ in Explosive Report In a scathing 87-page report, US-based Viceroy Research accused Vedanta Resources Ltd (VRL) of draining its Indian arm, Vedanta Ltd (VEDL), through aggressive dividend extraction, shady internal loans, and dubious brand fees. The report calls VRL a “parasite” with no meaningful operations of its own, relying on the Mumbai-listed company to survive. It highlights over $8 billion in dividends paid by VEDL despite falling cash flows, unexplained interest costs, and $1 billion in suspect loans. Viceroy also flagged flashy project announcements with little follow-through, a revolving door of senior execs, and 107 legal disclosures since 2022—far more than peers like Tata Steel. The takeaway? A pattern of poor governance and financial engineering. Tax Relief for Green Investors The Indian Renewable Energy Development Agency (IREDA) just received a big push from the finance ministry. Its bonds are now classified as ‘long-term specified assets’ under Section 54EC of the Income Tax Act. Translation: investors can save capital gains tax by investing up to ₹50 lakh annually in these bonds. The proceeds will be used exclusively for revenue-generating renewable energy projects. IREDA chairman Pradip Kumar Das hailed the move as a “pivotal moment” for green finance. The company posted a strong Q4 profit rise but saw a dip in Q1 earnings. Nonetheless, its stock ended 2.26% higher. Glenmark’s $700 Million Global Leap Glenmark Pharmaceuticals has struck gold with the biggest outlicensing deal in Indian pharma history. Its US-based unit, Ichnos Glenmark Innovation (IGI), has licensed a breakthrough blood cancer drug to AbbVie for $700 million upfront, with total potential payouts of $1.93 billion. The drug, ISB 2001, is a trispecific antibody targeting multiple myeloma—an aggressive blood cancer that resists conventional treatments. The therapy is still in early trials but has already received orphan and fast track designations from the FDA. Glenmark will retain rights in India and emerging markets, while AbbVie takes it global. “This puts India on the world map,” said Glenmark MD Glenn Saldanha. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. Trump Hits Brazil With 50% Tariff In a fiery escalation, U.S. President Donald Trump announced a 50% tariff on all Brazilian imports starting August 1. The move follows a diplomatic spat with Brazil’s President Lula da Silva, who called Trump an “unwanted emperor.” Trump fired back with a sharply worded letter defending ex-President Jair Bolsonaro, calling his trial “a witch hunt” and accusing Brazil of censorship and unfair trade. “Brazil has treated Bolsonaro disgracefully,” Trump wrote, adding that the tariffs are just the beginning. A Section 301 investigation into Brazil’s digital trade practices is also underway. Trump hinted at possible revisions if Brazil reforms, but warned of further hikes otherwise. #USBrazilTensions #TrumpTariffs #Geopolitics #JairBolsonaro #TradeWar Trump Threatens 200% Pharma Tariff, India Alarmed Trump is now eyeing a 200% tariff on pharmaceutical imports, a move that could hit India’s $30 billion pharma exports hard. The threat follows a Section 232 probe launched in April into whether pharma imports pose a national security risk. The U.S. accounts for 31% of Indian pharma exports and sources nearly 40% of its generics from India. Indian manufacturers warn this could worsen drug shortages in the U.S. and disrupt patient care. “Adding tariffs will hurt patients and delay our investments in the U.S.,” said Kathleen Jaeger of the Indian Pharmaceutical Alliance. The final decision is expected soon, and Indian pharma companies are already weighing exit strategies. #PharmaTariffs #IndianPharma #GenericDrugs #TrumpTrade #DrugShortage New US Visa Fee Raises Travel Costs Planning a U.S. trip? Brace for a higher bill. Under Trump’s “One Big Beautiful Bill Act,” a new $250 Visa Integrity Fee is in effect for most non-immigrant visas including B1/B2 (tourist/business), F and M (student), H-1B (work), and J (exchange). The fee, described as a refundable “good behavior bond”, is meant to enforce compliance with visa terms—no overstaying or unauthorized work. Starting in 2026, the fee will rise annually with inflation. For Indian travelers, it means the cost of a U.S. tourist visa jumps from $185 to $472 (~₹40,500). Refunds are rare and only apply to those who strictly follow the rules. #USVisaFee #ImmigrationPolicy #H1B #TravelCosts #VisaNews Vedanta Under Fire: “Ponzi Scheme” Allegation Viceroy Research, the short-seller that exposed Wirecard, is now