Live News Blog

India Finalising Roadmap for Indigenous GPU Chip, Says Ashwini Vaishnaw

• Union IT Minister Ashwini Vaishnaw said India is focusing on developing AI applications across enterprises, agriculture, healthcare and education.
• Speaking at the launch of the Semicon 2.0 portal, Vaishnaw said the roadmap for an indigenous GPU chip is being finalised.
• The announcement comes amid a global sell-off in AI and semiconductor stocks, with the Nasdaq Composite entering correction territory following the Democrats' gains in the US midterm elections and concerns over tighter AI regulations.
• The government has opened applications under the second, third and fourth pillars of its semiconductor programme.
• Vaishnaw emphasised that the government is seeking serious proposals, stating there is "no place for frivolous applicants".

Democrats Plan Push to Repeal Trump Tariffs and Challenge Iran Military Campaign

• Buoyed by their midterm election gains, Democratic lawmakers are preparing to challenge Trump tariffs, arguing that trade policies have contributed to higher living costs and inflation.
• Massachusetts Representative Richard Neal said he is committed to reversing tariffs imposed by the Trump administration, along with its behind-the-scenes trade agreements.
• Oregon Senator Ron Wyden said he plans to introduce legislation targeting tariffs linked to a potential second Trump term after becoming chairman of the Senate Finance Committee in January.
• House Democratic leader Hakeem Jeffries, who is expected to become Speaker of the House next year, said tariffs and the prospect of military conflict with Iran have added to the cost pressures facing Americans.
• Separately, Senator Bernie Sanders urged Democrats in the incoming Congress to block further US military action against Iran by restricting funding rather than relying on nonbinding resolutions.
• Sanders described the campaign as illegal and unconstitutional, claiming it had resulted in 19 US service-member deaths and thousands of civilian casualties across the region. He also cited costs running into hundreds of billions of dollars.
• Sanders said midterm voters had sent a "clear signal" calling for an end to the military campaign.

Trump Weighs Renewed Military Action Against Iran as Qatar Pushes Last-Minute Peace Deal

• US President Donald Trump is weighing whether to pursue a diplomatic resolution with Iran or resume large-scale military operations, with senior advisers divided over the next steps.
• Vice President JD Vance and envoy Steve Witkoff reportedly favour diplomacy, while Defence Secretary Pete Hegseth and CENTCOM commander Brad Cooper have briefed Trump on plans for renewed military action.
• Secretary of State Marco Rubio and Treasury Secretary Scott Bessent are advocating tougher sanctions and maintaining the US trade blockade against Iran.
• Qatar launched an 11th-hour mediation effort on Friday to prevent another US strike, with the proposed framework seeking to reopen the Strait of Hormuz and lift the US blockade.
• The proposal reportedly aims to compress an initial negotiation timeline from 60 days to just two days, allowing nuclear negotiations to begin almost immediately. The arrangement could offer Trump a face-saving route towards ending the conflict, although Iran's acceptance remains uncertain.
• On November 6, US officials said some advisers had warned that the window for restarting large-scale military operations was narrowing. They cited the approaching inauguration of the new Democratic-controlled Congress in January and the strain of maintaining a major military deployment.
• The US currently has more than 50,000 troops, over 20 ships and more than 200 aircraft deployed in the Middle East, according to officials. Trump was briefed on a plan for renewed operations on November 5 but has not made a decision.
• On November 7, CENTCOM highlighted a US State Department Rewards for Justice offer of up to $20 million for information about Iran's nuclear programme, including facilities, equipment, personnel and movements. Eligible informants may receive relocation or resettlement assistance.
• Separately, preliminary reports from Iran said two missiles struck the Suza area of Qeshm Island early on November 7. Iranian state media cited eyewitnesses who reported aircraft overhead before the impacts. There was no official confirmation of damage.
• Iran's military also claimed it had shot down a US MQ-9 drone over Qeshm using air defences. Washington had not immediately commented on the reported incident.
• Trump said on November 6 that US forces had carried out a limited strike, destroying an Iranian air-defence system.

