Indian and British commerce ministers finalize Free Trade Agreement during Hyde Park walk, aiming to double bilateral trade to USD 120 billion by 2030
Indian and British commerce ministers concluded Free Trade Agreement negotiations during an informal walk in London's Hyde Park, where the British counterpart treated the Indian minister to chocolate ice cream. The FTA, which began negotiations in January 2022, was formally confirmed on May 6 and aims to double bilateral trade to USD 120 billion by 2030. The agreement includes a Double Contribution Convention preventing duplicate social security taxes for temporary workers. The Indian minister emphasized the deal's benefits for business stability, investment confidence, and joint market opportunities, comparing it to a "good marriage" while addressing concerns about temporary worker provisions during the UK-India Week summit.

Archer Amish Award for Storytellers launches with $25,000 prize for novel "The Way Home"
The inaugural Archer Amish Award for Storytellers was presented at IGF London 2025, with a winner receiving $25,000 for their novel "The Way Home." The UK Culture Minister presented the award, emphasizing cultural connections between nations. The award celebrates contemporary Indian fiction and was created in collaboration with bestselling authors. The ceremony was part of IGF London 2025, marking a decade since a landmark UK visit and celebrating the finalized UK-India Free Trade Agreement. Three finalists competed for the prize, which aims to bring Indian stories to global platforms.

Chinese airline launches co-branded travel card offering free access to scenic locations and restaurant discounts for international visitors.
A major Chinese airline partnered with a city government to launch a co-branded travel card for international visitors. The card provides free access to 14 scenic locations including classical gardens and cultural sites, plus discounts at over 100 restaurants and hotels. The digital payment card uses advanced wallet technology and can be recharged at currency exchange machines or through a mobile app. International travelers can purchase flight and card packages through the airline's website when set to Chinese language mode. Physical cards are collected at the international airport or city terminal upon arrival.

AI search traffic may surpass traditional organic search by 2028, with AI visitors valued 4.4 times higher
A research study by a traffic analysis company found that a question-and-answer platform ranks as the most frequently cited website in AI-powered search overviews. The study indicates AI search traffic may exceed traditional organic search by 2028, with AI search visitors valued 4.4 times higher than regular visitors. The platform's chief revenue officer noted that human-generated answers remain valuable to both users and algorithms. The findings suggest brands appearing in trusted, cited sources are better positioned for long-term visibility and revenue growth in the evolving AI-powered search landscape.

Japanese EV manufacturer appoints first L5 category dealer in India for high-speed electric three-wheelers
A Japanese electric vehicle manufacturer appointed its first L5 category dealer in India, marking expansion into high-speed electric three-wheelers. The Varanasi-based dealership will sell and service the flagship model offering 200km range starting at 3.65 lakh rupees with zero down payment options. The company received over 100 dealership inquiries within two weeks of launch and targets 100 dealers nationwide. The manufacturer encourages existing L3 dealers to transition to L5 segment due to regulatory restrictions on traditional rickshaws in city areas.

Global data analytics company acquires AI-powered insights provider to enhance capabilities across financial services and technology sectors
A global data analytics company acquired a leading AI-powered insights provider to enhance its data analytics and AI capabilities. The acquired firm, founded in 2007 with offices in New York, London and Pune, specializes in combining advanced data and AI tools with domain expertise for clients in financial services, technology and media sectors. The acquisition aims to accelerate client outcomes and expand capabilities in banking, financial services, information services, technology, media and telecom verticals through complementary strengths and increased scale.

India-UK Free Trade Agreement ministers defend national insurance exemptions for short-term Indian workers
Two trade ministers defended the recently finalized India-UK Free Trade Agreement at a London forum, addressing criticism over national insurance exemptions for short-term Indian workers. The Indian minister argued the provision prevents double taxation and benefits both nations, while the UK minister stated British workers would not be negatively impacted. Both officials emphasized the strategic partnership's complementary nature and predicted bilateral trade would double within five years. This marked their first joint public appearance since the FTA's conclusion.

Global travel tech company partners with hospitality alliance to expand youth employability program across multiple countries
A global travel technology company has partnered with a hospitality alliance to expand a youth employability program aimed at providing career skills training in the hospitality industry. The collaboration will support disadvantaged young people across multiple countries, with an initial pilot project in India targeting 200 participants in four cities. The program, currently operating in three countries, has graduated over 6,000 young people and focuses on removing employment barriers, particularly for women. The partnership includes financial support, employee volunteering, mentoring, and hospitality software training to enhance youth employment opportunities globally.

Hyderabad social enterprise wins SGD 500,000 grant for eldercare marketplace connecting trained caregivers with families
A Hyderabad-based social enterprise received the DBS Foundation Impact Beyond Award 2024, earning SGD 500,000 (~INR 3 crore) in grant funding. The company operates a tech-enabled marketplace connecting trained caregivers with families for eldercare services, addressing India's growing elderly population needs projected to reach 20% by 2050. The enterprise has placed over 5,000 caregivers, 76% women, conducting 100,000+ annual home visits. With this funding, it plans to expand into Tier 2 and 3 cities, launch training academies, and upgrade technology platforms. The award recognizes innovative solutions addressing urgent aging society needs across Asia.

Insurance study shows growing gender gap in financial protection as men's scores rise to 50 while women remain at 48
An insurance company's study reveals a widening gender gap in financial protection among urban working professionals. Working men's protection scores increased to 50 while working women's scores remained at 48, breaking previous parity. Women expressed greater concerns about inflation, healthcare costs, and loss of breadwinners, feeling less secure about retirement, education, and marriage planning. The study surveyed 25 urban cities and highlights the need for gender-sensitive insurance products and advisory services to address structural barriers women face in financial preparedness.