targeting Anil Agarwal’s Vedanta Resources. In a damning report, Viceroy labeled the Indian conglomerate a “Ponzi scheme,” citing mismanagement and unsustainable debt. Vedanta has denied the charges, calling them “malicious and baseless.” But co-founder Fraser Perring warned more reports are coming. Viceroy, known for its multi-report takedowns, has a track record of triggering steep stock declines—80% of its targets have suffered. Perring also disclosed that he and his team shorted Vedanta bonds in April. With more revelations likely, investor anxiety is growing. #Vedanta #ViceroyResearch #ShortSelling #FraserPerring #MarketWatch India Scrambles After China Cuts Fertiliser Exports Commerce Minister Piyush Goyal has warned of the risks of overdependence on China for fertiliser supplies, following Beijing’s export curbs on Di-ammonium phosphate (DAP)—India’s second-most used fertiliser. India imported over 2.5 million tonnes of DAP in FY25, much of it from China. The restrictions have spiked global prices and sparked fears of shortages during the kharif sowing season. Goyal called for diversified sourcing, domestic production boosts, and long-term mineral partnerships. He also projected India’s agri-exports could grow from ₹4.5 trillion to ₹20 trillion with better processing and branding. But the short-term focus remains: ensuring farmers have what they need to plant. #FertiliserCrisis #ChinaCurbs #PiyushGoyal #AgriExports #DAPShortage Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. “We Want a Deal, Not a Steal” — India Holds Firm on Trade India and the US have pushed their trade deal deadline from July 9 to mid-July, even as President Trump enforces steep retaliatory tariffs on 14 other nations. India, however, isn’t on that list yet. The deal is awaiting Trump’s final sign-off, but Indian negotiators are in no rush. “Vietnam signed too quickly—we’re drawing red lines,” said a senior official, referring to contentious issues like agriculture, dairy, GM seeds, and digital trade. India currently faces a 26% tariff, and with Trump’s August 1 tariff trigger looming, the stakes are high. Trade experts warn these deals reflect pressure, not parity. Apple’s New Ops Boss is India-Born Sabih Khan After nearly 30 years behind the scenes, Apple veteran Sabih Khan has been named Chief Operating Officer, taking over from Jeff Williams. Born in Moradabad, Khan moved from Singapore to the US, earning degrees in economics and mechanical engineering. Joining Apple in 1995, he’s been instrumental in shaping its global supply chain, driving sustainability, and expanding US manufacturing. CEO Tim Cook praised Khan’s values-driven leadership, calling him “a brilliant strategist” and “central architect of Apple’s supply chain.” Khan officially steps into the role later this month. India’s Warship Surge to Counter China India is arming up at sea. Over the next year, the Navy will induct six homegrown stealth frigates—Udaygiri, Taragiri, Mahendragiri, Himgiri, Dunagiri, and Vindhyagiri—under Project 17A. These 6,670-tonne vessels, with 75% indigenous content, are armed with BrahMos missiles and cutting-edge tech. The ₹45,000-crore project marks a significant upgrade over earlier Shivalik-class ships. INS Udaygiri has already been delivered, and the rest will follow by August 2026. PM Modi, at a rare tri-commissioning earlier this year, called it a step toward a self-reliant Navy. By 2047, the Navy aims to be fully ‘atmanirbhar’ with 60 warships under construction. Modi Bags Brazil’s Top Civilian Honour In Brazil, PM Modi was awarded the Grand Collar of the National Order of the Southern Cross—the country’s highest civilian honour—for deepening India-Brazil ties and advancing global cooperation. “This is a moment of immense pride for 140 crore Indians,” Modi said, calling President Lula the “architect” of the strategic partnership. This is Modi’s 26th international award since 2014. Just days earlier, he received Trinidad and Tobago’s top honour—the Order of the Republic—making him the first foreign leader to earn it. Trump Targets BRICS with 10% Tariff Threat Donald Trump has launched a fresh broadside against BRICS. Calling the bloc an attempt to “destroy the dollar,” Trump warned that all BRICS nations—including India—will face a 10% tariff if he returns to office. “If they want to play games, I can play too,” he said. Trump claimed BRICS is not a “serious threat,” but accused it of trying to dethrone the dollar as the world’s standard. He slammed President Biden’s handling of the dollar’s global status, saying losing it would be like “losing a world war.” Trump added, “The dollar is king. We’re going to keep it that way.” Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. 25 Crore Workers Strike: Bharat Bandh Takes Centre Stage India is witnessing one of its biggest labour uprisings. On Wednesday, over 25 crore workers across banking, insurance, coal, postal, and transport sectors are expected to join a nationwide strike—Bharat Bandh—led by 10 central trade unions. The unions are protesting what they call the Modi government’s “anti-worker, anti-farmer, pro-corporate” policies. The flashpoint? The four new labour codes, which unions say erode workers’ rights, extend working hours, weaken collective bargaining, and decriminalize violations by employers. Farmers’ unions, including the Samyukta Kisan Morcha, are also backing the strike. “This isn’t just about wages,” said Harbhajan Singh Sidhu of Hind Mazdoor Sabha. “It’s a fight for the soul of India’s workforce.” China Fumes Over Modi’s Dalai Lama Wish A SEBI study has revealed a brutal truth—91% of retail traders in equity derivatives lost money in FY2025, with net losses ballooning to ₹1.05 lakh crore, up 41% from the previous year. Retail participation in F&O also dropped 20% year-on-year, reflecting rising disillusionment. Despite some pullback in volumes, India still sees intense activity in index options. The data comes as SEBI tightens its oversight of the derivatives market, with new risk-monitoring and transparency norms introduced this year. “The house still wins,” the study suggests, “and most traders are paying—not playing—the market.” Trump Tariff Tsunami Hits Asia—India Spared, For Now China has issued a formal protest to India after PM Narendra Modi wished the Dalai Lama on his 90th birthday and Union ministers attended celebrations in Dharamshala. Beijing labelled the Tibetan leader a “separatist” and accused India of violating past commitments on Tibet, which it refers to as “Xizang.” Chinese officials also reignited the reincarnation debate, asserting that the centuries-old process is under Chinese jurisdiction—not the Dalai Lama’s. India maintained that it doesn’t comment on religious matters and supports freedom of belief. The Dalai Lama, meanwhile, declared his reincarnation will be decided outside China, reinforcing the deep spiritual-political divide between the neighbours. Trump Nominated for Nobel After Iran Strikes President Donald Trump has announced steep new tariffs—up to 40%—on imports from 15 countries, including key Asian economies like Thailand, Cambodia, Indonesia, and South Korea. But India is notably exempt, amid pending talks on a bilateral trade agreement. Trump says the move is part of his Reciprocal Tariff Policy to counter “unfair trade barriers.” Laos and Myanmar face the steepest duties (40%), while Japan and South Korea are hit with 25%. India’s absence from the list gives it a temporary export edge in sectors like textiles, toys, and electronics. “Indian products may gain a pricing edge,” said FIEO’s Ajay Sahai. But with a July 9 deadline for the tariff pause and the trade deal still unsigned, India’s free pass may not last long. In a high-stakes moment of international optics, Israeli PM Benjamin Netanyahu nominated Donald Trump for the Nobel Peace Prize—just two weeks after the U.S. bombed Iranian nuclear sites. Netanyahu called it a “historic victory” and praised Trump’s Middle East strategy. Trump, meanwhile, revealed Iran has approached the U.S. for talks and compared the bombings to the atomic strikes on Japan in World War II. Trump also claimed Hamas is now seeking a ceasefire in Gaza and floated the idea of Palestinian relocation. He sidestepped a two-state solution question, deferring to Netanyahu, who said peace is possible only with Palestinian neighbours who “don’t want to destroy Israel.” With Assad gone in Syria, Netanyahu believes new alliances can be forged in the region. Peace talk, power plays, and posturing—it’s diplomacy, Trump-style. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. Markets on Edge: Five Triggers to Watch India’s stock markets cooled off last week, snapping a two-week rally. Both the Sensex and Nifty 50 fell 0.7%, amid global trade tension and FPI outflows (₹5,773 crore in July so far). Mid and small caps stayed resilient. What’s Next? Five key signals will shape this week: India-US Trade Deal: With the July 9 deadline looming and Commerce Minister Piyush Goyal standing firm, uncertainty lingers. Q1 Earnings Kick Off: TCS and Tata Elxsi report July 10. Monsoon Progress: Above-normal rains = boost for kharif sowing. FPI Flows: Still in withdrawal mode, eyes on earnings and trade talks. US Fed Minutes: Could hint at when rate cuts might come. Modi in Rio: Trade, Terror & Teamwork At the BRICS Summit in Brazil, PM Modi met Cuban President Miguel Díaz-Canel to push ties in Ayurveda, biotech, pharma, and digital payments. The leaders agreed on strengthening cooperation on global issues like pandemics and climate change. Modi also took a hard line on terror, calling for sanctions after the Pahalgam attack. “Backing terrorists for political gain should never be acceptable,” he said. UAE’s Golden Gateway for Indians A lifetime UAE Golden Visa is now within reach for Indians—without needing to buy property. What’s new? Nomination-based entry. One-time fee: AED 1,00,000 (~₹23.3 lakh). No Dubai visit needed for pre-approval. Includes family, business, and job rights. Launched under UAE’s CEPA strategy, this pilot includes India and Bangladesh first, with China and others to follow. Applicants will undergo intense vetting—criminal checks, social media scrutiny, and potential economic value to the UAE. Yes Bank CEO Search Paused Amid Japan Deal Yes Bank has paused its CEO search as it awaits RBI’s green light on a ₹13,482 crore investment from Japan’s SMBC Group, which plans to acquire a 20% stake—the largest cross-border banking deal in India. The board felt it prudent to wait for SMBC’s input before appointing a new chief. Current CEO Prashant Kumar has been given a six-month extension, and the search firm has been told to stand down. Fitch calls the SMBC deal a potential game-changer for foreign investment in Indian banks—if RBI opens the door. Bengaluru Startup’s 12-Hour Days Spark Debate Work from 10 to 10. Six days a week. Sometimes Sundays too. That’s the reality at mobile gaming startup Matiks, where founder Mohan Kumar says it’s not a job, it’s a mission. His post on X set off a firestorm—some admired the grind, others slammed it as burnout in disguise. Critics questioned equity sharing, mental health, and the ethics of glorifying extreme hours. Kumar insists no one is forced. “We’re not here for paychecks—we’re chasing a dream,” he said, calling his all-under-25 team co-builders, not employees. Beds in the office, dinners at desks—is this startup grit or toxic hustle? What do you think? Driven dreamers or burnout in disguise? Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.  “30 Seconds to Doomsday”: Pakistan’s Nuclear Scare In a startling disclosure, Rana Sanaullah, aide to Pakistan PM Shehbaz Sharif, revealed that during Operation Sindoor, Pakistan had just 30–45 seconds to assess whether an incoming Indian BrahMos missile was nuclear-armed. The missile had struck Pakistan’s Nur Khan airbase following a deadly terror attack in Pahalgam that killed 26 civilians. India’s swift tri-service retaliation targeted JeM and LeT camps in Pakistan and PoK. The near-crisis, which ended with Pakistan requesting a ceasefire, underscores how close the region came to nuclear conflict. Sanaullah also questioned former U.S. President Donald Trump’s role in the standoff, hinting at vague international mediation. The episode highlights the razor-thin margins on which Indo-Pak ties rest. 2. Markets Calm, But Tariff Tempest Ahead? With the Nifty 50 up 4% this month and India’s VIX sliding to 12.44, investor nerves seem soothed—for now. But volatility could return swiftly as Trump’s 90-day tariff pause ends on July 9. Shrikant Chouhan of Kotak Securities warns the VIX could spike to 19–20 if tariffs return. Globally, too, fear gauges have cooled—the Cboe VIX has dropped from 51 to under 17. While over 50 IPOs, including HDB Financial’s ₹12,500 crore listing, are riding this wave of calm, events like TCS’s July 10 earnings and the FOMC meet on July 29-30 could shake things up again. Russia has become the first country to officially recognize the Taliban regime in Afghanistan, ending nearly four years of diplomatic isolation for the group. In Kabul, Russian Ambassador Dmitry Zhirnov handed over formal recognition papers to Taliban foreign minister Amir Khan Muttaqi, who called it a “courageous step.” 3. Russia Recognizes Taliban Government Russia’s move follows its decision in April to remove the Taliban from its terror list, and it now views the group as an ally against ISIS-K. Economic motives also drive this pivot—Russia sees Afghanistan as a transit hub for energy routes into Southeast Asia. Western nations remain cautious. The U.S. condemned the move as dangerous legitimization, and others like Germany, France, and Britain continue to demand progress on women’s rights before engaging further. The Taliban, now backed by Russia, is eyeing a UN seat—but that path remains fraught. 