ONGC Videsh Expects Operatorship of Two Venezuelan Oil Projects Within Six Months

• ONGC finance head Anupam Agarwal said on an analyst call on November 6 that the company expects to secure operatorship of two Venezuelan oil projects within three to six months, Reuters reported.
• ONGC Videsh is in advanced discussions to obtain full operatorship of the San Cristobal project, in which it holds a 40% stake, and shared operatorship of the Carabobo 1 project.
• The proposed arrangement is expected to include oil offtake rights and could help ONGC Videsh recover more than $500 million in pending dividends.
• Separately, trapped Russian dividends from the Vankor project were reportedly transferred to the Sakhalin-1 abandonment fund, The Economic Times reported.

SEBI Proposes Mandatory AML Certification for Principal Officers of Market Intermediaries

• The Securities and Exchange Board of India (SEBI) has proposed making anti-money laundering and counter-terrorism financing certification mandatory for principal officers of all registered securities market intermediaries.
• Under the proposal, principal officers would be required to obtain the NISM Series-XXIV certification on Anti-Money Laundering and Combating the Financing of Terrorism Provisions in Securities Markets.
• Existing principal officers would have six months from the issuance of the proposed requirement to complete the certification. Newly appointed officers would get six months from their appointment date.
• SEBI has also proposed that officers maintain valid certification throughout their tenure.
• The certification would cover customer due diligence, beneficial ownership, risk-based client classification, enhanced due diligence, transaction monitoring, reporting obligations and emerging money laundering risks.
• Principal officers are responsible for overseeing AML/CFT compliance and reporting suspicious transactions to the Financial Intelligence Unit-India (FIU-IND).
• SEBI has invited public comments on the mandatory certification, examination and compliance timeline. Stakeholders can submit their responses until November 27, 2026.

Trump Says US Is Not at War With Iran, Claims Tehran Wants a Deal

• US President Donald Trump said the United States is not at war with Iran, arguing that no American personnel have been killed or injured in the past seven months.
• Trump claimed the US has "total control" and is effectively an occupier because it controls the Strait of Hormuz.
• He said Washington is currently negotiating with Tehran and claimed Iran wants to reach a deal "very badly", adding that the US would see how negotiations develop.
• Asked about reports of strikes near Qeshm Island, Trump acknowledged that the US conducts "minor strikes", saying American forces destroyed an Iranian anti-aircraft system within minutes.
• Trump compared the situation with the Russia-Ukraine conflict and the two World Wars, arguing that the Iran situation does not constitute a war because the US is not engaged in sustained fighting.
• On Ukraine, Trump said Russia and Ukraine appear willing to reach a settlement for the first time and predicted a major agreement involving Europe. He also said discussions and phone calls were taking place.
• Trump separately defended his party's performance in the midterm elections, claiming he would have delivered a stronger result if he had been on the ballot.
• He criticised the US Senate, saying legislative gridlock was preventing key measures from moving forward.

Microsoft Scales Back Reliance on Neocloud Providers, Winds Down Oracle AI Capacity Deal

• Microsoft plans to reduce its reliance on external neocloud providers and invest more heavily in its own data centre infrastructure, CNBC reported, citing people familiar with the matter.
• The company has also been winding down AI computing capacity rented from Oracle under a 2023 agreement after deciding not to renew the contract, Bloomberg reported.
• The deal initially supported AI-powered Bing services, but Microsoft reportedly found that older Nvidia chips used in the rented infrastructure no longer met its requirements.
• Oracle has maintained that demand for its AI infrastructure remains strong.
• Microsoft has also reportedly declined to expand a separate Texas data centre arrangement with Nscale.
• The developments come as rising AI infrastructure costs prompt technology companies to reassess capacity commitments and supplier relationships.
• Shares of CoreWeave, Nebius and IREN have lost around half their value over the past month. Oracle shares also fell on Friday following the reports.

