Business

The Indian VCs behind Silicon Valley’s two new religions – SpaceX and OpenAI

US stocks advanced on Friday, nearing all-time highs as easing bond market pressure boosted investor sentiment. Strong retail and tech earnings, with companies like Ross Stores and Zoom exceeding expectations, fueled the gains. Global markets also saw positive movement, with Japan’s Nikkei reaching a record.

Federal Reserve Governor Chris Waller is advocating for the central bank to signal that its next policy move might not be an interest rate cut, citing elevated inflation pressures. He proposes removing the “easing bias” language from policy statements, emphasizing a pause on rate changes for the near term while monitoring global developments.

India has blocked China’s request for a World Trade Organization (WTO) dispute settlement panel concerning New Delhi’s support for its solar and IT sectors. China alleged that India’s measures discriminate against its goods, violating WTO provisions. India rejected these claims, asserting its measures align with WTO rules.

India’s second-largest shareholder, the Asian Infrastructure Investment Bank (AIIB), has launched a $10 billion fund to aid member nations grappling with the Middle East conflict’s economic fallout. This facility offers crucial support for energy and food security, alongside economic resilience, through fast-disbursing aid and liquidity for affected countries and businesses.

The Reserve Bank of India has announced a record Rs 2.87 lakh crore dividend payout to the government for FY26, significantly boosting fiscal space amidst global uncertainties. This substantial transfer, a notable increase from previous years, reflects the central bank’s robust financial performance and expanding balance sheet. The decision was made at the RBI Central

SBI Mutual Fund has boosted its investment in Bandhan Bank. The fund’s stake now exceeds five percent after buying more shares. This move was reported on May 20, 2026. Bandhan Bank shares saw a slight increase on Friday. Investors are watching this development closely.

Venezuela has surged to become India’s third-largest crude oil supplier this May, surpassing Saudi Arabia and the US. Indian refiners are boosting purchases of cheaper Venezuelan heavy crude due to its attractive economics and compatibility with complex refineries. This shift comes as West Asia conflict disrupts traditional shipping routes, prompting India to diversify its oil

The Reserve Bank of India aggressively intervened, selling billions to defend the rupee against sustained pressure. This significant dollar selling, even before markets opened, helped the currency strengthen. Elevated oil prices remain a key concern, with policymakers considering further measures, including a potential interest rate hike, to stabilize the rupee.

A prolonged closure of the Strait of Hormuz could trigger a severe global energy crisis, potentially pushing oil prices to $200 per barrel by late 2026. Wood Mackenzie’s report outlines three scenarios, with the worst-case predicting a significant economic contraction. This warning echoes Iran’s own earlier predictions amid escalating regional tensions.