4. Tata’s Grocery Ambitions Get Serious Noel Tata believes Star—Trent Ltd’s grocery venture—could soon outshine fashion brands Zudio and Westside. Why? “The food market is just so much bigger than clothing,” he said at Trent’s AGM. Led by Neville Tata, Star posted a record revenue of ₹8,854 crore in FY25, growing 25% YoY, now contributing over 15% of Trent’s revenue. Despite past losses of ₹1,000 crore, the group is investing ₹2,000 crore this year alone—nearly 3x the total invested in the past two decades. The secret sauce? Private labels—72% of Q4 sales came from in-house brands. But challenges remain, including competition from Blinkit, Zepto, and Instamart. For now, the Tatas are betting big on your grocery basket. 5. SBI’s Mission: Lead Every District As it celebrates 70 years, State Bank of India has a bold new target—become the market leader in all 787 Indian districts. Currently, it holds 22.5% in deposits and 19.3% in advances. Chairman C.S. Setty outlined a three-pronged strategy: defend dominance in strong markets, expand aggressively in metros, and close “white spaces” where SBI has no presence. Specialized branches will be rolled out in areas with deposit strength but low loan penetration. SBI is also pursuing strategic tie-ups with fintech, agrotech, and digital platforms while rolling out a massive 104-zone outreach to align its workforce. The message is clear: from a 1955 legacy to a digital-first future, SBI wants to own the next decade of Indian banking. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. SpiceJet Scare Mid-Air A SpiceJet Goa-to-Pune flight sparked safety concerns after an interior window frame came loose mid-air. A passenger posted a video of the dislodged panel on social media, questioning the aircraft’s airworthiness. SpiceJet clarified it was a cosmetic issue, not impacting cabin pressure or safety. The aircraft, a Bombardier Q400, continued its journey to Jaipur after landing in Pune. However, the incident has reignited scrutiny over SpiceJet’s maintenance standards, especially with visuals now circulating online. The DGCA has yet to comment. China’s Fertiliser Curbs Hit India China’s clampdown on fertiliser exports is squeezing global supplies—and India’s feeling it hard. Imports of DAP, a key crop nutrient, have slowed significantly just as farmers begin sowing summer crops. Prices have shot up from $630 to over $800 per tonne, with importers now leaning on countries like Jordan. While government reports claim “adequate” stocks, June levels were 42% lower than last year. Farmers are shifting to alternative mixes, but the pressure on food security is real—and growing.  Microsoft’s Biggest Layoff Since 2023 Microsoft is cutting over 9,100 jobs, about 4% of its workforce, in its biggest layoff round in two years. This follows 6,000 job cuts in May and comes as the company pushes deeper into AI and automation. The layoffs coincide with CCO Judson Althoff’s two-month sabbatical, stirring speculation of deeper restructuring. Reports also hint at upcoming cuts in the Xbox division. Microsoft’s stock slipped slightly on the news, reflecting market nerves over the tech giant’s ongoing reset. Quad Counters China’s Mineral Might In a direct challenge to China’s dominance in critical minerals, Quad members—the US, India, Japan, and Australia—have launched the Quad Critical Minerals Initiative. The goal: build secure, diversified supply chains for essential materials used in EVs, defense, and tech. “Reliance on any one country exposes us to coercion,” the group said, clearly referencing Beijing. India is stepping up with mineral talks during PM Modi’s five-nation tour and its National Critical Mineral Mission. Experts say this is a bold geopolitical signal—but execution is key. Nykaa’s Early Backers Exit Again Harindarpal and Indra Banga are selling a ₹1,200 crore stake in Nykaa via a block deal, offloading 2.1% at a 5.5% discount to the market price. The couple, among Nykaa’s earliest investors, have been steadily reducing their holdings since last year. Despite the exit, Nykaa’s stock is up nearly 29% this year. The company has delivered strong growth, tripling profits and expanding aggressively through physical stores and influencer partnerships. With plans to double its store count and boost delivery infrastructure, Nykaa’s next phase looks ambitious—even as early investors quietly bow out. Learn more about your ad choices. Visit megaphone.fm/adchoices