French Bond Market Under Pressure as Budget Crisis and Protests Deepen Fiscal Concerns

• The gap between French 10-year government bond yields and German Bunds has widened to its highest level since the euro debt crisis, more than doubling since June, DW reported.
• France's fiscal concerns intensified after lawmakers rejected the first part of the 2027 budget. Hundreds of thousands of people joined strikes and protests on Thursday.
• France's Interior Ministry estimated participation at 575,000, while the CGT trade union put the figure at 1.6 million. The protests reflect opposition to budget measures and growing concerns over government finances.
• Fitch downgraded France's credit outlook to negative on October 30, citing protests and widening budget deficits. S&P is scheduled to review the country's rating on November 27.
• Meanwhile, German and Japanese government bond yields fell to multi-month lows on Friday as investors sought safe-haven assets following a sharp global equity sell-off.
• Germany's 10-year Bund yield dropped to its lowest level since August, while Japan's 10-year government bond yield reached its lowest since June.
• The Nasdaq Composite recorded its steepest decline in 19 months on Thursday as semiconductor stocks tumbled amid concerns over potential AI regulation following the Democrats' congressional gains.
• Japan's Nikkei 225 and South Korea's KOSPI also slumped, while markets reduced expectations of December interest rate hikes by the Federal Reserve and European Central Bank.

Meta Raises $15 Billion Through Bond Sale as AI Spending Plans Reach $145 Billion

• Meta Platforms completed a $15 billion five-part bond sale on Thursday, with investor demand reportedly reaching as much as $58 billion, Bloomberg reported.
• Underwriters exercised an option to purchase an additional 6 million shares, increasing Meta's forward stock sale to 46 million shares.
• The additional shares lift expected proceeds from the forward equity sale to approximately $28.7 billion.
• Meta followed the dollar bond sale with a record €9 billion euro-denominated bond offering, which reportedly gained in value on its debut.
• Reuters reported that Meta's broader equity financing plan could total $97.5 billion.
• The fundraising is aimed at supporting the company's planned capital expenditure of up to $145 billion in 2026, largely driven by investments in AI infrastructure.
• However, a special committee has warned that increased borrowing could put pressure on Meta's credit ratings.

US Lawmakers Seek Briefing From Nvidia CEO Jensen Huang Over Reported Chinese Spying Links

• US intelligence officials reportedly believe that Alice Huang, an executive at Singapore-based Nvidia customer Megaspeed, was recruited by China's Ministry of State Security to gather intelligence on Nvidia CEO Jensen Huang.
• According to The New York Times, a US intelligence memo circulated among senior Trump administration officials last spring alleged that Jensen Huang had been romantically involved with Alice Huang.
• Intelligence officials reportedly believe the alleged operation was part of Beijing's efforts to obtain information about advanced American AI chips and potentially influence Nvidia's position on chip exports to China.
• The Republican chairs of three US House committees, Brian Mast, John Moolenaar and Rick Crawford, have asked Jensen Huang to attend a closed-door briefing on November 18. They want answers about his interactions with Alice Huang and Nvidia's safeguards against foreign espionage.
• Megaspeed has faced scrutiny from US authorities over suspicions that advanced Nvidia chips were diverted to China in violation of export controls. Nvidia has said its investigation found no evidence of wrongdoing.
• Nvidia has also maintained that regional cloud customers receive only ordinary business information and have no access to sensitive trade secrets.
• The briefing is scheduled for a day after Nvidia's November 17 earnings announcement. Nvidia shares recovered part of Thursday's steep decline on Friday.

Technical Failure Disrupts Banking Services at 128 Japanese Credit Cooperatives

• Around 128 shinkin banks, or credit cooperatives, in Japan experienced a major technical disruption on November 6, affecting approximately 3,430 branches.
• The outage began at around 1:30 pm following a communications breakdown and equipment malfunction at the West Japan Centre, which manages shared banking infrastructure.
• The failure affected the Shinkin Joint System, disrupting ATM withdrawals and deposits, branch transactions and internet banking services.
• The disruption affected lenders operating west of the Tokai region, including institutions across Hokuriku, Kinki, Chugoku, Shikoku and Kyushu. Eastern Japan's shinkin banks continued operating normally.
• Okazaki Shinkin Bank, Osaka City Shinkin Bank and Hiroshima Shinkin Bank were among the affected institutions.
• Initial investigations pointed to an equipment malfunction and communications failure, rather than a cyberattack or unauthorised external access.
• Banking services were gradually restored, with all affected ATM services reportedly back to normal by around 7:05 pm, approximately five-and-a-half hours after the disruption began.