America's oldest Black church rebuilt on original 1805 foundation after archaeological discovery reveals 62 graves
A ceremonial groundbreaking begins reconstruction of one of America's oldest Black churches in Virginia. The congregation first established itself in 1776, meeting secretly outdoors before building a wooden meetinghouse around 1805. The original structure was destroyed by a tornado in 1834, and the site later became a parking lot when acquired by a living history museum in 1956. Recent archaeological excavations uncovered the original foundation and 62 graves. The museum is now rebuilding the 16-foot by 32-foot structure at its original location to better represent Black history and the experiences of the congregation, which included both free and enslaved members who comprised over half of the area's 18th-century population.

A320 aircraft returns to departure airport after two hours due to technical difficulties during scheduled flight
A commercial aircraft operating a scheduled flight from the national capital to a northern destination returned to its departure airport due to a technical issue. The A320 aircraft had been airborne for over two hours before returning to the origin airport. The airline confirmed the return was necessitated by technical difficulties encountered during the flight.

Asian markets drop on Middle East tensions as Fed signals potential rate cuts
Asian markets declined Thursday amid Middle East tensions, with the US president warning of potential direct involvement in the Israel conflict while Iran's leader rejected surrender calls. Japan's Nikkei fell 0.7%, Hong Kong's Hang Seng dropped 2%, and Shanghai Composite lost 0.9%. Oil prices declined as geopolitical concerns persisted. The Federal Reserve indicated possible two interest rate cuts this year, though officials emphasized uncertainty due to tariff implications. US markets remained mixed Wednesday before closing for holiday. Fed officials await clarity on tariff impacts before making policy decisions.

Finance Act 2023 introduces three-year limitation period for filing GST returns starting October 2023
The Finance Act 2023 implemented a three-year limitation period for filing GST returns, effective from October 2023. Taxpayers cannot file returns under various sections after three years from the due date. This restriction applies to multiple GST forms including GSTR-1, GSTR-3B, GSTR-4, GSTR-5, GSTR-6, GSTR-7, GSTR-8, and GSTR-9/9C. The limitation will be enforced on the GST portal from July 2025. Returns with due dates of June 2022 or earlier will be barred from filing after August 1, 2025. Taxpayers are advised to file pending returns immediately.

Biotechnology company partners with India's research council to advance cell and gene therapy capabilities nationwide
A biotechnology company and India's biotechnology research council signed a strategic agreement to advance the country's cell and gene therapy capabilities. The partnership focuses on building local scientific expertise through training programs, conducting clinical trials for CAR-T therapies, establishing point-of-care manufacturing centers, and addressing unmet medical needs in areas like autoimmune and rare diseases. The collaboration aims to strengthen India's position as a global hub for next-generation therapeutics while supporting the Make in India initiative through domestic production and innovation.

Indian stock markets open lower on global weakness, recover to trade flat amid Middle East tensions
Indian stock markets opened lower following weak global trends amid ongoing Middle East tensions between two nations. The benchmark indices initially declined significantly but later recovered to trade nearly flat with mixed performance across sectors. Technology and banking stocks were among major decliners while automotive and infrastructure companies gained. Asian markets traded negatively while oil prices remained elevated. Market analysts expect continued volatility within current trading ranges pending developments in the regional conflict, with crude oil price movements being a key concern for domestic markets given potential impact on import costs.

Rupee falls 14 paise to 86.57 against dollar amid geopolitical tensions and crude oil price surge
The rupee depreciated 14 paise to 86.57 against the US dollar in early trade due to safe-haven demand and risk-off sentiments strengthening the dollar index. Geopolitical uncertainties, elevated crude oil prices, and robust dollar demand from oil importers pressured the local currency. The Federal Reserve maintained interest rates despite calls for cuts, while projecting two quarter-point rate cuts this year. The dollar index rose 0.06 percent to 98.96, while Brent crude fell 0.26 percent to $76.50 per barrel. Domestic equity markets showed modest gains with foreign institutional investors purchasing equities worth Rs 890.93 crore.

India achieves 80% financial inclusion in six years with UPI processing over 18,587 crore transactions worth 261 lakh crore
The Department of Financial Services hosted a Digital Payments Awards ceremony recognizing banks and fintech companies for advancing India's digital payments ecosystem. The Finance Minister highlighted that India achieved 80% financial inclusion in six years, compared to the typical 50-year timeframe, and noted that nearly half of global real-time digital transactions occur in India with 350 million active UPI users. The ceremony presented 21 awards to top-performing institutions across various categories including digital transactions, merchant acquisition, and innovation. Officials emphasized India's 87% fintech adoption rate versus 67% globally, with UPI now active in seven countries and processing over 18,587 crore transactions worth 261 lakh crore in fiscal year 2024-25.

South Asian country secures USD 1 billion syndicated financing facility with 89% Islamic financing structure
A South Asian country secured a five-year syndicated financing facility worth USD 1 billion, with partial guarantee from a multilateral development bank's policy-based program. The facility comprises 89% Islamic financing compliant with international standards and 11% conventional financing. Regional Middle Eastern banks served as coordinators and arrangers, marking the country's return to commercial markets after two and a half years during ongoing economic challenges. The transaction represents renewed market confidence following improved macroeconomic indicators and fiscal stability measures, with the country having avoided default through international assistance.