Iran Issues Nuclear Fallout Safety Guidance Amid Fears of Potential US Strike on Underground Facility

• Iran is reportedly preparing for a possible US bunker-busting strike on its underground nuclear facilities following political developments after the US midterm elections, The Times reported.
• Videos circulating online show Iranian authorities briefing residents on a potential nuclear explosion at the Pickaxe Mountain facility, located about one mile south of the Natanz uranium enrichment site.
• The facility is reportedly hardened against conventional weapons and believed to house senior Iranian scientists.
• The guidance outlines distances to nearby population centres, including Natanz at 17 miles, Kashan at 25 miles, Isfahan at 117 miles and Tehran at 223 miles.
• Residents are instructed to "Get indoors, stay indoors, and stay informed" in the event of an attack.
• The video warns that radioactive debris could be carried hundreds of miles by strong winds. Communities closest to the facility may have only 10 to 15 minutes to seek shelter, while more distant areas could have several hours.

$2.5 Billion Binance Heist Exploited Ethereum's EIP-7702 Feature, Hackers Paid Just $15 in Fees

• Hackers used an Ethereum EIP-7702 permission to transfer approximately $2.5 billion from Binance in a single transaction, paying just $15 in fees.
• The permission allowed attackers to continue draining a hot wallet even after Binance halted withdrawals.
• Bloomberg reported that the single transfer accounted for around 40% of the record $6.3 billion theft.
• Binance said it revoked the malicious delegation and rebuilt the affected infrastructure to prevent further unauthorised access.
• The FBI attributed the record heist to North Korea's TraderTraitor group. Pyongyang rejected the accusation, calling it "a trite provocation".

Rupee Hits Six-Month High of 93.91 Against US Dollar as FPI Inflows and Lower Oil Prices Support Gains

• The Indian rupee closed at a six-month high of 93.91 per dollar on Friday, marking its sixth consecutive session of gains.
• The currency gained support as Brent crude prices declined from their October 30 peak, easing concerns over India's import bill.
• Foreign portfolio investors bought a net $1.6 billion worth of Indian equities on Thursday, even as the Nasdaq Composite fell following the Democrats' midterm victory, Reuters reported.
• However, Anil Kumar Bhansali of Finrex Treasury Advisors warned that the RBI's forward positions exceeding $200 billion could create pressure on the rupee.
• Despite the recent recovery, the rupee remains down approximately 5% against the dollar this year.

US Stocks Rebound Sharply as AI and Semiconductor Shares Lead Gains

• US equities rallied on Friday, with the Nasdaq Composite rising 2% and the S&P 500 gaining 1.1%, as technology stocks recovered from this week's heavy sell-off.
• Nvidia climbed as much as 7.3% intraday after plunging 9.3% on Thursday.
• The Philadelphia Semiconductor Index surged 6.8%, led by AMD, which jumped 13%, and SanDisk, which gained 12%.
• Cloud computing stocks also rebounded strongly. CoreWeave rose 6.3%, Nebius gained 8.6%, and the Roundhill Neocloud ETF advanced 8.8%.
• Cloudflare surged 11.7% after reporting third-quarter revenue above market expectations.
• Meanwhile, US Democrats are reportedly preparing investigations into Apple, Meta Platforms and companies controlled by Elon Musk.
• Apple fell 1%, while Meta remained up more than 1%. SpaceX and Tesla gained approximately 5% and 2%, respectively.

Trump Weighs New Military Strikes on Iran as Qatar Pushes Two-Day Peace Proposal

• US President Donald Trump met his national security team on Thursday for his first Iran-focused meeting since the US midterm elections. He told reporters that a decision on the situation would come "soon", Axios reported.
• Trump said he would "rather not destroy" Iran but suggested military action could become necessary as Washington weighs further strikes, economic pressure or a diplomatic agreement.
• Qatari mediators have proposed a two-day framework aimed at easing tensions and reopening negotiations.
• Under the proposal, the US would lift its naval blockade and release some frozen Iranian funds, while Iran would allow International Atomic Energy Agency (IAEA) inspectors to return and reopen the Strait of Hormuz.
• However, Iran's Mohsen Rezaei said the Strait of Hormuz would remain closed and negotiations would not resume until Washington meets Tehran's seven conditions.
• Iran's demands reportedly include war reparations and sanctions relief.

Angel One Overtakes Zerodha to Become India's Second-Largest Broker by Active Investors

• Angel One ended October with 69.98 lakh active investors on the NSE, overtaking Zerodha's 67.6 lakh, according to NSE data.
• This marks the first reshuffle among India's top three brokers since October 2023, when Groww overtook Zerodha.
• Groww continues to lead the industry with a 29.43% market share.
• Angel One's total registered client base increased 17.4% year on year to 4.06 crore.

AI Sell-Off Spreads Across Asia as KOSPI Triggers Circuit Breaker and Taiwan Stocks Plunge

• Asian markets plunged on Friday as Wall Street's AI-led sell-off spread across the region, with South Korea's KOSPI briefly triggering a circuit breaker and Taiwan's benchmark TAIEX falling nearly 9%.
• Japan's Nikkei 225 also dropped sharply, while Taiwan's TAIEX and Japan's Nikkei entered technical bear market territory amid heavy selling in technology stocks.
• Semiconductor shares bore the brunt of the decline. TSMC fell close to its daily trading limit, while SK Hynix, Samsung Electronics, SoftBank and Advantest also recorded steep losses.
• The sell-off followed a sharp Wall Street decline, including a record $2.3 trillion wipeout in the Nasdaq 100 on Thursday. The Nasdaq Composite also entered correction territory.
• Investors are concerned that the Democrats' strong performance in the US midterm elections could lead to tighter regulations on AI data centre construction, potentially slowing infrastructure investment and demand for AI chips.
• South Korea's finance ministry announced a temporary waiver of collateral requirements on brokerage margin loans from November 9 to prevent forced liquidations. Taiwan's stabilisation fund also authorised market support measures.
• Saxo strategist Charu Chanana said markets were repricing expectations for future US infrastructure demand rather than reacting to an immediate collapse in AI demand. Saxo Markets' Neil Wilson described the market reaction as "totally overdone".
• The sell-off also wiped out more than $18 billion in wealth held by Asian technology billionaires. Investors are now watching Nvidia's November 17 results for further signals about AI demand.

Sensex and Nifty Post Best Weekly Rally Since February 2021, Add ₹28 Lakh Crore in Market Value

• The Sensex and Nifty 50 recorded their strongest weekly performance since February 2021, closing at their highest levels in eight months on Friday.
• Both benchmarks rallied for seven consecutive sessions, defying a global technology sell-off driven by concerns over AI stocks.
• Foreign institutional investors returned to Indian equities, purchasing approximately ₹31,000 crore worth of shares from Monday to Thursday, following record outflows.
• Brent crude prices declined sharply as concerns over the West Asia conflict eased, providing additional support to Indian equities.
• The rally added nearly ₹28 lakh crore to the total market capitalisation of companies listed on the BSE.
• Despite the strong recovery, both the Sensex and Nifty remain in negative territory for 2026.

South Korea Waives Margin Loan Collateral Rules for Three Months as Asian Stock Sell-Off Deepens

• South Korea will temporarily waive collateral requirements on brokerage margin loans for three months starting Monday to prevent forced liquidations, officials said.
• The move comes amid a sharp sell-off across Asian markets, with the KOSPI briefly triggering a circuit breaker while Japan's Nikkei 225 entered a technical bear market.
• Semiconductor stocks faced heavy selling pressure, with SK Hynix and TSMC among the major decliners.
• The sell-off followed concerns that the Democrats' strong performance in the US midterm elections could lead to tighter regulations on AI data centre construction.
• Saxo Bank warned that forced liquidations could make the market decline self-reinforcing, as falling prices trigger further selling.

Bank of America Maintains Risk-Averse Stance on US Stocks, Sets Conditions for Turning Bullish

• US stocks showed signs of stabilisation on Friday as bargain hunters stepped in to buy beaten-down AI-related shares. However, the severity of this week's sell-off has left investors uncertain whether the worst is over.
• Bank of America strategist Michael Hartnett and his team reported that equity funds attracted $92.3 billion in inflows over the four weeks ending Wednesday, the biggest increase since June.
• Despite the strong inflows, Hartnett's team continues to maintain a risk-averse stance on equities.
• The team said it would become more optimistic about financial market conditions only when three conditions are met:
  1. The Federal Reserve stops raising interest rates.
  2. The US 10-year Treasury yield falls below 4.5%.
  3. Oil prices decline below $80 per barrel.

• BofA Asia FX and Rates Strategist Claudio Piron said the Korean won's recent weakness alongside AI-related equities could offer an opportunity to build long positions.
• He highlighted South Korea's sizeable current-account surplus as a strong structural support for the currency.
• Piron expects the country's external surplus to gradually support the won despite recent market volatility.

AI Now Drives Nearly Half of S&P 500's Market Value as Its Influence Spreads Across US Economy

• The latest US stock sell-off highlights how deeply artificial intelligence has become embedded in financial markets, with concerns over potential restrictions on data centre construction triggering broad market declines.
• As of November 3, the S&P 500's total market capitalisation had increased by nearly $32 trillion since OpenAI launched ChatGPT.
• More than half of that increase came from just 10 companies, all linked to artificial intelligence.
• Technology accounts for approximately 44% of US pension fund holdings, representing around $6.1 trillion in assets.
• AI's influence now extends well beyond technology companies. Power generators, turbine manufacturers, uranium miners and other businesses tied to the AI infrastructure boom are increasingly moving in line with sentiment across the AI industry.

Tesla to Scale Back Cybertruck Production, Shift Texas Factory Capacity to Cybercab

• Elon Musk said Tesla plans to gradually reduce Cybertruck production at its Texas factory from mid-2027 to free up manufacturing capacity for the Cybercab.
• The Cybertruck has been produced near Austin since 2023 but has struggled to meet market demand and faced multiple recalls.
• Musk's social media post did not clarify whether Cybertruck production would be shifted to other factories or discontinued entirely.
• Tesla began producing its gold-coloured, two-seat Cybercab at the Austin facility this year. The autonomous vehicle is designed specifically for Robotaxi services.
• The Cybercab is central to Tesla's broader strategy of expanding beyond electric vehicles into AI-driven products, including humanoid robots.
• Musk previously projected potential annual Cybertruck production of more than 250,000 units, depending on demand. However, first-year sales were less than one-sixth of that target.

Crédit Mutuel Arkéa Hit by €100 Million Cyberattack Targeting Bank's Own Funds

• French banking group Crédit Mutuel Arkéa has reportedly lost approximately €100 million in a major cyberattack targeting the bank's own funds rather than customer accounts.
• Attackers allegedly exploited a platform operated by a third-party service provider to execute fraudulent transactions through an account belonging to the bank.
• The bank temporarily restricted certain transfers following the incident but said customer assets were not affected.
• French cybercrime authorities have opened an investigation, while the bank has notified French banking regulators and the European Central Bank.
• Efforts are underway to recover the stolen funds. Crédit Mutuel Arkéa serves more than 5.8 million customers.

US Stock Sell-Off Drives Safe-Haven Demand for Treasuries as Traders Bet on Lower Yields

• Investors moved into US Treasuries this week as a global equity sell-off following the US midterm elections triggered safe-haven demand.
• The 10-year US Treasury yield fell to its lowest level since early September and stood at 4.82% on Friday, as expectations of further Federal Reserve rate hikes continued to weaken.
• Bond traders are positioning for further declines in yields. Options trades indicate bets on the 10-year yield falling to 4.7% by the end of next week, while another trade expiring November 20 targets approximately 4.35%.
• Markets were awaiting the US October jobs report on Friday for further clues about the economy and the Fed's policy outlook.
• TD Securities' Head of US Interest Rate Strategy Gennadiy Goldberg expects the jobs data to be slightly weak but said markets remain focused on economic fundamentals.
• Goldberg described the US economy as relatively strong, with a labour market characterised by "low hiring, low layoffs". He added that markets have significantly reduced expectations of further rate hikes in recent weeks.

Edelweiss Chairman Calls for Scrapping Capital Gains Tax on Foreign Investors

• Rashesh Shah, Chairman and Managing Director of Edelweiss Financial Services, has urged India to consider abolishing capital gains tax on foreign investors to revive stock market inflows and support the rupee.
• Speaking in Mumbai on Friday, Shah said removing the tax could be a relatively straightforward way to send a positive signal to overseas investors and position India as a long-term investment destination.
• His comments add to growing demands from market participants for an exemption from long-term capital gains tax on foreign investments in Indian-listed equities.
• Earlier this week, Finance Minister Nirmala Sitharaman said the government would consider changes to equity-related tax policies but did not clarify whether capital gains tax or securities transaction tax was under review.

Uttar Pradesh Doubles Disaster Relief for Families of Deceased, Raises Crop Compensation

• Chief Minister Yogi Adityanath's government has increased financial assistance for families of people killed in natural disasters to ₹8 lakh from ₹4 lakh, Amar Ujala reported.
• Compensation for crop losses in rain-fed areas has been raised to ₹11,000 per hectare from ₹8,500.
• Assistance for crop damage on irrigated land and livestock losses has also been increased under the revised relief norms.
• The revised norms raise crop-loss compensation by 25% to 30% and are expected to benefit more than 10 lakh farmers.
• The Relief Commissioner has directed district magistrates to report losses recorded between April 1 and November 4. Payments will be transferred directly to beneficiaries through Direct Benefit Transfer (DBT).

Asian AI Sell-Off Wipes Out Over $18 Billion in Wealth of Billionaires

• The global technology stock sell-off spread across Asia on Friday, hitting semiconductor and AI-linked companies and sharply reducing the fortunes of some of the region's wealthiest individuals.
• The combined wealth of 22 billionaires from China, Japan, South Korea and other Asian economies, all among the world's 500 richest people, fell by more than $21 billion at one point before the decline narrowed to over $18 billion.
• SoftBank Group founder Masayoshi Son suffered the biggest loss, with his personal fortune falling by $3.9 billion to approximately $29 billion.
• Keyence founder Takemitsu Takizaki and ASE Technology Holding chief Chang Chien-sheng, Singapore's richest man, each saw their wealth decline by at least $1 billion.
• The combined wealth of Samsung Electronics shareholder Lee Jae-yong's family, including his mother and sister, dropped by approximately $2.5 billion.

IRGC Claims Two Oil Tankers Caught Fire After Hitting Mines in Strait of Hormuz

• Iran's Islamic Revolutionary Guard Corps (IRGC) Navy said two oil tankers were struck by sea mines and caught fire in the Strait of Hormuz.
• According to the IRGC, one tanker was in the eastern sector of the strait and the other in nearby waters. Both vessels were forced to stop after the alleged mine strikes.
• The IRGC claimed the tankers had switched off their navigation and identification systems and were attempting to transit through unauthorised shipping channels with US military support.
• The Iranian force declared the Strait of Hormuz closed, saying the restrictions would remain until its stated "seven conditions" were met.
• It also accused US Central Command of attempting to guide tankers through mined waters and warned that such efforts would fail.

Qatar's Emir Holds Phone Call With Trump, Discusses Regional De-escalation

• Qatar's Emir Sheikh Tamim bin Hamad Al Thani received a phone call from US President Donald Trump on November 6, the Emir's office announced.
• The two leaders reviewed their strategic relationship and discussed ways to strengthen bilateral cooperation.
• Discussions also focused on regional developments and diplomatic efforts to ease tensions and resolve the ongoing crisis.
• They exchanged views on international mediation efforts, including Qatar's role in encouraging parties to bridge differences and support negotiations toward a comprehensive agreement.
• The Emir stressed that dialogue and diplomacy must remain the priority to prevent further escalation, while safeguarding freedom of navigation and the security of energy supplies.